# EDGAR Filing Document

**Accession Number:** 0000889512
**File Stem:** 0001752724-23-014301
**Filing Date:** 2023-1
**Character Count:** 228860
**Document Hash:** c6e48e4858112141073320afaa41bcd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-014301.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-014301

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INSTITUTIONAL TRUST
- **CENTRAL INDEX KEY:** 0000889512
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06740
- **FILM NUMBER:** 23556088

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITIFUNDS INSTITUTIONAL TRUST
- **DATE OF NAME CHANGE:** 19981030

## Series and Classes Contracts Data

### Western Asset SMASh Series TF Fund (Series ID: S000052179)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000164185 | Western Asset SMASh Series TF Fund | LSMSX           |

## Nport-Ex

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| **MUNICIPAL BONDS - 95.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alabama - 3.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama State Corrections Institution Finance Authority Revenue, Series A | 5.250% | 7/1/52 | $400000 | $430365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Revenue Bonds, Project #6, Series B | 4.000% | 12/1/26 | 80000 | 79227 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019 | 5.750% | 10/1/49 | 100000 | 104581 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson County, AL, Sewer Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F, Refunding (0.000% to 10/1/23 then 7.900%) | 0.000% | 10/1/50 | 470000 | 478993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Warrants, Series A, Refunding, AGM | 5.500% | 10/1/53 | 75000 | 77498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Warrants, Series D, Refunding | 6.000% | 10/1/42 | 105000 | 112326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue, Project #2, Series A | 4.000% | 6/1/24 | 645000 | 643976 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Alabama* |  |  |  | *1926966* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alaska - 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B | 5.000% | 12/1/37 | 75000 | 80888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchorage, AK, Port Revenue, Series A | 5.000% | 12/1/50 | 150000 | 151529 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset Backed Senior Bonds, Class 1, Series A, Refunding | 4.000% | 6/1/50 | 500000 | 426382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Alaska* |  |  |  | *658799* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Arizona - 4.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Refunding, SD Credit Program | 5.000% | 7/1/37 | 45000 | 46102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Refunding, SD Credit Program | 5.000% | 7/1/38 | 500000 | 512356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Series S, Refunding, SD Credit Program | 5.000% | 7/1/47 | 50000 | 50388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue, Intel Corp. Project | 5.000% | 6/3/24 | 500000 | 507381 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA, Legacy Traditional School Projects, Series A, SD Credit Program | 4.000% | 7/1/34 | 400000 | 393474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA, Great Hearts Academies, Refunding | 5.000% | 7/1/36 | 75000 | 75960 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 1

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Arizona - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A | 5.000% | 8/1/47 | $585000 | $623564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007 | 5.000% | 12/1/32 | 495000 | 519841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Arizona* |  |  |  | *2729066* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - 9.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda, CA, Corridor Transportation Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | 5.000% | 10/1/34 | 50000 | 51459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | 5.000% | 10/1/36 | 50000 | 51237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | 5.000% | 10/1/37 | 200000 | 204511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1 (SIFMA Municipal Swap Index Yield + 1.100%) | 3.000% | 4/1/24 | 160000 | 161218 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue, Clean Energy Project, Green Bonds, Series A-1 | 4.000% | 8/1/28 | 200000 | 200037 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | 5.000% | 12/31/34 | 100000 | 103183 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | 5.000% | 12/31/43 | 100000 | 101146 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project | 4.000% | 7/15/29 | 75000 | 72795 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State, GO, Various Purpose, Refunding | 4.000% | 11/1/36 | 15000 | 15471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide CDA, Community Improvement Authority Revenue, Renaissance at City Center, Series A | 5.000% | 7/1/51 | 100000 | 90308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide CDA, Student Housing Revenue, University of CA, Irvine Campus Apartments, Phase IV | 5.000% | 5/15/33 | 50000 | 51465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Municipal Water District Financing Authority, CA, Water & Wastewater Revenue, Series D | 5.000% | 7/1/47 | 50000 | 53151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach, CA, Bond Finance Authority Revenue, Natural Gas Purchase, Series A | 5.500% | 11/15/37 | 50000 | 55614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series C | 5.000% | 5/15/44 | 415000 | 425594 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series C | 5.000% | 5/15/37 | 95000 | 98870 | <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power Waterworks Revenue, Series A | 5.000% | 7/1/48 | $500000 | $530648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles, CA, Wastewater System Revenue, Green Bonds, Subordinated, Series A | 5.000% | 6/1/48 | 100000 | 106587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 6.125% | 11/1/29 | 45000 | 49872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 6.125% | 11/1/29 | 135000 | 149624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern California Energy Authority, Commodity Supply Revenue, Series A | 4.000% | 7/1/24 | 250000 | 250866 <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Oakland, CA, Intermediate Lien Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Refunding | 5.000% | 5/1/29 | 150000 | 163507 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Refunding | 5.000% | 11/1/29 | 300000 | 328754 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Series A-1, Refunding, AGM | 5.250% | 9/1/52 | 250000 | 269031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside County, CA, Transportation Commission Sales Tax Revenue, Series B, Refunding | 5.000% | 6/1/37 | 100000 | 108576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside, CA, Electric Revenue, Series A, Refunding | 5.000% | 10/1/48 | 100000 | 107881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside, CA, Sewer Revenue, Series A, Refunding | 5.000% | 8/1/34 | 100000 | 110463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM | 5.000% | 10/1/36 | 100000 | 109160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A | 5.000% | 4/1/48 | 300000 | 315116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Series A, Refunding | 5.000% | 5/1/47 | 400000 | 406178 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFO Fuel Co. LLC, Series A, Refunding | 5.000% | 1/1/33 | 100000 | 106509 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Mateo County, CA, Joint Powers Financing Authority Lease Revenue, Capital Project, Series A | 5.000% | 7/15/43 | 50000 | 53919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanger, CA, USD Revenue, COP, Capital Projects, Refunding, AGM | 5.000% | 6/1/52 | 250000 | 251250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Water Replenishment District Financing Authority, Replenishment Revenue, Series 2018 | 5.000% | 8/1/48 | 500000 | 538847 |

---

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 3

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockton, CA, PFA Parking Revenue, Refunding | 5.000% | 3/1/35 | $430000 | $434066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A | 5.000% | 6/1/48 | 100000 | 102130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total California* |  |  |  | *6229043* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Colorado - 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arvada, CO, Vauxmont Metropolitan District, GO, Refunding, AGM | 5.000% | 12/15/24 | 130000 | 135321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Educational & Cultural Facilities Authority Revenue, University of Denver Project, Series A | 5.000% | 3/1/43 | 50000 | 52525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A | 5.500% | 11/1/47 | 150000 | 160419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A | 5.250% | 11/1/52 | 150000 | 154487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement and Refunding Revenue, Bethesda Project, Series A | 5.000% | 9/15/48 | 50000 | 47163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State High Performance Transportation Enterprise Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-470 Express Lanes | 5.000% | 12/31/47 | 100000 | 100235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-470 Express Lanes | 5.000% | 12/31/51 | 230000 | 230264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. Project, Refunding | 5.000% | 10/1/32 | 100000 | 99283 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Colorado* |  |  |  | *979697* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Connecticut - 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue, Sacred Heart University Issue, Series I-1, Refunding | 5.000% | 7/1/36 | 50000 | 52354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure, Series A | 5.000% | 1/1/37 | 500000 | 539867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure, Series A | 5.000% | 5/1/38 | 200000 | 221773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 4.000% | 4/15/37 | 125000 | 126931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | 5.000% | 10/15/34 | 50000 | 53285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut, Student Fee Revenue, Series A | 5.000% | 11/15/43 | 100000 | 106431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Connecticut* |  |  |  | *1100641* | |

---

**See Notes to Schedule of Investments.** 

4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Revenue, KIPP DC Project, Series B, Refunding | 5.000% | 7/1/42 | $75000 | $*76481* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - 3.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County, FL, Airport System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | 5.000% | 10/1/47 | 50000 | 50491 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 10/1/45 | 250000 | 250116 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue, Series B | 5.000% | 9/1/31 | 200000 | 220472 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AGM | 4.000% | 10/1/52 | 100000 | 91467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A | 5.000% | 10/1/47 | 25000 | 25278 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series E | 5.000% | 10/1/43 | 200000 | 205243 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Aviation Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 4.000% | 10/1/41 | 150000 | 144552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/49 | 300000 | 303607 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 10/1/40 | 200000 | 204023 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding | 5.000% | 8/1/36 | 5000 | 5211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue, ACTS Retirement-Life Communities, Series B | 5.000% | 11/15/42 | 500000 | 490093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle Aeronautical University Inc. Project, Refunding | 5.000% | 10/15/42 | 50000 | 52102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Florida* |  |  |  | *2042655* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia - 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobb County, GA, Kennestone Hospital Authority Revenue, Wellstar Health System, Inc. Project, Series A | 5.000% | 4/1/50 | 250000 | 251588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dahlonega, GA, Downtown Development Authority Revenue, North Georgia MAC LLC Project, Refunding | 5.000% | 7/1/39 | 100000 | 104773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton County, GA, Development Authority Revenue, Georgia Institute of Technology | 5.000% | 6/15/44 | 100000 | 108088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia State Higher Education Facilities Authority Revenue, USG Real Estate, Refunding | 5.000% | 6/15/33 | 50000 | 54890 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 5

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority Power Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project J, Series A | 5.000% | 1/1/56 | $175000 | $175350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One Subordinated, Series A | 5.000% | 1/1/45 | 100000 | 101125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue, Series A | 5.000% | 5/15/43 | 200000 | 201278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Georgia* |  |  |  | *997092* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Idaho - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, Series A | 5.000% | 12/1/47 | 100000 | *101508* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - 11.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018 | 5.000% | 4/1/42 | 100000 | 100198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | 5.000% | 12/1/46 | 850000 | 802384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/40 | 1100000 | 1061579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 12/1/25 | 100000 | 101487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/44 | 125000 | 122755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.625% | 1/1/29 | 250000 | 258210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 1/1/25 | 30000 | 30417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 1/1/43 | 250000 | 256731 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | 5.000% | 1/1/46 | 10000 | 10102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrIPS Obligated Group | 5.000% | 7/1/48 | 50000 | 50080 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A, Refunding | 5.000% | 12/1/45 | 50000 | 51397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series A | 5.000% | 1/1/47 | 35000 | 35077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Waterworks Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017, Refunding | 5.000% | 11/1/29 | 30000 | 31406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AGM | 5.000% | 11/1/32 | 60000 | 63941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elk Grove Village, IL, GO, Cook and DuPage Counties, Refunding | 5.000% | 1/1/36 | 35000 | 37279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine University, Refunding | 4.000% | 10/1/33 | 100000 | 92714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northshore University Health System, Refunding | 5.000% | 8/15/32 | 100000 | 111163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | 5.000% | 10/1/49 | 50000 | 51334 |  |

---

**See Notes to Schedule of Investments.** 

6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois, Health Services Facility Lease Revenue Bonds | 5.000% | 10/1/30 | $250000 | $268221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Sales Tax Revenue, Subordinated, Series D, Refunding | 5.000% | 6/15/23 | 205000 | 206672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Sports Facilities Authority Revenue, Sport Facilities Project, Series 2019, Refunding, BAM | 5.000% | 6/15/29 | 50000 | 52746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | 5.000% | 1/1/33 | 25000 | 25603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | 5.000% | 2/1/27 | 25000 | 26051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | 5.000% | 2/1/29 | 20000 | 20739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 5/1/36 | 250000 | 256225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 3/1/46 | 400000 | 401456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/29 | 150000 | 157450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/30 | 350000 | 367168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 5.000% | 11/1/27 | 225000 | 235030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kane County, IL, School District No 131 Aurora East Side, GO, Series A, AGM | 4.000% | 12/1/34 | 725000 | 745736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | 5.000% | 12/15/45 | 500000 | 503467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | 4.000% | 12/15/47 | 500000 | 434381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | 5.000% | 6/15/42 | 60000 | 60845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, GO, Series A, Refunding, NATL | 6.000% | 7/1/29 | 415000 | 467287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Illinois* |  |  |  | *7497331* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Indiana - 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion General Hospital, Series A | 4.000% | 7/1/45 | 100000 | 94588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A | 4.250% | 11/1/30 | 100000 | 97370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority Wastewater Utility Revenue, Green Bonds, CWA Authority Project, Series A | 5.000% | 10/1/41 | 100000 | 105333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Courthouse and Jail Project, Series A | 4.000% | 2/1/44 | 100000 | 100376 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 7

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Indiana - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Courthouse and Jail Project, Series A | 5.000% | 2/1/54 | $300000 | $313802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Airport Authority Project, Revenue, Series 2019D, Refunding | 5.000% | 1/1/26 | 300000 | 313775 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Indiana* |  |  |  | *1025244* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Iowa - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa State Finance Authority Revenue, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding | 5.000% | 12/1/42 | 300000 | 290061 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds, Class 1, Series A-2, Refunding | 4.000% | 6/1/49 | 100000 | 84367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Iowa* |  |  |  | *374428* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Kentucky - 4.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashland, KY, Medical Center Refunding Revenue Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashland Hospital Corporation, King's Daughters Medical Center, Refunding | 5.000% | 2/1/25 | 625000 | 643126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashland Hospital Corporation, King's Daughters Medical Center, Refunding | 5.000% | 2/1/26 | 550000 | 572496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Economic Development Finance Authority Revenue, Louisville Arena, Louisville Arena Authority Inc., Refunding, AGM | 5.000% | 12/1/45 | 100000 | 101591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 4.000% | 6/1/26 | 300000 | 297925 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 4.000% | 6/1/25 | 200000 | 198825 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare Inc., Series A | 4.000% | 10/1/40 | 500000 | 482019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owensboro, KY, Electric Light & Power System Revenue, Series B, Refunding | 5.000% | 1/1/24 | 345000 | 352902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Kentucky* |  |  |  | *2648884* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Louisiana - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State PFA, Lease Revenue, Provident Group, Flagship Properties | 5.000% | 7/1/42 | 50000 | 51191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shreveport, LA, Water & Sewer Revenue, Series A, AGM | 5.000% | 12/1/41 | 10000 | 10709 |  |

---

**See Notes to Schedule of Investments.** 

8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Louisiana - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series A-3, Refunding | 2.200% | 7/1/26 | $150000 | $137910 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-2, Refunding | 2.375% | 7/1/26 | 125000 | 115444 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Louisiana* |  |  |  | *315254* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maryland - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Stadium Authority Built to Learn Revenue, Series 2021 | 4.000% | 6/1/46 | 250000 | *238338* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts - 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broad Institute Inc., Refunding | 5.000% | 4/1/36 | 85000 | 91342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Boston Student Housing Project | 5.000% | 10/1/28 | 10000 | 10100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellforce Issue, Series A, Refunding | 5.000% | 7/1/44 | 50000 | 50076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worcester Polytechnic Institute, Series B, Refunding | 5.000% | 9/1/42 | 75000 | 77491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 7/1/36 | 160000 | 170048 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | 5.000% | 7/1/46 | 250000 | 260652 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Water Resources Authority Revenue, Series B, Refunding | 5.000% | 8/1/40 | 50000 | 54105 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Massachusetts* |  |  |  | *713814* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Michigan - 2.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit, MI, Downtown Development Authority Revenue, Catalyst Development, Series A, Refunding, AGM | 5.000% | 7/1/43 | 100000 | 100461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority, MI, Water Supply System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | 5.000% | 7/1/45 | 750000 | 803689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | 5.000% | 7/1/49 | 650000 | 679130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Ford Health System, Series A | 4.000% | 11/15/50 | 100000 | 89200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding | 5.000% | 6/1/49 | 40000 | 39948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project | 5.000% | 12/31/43 | 100000 | 98423 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Michigan* |  |  |  | *1810851* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Missouri - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue, Lutheran Senior Service Projects, Series A | 5.000% | 2/1/42 | 50000 | *48733* |  |

---

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 9

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Nebraska - 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas County, NE, Hospital Authority No. 2 Revenue, Children's Hospital Obligated Group, Series A, Refunding | 4.000% | 11/15/36 | $425000 | $*424189* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Nevada - 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparks, NV, Tourism Improvement, Senior Sales Tax Anticipation Revenue, Series A, Refunding | 2.750% | 6/15/28 | 250000 | *221736* <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 6.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex County, NJ, Improvement Authority, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Newark LLC, New Jersey Institute of Technology Lease Revenue Bonds, Series A, BAM | 5.000% | 8/1/35 | 180000 | 196188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Newark LLC, New Jersey Institute of Technology Lease Revenue Bonds, Series A, BAM | 5.000% | 8/1/36 | 215000 | 231705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project, AGM | 5.125% | 1/1/39 | 85000 | 85178 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project, AGM | 5.125% | 7/1/42 | 150000 | 150157 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series BBB, Refunding | 5.500% | 6/15/31 | 100000 | 111148 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series DDD | 5.000% | 6/15/33 | 50000 | 52899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series I, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield + 1.600%) | 3.500% | 3/1/28 | 325000 | 325150 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series QQQ | 5.000% | 6/15/31 | 400000 | 443023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | 5.000% | 10/1/37 | 100000 | 100761 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Transportation Project, Series A | 5.000% | 11/1/32 | 150000 | 163308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA, Lease Revenue, Health Department and Taxation Division Office Project, Series A | 5.000% | 6/15/33 | 105000 | 111700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue, Hackensack Meridian Health, Series A, Refunding | 5.000% | 7/1/38 | 50000 | 52821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 5.250% | 6/15/43 | 100000 | 103909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 5.000% | 6/15/45 | 100000 | 100946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 4.000% | 6/15/50 | 500000 | 451041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | 5.000% | 6/15/36 | 300000 | 321970 |

---

**See Notes to Schedule of Investments.** 

10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | 4.000% | 6/15/36 | $500000 | $490474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | 5.000% | 12/15/25 | 100000 | 105688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | 5.000% | 12/15/28 | 150000 | 164463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/35 | 100000 | 105267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Refunding | 5.000% | 1/1/35 | 60000 | 64966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding | 5.250% | 6/1/46 | 30000 | 30228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New Jersey* |  |  |  | *3962990* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - 13.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hempstead Town, NY, Local Development Corp. Revenue, Hofstra University Project, Refunding | 5.000% | 7/1/42 | 100000 | 103302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding | 5.000% | 2/15/35 | 140000 | 149320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Island, NY, Power Authority Electric System Revenue, Series B, Refunding | 1.650% | 9/1/24 | 250000 | 241449 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series A-2, Refunding | 5.000% | 11/15/24 | 50000 | 51452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series D-1 | 5.000% | 11/15/43 | 100000 | 98769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E | 5.000% | 11/15/33 | 250000 | 259325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | 5.000% | 5/15/30 | 335000 | 354636 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | 5.000% | 11/15/27 | 500000 | 513023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | 5.000% | 8/1/47 | 250000 | 267417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries B-1 | 5.250% | 10/1/43 | 500000 | 558424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Refunding | 4.000% | 3/1/45 | 100000 | 90316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution, Series CC-1, Refunding | 5.000% | 6/15/46 | 1000000 | 1035324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Second General Resolution Fiscal 2021, Series AA-1, Refunding | 4.000% | 6/15/50 | 500000 | 475555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York University, Series A, Refunding | 5.000% | 7/1/43 | 50000 | 53076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, Memorial Sloan- Kettering Cancer Center, Series B-1 | 4.000% | 7/1/51 | 250000 | 238930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Income Tax Revenue, Series B, Refunding | 5.000% | 2/15/41 | 100000 | 104887 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 11

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 3, Series E, Refunding | 5.000% | 3/15/38 | $100000 | $107355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 4, Series E, Refunding | 5.000% | 3/15/44 | 100000 | 105909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Liberty Revenue, 3 World Trade Center Project, Class 1, Refunding | 5.000% | 11/15/44 | 100000 | 94521 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Junior Lien, Series A | 5.000% | 1/1/46 | 50000 | 51236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000% | 1/1/30 | 75000 | 76364 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000% | 1/1/32 | 45000 | 45680 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 4.375% | 10/1/45 | 250000 | 228537 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project | 5.000% | 7/1/30 | 50000 | 50805 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | 5.000% | 7/1/41 | 25000 | 25054 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | 5.000% | 7/1/46 | 750000 | 745044 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminal 4 John F. Kennedy International Airport Project, Series A | 4.000% | 12/1/40 | 300000 | 264335 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 185 | 5.000% | 9/1/25 | 10000 | 10288 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 221 | 4.000% | 7/15/45 | 1000000 | 923727 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | 5.000% | 11/15/49 | 175000 | 184961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | 5.000% | 11/15/49 | 1000000 | 1061901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy, NY, Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A, Refunding | 5.000% | 9/1/28 | 325000 | 350792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New York* |  |  |  | *8921714* | |

---

**See Notes to Schedule of Investments.** 

12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North Carolina - 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A, Refunding | 4.000% | 6/1/49 | $70000 | $68871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Medical Care Commission, Retirement Facilities Revenue, The Forest at Duke Project | 4.000% | 9/1/41 | 160000 | 138556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding | 5.000% | 7/1/42 | 5000 | 5083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total North Carolina* |  |  |  | *212510* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ohio - 3.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center Project, Series A, Refunding | 4.000% | 2/15/38 | 250000 | 244678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds, Series B-2, Refunding | 5.000% | 6/1/55 | 250000 | 229407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series B, Refunding | 2.500% | 10/1/29 | 100000 | 88622 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series D, Refunding | 2.100% | 10/1/24 | 250000 | 240829 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Project, Series B, Refunding | 4.250% | 6/1/27 | 100000 | 99604 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility Commission College & University Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Dayton 2018 Project, Series B, Refunding | 5.000% | 12/1/34 | 500000 | 531697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project | 5.000% | 5/1/33 | 495000 | 543305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue, University Hospitals Health Systems Inc., Series E | 4.000% | 1/15/37 | 100000 | 95435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrensville Heights, OH, School District, GO, Refunding, BAM | 5.000% | 12/1/44 | 175000 | 180197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Ohio* |  |  |  | *2253774* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma - 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma State Development Finance Authority Revenue, Gilcrease Expressway West Project, Series A | 1.625% | 7/6/23 | 500000 | *491376* | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oregon - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Portland, OR, Airport Revenue, Portland International Airport, Series 26C, Refunding | 5.000% | 7/1/26 | 150000 | 157396 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salem, OR, Hospital Facility Authority Revenue, Capital Manor Project, Refunding | 4.000% | 5/15/32 | 185000 | 167038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Oregon* |  |  |  | *324434* | |

---

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 13

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - 4.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County, PA, HDA Revenue, University Pittsburgh Medical Center, Series A, Refunding | 4.000% | 7/15/39 | $150000 | $144129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berks County, PA, IDA, Healthcare Facilities Revenue, Highlands at Wyomissing, Refunding | 5.000% | 5/15/32 | 50000 | 50316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue | 5.000% | 6/1/30 | 50000 | 54698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County, PA, Convention Center Authority Revenue, Series B, Refunding | 4.750% | 5/1/57 | 250000 | 251775 | <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue, Penn State Health | 5.000% | 11/1/37 | 600000 | 636182 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project | 2.150% | 7/1/24 | 100000 | 96643 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/44 | 175000 | 185810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 12/1/47 | 250000 | 262559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | 5.000% | 12/1/47 | 25000 | 25838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.250% | 12/1/47 | 250000 | 273209 | <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | 5.000% | 12/1/48 | 100000 | 103580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Revenue, Philadelphia Performing Arts: A String Theory Charter School Project, Refunding | 5.000% | 6/15/50 | 100000 | 88425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Service Agreement Revenue, Rebuild Project | 5.000% | 5/1/35 | 250000 | 267519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue, Refunding | 5.000% | 10/1/30 | 100000 | 112379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, GO, Series B | 5.000% | 2/1/35 | 150000 | 160899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, PA, Lease Revenue, Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding | 5.000% | 6/1/31 | 20000 | 21000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Pennsylvania* |  |  |  | *2734961* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico - 3.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A, Refunding | 5.000% | 7/1/47 | 500000 | 480065 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/29 | 195000 | 144300 | \*<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/42 | 320000 | 236800 | \*<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.050% | 7/1/42 | 100000 | 73750 | \*<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX | 5.250% | 7/1/40 | 360000 | 267300 | \*<sup>(g)</sup> |

---

**See Notes to Schedule of Investments.** 

14 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | 0.000% | 7/1/27 | $60000 | $48359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | 0.000% | 7/1/46 | 630000 | 158776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.550% | 7/1/40 | 10000 | 9313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.000% | 7/1/58 | 358000 | 339674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | 4.329% | 7/1/40 | 230000 | 208362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Puerto Rico* |  |  |  | *1966699* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South Carolina - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy Health Inc., Series A, Refunding | 4.000% | 12/1/44 | 250000 | *232299* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South Dakota - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Dakota State HEFA Revenue, Regional Health | 5.000% | 9/1/40 | 25000 | *25634* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tennessee - 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarksville, TN, Water, Sewer & Gas Revenue, Series A | 4.000% | 2/1/51 | 500000 | 471758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue, Subordinated, Series B, Refunding | 5.000% | 7/1/46 | 50000 | 52654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition Corp., Natural Gas Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 4.000% | 11/1/25 | 100000 | 99561 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.250% | 9/1/26 | 425000 | 438564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Tennessee* |  |  |  | *1062537* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - 5.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A, Refunding, PSF - GTD | 5.000% | 12/1/37 | 20000 | 21296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM | 5.000% | 2/15/41 | 100000 | 102886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue, Series B | 5.000% | 11/15/44 | 250000 | 255590 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E | 4.000% | 1/1/50 | 500000 | 458533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forney, TX, ISD, GO, Unlimited Tax School Building Bonds, Series 2019, PSF - GTD | 5.000% | 2/15/49 | 100000 | 105688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., TX, System Toll Revenue, First Tier Toll Revenue, Series C, Refunding | 4.000% | 10/1/40 | 500000 | 489987 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 15

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**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp.: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Revenue, Texas Children's Hospital, Series B, Refunding | 5.000% | 10/1/31 | $350000 | $393288 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermal Utility Revenue, Teco Project, Refunding | 5.000% | 11/15/33 | 200000 | 218068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD | 4.000% | 2/15/47 | 200000 | 198049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Technical Operations Center Project | 5.000% | 7/15/28 | 100000 | 101366 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1 | 4.000% | 7/15/41 | 400000 | 336171 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | 4.000% | 7/1/46 | 330000 | 301323 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, Series A | 4.000% | 8/15/31 | 100000 | 92940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Texas, Higher Education Authority Inc. Revenue, Southern Methodist University Project, Refunding | 5.000% | 10/1/41 | 50000 | 53482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas | 4.000% | 10/1/47 | 250000 | 236846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckner Retirement Services Inc. Project, Refunding | 5.000% | 11/15/37 | 50000 | 51360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckner Retirement Services Inc. Project, Refunding | 5.000% | 11/15/46 | 50000 | 50483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D | 6.250% | 12/15/26 | 135000 | 141082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Blueridge Transportation Group LLC | 5.000% | 12/31/40 | 5000 | 5071 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series A, Refunding | 4.000% | 12/31/35 | 75000 | 71027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Harris County, TX, Regional Water Authority Revenue, Series 2019 | 4.000% | 12/15/49 | 100000 | 89842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Texas* |  |  |  | *3774378* | |

---

**See Notes to Schedule of Investments.** 

16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Utah - 3.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A | 5.000% | 7/1/43 | $250000 | $255074 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syracuse Arts Academy Project, UT CSCE | 5.000% | 4/15/37 | 5000 | 5127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Charter Academies Project, Series 2018, UT CSCE | 5.000% | 10/15/38 | 220000 | 227370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue, Series A | 5.250% | 10/15/33 | 200000 | 205726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vineyard Redevelopment Agency, UT, Tax Increment Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding, AGM | 5.000% | 5/1/31 | 235000 | 267467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding, AGM | 4.000% | 5/1/37 | 275000 | 280340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding, AGM | 4.000% | 5/1/39 | 300000 | 302499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding, AGM | 4.000% | 5/1/41 | 290000 | 290476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding, AGM | 4.000% | 5/1/46 | 275000 | 264752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Utah* |  |  |  | *2098831* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virginia - 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington County, VA, IDA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | 5.000% | 2/15/43 | 50000 | 53531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Hospital Center, Refunding | 5.000% | 7/1/36 | 200000 | 216112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Senior Campuses, Inc., Series A, Refunding | 5.000% | 1/1/34 | 85000 | 91006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, I-495 HOT Lanes Project, Refunding | 5.000% | 12/31/47 | 200000 | 206579 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Virginia* |  |  |  | *567228* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Washington - 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 4/1/34 | 250000 | 264686 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | 5.000% | 8/1/41 | 250000 | 261237 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A, Refunding | 5.000% | 8/1/44 | 200000 | 202702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | 5.000% | 9/1/50 | 100000 | 102217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Washington* |  |  |  | *830842* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmelite System Inc., Obligated Group, Series 2020, Refunding | 5.000% | 1/1/40 | 50000 | 49827 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 17

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin - (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cone Health, Series A | 5.000% | 10/1/52 | $250000 | $258912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Student Housing Revenue, CHF Wilmington LLC, University of North Carolina at Wilmington Project, AGM | 5.000% | 7/1/53 | 100000 | 101476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Wisconsin* |  |  |  | *410215* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds<br>(Cost - $65,417,066)** |  |  |  | 62031172 |
| **MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST<sup>(h)</sup> - 1.7%** | **MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST<sup>(h)</sup> - 1.7%** | **MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST<sup>(h)</sup> - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - 1.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2023, Subseries AA-1 (Cost - $1,076,158) | 5.250% | 6/15/52 | 1000000 | 1101413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments before Short-Term Investments<br>(Cost - $66,493,224)** |  |  |  | 63132585 |
| **SHORT-TERM INVESTMENTS - 3.5%** |  |  |  |  |
| **MUNICIPAL BONDS - 3.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - 1.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Jose, CA, Multifamily Housing Revenue, Series B, Refunding, LOC - FHLMC | 1.790% | 7/1/38 | 1000000 | *1000000* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, FL, IDA, Healthcare System Revenue, Baycare Health System, Series C, Refunding, LOC - TD Bank N.A. | 1.800% | 11/1/38 | 900000 | *900000* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, GO, Subseries D-4, LOC - TD Bank N.A. | 1.000% | 8/1/40 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, TFA Revenue Future Tax Secured, Subseries A, Refunding, SPA - TD Bank N.A. | 1.000% | 11/1/29 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New York* |  |  |  | *300000* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds<br>(Cost - $2,200,000)** |  |  |  | 2200000 |
|  |  |  | **SHARES** |  |
| **OVERNIGHT DEPOSITS - 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Cash Reserve Fund<br>(Cost - $68,281) | 1.800% |  | 68281 | ***68281*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS<br>(Cost - $2,268,281)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS<br>(Cost - $2,268,281)** |  |  | 2268281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%<br>(Cost - $68,761,505)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%<br>(Cost - $68,761,505)** |  |  | 65400866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOB Floating Rate Notes - (1.0)% |  |  |  | (665000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities - 0.1% |  |  |  | 84903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets - 100.0%** |  |  |  | $64820769 |

---

**See Notes to Schedule of Investments.** 

18 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

---

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

---

\* Non-income producing security.

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

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

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

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

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

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

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

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

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

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

(k) Rate shown is one-day yield as of the end of the reporting period.

**See Notes to Schedule of Investments.** 

Western Asset SMASh Series TF Fund 2022 Quarterly Report 19

------

**WESTERN ASSET SMASH SERIES TF FUND** 

---

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

---

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

---

| | |
|:---|:---|
| AGM | — Assured Guaranty Municipal Corporation - Insured Bonds |
| BAM | — Build America Mutual - Insured Bonds |
| CAB | — Capital Appreciation Bonds |
| CDA | — Communities Development Authority |
| COP | — Certificates of Participation |
| CSCE | — Charter School Credit Enhancement |
| CWA | — Clean Water Act |
| DFA | — Development Finance Agency |
| EDA | — Economic Development Authority |
| EFA | — Educational Facilities Authority |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| GO | — General Obligation |
| GTD | — Guaranteed |
| HDA | — Housing Development Authority |
| 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 |
| PEA | — Public Energy Authority |
| PFA | — Public Facilities Authority |
| PSF | — Permanent School Fund |
| SD | — School District |
| SIFMA | — Securities Industry and Financial Markets Association |
| SPA | — Standby Bond Purchase Agreement - Insured Bonds |
| TFA | — Transitional Finance Authority |
| USD | — Unified School District |

---

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

**See Notes to Schedule of Investments.** 

20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset SMASh Series TF Fund 2022 Quarterly Report

------

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

**1. Organization and significant accounting policies** 

Western Asset SMASh Series TF Fund (the "Fund") is a separate non-diversified investment series of Legg Mason Partners Institutional 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.

Shares of the Fund may be purchased only by or on behalf of separately managed account clients where an affiliate of Legg Mason Partners Fund Advisor, LLC ("LMPFA") has an agreement to serve as investment adviser or subadviser (each affiliate, a "Managed Account Adviser") to the account with the managed account program sponsor (the "Program Sponsor") (typically, a registered investment adviser or broker/dealer) or directly with the client. Shareholders of the Fund pay fees to their separately managed account sponsor, some of which are paid to affiliates of LMPFA. LMPFA and the subadviser do not charge investment management fees to the Fund.

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

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

Pursuant to policies adopted by the Board of Trustees, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee

<br>21<br>

------

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

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

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

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

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

<br>22<br>

------

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| **DESCRIPTION** | **QUOTED PRICES**<br>**(LEVEL 1)** | **OTHER SIGNIFICANT**<br>**OBSERVABLE INPUTS**<br>**(LEVEL 2)** | **SIGNIFICANT**<br>**UNOBSERVABLE**<br>**INPUTS**<br>**(LEVEL 3)** | **TOTAL** |
|  Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | $62031172 |  | $62031172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trust |  | 1101413 |  | 1101413 |
|  Total Long-Term Investments |  | 63132585 |  | 63132585 |
|  Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 2200000 |  | 2200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overnight Deposits |  | 68281 |  | 68281 |
|  Total Short-Term Investments |  | 2268281 |  | 2268281 |
|  Total Investments |  | $65400866 |  | $65400866 |

---

† See Schedule of Investments for additional detailed categorizations.

<br>23<br>

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-06740

- **c. CIK number of Registrant:** 0000889512

- **d. LEI of Registrant:** 54930003LJE4ZPPMRV82

- **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:** 1-877-721-1926

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

- **a. Name of Series:** Western Asset SMASh Series TF Fund

- **b. EDGAR series identifier (if any):** S000052179

- **c. LEI of Series:** 5493003A2LBRM2IHU229

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $65797673.85

**Total Liabilities:** $1204082.51

**Net Assets:** $64593591.34

**Delayed Delivery Securities:** $502172.50

**Cash Not Reported:** $30528.65

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** 27.80000000 | **1-Year:** 1409.56000000 | **5-Year:** 11864.35000000 | **10-Year:** 33571.68000000 | **30-Year:** 3322.44000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000164185 | -3.81%               | -1.26%               | 5.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-308544.78              | $-2600572.58                               |
| Month 2  | $-284779.59              | $-758106.15                                |
| Month 3  | $-371623.20              | $3516659.45                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RIVERSIDE CA ELEC REVENUE                       | City of Riverside CA Electric Revenue                                           | CUSIP: 768874UV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107881.07    | 0.17%             | 2048-10-01      | 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        |     45000 | PA      | $49871.93     | 0.08%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389V70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261237.48    | 0.40%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY NJ IMPT AUTH                         | Essex County Improvement Authority                                              | CUSIP: 296806PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $231705.20    | 0.36%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV                  | Hillsborough County Industrial Development Authority                            | CUSIP: 43233KAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 1.39%             | 2038-11-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                             | CUSIP: 735240V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $157396.40    | 0.24%             | 2026-07-01      | 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        |     45000 | PA      | $46102.46     | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401455.76    | 0.62%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 4521522M2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157449.56    | 0.24%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398GY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255589.90    | 0.40%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB                  | Iowa Tobacco Settlement Authority                                               | CUSIP: 888805CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $84366.99     | 0.13%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5070.95      | 0.01%             | 2040-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUEEN CREEK AZ EXCISE TAX & ST                  | Town of Queen Creek AZ Excise Tax Revenue                                       | CUSIP: 74823YCU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $623564.02    | 0.97%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S W TX HGR EDU AUTH                             | Southwest Higher Education Authority Inc                                        | CUSIP: 845040ME1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53481.89     | 0.08%             | 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/The                     | CUSIP: 71885FEH6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75959.81     | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    360000 | PA      | $267300.00    | 0.41%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                    | Douglas County Hospital Authority No 2                                          | CUSIP: 259230PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $424188.63    | 0.66%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A                  | Greater Orlando Aviation Authority                                              | CUSIP: 392274X43<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25277.94     | 0.04%             | 2047-10-01      | Fixed         | 5.00%                 | 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        |     50000 | PA      | $54889.94     | 0.08%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                       | CUSIP: 010869HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204510.80    | 0.32%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $235029.85    | 0.36%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96643.30     | 0.15%             | 2041-07-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35077.52     | 0.05%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $367168.48    | 0.57%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486ZT9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258210.13    | 0.40%             | 2029-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $229406.80    | 0.36%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736P43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63940.99     | 0.10%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                     | CUSIP: 67756DWA0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    495000 | PA      | $543305.02    | 0.84%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XAV8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    150000 | PA      | $163307.48    | 0.25%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225CC8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262559.23    | 0.41%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                         | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98422.84     | 0.15%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO                  | Hempstead Town Local Development Corp                                           | CUSIP: 424682HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103301.91    | 0.16%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255074.30    | 0.39%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VINEYARD REDEV AGY UT TAX INCR                  | Vineyard Redevelopment Agency                                                   | CUSIP: 92743FCD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290475.46    | 0.45%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 69650MAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490092.75    | 0.76%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                  | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 41401PCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218068.14    | 0.34%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                  | New York Liberty Development Corp                                               | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94520.92     | 0.15%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50079.90     | 0.08%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76363.57     | 0.12%             | 2030-01-01      | Fixed         | 5.00%                 | 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        |    100000 | PA      | $107354.84    | 0.17%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EB6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60844.66     | 0.09%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA SWR REVENUE                        | City of Riverside CA Sewer Revenue                                              | CUSIP: 769047JQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110463.32    | 0.17%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CA WTR REPLENISHMENT                   | Southern California Water Replenishment District                                | CUSIP: 84251KBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538847.35    | 0.83%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                  | New Jersey Turnpike Authority                                                   | CUSIP: 646140CP6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     60000 | PA      | $64965.86     | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682QJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77497.65     | 0.12%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50387.93     | 0.08%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO                  | Hudson Yards Infrastructure Corp                                                | CUSIP: 44420RAX8<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    140000 | PA      | $149320.32    | 0.23%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                  | State of Connecticut Special Tax Revenue                                        | CUSIP: 207758A37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $221772.64    | 0.34%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896YJ8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260652.50    | 0.40%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                   | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100234.54    | 0.16%             | 2047-12-31      | 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        |      5000 | PA      | $5126.95      | 0.01%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923727.00    | 1.43%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224ZD4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25838.15     | 0.04%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682RY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $478993.59    | 0.74%             | 2050-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389H43<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264685.53    | 0.41%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AJ81<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259325.05    | 0.40%             | 2033-11-15      | 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        |    335000 | PA      | $354636.33    | 0.55%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH REVENU                  | Development Authority for Fulton County                                         | CUSIP: 36005FCR4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108088.31    | 0.17%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                     | New Jersey Economic Development Authority                                       | CUSIP: 64578EJV0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    105000 | PA      | $111700.44    | 0.17%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                       | CUSIP: 158862BZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507381.10    | 0.79%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY (TOBS)                          | CUSIP: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101412.54   | 1.71%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA CONVENTION C                  | Lancaster County Convention Center Authority                                    | CUSIP: 514042BE9<br>LEI: 549300F347A3TMO7B762 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251774.63    | 0.39%             | 2057-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH                        | Oklahoma Development Finance Authority                                          | CUSIP: 6789083U6<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    500000 | PA      | $491375.60    | 0.76%             | 2023-07-06      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445GB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $425594.16    | 0.66%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966LCP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.15%             | 2040-08-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990FWX8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104886.82    | 0.16%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182F9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150157.20    | 0.23%             | 2042-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                              | CUSIP: 64990AMV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105908.94    | 0.16%             | 2044-03-15      | 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        |     50000 | PA      | $51236.68     | 0.08%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                  | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30227.61     | 0.05%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461366E6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    150000 | PA      | $164462.90    | 0.25%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152X97<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256224.58    | 0.40%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $228536.95    | 0.35%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HLTHCARE SY                  | Public Finance Authority                                                        | CUSIP: 74447GAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258912.20    | 0.40%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                                | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $115444.19    | 0.18%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                                | CUSIP: 650010AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51235.89     | 0.08%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $89200.09     | 0.14%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $91006.09     | 0.14%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC COPS                               | City of Charlotte NC                                                            | CUSIP: 161037Z33<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |     70000 | PA      | $68870.87     | 0.11%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                               | CUSIP: 71781QFE3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $112378.73    | 0.17%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA WSTWTR SYS REVE                  | City of Los Angeles CA Wastewater System Revenue                                | CUSIP: 53945CJY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106587.13    | 0.17%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26050.84     | 0.04%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                     | CUSIP: 542691CR9<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241449.25    | 0.37%             | 2049-09-01      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577BTR5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111147.96    | 0.17%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                   | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230264.25    | 0.36%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST WTR RESOURCES                  | Massachusetts Water Resources Authority                                         | CUSIP: 576051NV4<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54104.65     | 0.08%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA KENNESTONE HOSP A                  | Cobb County Kennestone Hospital Authority                                       | CUSIP: 190813SC0<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251588.20    | 0.39%             | 2050-04-01      | 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        |     30000 | PA      | $31406.38     | 0.05%             | 2029-11-01      | 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        |    200000 | PA      | $220472.26    | 0.34%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99561.21     | 0.15%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL                  | South Dakota Health & Educational Facilities Authority                          | CUSIP: 83755VE26<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25634.41     | 0.04%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    400000 | PA      | $406177.80    | 0.63%             | 2047-05-01      | 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        |    100000 | PA      | $101365.57    | 0.16%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $451041.45    | 0.70%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                   | CUSIP: 67756CFR4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $95435.15     | 0.15%             | 2037-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BPS1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $238930.18    | 0.37%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                          | CUSIP: 514045V83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $636181.98    | 0.98%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 54659LCA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482019.65    | 0.75%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                                | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54697.79     | 0.08%             | 2030-06-01      | 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        |    100000 | PA      | $103183.03    | 0.16%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    100000 | PA      | $73750.00     | 0.11%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                             | CUSIP: 13063DCH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15471.16     | 0.02%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577BL28<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52898.87     | 0.08%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896TJ4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    160000 | PA      | $170048.16    | 0.26%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584YQH5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50539.76     | 0.08%             | 2039-07-01      | 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        |     50000 | PA      | $51459.11     | 0.08%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154487.16    | 0.24%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO                  | Riverside County Transportation Commission Sales Tax Revenue                    | CUSIP: 769125GX7<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108575.75    | 0.17%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 04144REK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53530.69     | 0.08%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AAL1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513023.35    | 0.79%             | 2027-11-15      | 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        |    100000 | PA      | $88622.39     | 0.14%             | 2042-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT                  | Allegheny County Hospital Development Authority                                 | CUSIP: 01728A5C6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    150000 | PA      | $144129.27    | 0.22%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI DOWNTOWN DEV AUTH T                  | Detroit Downtown Development Authority                                          | CUSIP: 251135GR4<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100461.13    | 0.16%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250DL5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503466.95    | 0.78%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RFZ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061900.50   | 1.64%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                      | CUSIP: 452031AH0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268221.18    | 0.42%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206578.96    | 0.32%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QSA8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236845.43    | 0.37%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST CORRS INSTN FIN AUT                  | Alabama Corrections Institution Finance Authority                               | CUSIP: 010507CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $430365.32    | 0.67%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RFL4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    175000 | PA      | $184960.91    | 0.29%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CONNECTICUT CT REVENUE                  | University of Connecticut                                                       | CUSIP: 914225HG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106431.34    | 0.16%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOOVER AL INDL DEV BRD ENVNMNT                  | Hoover Industrial Development Board                                             | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104581.12    | 0.16%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                     | CUSIP: 64971PKL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90316.40     | 0.14%             | 2045-03-01      | 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        |   1100000 | PA      | $1061578.54   | 1.64%             | 2040-12-01      | 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        |    200000 | PA      | $205242.76    | 0.32%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                   | Louisiana Public Facilities Authority                                           | CUSIP: 54639TCG5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51190.46     | 0.08%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XCG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    400000 | PA      | $443022.52    | 0.69%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    358000 | PA      | $339674.23    | 0.53%             | 2058-07-01      | 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        |    250000 | PA      | $256730.83    | 0.40%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                      | CUSIP: 709221VK8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103580.30    | 0.16%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                  | Indiana Finance Authority                                                       | CUSIP: 45471ATD4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $94588.03     | 0.15%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160419.20    | 0.25%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486WX3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30417.40     | 0.05%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167593SV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10102.25     | 0.02%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION                   | Texas Municipal Gas Acquisition and Supply Corp I                               | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    135000 | PA      | $141082.36    | 0.22%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GXP4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475554.65    | 0.74%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VINEYARD REDEV AGY UT TAX INCR                  | Vineyard Redevelopment Agency                                                   | CUSIP: 92743FBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $267467.44    | 0.41%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FGP4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92713.61     | 0.14%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                           | CUSIP: 645790KD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52821.40     | 0.08%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORNEY TX INDEP SCH DIST                        | Forney Independent School District                                              | CUSIP: 346425EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105688.37    | 0.16%             | 2049-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAHLONEGA GA DOWNTOWN DEV AUTH                  | Dahlonega Downtown Development Authority                                        | CUSIP: 23378RFQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104773.50    | 0.16%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584YAN9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77490.59     | 0.12%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    320000 | PA      | $236800.00    | 0.37%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CNTY CA JT PWRS FING                  | San Mateo Joint Powers Financing Authority                                      | CUSIP: 79904NGP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53918.73     | 0.08%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682RL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $112326.07    | 0.17%             | 2042-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480064.50    | 0.74%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                   | Kentucky Economic Development Finance Authority                                 | CUSIP: 49127KBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101590.89    | 0.16%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261ADH7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51451.85     | 0.08%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262075E0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101124.79    | 0.16%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GMW1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035323.70   | 1.60%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                        | CUSIP: 76827QGR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269030.75    | 0.42%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                  | Indiana Finance Authority                                                       | CUSIP: 45505MFD3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105332.95    | 0.16%             | 2041-10-01      | 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: 484008NR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $745736.45    | 1.15%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                            | CUSIP: 20772J4N9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53285.55     | 0.08%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | CUSIP: 592098T49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52654.02     | 0.08%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50804.94     | 0.08%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PCB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51396.92     | 0.08%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971QPQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.31%             | 2029-11-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358WTN4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10287.86     | 0.02%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRN CA MUNI WTR DIST FING AU                  | Eastern Municipal Water District Financing Authority                            | CUSIP: 27677SAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53151.14     | 0.08%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                     | CUSIP: 67756DQU3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531697.25    | 0.82%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638RKC0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50483.32     | 0.08%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 041438GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216112.22    | 0.33%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505VS2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101487.22    | 0.16%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARRENSVILLE HEIGHTS OH CITY S                  | Warrensville Heights City School District                                       | CUSIP: 936121KF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $180196.91    | 0.28%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461365H0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $490473.85    | 0.76%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VINEYARD REDEV AGY UT TAX INCR                  | Vineyard Redevelopment Agency                                                   | CUSIP: 92743FCE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $264751.91    | 0.41%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                          | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101145.72    | 0.16%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9313.30      | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CENTER REVENUE                   | City of Ashland KY                                                              | CUSIP: 044293BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $572495.99    | 0.89%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM OR HOSP FAC AUTH REVENUE                  | Salem Hospital Facility Authority                                               | CUSIP: 794458GH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $167037.50    | 0.26%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                    | CUSIP: 02765URH9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    250000 | PA      | $244678.15    | 0.38%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC                   | Illinois Finance Authority                                                      | CUSIP: 452017AS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51333.62     | 0.08%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA MF HSG REVENUE                      | City of San Jose CA                                                             | CUSIP: 798165KP0<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.55%             | 2038-07-01      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    850000 | PA      | $802383.77    | 1.24%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225GJ9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273209.03    | 0.42%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE                   | State of Illinois Sales Tax Revenue                                             | CUSIP: 452227LR0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    205000 | PA      | $206671.86    | 0.32%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                        | CUSIP: 452143FN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52745.57     | 0.08%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                  | New Jersey Turnpike Authority                                                   | CUSIP: 6461396F7<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105266.74    | 0.16%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU                  | Volusia County Educational Facility Authority                                   | CUSIP: 928836MN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52101.96     | 0.08%             | 2042-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                  | Public Finance Authority                                                        | CUSIP: 74439YBF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101475.84    | 0.16%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                            | CUSIP: 25483VTS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76481.36     | 0.12%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25054.41     | 0.04%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 646136Y54<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100946.28    | 0.16%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                  | City of Shreveport LA Water & Sewer Revenue                                     | CUSIP: 825485VU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10709.42     | 0.02%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STOCKTON CA PUBLIC FING AUTH P                  | Stockton Public Financing Authority                                             | CUSIP: 86139TAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $434065.91    | 0.67%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333P4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303607.08    | 0.47%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $745044.23    | 1.15%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CAU2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    300000 | PA      | $321970.29    | 0.50%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $336171.28    | 0.52%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                  | Bay Area Toll Authority                                                         | CUSIP: 072024SR4<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    160000 | PA      | $161217.66    | 0.25%             | 2045-04-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                                       | CUSIP: 155498KQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458532.85    | 0.71%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467AT9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205725.50    | 0.32%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CITY CA UNIF SC                  | San Bernardino City Unified School District                                     | CUSIP: 796714EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109160.39    | 0.17%             | 2036-10-01      | 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        |     50000 | PA      | $50315.76     | 0.08%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO                  | Maryland Stadium Authority Built to Learn Revenue                               | CUSIP: 574294AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238337.98    | 0.37%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528UZK0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    300000 | PA      | $313801.71    | 0.49%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116DV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $264335.37    | 0.41%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                  | Kentucky Public Energy Authority                                                | CUSIP: 74440DCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297925.38    | 0.46%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                  | CSCDA Community Improvement Authority                                           | CUSIP: 126292AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $90308.39     | 0.14%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA                  | Long Beach Bond Finance Authority                                               | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55613.77     | 0.09%             | 2037-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $158775.81    | 0.25%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                  | Kentucky Public Energy Authority                                                | CUSIP: 74440DBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $198825.14    | 0.31%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF OAKLAND CA                              | Port of Oakland                                                                 | CUSIP: 735000TH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $328754.04    | 0.51%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                  | Southeast Alabama Gas Supply District/The                                       | CUSIP: 84131TAQ5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    645000 | PA      | $643975.68    | 1.00%             | 2049-06-01      | Variable      | 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        |    495000 | PA      | $519840.59    | 0.80%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333P5Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144551.67    | 0.22%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $393473.76    | 0.61%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                  | North Carolina Medical Care Commission                                          | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    160000 | PA      | $138555.95    | 0.21%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE AK PORT REVENUE                       | Municipality of Anchorage AK                                                    | CUSIP: 033252AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151529.06    | 0.23%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                  | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R6C0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52524.49     | 0.08%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 64990CC90<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53075.88     | 0.08%             | 2043-07-01      | Fixed         | 5.00%                 | 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        |     20000 | PA      | $21000.36     | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA                  | California Statewide Communities Development Authority                          | CUSIP: 13078RGZ7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51464.82     | 0.08%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPARKS NV TOURISM IMPT DIST #1                  | City of Sparks NV                                                               | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $221736.08    | 0.34%             | 2028-06-15      | Fixed         | 2.75%                 | 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        |    250000 | PA      | $232299.23    | 0.36%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                  | State of Connecticut Special Tax Revenue                                        | CUSIP: 207758XR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539867.55    | 0.84%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262078H0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175349.53    | 0.27%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20739.39     | 0.03%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY NJ IMPT AUTH                         | Essex County Improvement Authority                                              | CUSIP: 296806PD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $196188.34    | 0.30%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    425000 | PA      | $438564.17    | 0.68%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA                  | Iowa Finance Authority                                                          | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    300000 | PA      | $290060.91    | 0.45%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QXW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267416.65    | 0.41%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HXK6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102217.23    | 0.16%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T                  | Grand Parkway Transportation Corp                                               | CUSIP: 38611TCA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489987.05    | 0.76%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANGER CA UNIF SCH DIST COPS                    | Sanger Unified School District                                                  | CUSIP: 800860EM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251250.03    | 0.39%             | 2052-06-01      | 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        |    100000 | PA      | $102885.74    | 0.16%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DNK1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106509.37    | 0.16%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                        | CUSIP: 59333PZ92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204022.96    | 0.32%             | 2040-10-01      | 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        |     75000 | PA      | $80887.62     | 0.13%             | 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: 95308RRG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $89842.42     | 0.14%             | 2049-12-15      | Fixed         | 4.00%                 | 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        |    300000 | PA      | $313775.40    | 0.49%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP                  | California Municipal Finance Authority                                          | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     75000 | PA      | $72794.80     | 0.11%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461366B2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105688.06    | 0.16%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103908.65    | 0.16%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NRTHRN CA ENERGY AUTH COMMODIT                  | Northern California Energy Authority                                            | CUSIP: 664840AD7<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250866.53    | 0.39%             | 2049-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AH26<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98768.57     | 0.15%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QL40<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $558424.25    | 0.86%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TROY NY CAPITAL RESOURCE CORP                   | Troy Capital Resource Corp                                                      | CUSIP: 897579BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $350792.26    | 0.54%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                            | CUSIP: 66585VBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426381.90    | 0.66%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                                        | CUSIP: 74442PQU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     50000 | PA      | $49827.34     | 0.08%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39947.44     | 0.06%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WM5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240828.90    | 0.37%             | 2028-10-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                     | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201278.12    | 0.31%             | 2043-05-15      | 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        |    100000 | PA      | $99603.86     | 0.15%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                               | CUSIP: 759911XV7<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    415000 | PA      | $467287.39    | 0.72%             | 2029-07-01      | Fixed         | 6.00%                 | 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        |     20000 | PA      | $21296.03     | 0.03%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                       | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100760.85    | 0.16%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FHS6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $47163.29     | 0.07%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51359.76     | 0.08%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584X3C3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     85000 | PA      | $91342.49     | 0.14%             | 2036-04-01      | Fixed         | 5.00%                 | 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        |    100000 | PA      | $99282.68     | 0.15%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY ELEC LIGHT & PWRS                  | City of Owensboro KY Electric Light & Power System Revenue                      | CUSIP: 691021NG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $352901.71    | 0.55%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250115.80    | 0.39%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                                | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $137910.41    | 0.21%             | 2037-06-01      | Variable      | 2.20%                 | 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        |    230000 | PA      | $208361.72    | 0.32%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI                  | Indiana Finance Authority                                                       | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97370.07     | 0.15%             | 2030-11-01      | Fixed         | 4.25%                 | 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        |    200000 | PA      | $198048.78    | 0.31%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                         | CUSIP: 717813XK0<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160898.90    | 0.25%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $301322.51    | 0.47%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education                                                      | CUSIP: 167510AU0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100197.91    | 0.16%             | 2042-04-01      | Fixed         | 5.00%                 | 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        |    350000 | PA      | $393288.25    | 0.61%             | 2051-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JCQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $679130.21    | 1.05%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486E21<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    125000 | PA      | $122754.80    | 0.19%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224S83<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    175000 | PA      | $185809.40    | 0.29%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VINEYARD REDEV AGY UT TAX INCR                  | Vineyard Redevelopment Agency                                                   | CUSIP: 92743FBZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $280340.14    | 0.43%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF OAKLAND CA                              | Port of Oakland                                                                 | CUSIP: 735000TG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163506.63    | 0.25%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH HOSP R                  | Idaho Health Facilities Authority                                               | CUSIP: 45129UCF9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101507.79    | 0.16%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     50000 | PA      | $48733.22     | 0.08%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BFT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512356.40    | 0.79%             | 2038-07-01      | 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        |     50000 | PA      | $52353.79     | 0.08%             | 2036-07-01      | 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        |    200000 | PA      | $202701.64    | 0.31%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894XU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50491.39     | 0.08%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200036.56    | 0.31%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                               | CUSIP: 71780CBA7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $88424.93     | 0.14%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45679.88     | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CENTER REVENUE                   | City of Ashland KY                                                              | CUSIP: 044293BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $643125.69    | 1.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELK GROVE VLG IL                                | Village of Elk Grove Village IL                                                 | CUSIP: 287299LS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37279.08     | 0.06%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL TRANSPR                  | San Diego County Regional Transportation Commission                             | CUSIP: 797400KX5<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | DBT              | MUN               | US        |    300000 | PA      | $315115.71    | 0.49%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                       | CUSIP: 68450LFM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5210.93      | 0.01%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TWJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $227370.42    | 0.35%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                  | Los Angeles Department of Water & Power Water System Revenue                    | CUSIP: 544525XF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530648.30    | 0.82%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                  | Newark Higher Education Finance Corp                                            | CUSIP: 650346DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92940.05     | 0.14%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT MET DIST CO                            | Vauxmont Metropolitan District                                                  | CUSIP: 92242SAD5<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    130000 | PA      | $135321.20    | 0.21%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FAW5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111163.14    | 0.17%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $48359.10     | 0.07%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VINEYARD REDEV AGY UT TAX INCR                  | Vineyard Redevelopment Agency                                                   | CUSIP: 92743FCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302498.61    | 0.47%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JCP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $803688.90    | 1.24%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528UZG9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100376.06    | 0.16%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNY MELLON CASH RESERVE EOD FUND                | BNY MELLON CASH RESERVE EOD FUND                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     37752 | NS      | $37752.50     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                            | CUSIP: 20772KGF0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126930.59    | 0.20%             | 2037-04-15      | Fixed         | 4.00%                 | 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        |     75000 | PA      | $71026.95     | 0.11%             | 2035-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 645918W58<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325149.92    | 0.50%             | 2028-03-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| FORT PIERCE FL UTILITIES AUTH                   | Fort Pierce Utilities Authority                                                 | CUSIP: 348430PV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $91467.66     | 0.14%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    135000 | PA      | $149623.78    | 0.23%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584XZQ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10099.91     | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $98870.20     | 0.15%             | 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        |     80000 | PA      | $79226.88     | 0.12%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102129.97    | 0.16%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830UAB8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5083.42      | 0.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    195000 | PA      | $144300.00    | 0.22%             | 2029-07-01      | 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        |    500000 | PA      | $434381.40    | 0.67%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152B26<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25602.63     | 0.04%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDLD                  | Philadelphia Authority for Industrial Development                               | CUSIP: 71783DBU8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267519.28    | 0.41%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182B8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85177.62     | 0.13%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer