# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0000940400-26-008664
**Filing Date:** 2026-2
**Character Count:** 374435
**Document Hash:** 3930f567065d0e95c8f07034bd4a7828
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008664.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008664

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 26687467

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

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

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

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

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

## Series and Classes Contracts Data

### Western Asset Intermediate-Term Municipals Fund (Series ID: S000016626)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000046417 | Class A      | SBLTX           |
| C000046419 | Class C      | SMLLX           |
| C000046421 | Class I      | SBTYX           |
| C000184044 | Class IS     | SMLSX           |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 96.3%** | **Municipal Bonds — 96.3%** | **Municipal Bonds — 96.3%** | **Municipal Bonds — 96.3%** | **Municipal Bonds — 96.3%** |
| *Alabama — 3.2%* | *Alabama — 3.2%* | *Alabama — 3.2%* | *Alabama — 3.2%* | *Alabama — 3.2%* |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Gas Project Revenue Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 6, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; $2125000 | &nbsp;&nbsp;&nbsp; $2134106<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 2849330<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Southeast, A Cooperative District Energy, AL, Supply Revenue, Series B-1  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 6094356<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson County, AL, Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4390119<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5443354<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 5775000 | &nbsp;&nbsp;&nbsp; 6215181<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp; 6675764<br>|
| &nbsp;&nbsp;&nbsp; Mobile County, AL, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; 4015845<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series B | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 2986913<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, Series <br> A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5906811<br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue, <br> Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 7325000 | &nbsp;&nbsp;&nbsp; 7733391<br> <sup>(a)(b)</sup><br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *54445170* |
| *Alaska — 0.6%* | *Alaska — 0.6%* | *Alaska — 0.6%* | *Alaska — 0.6%* | *Alaska — 0.6%* |
| &nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project II, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 793232<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project, Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1020538<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project, Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 761553<br>|
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp; 1093365<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1026618<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1723504<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1325510<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1876424<br>|
| *Total Alaska* | *Total Alaska* | *Total Alaska* | *Total Alaska* | &nbsp;&nbsp; *9620744* |
| *Arizona — 2.7%* | *Arizona — 2.7%* | *Arizona — 2.7%* | *Arizona — 2.7%* | *Arizona — 2.7%* |
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 708907<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 864276<br>|
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Hospital Revenue, Phoenix Children's Hospital Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/40 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1367074<br>|
| &nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 6624541<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4045718<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; 3929576<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp; 8620751<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, Civic Improvement Corp., Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 3715000 | &nbsp;&nbsp;&nbsp; 3846360<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; 4436847<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 5085000 | &nbsp;&nbsp;&nbsp; 5234826<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA, Great Hearts Academies, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1600314<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Arizona — continued* | *Arizona — continued* | *Arizona — continued* | *Arizona — continued* | *Arizona — continued* |
| &nbsp;&nbsp;&nbsp; Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; $3665000 | &nbsp;&nbsp;&nbsp; $3992800<br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *45271990* |
| *Arkansas — 0.3%* | *Arkansas — 0.3%* | *Arkansas — 0.3%* | *Arkansas — 0.3%* | *Arkansas — 0.3%* |
| &nbsp;&nbsp;&nbsp; Arkansas State Development Finance Authority, Environmental Improvement <br> Revenue, United States Steel Corporation Project, Green Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; *5326513*<br> <sup>(c)</sup><br>|
| *California — 9.1%* | *California — 9.1%* | *California — 9.1%* | *California — 9.1%* | *California — 9.1%* |
| &nbsp;&nbsp;&nbsp; Alameda, CA, Corridor Transportation Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3042838<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; 4253358<br>|
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2286813<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 21500000 | &nbsp;&nbsp;&nbsp; 22421372<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp; 8724062<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 12105000 | &nbsp;&nbsp;&nbsp; 12282249<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp; 4398872<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 18600000 | &nbsp;&nbsp;&nbsp; 19967558<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6588898<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp; 8978934<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/34 | &nbsp;&nbsp; 4550000 | &nbsp;&nbsp;&nbsp; 4673902<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4522459<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles <br> International Airport Project  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502406<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poseidon Resources | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 3775000 | &nbsp;&nbsp;&nbsp; 3799917<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1542814<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 3390000 | &nbsp;&nbsp;&nbsp; 3483890<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Series H, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 4175000 | &nbsp;&nbsp;&nbsp; 4290632<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp; 3404197<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp; 1877485<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1005447<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1005042<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 4925000 | &nbsp;&nbsp;&nbsp; 5051921<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Power System Revenue, Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3073248<br>|
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp; 1308032<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 11875000 | &nbsp;&nbsp;&nbsp; 12575694<br>|
| &nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1425387<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp; 1840757<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1050455<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5174<br> <sup>(c)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Natural Gas Project Revenue, Project <br> Number 1, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $2032496<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp; 693535<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1044708<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/38 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1807636<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *154962188* |
| *Colorado — 3.6%* | *Colorado — 3.6%* | *Colorado — 3.6%* | *Colorado — 3.6%* | *Colorado — 3.6%* |
| &nbsp;&nbsp;&nbsp; Base Village Metropolitan District No 2, CO, GO, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 25019<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1597089<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2410959<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2179272<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series B-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2904275<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Denver, CO, City & County Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 23750000 | &nbsp;&nbsp;&nbsp; 26204249<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 4735000 | &nbsp;&nbsp;&nbsp; 5004107<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3497659<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1674374<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. <br> Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 4805259<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; District of Vauxmont Metropolitan, CO, GO, Series 2020, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 438949<br>|
| &nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 5225000 | &nbsp;&nbsp;&nbsp; 5519526<br>|
| &nbsp;&nbsp;&nbsp; Regional Transportation District, CO, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 745941<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 485953<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 431517<br>|
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 4057316<br> <sup>(d)</sup><br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *61981464* |
| *Connecticut — 0.3%* | *Connecticut — 0.3%* | *Connecticut — 0.3%* | *Connecticut — 0.3%* | *Connecticut — 0.3%* |
| &nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacred Heart University Issue, Series I-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1178353<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacred Heart University Issue, Series I-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2029613<br>|
| &nbsp;&nbsp;&nbsp; Connecticut State, GO, Series C  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp; 1580847<br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *4788813* |
| *Delaware — 0.4%* | *Delaware — 0.4%* | *Delaware — 0.4%* | *Delaware — 0.4%* | *Delaware — 0.4%* |
| &nbsp;&nbsp;&nbsp; Delaware State EDA Revenue, Acts Retirement - Life Communities Inc. Obligated <br> Group, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3051987<br>|
| &nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority Revenue, Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 4420000 | &nbsp;&nbsp;&nbsp; 4386711<br>|
| *Total Delaware* | *Total Delaware* | *Total Delaware* | *Total Delaware* | &nbsp;&nbsp; *7438698* |
| *District of Columbia — 0.6%* | *District of Columbia — 0.6%* | *District of Columbia — 0.6%* | *District of Columbia — 0.6%* | *District of Columbia — 0.6%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingleside Rock Creek Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507171<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingleside Rock Creek Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503941<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *District of Columbia — continued* | *District of Columbia — continued* | *District of Columbia — continued* | *District of Columbia — continued* | *District of Columbia — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Issue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; $4010000 | &nbsp;&nbsp;&nbsp; $4096681<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5108081<br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *10215874* |
| *Florida — 5.3%* | *Florida — 5.3%* | *Florida — 5.3%* | *Florida — 5.3%* | *Florida — 5.3%* |
| &nbsp;&nbsp;&nbsp; Broward County, FL, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1788400<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1514118<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1806358<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; 1897856<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1968197<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1785919<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp; 1402849<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1433360<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp; 1495936<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1214294<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; 1354664<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1830765<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 10155000 | &nbsp;&nbsp;&nbsp; 10739105<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1286245<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1027693<br>|
| &nbsp;&nbsp;&nbsp; Florida Atlantic University, FL, Finance Corp., Capital Improvements Revenue, <br> Series 2019 A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 5775000 | &nbsp;&nbsp;&nbsp; 6120838<br>|
| &nbsp;&nbsp;&nbsp; Florida State Insurance Assistance Interlocal Agency Inc., Revenue, Series A-1, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 5640000 | &nbsp;&nbsp;&nbsp; 5719193<br>|
| &nbsp;&nbsp;&nbsp; Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, <br> Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3040843<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lee County, FL, Airport Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3847691<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Aviation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp; 3522121<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp; 2100572<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 5175000 | &nbsp;&nbsp;&nbsp; 5196787<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Expressway Authority Toll System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 2353694<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001551<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Health Facilities Authority Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicklaus Children's Hospital, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp; 1050027<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicklaus Children's Hospital, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp; 652676<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicklaus Children's Hospital, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 1036293<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Seaport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 4460000 | &nbsp;&nbsp;&nbsp; 4698319<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3396568<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4143007<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 610387<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; $1250000 | &nbsp;&nbsp;&nbsp; $1356970<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1066135<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 439624<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp; 668132<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1285706<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1437361<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, <br> Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1101208<br>|
| &nbsp;&nbsp;&nbsp; Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 911279<br>|
| &nbsp;&nbsp;&nbsp; Wildwood, FL, Village Community Development District No 15, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp; 838862<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 966631<br> <sup>(d)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *91108234* |
| *Georgia — 1.7%* | *Georgia — 1.7%* | *Georgia — 1.7%* | *Georgia — 1.7%* | *Georgia — 1.7%* |
| &nbsp;&nbsp;&nbsp; Dahlonega, GA, Downtown Development Authority Revenue, North Georgia <br> MAC LLC Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1442929<br>|
| &nbsp;&nbsp;&nbsp; Georgia State Higher Education Facilities Authority Revenue, USG Real Estate, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1702837<br>|
| &nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority, Power Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 927501<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 563833<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp; 1645674<br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2880995<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 9475000 | &nbsp;&nbsp;&nbsp; 9911864<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5352718<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4259246<br> <sup>(a)(b)</sup><br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *28687597* |
| *Guam — 0.2%* | *Guam — 0.2%* | *Guam — 0.2%* | *Guam — 0.2%* | *Guam — 0.2%* |
| &nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp; 1100246<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 1978825<br>|
| *Total Guam* | *Total Guam* | *Total Guam* | *Total Guam* | &nbsp;&nbsp; *3079071* |
| *Hawaii — 0.4%* | *Hawaii — 0.4%* | *Hawaii — 0.4%* | *Hawaii — 0.4%* | *Hawaii — 0.4%* |
| &nbsp;&nbsp;&nbsp; Honolulu, HI, City & County Wastewater System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4356577<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp; 2081111<br>|
| *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | &nbsp;&nbsp; *6437688* |
| *Illinois — 16.3%* | *Illinois — 16.3%* | *Illinois — 16.3%* | *Illinois — 16.3%* | *Illinois — 16.3%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1700439<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp; 1292264<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; $1400000 | &nbsp;&nbsp;&nbsp; $1421019<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 5010000 | &nbsp;&nbsp;&nbsp; 5140561<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 3540000 | &nbsp;&nbsp;&nbsp; 3541794<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 1735000 | &nbsp;&nbsp;&nbsp; 1728993<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; 17211924<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3021799<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp; 2230796<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 6475000 | &nbsp;&nbsp;&nbsp; 6518779<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp; 3458798<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 4515000 | &nbsp;&nbsp;&nbsp; 4428023<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2569832<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 3101571<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1038643<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 921470<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7344093<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp; 2482944<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; 670399<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2276628<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp; 3968528<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1745000 | &nbsp;&nbsp;&nbsp; 1812519<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1920000 | &nbsp;&nbsp;&nbsp; 1979110<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 7445000 | &nbsp;&nbsp;&nbsp; 7597340<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp; 4688741<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; 1607113<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trips Obligated Group | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1526285<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp; 6046283<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1794497<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Wastewater Transmission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2578778<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4072898<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Waterworks Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2074987<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1663870<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthShore University HealthSystem, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2174040<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health Services <br> Facility Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 423364<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health Services <br> Facility Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 452268<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health Services <br> Facility Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp; 414107<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health Services <br> Facility Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; $1250000 | &nbsp;&nbsp;&nbsp; $1191244<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing & Academic Facilities Revenue, Chicago LLC, University of <br> Illinois Chicago Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/37 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 705890<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surface Freight Transfer Facilities, Centerpoint Joliet Terminal Railroad Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4649134<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 2895000 | &nbsp;&nbsp;&nbsp; 2661129<br>|
| &nbsp;&nbsp;&nbsp; Illinois State University, Auxiliary Facilities System Revenue, Series A, Refunding, <br> AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 498205<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp; 3194711<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2248564<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 3925000 | &nbsp;&nbsp;&nbsp; 4296504<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1073892<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 4665000 | &nbsp;&nbsp;&nbsp; 4820310<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 4919374<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 12805000 | &nbsp;&nbsp;&nbsp; 13274874<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp; 1343075<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4390402<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; 3742484<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2612689<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1036398<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1290992<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 6015000 | &nbsp;&nbsp;&nbsp; 6229439<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3110084<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; 19042247<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 9695000 | &nbsp;&nbsp;&nbsp; 10077183<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 2532102<br>|
| &nbsp;&nbsp;&nbsp; Kane County, IL, School District No 131 Aurora East Side, GO, Series A, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 813468<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp; 7065729<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp; 1452184<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 10465000 | &nbsp;&nbsp;&nbsp; 9110427<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 11400000 | &nbsp;&nbsp;&nbsp; 11359340<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2072669<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 646556<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 2646343<br>|
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 10920000 | &nbsp;&nbsp;&nbsp; 9986431<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, NATL | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 12990000 | &nbsp;&nbsp;&nbsp; 13815273<br>|
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., IL, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1823013<br>|
| &nbsp;&nbsp;&nbsp; University of Illinois, COP, Series C, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1802862<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *278510718* |
| *Indiana — 1.2%* | *Indiana — 1.2%* | *Indiana — 1.2%* | *Indiana — 1.2%* | *Indiana — 1.2%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion General Hospital, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2479937<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3083541<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority, Environmental Facilities Revenue, Indianapolis <br> Power & Light Company Project, Series A, Refunding  | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; $7000000 | &nbsp;&nbsp;&nbsp; $6414801<br>|
| &nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Airport Authority Project, Revenue, Series 2019 D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2900000<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Airport Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 5235000 | &nbsp;&nbsp;&nbsp; 5443064<br> <sup>(c)</sup><br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *20321343* |
| *Kansas — 0.0%††* | *Kansas — 0.0%††* | *Kansas — 0.0%††* | *Kansas — 0.0%††* | *Kansas — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Wyandotte County, KS, Turner USD No 202, GO, Series A, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; *794397*<br> <sup>(e)</sup><br>|
| *Kentucky — 2.5%* | *Kentucky — 2.5%* | *Kentucky — 2.5%* | *Kentucky — 2.5%* | *Kentucky — 2.5%* |
| &nbsp;&nbsp;&nbsp; Carroll County, KY, Environmental Facilities Revenue, Kentucky Utilities Company <br> Project, Series A  | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4918068<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carroll County, KY, PCR, Kentucky Utilities Company Project, Series A, Refunding  | &nbsp;&nbsp; 1.550% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5906197<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue, Series C, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp; 10098245<br>|
| &nbsp;&nbsp;&nbsp; Kentucky State Turnpike Authority, Economic Development Road Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revitalization Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp; 1484335<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revitalization Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1035067<br>|
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County, KY, Metropolitan Government Health System Revenue, <br> Norton Healthcare Inc., Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5066760<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trimble County, KY, Environmental Facilities Revenue, Louisville Gas and Electric <br> Company Project, Series A  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp; 6297751<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trimble County, KY, Pollution Control Revenue, Louisville Gas and Electric Company <br> Project, Series A, Refunding  | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; 8575732<br> <sup>(a)(b)(c)</sup><br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *43382155* |
| *Louisiana — 1.1%* | *Louisiana — 1.1%* | *Louisiana — 1.1%* | *Louisiana — 1.1%* | *Louisiana — 1.1%* |
| &nbsp;&nbsp;&nbsp; Shreveport, LA, Water & Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp; 2443943<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2003232<br>|
| &nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-2, Refunding | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 7275000 | &nbsp;&nbsp;&nbsp; 7258778<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series C, Refunding | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/3/28 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 6581236<br> <sup>(a)(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *18287189* |
| *Maryland — 0.4%* | *Maryland — 0.4%* | *Maryland — 0.4%* | *Maryland — 0.4%* | *Maryland — 0.4%* |
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1411563<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1562165<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1007737<br>|
| &nbsp;&nbsp;&nbsp; Maryland State Stadium Authority, Built to Learn Revenue, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3744658<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *7726123* |
| *Massachusetts — 1.3%* | *Massachusetts — 1.3%* | *Massachusetts — 1.3%* | *Massachusetts — 1.3%* | *Massachusetts — 1.3%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State Department of Transportation, Metropolitan Highway System <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1064758<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2123315<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1057866<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center, Series G, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; 4260242<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandeis University, Series S-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp; 1276861<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana-Farber Cancer Institute, Series N | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $2032683<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foxborough Regional Charter School, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1008242<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners HealthCare System, Mass General Brigham Inc., Series S-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1550075<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Foundation and Affiliates Issue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; 571623<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Boston Student Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2923317<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 4880000 | &nbsp;&nbsp;&nbsp; 5190300<br> <sup>(c)</sup><br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *23059282* |
| *Michigan — 0.8%* | *Michigan — 0.8%* | *Michigan — 0.8%* | *Michigan — 0.8%* | *Michigan — 0.8%* |
| &nbsp;&nbsp;&nbsp; Great Lakes, MI, Water Authority, Water Supply System Revenue, Senior Lien, <br> Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1131403<br>|
| &nbsp;&nbsp;&nbsp; Kent County, MI, Gerald R. Ford International Airport, GO, Authority Revenue, <br> County GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1013616<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/28/43 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1585993<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/29/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 965734<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Asset-Backed, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; 1846524<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International, LLC, Coated Recycled Board Machine Project, <br> Green Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2747319<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-75 Improvement Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4012634<br> <sup>(c)</sup><br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *13303223* |
| *Mississippi — 0.7%* | *Mississippi — 0.7%* | *Mississippi — 0.7%* | *Mississippi — 0.7%* | *Mississippi — 0.7%* |
| &nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority Revenue, North Mississippi <br> Health Services, Series II, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6109379<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mississippi State Development Bank Special Obligation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson, Mississippi Sales Tax Revenue Infrastructure Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp; 1320442<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson, Mississippi Sales Tax Revenue Infrastructure Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1775828<br>|
| &nbsp;&nbsp;&nbsp; Warren County, MS, Mississippi Gulf Opportunity Zone Revenue, International <br> Paper Company Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 1945000 | &nbsp;&nbsp;&nbsp; 2003703<br>|
| *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | &nbsp;&nbsp; *11209352* |
| *Missouri — 0.7%* | *Missouri — 0.7%* | *Missouri — 0.7%* | *Missouri — 0.7%* | *Missouri — 0.7%* |
| &nbsp;&nbsp;&nbsp; Cape Girardeau County, MO, IDA, Healthcare Facilities Revenue, Southeast Health  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1252936<br>|
| &nbsp;&nbsp;&nbsp; Kansas City, MO, IDA, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3397404<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4168386<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1557785<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services <br> Projects, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1381051<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *11757562* |
| *Nebraska — 1.0%* | *Nebraska — 1.0%* | *Nebraska — 1.0%* | *Nebraska — 1.0%* | *Nebraska — 1.0%* |
| &nbsp;&nbsp;&nbsp; Central Plains, NE, Energy Project, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 3, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 5465000 | &nbsp;&nbsp;&nbsp; 5995498<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 3, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4985105<br>|
| &nbsp;&nbsp;&nbsp; Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5721917<br>|
| *Total Nebraska* | *Total Nebraska* | *Total Nebraska* | *Total Nebraska* | &nbsp;&nbsp; *16702520* |

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Nevada — 0.3%* | *Nevada — 0.3%* | *Nevada — 0.3%* | *Nevada — 0.3%* | *Nevada — 0.3%* |
| &nbsp;&nbsp;&nbsp; Clark County, NV, GO, Pledged Revenue, Stadium Improvements, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/38 | &nbsp;&nbsp; $5000000 | &nbsp;&nbsp;&nbsp; $*5200717*<br>|
| *New Hampshire — 1.2%* | *New Hampshire — 1.2%* | *New Hampshire — 1.2%* | *New Hampshire — 1.2%* | *New Hampshire — 1.2%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue, Winston-Salem Sustainable Energy <br> Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp;&nbsp; *21332113*<br>|
| *New Jersey — 4.3%* | *New Jersey — 4.3%* | *New Jersey — 4.3%* | *New Jersey — 4.3%* | *New Jersey — 4.3%* |
| &nbsp;&nbsp;&nbsp; New Brunswick, NJ, Parking Authority Revenue, City GTD, Series A, Refunding, <br> BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2024811<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Surcharges Revenue, Subordinated, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3051965<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Rowan Properties LLC, Rowan University Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2400315<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Rowan Properties LLC, Rowan University Housing Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1750072<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series DDD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1036786<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series QQQ | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1006001<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1874453<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1273245<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1214063<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/41 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1727370<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp; 4983182<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Transportation Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; 5113396<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2034779<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1220861<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2171217<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp; 8210081<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4466544<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3557421<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3304079<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3020044<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3253811<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1575021<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC, Unrefunded | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 3165000 | &nbsp;&nbsp;&nbsp; 3338255<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2572706<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3348871<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3079400<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *72608749* |
| *New Mexico — 0.3%* | *New Mexico — 0.3%* | *New Mexico — 0.3%* | *New Mexico — 0.3%* | *New Mexico — 0.3%* |
| &nbsp;&nbsp;&nbsp; New Mexico State Municipal Energy Acquisition Authority, Gas Supply Revenue, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; *4912051*<br> <sup>(a)(b)</sup><br>|
| *New York — 10.1%* | *New York — 10.1%* | *New York — 10.1%* | *New York — 10.1%* | *New York — 10.1%* |
| &nbsp;&nbsp;&nbsp; Long Island, NY, Power Authority Electric System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5437335<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1790939<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; $1750000 | &nbsp;&nbsp;&nbsp; $1751988<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2277570<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3914968<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3197791<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp; 5662687<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp; 1680251<br>|
| &nbsp;&nbsp;&nbsp; Nassau County, NY, Industrial Development Agency, Series B, Escrow  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1/1/58 | &nbsp;&nbsp; 551101 | &nbsp;&nbsp;&nbsp; 0<br> <sup>(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries E-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7258593<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1012747<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1502212<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Industrial Development Agency Revenue, Yankee Stadium <br> Project, Series A, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 524608<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue, Subseries C-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3535901<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue, Non-State Supported Debt, SD, <br> Series A, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 21312<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 3, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 7620000 | &nbsp;&nbsp;&nbsp; 7987605<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Supported, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6111226<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7830364<br>|
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority General Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4506800<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2102957<br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; 4893304<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 6480000 | &nbsp;&nbsp;&nbsp; 6664601<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp; 8820578<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; 6612890<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/54 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp; 14477534<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1601362<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds, <br> AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1839978<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds, <br> AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1568138<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds, <br> AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/49 | &nbsp;&nbsp; 10750000 | &nbsp;&nbsp;&nbsp; 10794378<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Four Project, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1040681<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Four Project, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2706145<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2143786<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding, AG | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; 4480871<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series B, Refunding, AG, Step bond (0.000% to 12/31/34 then <br> 5.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 1361029<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; $21335000 | &nbsp;&nbsp;&nbsp; $21300704<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000691<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Revenue, State Personal Income Tax, <br> Series C, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 7750000 | &nbsp;&nbsp;&nbsp; 7274076<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue, Consolidated Series 226, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 3165000 | &nbsp;&nbsp;&nbsp; 3333178<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute Project, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp; 1986190<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *172007968* |
| *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* |
| &nbsp;&nbsp;&nbsp; Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1054186<br>|
| &nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Triangle Expressway System Revenue, <br> Senior Lien  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4099580<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *5153766* |
| *Ohio — 1.7%* | *Ohio — 1.7%* | *Ohio — 1.7%* | *Ohio — 1.7%* | *Ohio — 1.7%* |
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center Project, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1311324<br>|
| &nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2931996<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series B-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 7100000 | &nbsp;&nbsp;&nbsp; 5756217<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series B | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2870473<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Vanadium Project, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 7120000 | &nbsp;&nbsp;&nbsp; 6418846<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Project, Series B, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 3148993<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Dayton 2018 Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1045768<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 977255<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 750495<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 599746<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals Health Systems Inc., Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1048744<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals Health Systems Inc., Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1255836<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Private Activity Revenue, Portsmouth Bypass Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/39 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 800087<br> <sup>(c)</sup><br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *28915780* |
| *Oklahoma — 0.2%* | *Oklahoma — 0.2%* | *Oklahoma — 0.2%* | *Oklahoma — 0.2%* | *Oklahoma — 0.2%* |
| &nbsp;&nbsp;&nbsp; Tulsa, OK, Municipal Airport Trust Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 3120000 | &nbsp;&nbsp;&nbsp; 3574988<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 416540<br> <sup>(c)</sup><br>|
| *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | &nbsp;&nbsp; *3991528* |
| *Oregon — 0.6%* | *Oregon — 0.6%* | *Oregon — 0.6%* | *Oregon — 0.6%* | *Oregon — 0.6%* |
| &nbsp;&nbsp;&nbsp; Medford, OR, Hospital Facilities Authority Revenue, Asante Project, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2042071<br>|
| &nbsp;&nbsp;&nbsp; Multnomah County, OR, School District No 40, David Douglas, GO, Deferred <br> Interest, Series A, School Board Guaranty  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp; 1620133<br>|
| &nbsp;&nbsp;&nbsp; Oregon State Business Development Commission Revenue, Recovery Zone Facility <br> Bonds, Intel Corp. Project, Series 232  | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3033082<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oregon — continued* | *Oregon — continued* | *Oregon — continued* | *Oregon — continued* | *Oregon — continued* |
| &nbsp;&nbsp;&nbsp; Port of Portland, OR, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland International Airport, Series 24B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; $1530000 | &nbsp;&nbsp;&nbsp; $1538412<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland International Airport, Series 26C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1029619<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington Clackamas & Yamhill Counties, OR, School District No 88J, GO, <br> Sherwood, School Board Guaranty  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1291041<br>|
| *Total Oregon* | *Total Oregon* | *Total Oregon* | *Total Oregon* | &nbsp;&nbsp; *10554358* |
| *Pennsylvania — 3.9%* | *Pennsylvania — 3.9%* | *Pennsylvania — 3.9%* | *Pennsylvania — 3.9%* | *Pennsylvania — 3.9%* |
| &nbsp;&nbsp;&nbsp; Berks County, PA, IDA, Healthcare Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highlands at Wyomissing, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 406958<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highlands at Wyomissing, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 379062<br>|
| &nbsp;&nbsp;&nbsp; Bucks County, PA, Water and Sewer Authority, Sewer System Revenue, Series A, <br> AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1757494<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp; 2408037<br>|
| &nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries Project, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; 1015000<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries Project, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; 390376<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2017811<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1048523<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1147873<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1349151<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; 1778395<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3522054<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series C, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1127455<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Senior Living Project, Series B-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2302395<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 942447<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Core Natural Resources Inc. Project, Refunding | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/27/35 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1331618<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5344425<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/41 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3995566<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/30/48 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp; 13610048<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3042605<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1898634<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2161766<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3316348<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, GO, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1600603<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, School District, GO, Series A, State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp; 2289142<br>|
| &nbsp;&nbsp;&nbsp; State Public School Building Authority, PA, Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; 1402791<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp; 4213653<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *65800230* |
| *Puerto Rico — 3.4%* | *Puerto Rico — 3.4%* | *Puerto Rico — 3.4%* | *Puerto Rico — 3.4%* | *Puerto Rico — 3.4%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 8155000 | &nbsp;&nbsp;&nbsp; 8001231<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; $1120000 | &nbsp;&nbsp;&nbsp; $1150522<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 198105 | &nbsp;&nbsp;&nbsp; 143590<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 169893 | &nbsp;&nbsp;&nbsp; 173549<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 167137 | &nbsp;&nbsp;&nbsp; 177155<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 162338 | &nbsp;&nbsp;&nbsp; 178438<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 153940 | &nbsp;&nbsp;&nbsp; 154003<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 4023371 | &nbsp;&nbsp;&nbsp; 3957111<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 10768000 | &nbsp;&nbsp;&nbsp; 10448905<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1461467 | &nbsp;&nbsp;&nbsp; 1352787<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 167923 | &nbsp;&nbsp;&nbsp; 146700<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 591420 | &nbsp;&nbsp;&nbsp; 379248<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 2632000 | &nbsp;&nbsp;&nbsp; 2502147<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; 680443<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 9150000 | &nbsp;&nbsp;&nbsp; 8638329<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 8180000 | &nbsp;&nbsp;&nbsp; 7888686<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 4380000 | &nbsp;&nbsp;&nbsp; 4290788<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp; 2125801<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2A | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 6040000 | &nbsp;&nbsp;&nbsp; 6043935<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *58433368* |
| *Rhode Island — 0.5%* | *Rhode Island — 0.5%* | *Rhode Island — 0.5%* | *Rhode Island — 0.5%* | *Rhode Island — 0.5%* |
| &nbsp;&nbsp;&nbsp; Rhode Island State Health & Educational Building Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing, Lifespan Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2514584<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing, Lifespan Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2011063<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing, Lifespan Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; 1578135<br>|
| &nbsp;&nbsp;&nbsp; Rhode Island State Health & Educational Building Corp., Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Properties LLC, Senior Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1075356<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Properties LLC, Senior Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 758581<br>|
| *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | &nbsp;&nbsp; *7937719* |
| *South Carolina — 0.8%* | *South Carolina — 0.8%* | *South Carolina — 0.8%* | *South Carolina — 0.8%* | *South Carolina — 0.8%* |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries B-2, <br> Refunding (SOFR x 0.670 + 1.900%) | &nbsp;&nbsp; 4.419% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3129800<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5054111<br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Ports Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp; 2946635<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2062203<br> <sup>(c)</sup><br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *13192749* |
| *Tennessee — 1.6%* | *Tennessee — 1.6%* | *Tennessee — 1.6%* | *Tennessee — 1.6%* | *Tennessee — 1.6%* |
| &nbsp;&nbsp;&nbsp; Clarksville, TN, Water, Sewer & Gas Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/51 | &nbsp;&nbsp; 8455000 | &nbsp;&nbsp;&nbsp; 7803278<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville, TN, Airport Authority Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1767418<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series A-1, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 17310000 | &nbsp;&nbsp;&nbsp; 17799863<br> <sup>(a)(b)</sup><br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *27370559* |

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — 7.7%* | *Texas — 7.7%* | *Texas — 7.7%* | *Texas — 7.7%* | *Texas — 7.7%* |
| &nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; $650000 | &nbsp;&nbsp;&nbsp; $667686<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp; 937080<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 715980<br>|
| &nbsp;&nbsp;&nbsp; Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3751248<br>|
| &nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3250986<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2152886<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 5640000 | &nbsp;&nbsp;&nbsp; 6046296<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bexar County, TX, Hospital District: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1571859<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2095916<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2356650<br>|
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7690017<br>|
| &nbsp;&nbsp;&nbsp; Dallas, TX, Hotel Occupancy Tax Revenue, Series 2021, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/37 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2601064<br>|
| &nbsp;&nbsp;&nbsp; Elgin, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp; 7369980<br>|
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., TX, System Toll Revenue, First Tier Toll <br> Revenue, Series C, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 5375000 | &nbsp;&nbsp;&nbsp; 5384693<br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, <br> Texas Children's Hospital, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 2992207<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 4475000 | &nbsp;&nbsp;&nbsp; 4257278<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Airport Improvements Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4624667<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Technical Operations Center Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2569260<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 2930000 | &nbsp;&nbsp;&nbsp; 3167346<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5457785<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1634438<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1897749<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1526148<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1511148<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 2630000 | &nbsp;&nbsp;&nbsp; 2749989<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2346546<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp; 1757391<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1898554<br>|
| &nbsp;&nbsp;&nbsp; Longview, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5182545<br>|
| &nbsp;&nbsp;&nbsp; Love Field, TX, Airport Modernization Corp., General Airport Revenue, Series 2017  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1266671<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging International, <br> LLC Project, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1814599<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, <br> Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1048103<br>|
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue, First Tier, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp; 1328416<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County, TX, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3627049<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp; 3539572<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3608067<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Texas State: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; $5500000 | &nbsp;&nbsp;&nbsp; $5597282<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7505184<br>|
| &nbsp;&nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/33 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2126569<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/38 | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp; 1352674<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1058643<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series <br> A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/31/35 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1119991<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/31/34 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1535850<br>|
| &nbsp;&nbsp;&nbsp; Texas State Public Finance Authority, Lease Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2033294<br>|
| &nbsp;&nbsp;&nbsp; West Harris County, TX, Regional Water Authority Revenue, Series W, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/45 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 1958386<br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *130685742* |
| *Utah — 0.8%* | *Utah — 0.8%* | *Utah — 0.8%* | *Utah — 0.8%* | *Utah — 0.8%* |
| &nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3073126<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue, Syracuse <br> Arts Academy Project, UT CSCE  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp; 1289286<br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp; 1922206<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 602256<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 894171<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500956<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 396291<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 196192<br>|
| &nbsp;&nbsp;&nbsp; Utah State Telecommunication Open Infrastructure Agency, Sales Tax & <br> Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1675182<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2082551<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1564585<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *14196802* |
| *Vermont — 0.1%* | *Vermont — 0.1%* | *Vermont — 0.1%* | *Vermont — 0.1%* | *Vermont — 0.1%* |
| &nbsp;&nbsp;&nbsp; University of Vermont & State Agricultural College, GO, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *1030690*<br>|
| *Virginia — 0.6%* | *Virginia — 0.6%* | *Virginia — 0.6%* | *Virginia — 0.6%* | *Virginia — 0.6%* |
| &nbsp;&nbsp;&nbsp; Isle of Wight County, VA, EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Health System, Series 2023, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1090550<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Health System, Series 2023, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1590995<br>|
| &nbsp;&nbsp;&nbsp; Virginia Beach, VA, Development Authority, Residential Care Facilities Revenue, <br> Westminster - Canterbury on Chesapeake Bay, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1482667<br>|
| &nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Senior Campuses, Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1053044<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, I-495 HOT Lanes Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 4120000 | &nbsp;&nbsp;&nbsp; 4124371<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Obligated Group of National Senior Campuses Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1054042<br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *10395669* |
| *Washington — 2.2%* | *Washington — 2.2%* | *Washington — 2.2%* | *Washington — 2.2%* | *Washington — 2.2%* |
| &nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp; 3354913<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Washington — continued* | *Washington — continued* | *Washington — continued* | *Washington — continued* | *Washington — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; $3040000 | &nbsp;&nbsp;&nbsp; $3221382<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4074796<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 13185000 | &nbsp;&nbsp;&nbsp; 14305662<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5367466<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 5375000 | &nbsp;&nbsp;&nbsp; 5446463<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2045368<br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *37816050* |
| *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* |
| &nbsp;&nbsp;&nbsp; West Virginia State EDA Revenue, Solid Waste Disposal Facility, Commercial <br> Metals Co. Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; *1418265*<br> <sup>(a)(b)(c)</sup><br>|
| *Wisconsin — 1.2%* | *Wisconsin — 1.2%* | *Wisconsin — 1.2%* | *Wisconsin — 1.2%* | *Wisconsin — 1.2%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancroft Neurohealth Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp; 1541353<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renown Regional Medical Center Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2399298<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Carmelite System Inc. Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1698639<br>|
| &nbsp;&nbsp;&nbsp; Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral <br> Obligations  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/43 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7182801<br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1076768<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1601219<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2646104<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2089726<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *20235908* |
| **Total Municipal Bonds (Cost — $1,639,743,956)** | **Total Municipal Bonds (Cost — $1,639,743,956)** | **Total Municipal Bonds (Cost — $1,639,743,956)** | **Total Municipal Bonds (Cost — $1,639,743,956)** | &nbsp;&nbsp; **1641608689** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.5%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.5%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.5%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.5%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 4.5%** |
| *New York — 4.5%* | *New York — 4.5%* | *New York — 4.5%* | *New York — 4.5%* | *New York — 4.5%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2023, Subseries AA-3, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 24245000 | &nbsp;&nbsp;&nbsp; 25204867<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue, General <br> Purpose Bonds, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 25170000 | &nbsp;&nbsp;&nbsp; 23733916<br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development State Sales Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 27300000 | &nbsp;&nbsp;&nbsp; 28261566<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $77,846,157)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $77,846,157)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $77,846,157)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $77,846,157)** | &nbsp;&nbsp; **77200349** |
| **Total Investments before Short-Term Investments (Cost — $1,717,590,113)** | **Total Investments before Short-Term Investments (Cost — $1,717,590,113)** | **Total Investments before Short-Term Investments (Cost — $1,717,590,113)** | **Total Investments before Short-Term Investments (Cost — $1,717,590,113)** | &nbsp;&nbsp; **1718809038** |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** |
| *District of Columbia — 0.1%* | *District of Columbia — 0.1%* | *District of Columbia — 0.1%* | *District of Columbia — 0.1%* | *District of Columbia — 0.1%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue, Series A, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; *800000*<br> <sup>(k)(l)</sup><br>|
| *Illinois — 0.0%††* | *Illinois — 0.0%††* | *Illinois — 0.0%††* | *Illinois — 0.0%††* | *Illinois — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue, University of Chicago Medical Center, <br> Series B, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; *350000*<br> <sup>(k)(l)</sup><br>|
| *Indiana — 0.0%††* | *Indiana — 0.0%††* | *Indiana — 0.0%††* | *Indiana — 0.0%††* | *Indiana — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Environmental Facilities Revenue, Series A-5, <br> Refunding, LOC - Sumitomo Mitsui Banking | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; *300000*<br> <sup>(k)(l)</sup><br>|
| *Iowa — 0.0%††* | *Iowa — 0.0%††* | *Iowa — 0.0%††* | *Iowa — 0.0%††* | *Iowa — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Series E, SPA - TD Bank N.A., GNMA / FNMA / FHLMC | &nbsp;&nbsp; 3.320% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; *100000*<br> <sup>(k)(l)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Maryland — 0.1%* | *Maryland — 0.1%* | *Maryland — 0.1%* | *Maryland — 0.1%* | *Maryland — 0.1%* |
| &nbsp;&nbsp;&nbsp; Maryland State Health & Higher EFA Revenue, The Johns Hopkins Health System, <br> Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp;&nbsp; $*1500000*<br> <sup>(k)(l)</sup><br>|
| *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Children Hospital Issue, Series U-1, Refunding, <br> LOC - TD Bank N.A.  | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baystate Medical Center, Series J-2, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baystate Medical Center, Series K-1, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *700000* |
| *Mississippi — 0.1%* | *Mississippi — 0.1%* | *Mississippi — 0.1%* | *Mississippi — 0.1%* | *Mississippi — 0.1%* |
| &nbsp;&nbsp;&nbsp; Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series A | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 450000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series C | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 800000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series E | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 350000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series G | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; 315000<br> <sup>(k)(l)</sup><br>|
| *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | &nbsp;&nbsp; *1915000* |
| *Missouri — 0.0%††* | *Missouri — 0.0%††* | *Missouri — 0.0%††* | *Missouri — 0.0%††* | *Missouri — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Missouri State Health Senior Living Facilities Revenue, Saint Louis University, <br> Series B-2, Refunding, LOC - Wells Fargo Bank N.A. | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; *145000*<br> <sup>(k)(l)</sup><br>|
| *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* |
| &nbsp;&nbsp;&nbsp; New Jersey State EFA Revenue, Institute for Advanced Study, Series B, Refunding, <br> SPA - TD Bank N.A.  | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Capital Asset Financing Program, Series A, Refunding, LOC - TD Bank <br> N.A. | &nbsp;&nbsp; 3.360% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtua-Memorial Hospital Burlington County, Inc., Series D, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.460% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *900000* |
| *New York — 0.0%††* | *New York — 0.0%††* | *New York — 0.0%††* | *New York — 0.0%††* | *New York — 0.0%††* |
| &nbsp;&nbsp;&nbsp; New York City, NY, GO, Subseries E-5, LOC - TD Bank N.A.  | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2023, Subseries BB-2, Refunding, SPA - <br> Mizuho Bank Ltd.  | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200000<br> <sup>(k)(l)</sup><br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *500000* |
| *Pennsylvania — 0.1%* | *Pennsylvania — 0.1%* | *Pennsylvania — 0.1%* | *Pennsylvania — 0.1%* | *Pennsylvania — 0.1%* |
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR, Hospital Revenue, The Children's Hospital of <br> Philadelphia Project, Series B-1, SPA - JPMorgan Chase & Co.  | &nbsp;&nbsp; 2.480% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, IDA: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gift of Life Donor Program Project, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.360% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Modal Lease Revenue, Series B-2, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.360% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200000<br> <sup>(k)(l)</sup><br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *1000000* |
| *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* |
| &nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Texas <br> Children's Hospital, Series B, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp; *2625000*<br> <sup>(k)(l)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *West Virginia — 0.0%††* | *West Virginia — 0.0%††* | *West Virginia — 0.0%††* | *West Virginia — 0.0%††* | *West Virginia — 0.0%††* |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, West Virginia University Health System, <br> Series C, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.320% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $*500000*<br> <sup>(k)(l)</sup><br>|
| **Total Short-Term Investments (Cost — $11,335,000)** | **Total Short-Term Investments (Cost — $11,335,000)** | **Total Short-Term Investments (Cost — $11,335,000)** | **Total Short-Term Investments (Cost — $11,335,000)** | &nbsp;&nbsp; **11335000** |
| **Total Investments — 101.5% (Cost — $1,728,925,113)** | **Total Investments — 101.5% (Cost — $1,728,925,113)** | **Total Investments — 101.5% (Cost — $1,728,925,113)** | **Total Investments — 101.5% (Cost — $1,728,925,113)** | &nbsp;&nbsp; **1730144038** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.5)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.5)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.5)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.5)% | &nbsp;&nbsp;&nbsp; (42395000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; 17406167 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1705155205** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(d)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(e)</sup> | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| <sup>(f)</sup> | Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.  |
| <sup>(g)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(h)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(i)</sup> | Value is less than $1. |
| <sup>(j)</sup> | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust.. |
| <sup>(k)</sup> | Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no <br> more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the <br> remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official <br> documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The <br> SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's <br> Short-term Obligation Rate Transparency System.<br>|
| <sup>(l)</sup> | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Western Asset Intermediate-Term Municipals Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| CAB |  | Capital Appreciation Bonds |
| COP |  | Certificates of Participation |
| CSCE |  | Charter School Credit Enhancement |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GNMA |  | Government National Mortgage Association |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HEFA |  | Health & Educational Facilities Authority |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| ISD |  | Independent School District |
| LOC |  | Letter of Credit |
| MFA |  | Municipal Finance Authority |
| MTA |  | Metropolitan Transportation Authority |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| PCFA |  | Pollution Control Financing Authority |
| PCR |  | Pollution Control Revenue |
| PEA |  | Public Energy Authority |
| PSF |  | Permanent School Fund |
| SD |  | School District |
| SOFR |  | Secured Overnight Financing Rate |
| SPA |  | Standby Bond Purchase Agreement — Insured Bonds |
| TFA |  | Transitional Finance Authority |
| USD |  | Unified School District |

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

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

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited) (cont'd)

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

• Level 1 — unadjusted quoted prices in active markets for identical investments

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $1641608689 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $1641608689 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 77200349 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77200349 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1718809038 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1718809038 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 11335000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11335000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1730144038** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$1730144038** |

---

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

---

| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

## 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 Intermediate-Term Municipals Fund

- **b. EDGAR series identifier (if any):** S000016626

- **c. LEI of Series:** 549300DJJ65IQXJ6TZ56

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $1750660039.27

**Total Liabilities:** $48646358.50

**Net Assets:** $1702013680.77

**Cash Not Reported:** $47957.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2725.80000000 | **1-Year:** 81774.86000000 | **5-Year:** 282037.61000000 | **10-Year:** 454686.70000000 | **30-Year:** 93218.98000000

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

- **3-Month:** 233.62000000 | **1-Year:** 3938.38000000 | **5-Year:** 29163.45000000 | **10-Year:** 68705.19000000 | **30-Year:** 2256.53000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000046417 | 0.94%                | 0.26%                | 0.11%                |
| Class ID C000046419 | 0.72%                | 0.22%                | 0.22%                |
| Class ID C000046421 | 0.95%                | 0.11%                | 0.29%                |
| Class ID C000184044 | 0.79%                | 0.28%                | 0.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4309789.26             | $14991257.90                               |
| Month 2  | $-85711.52               | $-1251411.77                               |
| Month 3  | $-71364.14               | $-542440.63                                |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond 1-15 Yr Blend (1-17) USD Unhedged Index

- **Index Identifier:** 5826

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KENTUCKY ST TURNPIKE AUTH ECON                  | Kentucky Turnpike Authority                                                  | CUSIP: 491552R23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035067.20   | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                  | CUSIP: 67756DQS8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045768.30   | 0.06%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PUBLIC FIN AUTH LEASE                  | Texas Public Finance Authority                                               | CUSIP: 882669BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033294.00   | 0.12%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                     | CUSIP: 052398GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5640000 | PA      | $6046296.01   | 0.36%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEPT OF TRANS                  | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue  | CUSIP: 57563CDV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064758.10   | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                   | Miami-Dade County Expressway Authority                                       | CUSIP: 593338AP1<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001550.90   | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                    | Mississippi Development Bank                                                 | CUSIP: 60534XCA2<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1775827.90   | 0.10%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70870JFK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942447.00    | 0.06%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577BHU1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400314.64   | 0.14%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                           | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    670000 | PA      | $670398.72    | 0.04%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                           | CUSIP: 64990AMP7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7620000 | PA      | $7987604.80   | 0.47%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | Empire State Development Corp                                                | CUSIP: 6500357N2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7274076.38   | 0.43%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                   | CUSIP: 452031AM9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    430000 | PA      | $452268.11    | 0.03%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152M81<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3194710.79   | 0.19%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8180000 | PA      | $7888685.66   | 0.46%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                  | Southeast Alabama Gas Supply District/The                                    | CUSIP: 84131TAY8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5906810.80   | 0.35%             | 2031-04-01      | 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        |   3000000 | PA      | $3073248.30   | 0.18%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                         | CUSIP: 1675932H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1812519.46   | 0.11%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                   | Indiana Finance Authority                                                    | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6414801.40   | 0.38%             | 2029-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584XZQ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2923316.58   | 0.17%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST ATLANTIC UNIV FIN C                  | Florida Atlantic University Finance Corp                                     | CUSIP: 31200CCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5775000 | PA      | $6120838.19   | 0.36%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                             | CUSIP: 13054WAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3799916.51   | 0.22%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                       | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4522459.50   | 0.27%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                 | CUSIP: 575896TF2<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4880000 | PA      | $5190299.68   | 0.30%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3995565.75   | 0.23%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R                  | Georgia Higher Education Facilities Authority                                | CUSIP: 373511HX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1702836.80   | 0.10%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                   | CUSIP: 544445BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005446.90   | 0.06%             | 2035-05-15      | 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        |   3540000 | PA      | $3541793.72   | 0.21%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                  | City of Shreveport LA Water & Sewer Revenue                                  | CUSIP: 825485UH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2443942.55   | 0.14%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153GK9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2532101.74   | 0.15%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153HM4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $19042246.80  | 1.12%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                   | CUSIP: 452031AP2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1191244.25   | 0.07%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                             | CUSIP: 709225DY9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3316347.65   | 0.19%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                         | Bexar County Hospital District                                               | CUSIP: 088365HD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571858.55   | 0.09%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                         | CUSIP: 167593X49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3968528.41   | 0.23%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9150000 | PA      | $8638329.26   | 0.51%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                             | CUSIP: 709225AS5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1898633.98   | 0.11%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                         | CUSIP: 66585VBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026618.60   | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR                  | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DWA3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5174.16      | 0.00%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DE                  | Cape Girardeau County Industrial Development Authority                       | CUSIP: 139404HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252935.50   | 0.07%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467CA8<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    400000 | PA      | $396291.20    | 0.02%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEPT OF TRANS                  | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue  | CUSIP: 57563CDW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2123315.20   | 0.12%             | 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: 544445A66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3390000 | PA      | $3483890.46   | 0.20%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                          | CUSIP: 64966QVN7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012747.10   | 0.06%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                         | CUSIP: 20772KKZ1<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1580847.18   | 0.09%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467CB6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    200000 | PA      | $196191.52    | 0.01%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                  | Mobile County Industrial Development Authority                               | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2986912.50   | 0.18%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                  | Harris County Cultural Education Facilities Finance Corp                     | CUSIP: 414009QZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2992207.23   | 0.18%             | 2051-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                               | CUSIP: 118217CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2931995.83   | 0.17%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                    | CUSIP: 010869GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3042838.20   | 0.18%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5662687.28   | 0.33%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5775000 | PA      | $6215181.47   | 0.37%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                         | CUSIP: 66585VBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1325510.13   | 0.08%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                  | City & County Honolulu HI Wastewater System Revenue                          | CUSIP: 438701J47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4356577.50   | 0.26%             | 2041-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                                   | County of Clark NV                                                           | CUSIP: 180848XG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5200717.00   | 0.31%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                  | Mobile County Industrial Development Authority                               | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4015845.12   | 0.24%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                  | City of Shreveport LA Water & Sewer Revenue                                  | CUSIP: 825485UJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003231.60   | 0.12%             | 2029-12-01      | 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        |  25170000 | PA      | $23733913.07  | 1.39%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                | CUSIP: 66285WVZ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1328416.27   | 0.08%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX SPL TAX REVENUE                    | City of Arlington TX Special Tax Revenue                                     | CUSIP: 04184RDD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3751248.00   | 0.22%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON                  | Kentucky Turnpike Authority                                                  | CUSIP: 491552Q99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1484335.30   | 0.09%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2632000 | PA      | $2502146.86   | 0.15%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                  | CUSIP: 67756DWH5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    600000 | PA      | $599745.78    | 0.04%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592248BC1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $2646343.05   | 0.16%             | 2045-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV                  | Arizona Industrial Development Authority                                     | CUSIP: 04052EAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1367073.89   | 0.08%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                   | CUSIP: 544445CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005041.80   | 0.06%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                    | CUSIP: 452272B55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $498204.84    | 0.03%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                         | CUSIP: 1675932J0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1979110.27   | 0.12%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6675763.75   | 0.39%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC                   | Omaha Public Power District                                                  | CUSIP: 682001HC9<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5721916.80   | 0.34%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN                  | Public Authority for Colorado Energy                                         | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   5225000 | PA      | $5519525.94   | 0.32%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1830764.95   | 0.11%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2346545.70   | 0.14%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                         | CUSIP: 19648FWP5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2179272.40   | 0.13%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153AQ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073891.60   | 0.06%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1634438.25   | 0.10%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                         | CUSIP: 66585VBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1723503.87   | 0.10%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELGIN TX INDEP SCH DIST                         | Elgin Independent School District                                            | CUSIP: 286533UL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7800000 | PA      | $7369979.76   | 0.43%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                            | CUSIP: 16772PDL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1794496.60   | 0.11%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                | CUSIP: 69651ACC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1437360.82   | 0.08%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                  | Central Plains Energy Project                                                | CUSIP: 154871CN5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4985104.95   | 0.29%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153KF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1290991.75   | 0.08%             | 2048-05-01      | Fixed         | 5.25%                 | 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        |   4000000 | PA      | $4072898.00   | 0.24%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                                     | CUSIP: 74442PQV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1698638.98   | 0.10%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   8200000 | PA      | $8978934.40   | 0.53%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                  | County of Miami-Dade Seaport Department                                      | CUSIP: 59335KEY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3396568.50   | 0.20%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                  | Industrial Development Authority of the City of Phoenix Arizona/The          | CUSIP: 71885FEH6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600313.92   | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1354663.57   | 0.08%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461366Y2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2171217.00   | 0.13%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                   | CUSIP: 452031AN7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    395000 | PA      | $414107.02    | 0.02%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                             | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2408036.91   | 0.14%             | 2030-06-01      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $1514118.00   | 0.09%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TN WTR SWR & GAS R                  | City of Clarksville TN Water Sewer & Gas Revenue                             | CUSIP: 182618PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8455000 | PA      | $7803278.45   | 0.46%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                        | CUSIP: 645793BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2035-07-01      | Variable      | 3.36%                 | 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        |   4380000 | PA      | $4290787.72   | 0.25%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153KE8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036398.30   | 0.06%             | 2047-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AQL4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1751988.00   | 0.10%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584XNV9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032683.20   | 0.12%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                  | Metropolitan Nashville Airport Authority/The                                 | CUSIP: 592190NR9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1767418.10   | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA                   | State Public School Building Authority                                       | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4213653.12   | 0.25%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                          | CUSIP: 64966QVQ0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502211.75   | 0.09%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                  | County of Miami-Dade Seaport Department                                      | CUSIP: 59335KEZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4143006.80   | 0.24%             | 2042-10-01      | 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        |   2500000 | PA      | $2569259.50   | 0.15%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                  | CUSIP: 64971PJY2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524607.55    | 0.03%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                  | CUSIP: 67756DWF9<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    745000 | PA      | $750495.12    | 0.04%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467BL5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    925000 | PA      | $894171.14    | 0.05%             | 2039-10-15      | 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        |   3000000 | PA      | $3083540.70   | 0.18%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584Y8H5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.01%             | 2048-03-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                         | CUSIP: 66585VBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1876423.68   | 0.11%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182QR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23750000 | PA      | $26204249.00  | 1.54%             | 2040-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1214293.63   | 0.07%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                      | CUSIP: 39081JGG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131402.70   | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                         | CUSIP: 25483VTR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5108081.50   | 0.30%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1897749.35   | 0.11%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV                  | Delaware State Health Facilities Authority                                   | CUSIP: 246388TL6<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   4420000 | PA      | $4386710.77   | 0.26%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10750000 | PA      | $10794378.15  | 0.63%             | 2049-06-30      | 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        |   1000000 | PA      | $1000691.00   | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                | CUSIP: 696507VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101208.35   | 0.06%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                          | CUSIP: 64966MXE4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7258592.60   | 0.43%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                           | CUSIP: 64990FKX1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7830364.50   | 0.46%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                      | CUSIP: 6262077H1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    645000 | PA      | $563833.46    | 0.03%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA WTR & SWR AUTH S                  | Bucks County Water and Sewer Authority                                       | CUSIP: 118683JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1757493.85   | 0.10%             | 2042-12-01      | 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        |   1085000 | PA      | $1100245.77   | 0.06%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9695000 | PA      | $10077182.72  | 0.59%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 4521522Z3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3110083.80   | 0.18%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1495936.16   | 0.09%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                         | CUSIP: 19648FWM2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1597088.87   | 0.09%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                  | CUSIP: 114894XR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1788399.55   | 0.11%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                    | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8620751.00   | 0.51%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14477534.40  | 0.85%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA                   | State Public School Building Authority                                       | CUSIP: 85732GUF5<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1402790.98   | 0.08%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                  | CUSIP: 542691GD6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1790938.80   | 0.11%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577XCS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1727369.70   | 0.10%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                    | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3929576.04   | 0.23%             | 2037-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584X8U8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1550075.40   | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST BUSINESS DEV COMMISS                  | Oregon State Business Development Commission                                 | CUSIP: 68609AAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3033081.60   | 0.18%             | 2040-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                  | CUSIP: 67756DWD4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    925000 | PA      | $977254.73    | 0.06%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                  | Newark Higher Education Finance Corp                                         | CUSIP: 650346DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1048102.65   | 0.06%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                             | CUSIP: 650010AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2102956.80   | 0.12%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                           | CUSIP: 57420VPA5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007736.50   | 0.06%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                   | Connecticut State Health & Educational Facilities Authority                  | CUSIP: 20774Y2C0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029612.40   | 0.12%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                          | CUSIP: 735240M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1538412.25   | 0.09%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1433360.21   | 0.08%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                   | CUSIP: 45200F6G9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.00    | 0.02%             | 2044-08-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3021798.60   | 0.18%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SF MTGE REVEN                  | Iowa Finance Authority                                                       | CUSIP: 462467XP1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.01%             | 2049-01-01      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| PORT HOUSTON TX AUTH                            | Port Authority of Houston of Harris County Texas                             | CUSIP: 7342605R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3608067.05   | 0.21%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                           | CUSIP: 735389H27<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3221381.60   | 0.19%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21335000 | PA      | $21300703.99  | 1.25%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                             | CUSIP: 650010AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4506800.40   | 0.26%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5443354.50   | 0.32%             | 2041-10-01      | Fixed         | 5.25%                 | 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        |   4120000 | PA      | $4124370.91   | 0.24%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                   | Connecticut State Health & Educational Facilities Authority                  | CUSIP: 20774Y2A4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1178352.91   | 0.07%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4390118.80   | 0.26%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153BX6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4390401.60   | 0.26%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HLTH & EDUCTN                  | Massachusetts Health & Educational Facilities Authority                      | CUSIP: 57586EQ87<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2039-07-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR SCH DIST #40                  | Multnomah County School District No 40                                       | CUSIP: 625693HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $1620132.90   | 0.10%             | 2033-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467BH4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    600000 | PA      | $602256.06    | 0.04%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKAMAS & YAMHILL                  | Washington Clackamas & Yamhill Counties School District No 88J               | CUSIP: 937440EP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1291040.63   | 0.08%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577XCQ7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006001.50   | 0.06%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461368A2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2572706.50   | 0.15%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2749988.75   | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1402849.29   | 0.08%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                             | CUSIP: 759151BG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $745941.28    | 0.04%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                         | CUSIP: 19648FWN0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2410959.54   | 0.14%             | 2038-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921470.00    | 0.05%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                  | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4259246.40   | 0.25%             | 2053-09-01      | Variable      | 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        |    500000 | PA      | $502406.20    | 0.03%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  18600000 | PA      | $19967557.56  | 1.17%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2286813.38   | 0.13%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667BY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2126568.80   | 0.12%             | 2033-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI                  | Energy Southeast A Cooperative District                                      | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $6094355.85   | 0.36%             | 2054-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                      | CUSIP: 888804CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1807636.08   | 0.11%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                     | CUSIP: 76827QJY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1840756.74   | 0.11%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4735000 | PA      | $5004106.62   | 0.29%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                            | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  17310000 | PA      | $17799862.61  | 1.05%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY                  | Patriots Energy Group Financing Agency                                       | CUSIP: 70342PAS3<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3129799.20   | 0.18%             | 2054-02-01      | Variable      | 4.35%                 | 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        |   6480000 | PA      | $6664600.94   | 0.39%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                       | CUSIP: 514045W41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1778395.48   | 0.10%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                             | CUSIP: 759151BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $431517.04    | 0.03%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1343075.57   | 0.08%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                  | Michigan Finance Authority                                                   | CUSIP: 59447NBB1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965734.20    | 0.06%             | 2044-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505XX9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3101570.77   | 0.18%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                | CUSIP: 67756CFQ6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1255835.64   | 0.07%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 708692CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1331618.25   | 0.08%             | 2051-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                           | CUSIP: 735389V39<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |  13185000 | PA      | $14305661.71  | 0.84%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                | CUSIP: 67756CFP8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048744.60   | 0.06%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AJ40<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3197791.20   | 0.19%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505YZ3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5010000 | PA      | $5140560.60   | 0.30%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W                  | Mission Economic Development Corp                                            | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1814598.63   | 0.11%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4023371 | PA      | $3957111.31   | 0.23%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1785919.08   | 0.10%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                   | Sales Tax Securitization Corp                                                | CUSIP: 79467BAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1823013.33   | 0.11%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN UTE INDIAN TRIBE OF STHR                  | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado        | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $4057316.03   | 0.24%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                  | Michigan Finance Authority                                                   | CUSIP: 59447NBA3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1585992.90   | 0.09%             | 2043-02-28      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ISLE OF WIGHT CNTY VA ECON DEV                  | Isle Wight County Industrial Development Authority                           | CUSIP: 464637AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590994.80   | 0.09%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4480870.70   | 0.26%             | 2054-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                             | CUSIP: 759151BJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $485952.66    | 0.03%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152X97<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4820309.98   | 0.28%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY POLL CONTROL R                  | County of Trimble KY                                                         | CUSIP: 896224BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8575731.90   | 0.50%             | 2044-09-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                         | Bexar County Hospital District                                               | CUSIP: 088365HF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2356649.55   | 0.14%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                            | CUSIP: 65830RCN7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4099580.00   | 0.24%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AJ32<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3914967.75   | 0.23%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                    | CUSIP: 010869HA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4253358.48   | 0.25%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                  | Tobacco Settlement Financing Corp                                            | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3079400.10   | 0.18%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    153940 | PA      | $154003.04    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY MS GULF OPPORTUNIT                  | County of Warren MS                                                          | CUSIP: 935031AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $2003702.63   | 0.12%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                            | CUSIP: 717901CC4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.03%             | 2054-07-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                            | CUSIP: 762244NY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $758580.90    | 0.04%             | 2050-07-01      | 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        |   1500000 | PA      | $1557785.25   | 0.09%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2143786.47   | 0.13%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK NJ PKG AUTH                       | New Brunswick Parking Authority                                              | CUSIP: 642835PB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024810.80   | 0.12%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                      | CUSIP: 6262074X9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    850000 | PA      | $927501.22    | 0.05%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                    | CUSIP: 158862CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4045717.60   | 0.24%             | 2035-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1361028.69   | 0.08%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                        | CUSIP: 230614TD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390375.92    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 4521524T5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6015000 | PA      | $6229438.96   | 0.37%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                            | CUSIP: 60528AAW4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.00    | 0.02%             | 2030-12-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                            | CUSIP: 88256HBF4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7505184.40   | 0.44%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H                  | Illinois Finance Authority                                                   | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    700000 | PA      | $705889.80    | 0.04%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                   | Indiana Finance Authority                                                    | CUSIP: 455054AF3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2040-10-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                  | Tobacco Settlement Financing Corp                                            | CUSIP: 888808HL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3348871.18   | 0.20%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13610048.40  | 0.80%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                  | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   9475000 | PA      | $9911863.83   | 0.58%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                            | CUSIP: 762244FH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1578134.80   | 0.09%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                           | CUSIP: 57420VPD9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1411562.74   | 0.08%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1461467 | PA      | $1352786.61   | 0.08%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                      | CUSIP: 73358XCL4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3333177.66   | 0.20%             | 2040-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT HOUSTON TX AUTH                            | Port Authority of Houston of Harris County Texas                             | CUSIP: 7342605Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3539572.42   | 0.21%             | 2037-10-01      | 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        |  18000000 | PA      | $17211924.00  | 1.01%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1568138.40   | 0.09%             | 2044-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                  | Tulsa Municipal Airport Trust Trustees/OK                                    | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3574988.66   | 0.21%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                            | CUSIP: 762244NX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1075356.56   | 0.06%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1968197.40   | 0.12%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467BC5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1922205.69   | 0.11%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                          | CUSIP: 735240V75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029619.40   | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                      | CUSIP: 888804CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044707.80   | 0.06%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVRNMNTL FACS                  | County of Trimble KY                                                         | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6297750.63   | 0.37%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                  | Tulsa Municipal Airport Trust Trustees/OK                                    | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $416539.76    | 0.02%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                    | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6624540.65   | 0.39%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                            | CUSIP: 762244FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011063.00   | 0.12%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CCD8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3253811.10   | 0.19%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD                  | Virginia Beach Development Authority                                         | CUSIP: 92774NAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482666.60   | 0.09%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH MT                  | New Jersey Economic Development Authority                                    | CUSIP: 64578JBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3051965.40   | 0.18%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182UQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3497658.78   | 0.21%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                       | CUSIP: 514045W25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1147872.99   | 0.07%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT HOUSTON TX AUTH                            | Port Authority of Houston of Harris County Texas                             | CUSIP: 7342605P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3627049.30   | 0.21%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  11400000 | PA      | $11359339.62  | 0.67%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                            | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1978825.44   | 0.12%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  10768000 | PA      | $10448905.40  | 0.61%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1897855.52   | 0.11%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA INSURANCE ASSISTANCE I                  | Florida Insurance Assistance Interlocal Agency Inc                           | CUSIP: 34074EAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5640000 | PA      | $5719192.93   | 0.34%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                   | CUSIP: 544445LY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $3404197.11   | 0.20%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY INDL DEV AGY CC                  | Nassau County Industrial Development Agency                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    551101 | PA      | $0.00         | 0.00%             | 2058-01-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1839977.83   | 0.11%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                        | CUSIP: 54714CBG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1266671.25   | 0.07%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                   | CUSIP: 452031AK3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $423364.28    | 0.02%             | 2032-10-01      | 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        |   3000000 | PA      | $3040842.90   | 0.18%             | 2043-10-01      | 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        |   2170000 | PA      | $2125801.22   | 0.12%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                  | West Virginia Economic Development Authority                                 | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1418264.54   | 0.08%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6612890.13   | 0.39%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    167137 | PA      | $177155.44    | 0.01%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE                        | County of Lee FL Airport Revenue                                             | CUSIP: 523470GK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3847691.40   | 0.23%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                        | CUSIP: 91754TSA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1289286.12   | 0.08%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L                  | Central Florida Expressway Authority                                         | CUSIP: 153476CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027693.00   | 0.06%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                       | CUSIP: 677525WF0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2870472.90   | 0.17%             | 2042-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                             | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542813.90   | 0.09%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505XJ0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   6475000 | PA      | $6518779.42   | 0.38%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANE CNTY IL SCH DIST #131 AUR                  | Kane County School District No 131 Aurora East Side                          | CUSIP: 484008NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $813468.56    | 0.05%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                  | Salt Verde Financial Corp                                                    | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3992800.53   | 0.23%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 4423487W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4624667.10   | 0.27%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                  | CUSIP: 56035DBN1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2880995.43   | 0.17%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153AL3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3925000 | PA      | $4296503.61   | 0.25%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526148.15   | 0.09%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                  | State of Ohio                                                                | CUSIP: 67759YAX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800086.88    | 0.05%             | 2039-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                    | New Hampshire Business Finance Authority                                     | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19000000 | PA      | $21332113.20  | 1.25%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CDL9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4466543.60   | 0.26%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                  | County of Miami-Dade Seaport Department                                      | CUSIP: 59335KEX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4460000 | PA      | $4698319.21   | 0.28%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577XCN4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1273245.13   | 0.07%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584YV89<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    580000 | PA      | $571622.89    | 0.03%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L                  | Central Florida Expressway Authority                                         | CUSIP: 153476CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1286244.88   | 0.08%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                      | CUSIP: 888804CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $693535.09    | 0.04%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOSP EQUIPMENT&                  | Mississippi Hospital Equipment & Facilities Authority                        | CUSIP: 605360TS5<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6109379.40   | 0.36%             | 2040-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                  | City & County Honolulu HI Wastewater System Revenue                          | CUSIP: 4387014M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $2081110.82   | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                        | CUSIP: 167736K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1663870.40   | 0.10%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    169893 | PA      | $173548.98    | 0.01%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                  | City of Phoenix Civic Improvement Corp                                       | CUSIP: 71883MNR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3715000 | PA      | $3846359.80   | 0.23%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1674373.80   | 0.10%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                           | CUSIP: 735389G93<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3354913.54   | 0.20%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700438.77   | 0.10%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511147.85   | 0.09%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                         | CUSIP: 25483VSD7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507170.80    | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                    | CUSIP: 68450LHK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066135.20   | 0.06%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                            | CUSIP: 60528AAU8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.05%             | 2030-12-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SPL FACS                  | City & County of Denver CO                                                   | CUSIP: 249271GV3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4805258.88   | 0.28%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153KB4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3742484.55   | 0.22%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CBE7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3304079.40   | 0.19%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                            | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5597282.35   | 0.33%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA REVENUE                    | District of Columbia                                                         | CUSIP: 254839RY1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.05%             | 2038-08-15      | Variable      | 3.35%                 | 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        |   4750000 | PA      | $4893303.70   | 0.29%             | 2030-01-01      | 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        |   7100000 | PA      | $5756217.08   | 0.34%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584Y4S5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4260242.28   | 0.25%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                            | CUSIP: 717818L89<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2034-12-01      | Variable      | 3.36%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUSTF                  | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CFM5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3338254.95   | 0.20%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AFS1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1680250.84   | 0.10%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                        | CUSIP: 167736N94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074987.20   | 0.12%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    162338 | PA      | $178438.34    | 0.01%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                  | Kansas City Industrial Development Authority                                 | CUSIP: 48504NAY5<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4168385.60   | 0.24%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                         | CUSIP: 25483VTC8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4010000 | PA      | $4096681.36   | 0.24%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                              | CUSIP: 64972GC69<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2044-06-15      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL                  | Berks County Industrial Development Authority                                | CUSIP: 08452RAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $379061.78    | 0.02%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A                  | Miami-Dade County Health Facilities Authority                                | CUSIP: 59334NDU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $652675.67    | 0.04%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAHLONEGA GA DOWNTOWN DEV AUTH                  | Dahlonega Downtown Development Authority                                     | CUSIP: 23378RFG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1442928.48   | 0.08%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577XAW6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5113395.90   | 0.30%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2612688.75   | 0.15%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60635H2R9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1381051.22   | 0.08%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2930000 | PA      | $3167346.41   | 0.19%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  12105000 | PA      | $12282248.67  | 0.72%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                           | CUSIP: 735389V54<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5367466.00   | 0.32%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                  | City of Phoenix Civic Improvement Corp                                       | CUSIP: 71883MNS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4436847.50   | 0.26%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI                  | Illinois Finance Authority                                                   | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4649134.50   | 0.27%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505VY9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038643.40   | 0.06%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                                    | CUSIP: 155498KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7690017.00   | 0.45%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                  | City of Phoenix Civic Improvement Corp                                       | CUSIP: 71883MNT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5085000 | PA      | $5234825.97   | 0.31%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA                  | Pennsylvania Economic Development Financing Authority                        | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1127454.83   | 0.07%             | 2037-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                         | CUSIP: 161036PY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054186.10   | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8210080.80   | 0.48%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &S                  | Puerto Rico Commonwealth Aqueduct & Sewer Authority                          | CUSIP: 745160TD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1150521.57   | 0.07%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL                  | Berks County Industrial Development Authority                                | CUSIP: 08452RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406957.64    | 0.02%             | 2032-05-15      | 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        |   1855000 | PA      | $1986190.24   | 0.12%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                  | Kansas City Industrial Development Authority                                 | CUSIP: 48504NAX7<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3397404.40   | 0.20%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU                  | New Mexico Municipal Energy Acquisition Authority                            | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4912050.66   | 0.29%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                           | CUSIP: 57420VPG2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1562165.02   | 0.09%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577XCP9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1214062.80   | 0.07%             | 2038-06-15      | 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        |   4475000 | PA      | $4257278.27   | 0.25%             | 2047-02-15      | Fixed         | 4.00%                 | 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        |   3500000 | PA      | $3557421.35   | 0.21%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                             | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7275000 | PA      | $7258778.21   | 0.43%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                        | CUSIP: 64579F7N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1220861.28   | 0.07%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                  | Village Community Development District No 15                                 | CUSIP: 92708KAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966630.50    | 0.06%             | 2044-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505XP6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1728993.08   | 0.10%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                            | CUSIP: 60528ACD4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450000.00    | 0.03%             | 2035-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97712JGP2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076768.40   | 0.06%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505WN2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2569832.50   | 0.15%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4398872.18   | 0.26%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577XCH7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1874452.81   | 0.11%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                       | CUSIP: 514045W33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1349150.66   | 0.08%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                     | CUSIP: 59333P5T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3522120.80   | 0.21%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    591420 | PA      | $379248.30    | 0.02%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                                      | CUSIP: 62620HAV4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1645673.72   | 0.10%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                    | CUSIP: 68450LHH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1356970.38   | 0.08%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONGVIEW TX INDEP SCH DIST                      | Longview Independent School District                                         | CUSIP: 543264ZJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5182545.50   | 0.30%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                            | CUSIP: 16772PCB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $6046282.83   | 0.36%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97712JGQ0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601218.80   | 0.09%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058642.90   | 0.06%             | 2039-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505TG1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2230796.11   | 0.13%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                | CUSIP: 69651ABS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $439624.24    | 0.03%             | 2032-11-01      | 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        |   5235000 | PA      | $5443064.03   | 0.32%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                             | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6581236.35   | 0.39%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250CQ5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072668.80   | 0.12%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                 | CUSIP: 02765UNQ3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1311323.88   | 0.08%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                          | CUSIP: 54659LCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5066760.50   | 0.30%             | 2047-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040681.10   | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                           | CUSIP: 735389D70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4074796.40   | 0.24%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HLTH & EDUCTN                  | Massachusetts Health & Educational Facilities Authority                      | CUSIP: 57586EKB6<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2044-07-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                            | CUSIP: 71781QEJ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2030-10-01      | Variable      | 3.36%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                    | CUSIP: 795576FT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3073125.90   | 0.18%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1352673.89   | 0.08%             | 2038-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                                     | CUSIP: 74442PCR4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1541353.20   | 0.09%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5457784.80   | 0.32%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152Y47<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4919373.60   | 0.29%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116EJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2706144.75   | 0.16%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   7400000 | PA      | $7065729.42   | 0.42%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8820577.60   | 0.52%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97712JGR8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2646103.50   | 0.16%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                  | Village Community Development District No 15                                 | CUSIP: 92708KAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $838861.92    | 0.05%             | 2039-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                           | City of Tampa FL                                                             | CUSIP: 875161DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911278.80    | 0.05%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4515000 | PA      | $4428022.59   | 0.26%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                     | CUSIP: 59333P5V6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2100572.30   | 0.12%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C                  | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   7325000 | PA      | $7733390.73   | 0.45%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                       | CUSIP: 514045V91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048523.20   | 0.06%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT MET DIST CO                            | Vauxmont Metropolitan District                                               | CUSIP: 92242SAW3<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    415000 | PA      | $438949.61    | 0.03%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2248563.90   | 0.13%             | 2029-02-01      | 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        |    300000 | PA      | $300000.00    | 0.02%             | 2048-03-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                           | CUSIP: 167486P52<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7344092.70   | 0.43%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                               | CUSIP: 837123HJ0<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062203.20   | 0.12%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH                  | West Virginia Hospital Finance Authority                                     | CUSIP: 956622P40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.03%             | 2034-06-01      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                        | CUSIP: 64579F7L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034778.60   | 0.12%             | 2028-07-01      | 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        |    750000 | PA      | $793231.65    | 0.05%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250CR3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    625000 | PA      | $646556.38    | 0.04%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                       | CUSIP: 13048VBU1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4550000 | PA      | $4673902.42   | 0.27%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GERALD R FORD INTERNATIONAL AR                  | Gerald R Ford International Airport Authority                                | CUSIP: 373695AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013616.20   | 0.06%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                         | CUSIP: 25483VSE5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503940.80    | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ILLINOIS IL COPS                        | Board of Trustees of the University of Illinois/The                          | CUSIP: 914331LD3<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1802861.82   | 0.11%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                        | CUSIP: 452252PY9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2661128.58   | 0.16%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                   | CUSIP: 45204FAY1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2174039.80   | 0.13%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97712JGS6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2089726.20   | 0.12%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                  | CUSIP: 011839VS3<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761553.15    | 0.04%             | 2036-12-01      | 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        |   2000000 | PA      | $2042071.00   | 0.12%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JHJ8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6588897.60   | 0.39%             | 2035-12-01      | 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        |   5375000 | PA      | $5446463.31   | 0.32%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3042605.40   | 0.18%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T                  | Grand Parkway Transportation Corp                                            | CUSIP: 38611TCA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5384693.28   | 0.32%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                   | Empire State Development Corp (TOBs)                                         | CUSIP: 64985TEP2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  27300000 | PA      | $28261560.60  | 1.66%             | 2047-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70869PPF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2302395.08   | 0.14%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                            | CUSIP: 762244FF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514583.75   | 0.15%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                     | CUSIP: 59333P5X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5196787.27   | 0.31%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                      | CUSIP: 041806MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $715979.60    | 0.04%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH                  | West Harris County Regional Water Authority                                  | CUSIP: 95308RRF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1958385.87   | 0.12%             | 2045-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN                  | Utah Telecommunication Open Infrastructure Agency                            | CUSIP: 91756SAQ6<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1564584.70   | 0.09%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                  | CUSIP: 114894YC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1806357.70   | 0.11%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                  | Harris County Cultural Education Facilities Finance Corp                     | CUSIP: 414009KB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2625000.00   | 0.15%             | 2045-10-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                            | CUSIP: 60528ACK8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    315000 | PA      | $315000.00    | 0.02%             | 2035-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  10465000 | PA      | $9110427.14   | 0.54%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                           | CUSIP: 64990AGN9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6111226.20   | 0.36%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    167923 | PA      | $146699.88    | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                   | CUSIP: 544445FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4925000 | PA      | $5051921.19   | 0.30%             | 2037-05-15      | 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        |   2125000 | PA      | $2134106.26   | 0.13%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                               | CUSIP: 837123HH4<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2946634.95   | 0.17%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535849.55   | 0.09%             | 2034-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                  | Indiana Finance Authority                                                    | CUSIP: 45471ATD4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2479936.80   | 0.15%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                        | CUSIP: 64579FYL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2043-07-01      | Variable      | 2.46%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145000.00    | 0.01%             | 2035-10-01      | Variable      | 2.40%                 | 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        |   1100000 | PA      | $1119990.96   | 0.07%             | 2035-12-31      | 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        |   4900000 | PA      | $4983181.91   | 0.29%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                        | CUSIP: 230614NX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017811.00   | 0.12%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                      | CUSIP: 041806MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $937080.14    | 0.06%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN                  | Utah Telecommunication Open Infrastructure Agency                            | CUSIP: 91756SAR4<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2082551.20   | 0.12%             | 2040-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT                  | New Jersey Educational Facilities Authority                                  | CUSIP: 64605LQ92<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2031-07-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                        | CUSIP: 230614TC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1015000.00   | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E                  | Ohio Air Quality Development Authority                                       | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   7120000 | PA      | $6418845.90   | 0.38%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6040000 | PA      | $6043934.46   | 0.36%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| UNIV OF VERMONT & ST AGRIC CLG                  | University of Vermont and State Agricultural College                         | CUSIP: 915200ZM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030689.50   | 0.06%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ISLE OF WIGHT CNTY VA ECON DEV                  | Isle Wight County Industrial Development Authority                           | CUSIP: 464637AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090549.80   | 0.06%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                       | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |  11875000 | PA      | $12575693.88  | 0.74%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH RETM                  | Delaware State Economic Development Authority                                | CUSIP: 246371AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3051986.70   | 0.18%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1757390.68   | 0.10%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AJ24<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2277569.70   | 0.13%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                | CUSIP: 69651ABV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1285705.80   | 0.08%             | 2035-11-01      | 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        |     25000 | PA      | $25018.80     | 0.00%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584YDJ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008242.30   | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                      | CUSIP: 041806MR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $667686.18    | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  21500000 | PA      | $22421371.75  | 1.32%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584YPB9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1276860.61   | 0.08%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                  | CUSIP: 928104MS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053044.50   | 0.06%             | 2032-01-01      | 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        |   1775000 | PA      | $1877484.77   | 0.11%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN CA PUBLIC PWR AUTH NATUR                  | Southern California Public Power Authority                                   | CUSIP: 842471AU8<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032495.80   | 0.12%             | 2026-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                           | CUSIP: 167486D97<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2482944.21   | 0.15%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                   | CUSIP: 59447TL50<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1846524.22   | 0.11%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO                  | Maryland Stadium Authority                                                   | CUSIP: 574294AV6<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3744658.40   | 0.22%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 4521522K6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  12805000 | PA      | $13274874.35  | 0.78%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    198105 | PA      | $143589.55    | 0.01%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CARROLL CNTY KY ENVRNMNTL FACS                  | County of Carroll KY                                                         | CUSIP: 14483RAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4918067.50   | 0.29%             | 2034-10-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1898554.14   | 0.11%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                    | Mississippi Development Bank                                                 | CUSIP: 60534XBY1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1320442.27   | 0.08%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HOTEL OCCUPANCY TAX                   | City of Dallas TX Hotel Occupancy Tax Revenue                                | CUSIP: 235286AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2601063.92   | 0.15%             | 2037-08-15      | Fixed         | 4.00%                 | 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        |   3000000 | PA      | $3020043.60   | 0.18%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS UNIF SCH DIS                  | Wyandotte County Unified School District No 202 Turner                       | CUSIP: 982683FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $794397.01    | 0.05%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1575021.45   | 0.09%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                       | CUSIP: 514045W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3522053.85   | 0.21%             | 2046-11-01      | 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        |   5500000 | PA      | $5054111.15   | 0.30%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                  | Kentucky Public Energy Authority                                             | CUSIP: 74440DGL2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $10098245.40  | 0.59%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN                  | Utah Telecommunication Open Infrastructure Agency                            | CUSIP: 91756SAP8<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1675182.30   | 0.10%             | 2037-06-01      | Fixed         | 5.25%                 | 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        |   8155000 | PA      | $8001230.95   | 0.47%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467BX9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500956.45    | 0.03%             | 2032-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                  | CUSIP: 928104MR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054042.50   | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                   | CUSIP: 544445D48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4290632.05   | 0.25%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577BL44<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036786.20   | 0.06%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                         | CUSIP: 167590EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526284.80   | 0.09%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                | CUSIP: 69651ABU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $668131.84    | 0.04%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                     | CUSIP: 76827QJX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1425386.57   | 0.08%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                      | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4012634.00   | 0.24%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                     | CUSIP: 04052BBL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $708907.01    | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                         | CUSIP: 1675932K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1607112.60   | 0.09%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A                  | Miami-Dade County Health Facilities Authority                                | CUSIP: 59334NDT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1050026.96   | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                  | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5352718.00   | 0.31%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                           | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2276628.08   | 0.13%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR                  | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DNL9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050454.60   | 0.06%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU                  | Public Finance Authority                                                     | CUSIP: 74442CCW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2399297.63   | 0.14%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                       | CUSIP: 55374SAA8<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1308031.97   | 0.08%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                         | CUSIP: 167593WP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4688741.36   | 0.28%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                     | CUSIP: 052398HN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2152886.40   | 0.13%             | 2037-11-15      | 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        |   3100000 | PA      | $3148993.33   | 0.19%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                           | CUSIP: 167727E28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2578777.75   | 0.15%             | 2048-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                        | School District of Philadelphia/The                                          | CUSIP: 717883QF2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2289142.25   | 0.13%             | 2028-09-01      | 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        |   3450000 | PA      | $3458797.85   | 0.20%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5344425.50   | 0.31%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                         | CUSIP: 66585VBG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1093365.02   | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1292264.37   | 0.08%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKALOOSA CNTY FL INDL DEV REVE                  | County of Okaloosa FL                                                        | CUSIP: 678226AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $610386.72    | 0.04%             | 2045-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                              | CUSIP: 45528UD65<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.17%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                             | CUSIP: 709225AT3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2161765.60   | 0.13%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971XQJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3535901.25   | 0.21%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                  | CUSIP: 011839VR5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020537.90   | 0.06%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $680442.95    | 0.04%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                               | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2849331.33   | 0.17%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577BHV9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750071.58   | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                  | Central Plains Energy Project                                                | CUSIP: 154871CH8<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   5465000 | PA      | $5995498.48   | 0.35%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                      | CUSIP: 717813XL8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1600603.20   | 0.09%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEPT OF TRANS                  | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue  | CUSIP: 57563CDX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057865.80   | 0.06%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARROLL CNTY KY POLL CONTROL R                  | County of Carroll KY                                                         | CUSIP: 144838AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5906196.60   | 0.35%             | 2042-09-01      | Variable      | 1.55%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                  | CUSIP: 93978HXH3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2045367.60   | 0.12%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                     | CUSIP: 04052BES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $864276.35    | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250EX8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1452184.11   | 0.09%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                     | CUSIP: 052398HM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3250986.00   | 0.19%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                            | CUSIP: 7599112J8<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  10920000 | PA      | $9986430.64   | 0.59%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                      | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2747319.03   | 0.16%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority (TOBs)                       | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  24245000 | PA      | $25204867.37  | 1.48%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1421019.46   | 0.08%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KEZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10155000 | PA      | $10739105.45  | 0.63%             | 2031-09-01      | Fixed         | 5.00%                 | 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        |     20000 | PA      | $21312.21     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM                  | Arkansas Development Finance Authority                                       | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5326512.98   | 0.31%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                         | Bexar County Hospital District                                               | CUSIP: 088365HE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095916.00   | 0.12%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A                  | Miami-Dade County Health Facilities Authority                                | CUSIP: 59334NDV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1036292.52   | 0.06%             | 2037-08-01      | 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        |   7000000 | PA      | $7182800.80   | 0.42%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                  | Maryland Health & Higher Educational Facilities Authority                    | CUSIP: 57421CGC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.09%             | 2046-06-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                         | CUSIP: 167593WN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7445000 | PA      | $7597340.33   | 0.45%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                            | CUSIP: 759911XV7<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  12990000 | PA      | $13815272.89  | 0.81%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   8300000 | PA      | $8724061.94   | 0.51%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                  | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5437335.20   | 0.32%             | 2051-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1601362.08   | 0.09%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                   | Miami-Dade County Expressway Authority                                       | CUSIP: 593338AN6<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2353694.20   | 0.14%             | 2027-07-01      | 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        |   2900000 | PA      | $2904275.18   | 0.17%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer