# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001752724-25-155392
**Filing Date:** 2025-6
**Character Count:** 166739
**Document Hash:** ce1c23c63a6f2f4d4032cf449bf3fc71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-155392.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-155392

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 251072459

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

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

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

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

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

## Series and Classes Contracts Data

### Western Asset Municipal High Income Fund (Series ID: S000008976)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024387 | Class A      | STXAX           |
| C000024389 | Class C      | SMHLX           |
| C000024390 | Class I      | LMHIX           |

## Nport-Ex

Schedule of Investments (unaudited)

April 30, 2025

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 96.5%** | **Municipal Bonds — 96.5%** | **Municipal Bonds — 96.5%** | **Municipal Bonds — 96.5%** | **Municipal Bonds — 96.5%** |
| *Alabama — 4.6%* | *Alabama — 4.6%* | *Alabama — 4.6%* | *Alabama — 4.6%* | *Alabama — 4.6%* |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Series D-1, <br> Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; $400000 | &nbsp;&nbsp;&nbsp; $418467<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 451075<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson County, AL, Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3605718<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3026950<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2560502<br>|
| &nbsp;&nbsp;&nbsp; Mobile County, AL, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp; 579520<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series B | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 456355<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, Series <br> A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 792758<br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue, <br> Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1108378<br> <sup>(a)(b)</sup><br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *12999723* |
| *Alaska — 0.2%* | *Alaska — 0.2%* | *Alaska — 0.2%* | *Alaska — 0.2%* | *Alaska — 0.2%* |
| &nbsp;&nbsp;&nbsp; Anchorage, AK, Port Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; *581010*<br> <sup>(c)</sup><br>|
| *Arizona — 5.7%* | *Arizona — 5.7%* | *Arizona — 5.7%* | *Arizona — 5.7%* | *Arizona — 5.7%* |
| &nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 499957<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2984400<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; La Paz County, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Solutions, Harmony Public School Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 750022<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Solutions, Harmony Public School Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp;&nbsp; 2961627<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA Revenue, Legacy Traditional Schools Project, <br> Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1416155<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navajo Nation, AZ, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 854812<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA Revenue, Basis School Inc., Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 6737373<br> <sup>(d)</sup><br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *16204346* |
| *Arkansas — 0.3%* | *Arkansas — 0.3%* | *Arkansas — 0.3%* | *Arkansas — 0.3%* | *Arkansas — 0.3%* |
| &nbsp;&nbsp;&nbsp; Arkansas State Development Finance Authority, Environmental Improvement <br> Revenue, United States Steel Corporation Project, Green Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; *760347*<br> <sup>(c)</sup><br>|
| *California — 10.2%* | *California — 10.2%* | *California — 10.2%* | *California — 10.2%* | *California — 10.2%* |
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 3199103<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1141337<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 576801<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp; 2793211<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1177606<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Community Housing Agency, Essential Housing Revenue, <br> Stoneridge Apartments, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1135996<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue, Senior Lien, LINXS APM Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2250370<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue, Poseidon Resources <br> Desalination Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/21/45 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7224525<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Public Finance Authority, Senior Living Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enso Village Project, Green Bond, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 444765<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enso Village Project, Green Bond, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/56 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp; $657990<br>|
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue, Series B  | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 4138113<br>|
| &nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2003-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 263866<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2003-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 515706<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp; 1092418<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2437152<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *29048959* |
| *Colorado — 3.1%* | *Colorado — 3.1%* | *Colorado — 3.1%* | *Colorado — 3.1%* | *Colorado — 3.1%* |
| &nbsp;&nbsp;&nbsp; Colorado State High Performance Transportation Enterprise Revenue, C-470 <br> Express Lanes  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 488004<br>|
| &nbsp;&nbsp;&nbsp; North Range, CO, Metropolitan District No 2, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 487040<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000816<br>|
| &nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Natural Gas Purchase Revenue  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp; 5200094<br>|
| &nbsp;&nbsp;&nbsp; Village Metropolitan District, CO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited & Special Revenue, Series 2020, Refunding and Improvements | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 488307<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited & Special Revenue, Series 2020, Refunding and Improvements | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1133413<br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *8797674* |
| *District of Columbia — 0.7%* | *District of Columbia — 0.7%* | *District of Columbia — 0.7%* | *District of Columbia — 0.7%* | *District of Columbia — 0.7%* |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington, DC, Airports Authority Aviation Revenue, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; *1859219*<br> <sup>(c)</sup><br>|
| *Florida — 5.6%* | *Florida — 5.6%* | *Florida — 5.6%* | *Florida — 5.6%* | *Florida — 5.6%* |
| &nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue, Senior Bonds, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 3928842<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Educational Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mater Academy Projects, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1010921<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mater Academy Projects, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001531<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Charter School Inc. Projects, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1200750<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Charter School Inc. Projects, Series A | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp; 990128<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Revenue, Brightline Passenger Rail <br> Project, Refunding, AGM  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp; 2964205<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1515761<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502991<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/56 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 380172<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acts Retirement-Life Communities | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 732645<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 219824<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 923070<br>|
| &nbsp;&nbsp;&nbsp; Reunion, FL, East Community Development District, Special Assessment Bond, <br> Series A-2  | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; 4<br> \*<sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wildwood, FL, Village Community Development District No 15, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 650262<br> <sup>(d)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *16021106* |

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Georgia — 1.5%* | *Georgia — 1.5%* | *Georgia — 1.5%* | *Georgia — 1.5%* | *Georgia — 1.5%* |
| &nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority, Power Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project M, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; $800000 | &nbsp;&nbsp;&nbsp; $825026<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project P, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 515491<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project P, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/59 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1169928<br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1263076<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 522997<br> <sup>(a)(b)</sup><br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *4296518* |
| *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* |
| &nbsp;&nbsp;&nbsp; Honolulu, HI, City & County Wastewater System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 600064<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 276515<br>|
| *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | &nbsp;&nbsp; *876579* |
| *Illinois — 12.0%* | *Illinois — 12.0%* | *Illinois — 12.0%* | *Illinois — 12.0%* | *Illinois — 12.0%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax <br> Revenue, Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1004921<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503976<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1048648<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98906<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3023449<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2022022<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 697719<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1254405<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1542049<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000054<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 994471<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 250891<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Development Finance Authority, Environmental Facilities Revenue, <br> Citgo Petroleum Corp. Project  | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3253328<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navy Pier Inc., Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 663743<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navy Pier Inc., Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; 362903<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Sports Facilities Authority Revenue, Sport Facilities Project, <br> Series 2019, Refunding, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 757135<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 5020000 | &nbsp;&nbsp;&nbsp; 4991757<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1002869<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 3020529<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; 1533886<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/57 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1119950<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 744655<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; $3250000 | &nbsp;&nbsp;&nbsp; $3296879<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *34189145* |
| *Indiana — 1.5%* | *Indiana — 1.5%* | *Indiana — 1.5%* | *Indiana — 1.5%* | *Indiana — 1.5%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHI Senior Living Inc., Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1106981<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion General Hospital, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 448980<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505038<br>|
| &nbsp;&nbsp;&nbsp; Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2296416<br> <sup>(c)</sup><br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *4357415* |
| *Kentucky — 0.1%* | *Kentucky — 0.1%* | *Kentucky — 0.1%* | *Kentucky — 0.1%* | *Kentucky — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; *420100*<br> <sup>(a)(b)</sup><br>|
| *Louisiana — 0.8%* | *Louisiana — 0.8%* | *Louisiana — 0.8%* | *Louisiana — 0.8%* | *Louisiana — 0.8%* |
| &nbsp;&nbsp;&nbsp; Louisiana State PFA, Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group, Flagship Properties | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1005558<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group, Flagship Properties, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 904010<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group, Flagship Properties, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 440713<br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *2350281* |
| *Maryland — 1.1%* | *Maryland — 1.1%* | *Maryland — 1.1%* | *Maryland — 1.1%* | *Maryland — 1.1%* |
| &nbsp;&nbsp;&nbsp; Maryland State EDC Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan State University Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 864922<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagirt Marine Terminal Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 298918<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagirt Marine Terminal Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 970397<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Maryland State Health & Higher EFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frederick Health System, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 440057<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frederick Health System, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 612618<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *3186912* |
| *Massachusetts — 0.4%* | *Massachusetts — 0.4%* | *Massachusetts — 0.4%* | *Massachusetts — 0.4%* | *Massachusetts — 0.4%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Boston Medical Center, Sustainability Bonds, <br> Series G, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *1000093*<br>|
| *Michigan — 0.9%* | *Michigan — 0.9%* | *Michigan — 0.9%* | *Michigan — 0.9%* | *Michigan — 0.9%* |
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Ford Health System, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1073338<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 2/28/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 461337<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 95501<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 850732<br> <sup>(c)</sup><br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *2480908* |
| *Minnesota — 1.2%* | *Minnesota — 1.2%* | *Minnesota — 1.2%* | *Minnesota — 1.2%* | *Minnesota — 1.2%* |
| &nbsp;&nbsp;&nbsp; Minneapolis & St. Paul, MN, Metropolitan Airports Commission Revenue, <br> Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; *3510295*<br> <sup>(c)</sup><br>|
| *Missouri — 1.7%* | *Missouri — 1.7%* | *Missouri — 1.7%* | *Missouri — 1.7%* | *Missouri — 1.7%* |
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lutheran Senior Services Projects, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1005551<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lutheran Senior Services Projects, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 986102<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Missouri — continued* | *Missouri — continued* | *Missouri — continued* | *Missouri — continued* | *Missouri — continued* |
| &nbsp;&nbsp;&nbsp; St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of <br> Sunset Hills, Series A  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; $3000000 | &nbsp;&nbsp;&nbsp; $3000127<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *4991780* |
| *Nebraska — 1.2%* | *Nebraska — 1.2%* | *Nebraska — 1.2%* | *Nebraska — 1.2%* | *Nebraska — 1.2%* |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, NE, Gas Project Revenue, Project No 3, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp; *3285097*<br>|
| *Nevada — 1.1%* | *Nevada — 1.1%* | *Nevada — 1.1%* | *Nevada — 1.1%* | *Nevada — 1.1%* |
| &nbsp;&nbsp;&nbsp; State of Nevada Department of Business & Industry Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Lease Revenue, Somerset Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp; 1295897<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Lease Revenue, Somerset Academy, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/45 | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp; 1939538<br> <sup>(d)</sup><br>|
| *Total Nevada* | *Total Nevada* | *Total Nevada* | *Total Nevada* | &nbsp;&nbsp; *3235435* |
| *New Hampshire — 0.2%* | *New Hampshire — 0.2%* | *New Hampshire — 0.2%* | *New Hampshire — 0.2%* | *New Hampshire — 0.2%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue, Presbyterian Senior Living Project, <br> Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; *705833*<br>|
| *New Jersey — 1.9%* | *New Jersey — 1.9%* | *New Jersey — 1.9%* | *New Jersey — 1.9%* | *New Jersey — 1.9%* |
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Rowan Properties LLC, Rowan University Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1837879<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1160847<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2035763<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 488385<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *5522874* |
| *New Mexico — 0.5%* | *New Mexico — 0.5%* | *New Mexico — 0.5%* | *New Mexico — 0.5%* | *New Mexico — 0.5%* |
| &nbsp;&nbsp;&nbsp; New Mexico State Municipal Energy Acquisition Authority Gas Supply Revenue, <br> Series 2025, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 786063<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement Residences <br> Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 690187<br>|
| *Total New Mexico* | *Total New Mexico* | *Total New Mexico* | *Total New Mexico* | &nbsp;&nbsp; *1476250* |
| *New York — 10.2%* | *New York — 10.2%* | *New York — 10.2%* | *New York — 10.2%* | *New York — 10.2%* |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter <br> School Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/1/62 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 731203<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 441397<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1048199<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504930<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Industrial Development Agency Revenue, Yankee Stadium <br> Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 669970<br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Liberty Revenue, 7 World Trade Center <br> Project, Class 3, Refunding  | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1395441<br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 873403<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 725035<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1812576<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 9645000 | &nbsp;&nbsp;&nbsp; 9673232<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds, <br> AGM | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; $6125000 | &nbsp;&nbsp;&nbsp; $6155990<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 305221<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding, AGC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 645430<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series B, Refunding, AGC, Step bond (0.000% to 12/31/34 then <br> 5.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 184212<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1100088<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1175652<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 221 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1361801<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 221 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 428663<br> <sup>(c)</sup><br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *29232443* |
| *North Dakota — 0.2%* | *North Dakota — 0.2%* | *North Dakota — 0.2%* | *North Dakota — 0.2%* | *North Dakota — 0.2%* |
| &nbsp;&nbsp;&nbsp; Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, <br> AGM | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; *589497*<br>|
| *Ohio — 1.9%* | *Ohio — 1.9%* | *Ohio — 1.9%* | *Ohio — 1.9%* | *Ohio — 1.9%* |
| &nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds, <br> Series B-2, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1136115<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series B | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 925523<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Vanadium Project, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1805263<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Private Activity Revenue, Portsmouth Bypass Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1601990<br> <sup>(c)</sup><br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *5468891* |
| *Oklahoma — 0.5%* | *Oklahoma — 0.5%* | *Oklahoma — 0.5%* | *Oklahoma — 0.5%* | *Oklahoma — 0.5%* |
| &nbsp;&nbsp;&nbsp; Tulsa County, OK, Industrial Authority, Senior Living Community Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montereau Inc. Project, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502167<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montereau Inc. Project, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 985859<br>|
| *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | &nbsp;&nbsp; *1488026* |
| *Oregon — 0.4%* | *Oregon — 0.4%* | *Oregon — 0.4%* | *Oregon — 0.4%* | *Oregon — 0.4%* |
| &nbsp;&nbsp;&nbsp; Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living, <br> Willamette View Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; *1166046*<br>|
| *Pennsylvania — 4.6%* | *Pennsylvania — 4.6%* | *Pennsylvania — 4.6%* | *Pennsylvania — 4.6%* | *Pennsylvania — 4.6%* |
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 945299<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, IDA Revenue, Willow Valley Communities Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1653684<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Exempt Facilities <br> Revenue, PPL Energy Supply LLC Project, Series B, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1702189<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Core Natural Resources Inc., Refunding | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/27/35 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 297400<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2122720<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; 5354475<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR, Charter School Revenue, Philadelphia <br> Performing Arts: A String Theory Charter School Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1108833<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *13184600* |

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Puerto Rico — 5.7%* | *Puerto Rico — 5.7%* | *Puerto Rico — 5.7%* | *Puerto Rico — 5.7%* | *Puerto Rico — 5.7%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; $2600000 | &nbsp;&nbsp;&nbsp; $2461166<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 60471 | &nbsp;&nbsp;&nbsp; 40596<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 26131 | &nbsp;&nbsp;&nbsp; 26175<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 51860 | &nbsp;&nbsp;&nbsp; 52893<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 51018 | &nbsp;&nbsp;&nbsp; 53058<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 49554 | &nbsp;&nbsp;&nbsp; 52572<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 46990 | &nbsp;&nbsp;&nbsp; 44905<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 442237 | &nbsp;&nbsp;&nbsp; 412049<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp; 1982413<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 299287 | &nbsp;&nbsp;&nbsp; 255101<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 51258 | &nbsp;&nbsp;&nbsp; 41965<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 193904 | &nbsp;&nbsp;&nbsp; 116100<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp; 692,250<br> \*<sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 104,813<br> \*<sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp; 1,038,375<br> \*<sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/18 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 169,750<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 695221<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 3460000 | &nbsp;&nbsp;&nbsp; 1116911<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 122889<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 5275000 | &nbsp;&nbsp;&nbsp; 4904269<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp; 1095464<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 677005<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *16155940* |
| *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* |
| &nbsp;&nbsp;&nbsp; Central Falls, RI, Detention Facility Corp., Detention Facilities Revenue, Refunding | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp; *382,200*<br> \*<sup>(e)</sup><br>|
| *South Carolina — 0.3%* | *South Carolina — 0.3%* | *South Carolina — 0.3%* | *South Carolina — 0.3%* | *South Carolina — 0.3%* |
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *921059*<br>|
| *Tennessee — 0.3%* | *Tennessee — 0.3%* | *Tennessee — 0.3%* | *Tennessee — 0.3%* | *Tennessee — 0.3%* |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Sports Authority <br> Revenue, Series A, AGM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; *782430*<br>|
| *Texas — 11.9%* | *Texas — 11.9%* | *Texas — 11.9%* | *Texas — 11.9%* | *Texas — 11.9%* |
| &nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 746933<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 1779639<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1119817<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 1075386<br>|
| &nbsp;&nbsp;&nbsp; Galveston, TX, Wharves & Terminal Revenue, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1580005<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, Continental Airlines Terminal Improvement Projects, <br> Refunding  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 6517605<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, Continental Airlines Terminal Improvement Projects, <br> Refunding  | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; $5000000 | &nbsp;&nbsp;&nbsp; $5011535<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series <br> B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 899225<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Terminal Improvement Projects, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7381807<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Love Field, TX, Airport Modernization Corp., General Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 111233<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 110819<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., TX: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Facility Revenue, Westminster Manor Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/49 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1012305<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing Revenue, Collegiate Housing College Station, AGM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 499035<br>|
| &nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, <br> Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 683388<br>|
| &nbsp;&nbsp;&nbsp; Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue, <br> Jefferson Gulf Coast Energy Project, Series A  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 165083<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckner Retirement Services Inc. Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1003061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckner Retirement Services Inc. Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1135192<br>|
| &nbsp;&nbsp;&nbsp; Texas State, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, <br> Senior Lien, Series D  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 1945000 | &nbsp;&nbsp;&nbsp; 1999068<br>|
| &nbsp;&nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series <br> A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/37 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; 495588<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, NTE Mobility Partners Segments 3 LLC, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 619544<br> <sup>(c)</sup><br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *33946268* |
| *Utah — 1.2%* | *Utah — 1.2%* | *Utah — 1.2%* | *Utah — 1.2%* | *Utah — 1.2%* |
| &nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Academy Inc., Series A, Refunding, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/39 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 356103<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Academy Inc., Series A, Refunding, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/44 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 627670<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syracuse Arts Academy Project, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/42 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 751270<br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency Telecommunication Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 443429<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1167895<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *3346367* |
| *Virginia — 0.4%* | *Virginia — 0.4%* | *Virginia — 0.4%* | *Virginia — 0.4%* | *Virginia — 0.4%* |
| &nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Senior Campuses, Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 519962<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, I-495 HOT Lanes Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 753635<br> <sup>(c)</sup><br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *1273597* |
| *Washington — 0.4%* | *Washington — 0.4%* | *Washington — 0.4%* | *Washington — 0.4%* | *Washington — 0.4%* |
| &nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue, Commonspirit Health, <br> Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; *1130893*<br>|
| *Wisconsin — 1.6%* | *Wisconsin — 1.6%* | *Wisconsin — 1.6%* | *Wisconsin — 1.6%* | *Wisconsin — 1.6%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue, The Carmelite System Inc. Obligated <br> Group, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 287992<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

 **Western Asset Municipal High Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Wisconsin — continued* | *Wisconsin — continued* | *Wisconsin — continued* | *Wisconsin — continued* | *Wisconsin — continued* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond Boone LLC, Appalachian State University Project, AGM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; $700000 | &nbsp;&nbsp;&nbsp; $614014<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Wilmington LLC, University of North Carolina at Wilmington Project, AGM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp; 2387494<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Hawai'i Foundation Project, Green Bonds, Series A-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; 615798<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 524355<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *4429653* |
| **Total Municipal Bonds (Cost — $284,870,364)** | **Total Municipal Bonds (Cost — $284,870,364)** | **Total Municipal Bonds (Cost — $284,870,364)** | **Total Municipal Bonds (Cost — $284,870,364)** | &nbsp;&nbsp; **275655809** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 4.0%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 4.0%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 4.0%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 4.0%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 4.0%** |
| *New York — 4.0%* | *New York — 4.0%* | *New York — 4.0%* | *New York — 4.0%* | *New York — 4.0%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2023, Subseries AA-1  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 3055000 | &nbsp;&nbsp;&nbsp; 3193967<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 4755000 | &nbsp;&nbsp;&nbsp; 4411434<br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Sales Tax Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/49 | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 3803121<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $11,696,289)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $11,696,289)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $11,696,289)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $11,696,289)** | &nbsp;&nbsp; **11408522** |
| **Total Investments before Short-Term Investments (Cost — $296,566,653)** | **Total Investments before Short-Term Investments (Cost — $296,566,653)** | **Total Investments before Short-Term Investments (Cost — $296,566,653)** | **Total Investments before Short-Term Investments (Cost — $296,566,653)** | &nbsp;&nbsp; **287064331** |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Municipal Bonds — 0.4%** | **Municipal Bonds — 0.4%** | **Municipal Bonds — 0.4%** | **Municipal Bonds — 0.4%** | **Municipal Bonds — 0.4%** |
| *Indiana — 0.2%* | *Indiana — 0.2%* | *Indiana — 0.2%* | *Indiana — 0.2%* | *Indiana — 0.2%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Environmental Facilities Revenue, Series A-5, <br> Refunding, LOC - Sumitomo Mitsui Banking | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; *450000*<br> <sup>(h)(i)</sup><br>|
| *Massachusetts — 0.1%* | *Massachusetts — 0.1%* | *Massachusetts — 0.1%* | *Massachusetts — 0.1%* | *Massachusetts — 0.1%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Boston University, Series U-6C, Refunding, <br> LOC - TD Bank N.A. | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; *400000*<br> <sup>(h)(i)</sup><br>|
| *New York — 0.1%* | *New York — 0.1%* | *New York — 0.1%* | *New York — 0.1%* | *New York — 0.1%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, GO, Subseries D-4, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; *200000*<br> <sup>(h)(i)</sup><br>|
| **Total Short-Term Investments (Cost — $1,050,000)** | **Total Short-Term Investments (Cost — $1,050,000)** | **Total Short-Term Investments (Cost — $1,050,000)** | **Total Short-Term Investments (Cost — $1,050,000)** | &nbsp;&nbsp; **1050000** |
| **Total Investments — 100.9% (Cost — $297,616,653)** | **Total Investments — 100.9% (Cost — $297,616,653)** | **Total Investments — 100.9% (Cost — $297,616,653)** | **Total Investments — 100.9% (Cost — $297,616,653)** | &nbsp;&nbsp; **288114331** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.2)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.2)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.2)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.2)% | &nbsp;&nbsp;&nbsp; (6265000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.3% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.3% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.3% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.3% | &nbsp;&nbsp;&nbsp; 3617128 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$285466459** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **Western Asset Municipal High Income Fund**

\* Non-income producing security.

<sup>(a)</sup> Maturity date shown represents the mandatory tender date.

<sup>(b)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published 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. 

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

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

<sup>(e)</sup> The coupon payment on this security is currently in default as of April 30, 2025.

<sup>(f)</sup> The maturity principal is currently in default as of April 30, 2025.

<sup>(g)</sup> Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust..

<sup>(h)</sup> Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no 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. 

<sup>(i)</sup> Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AGC |  | Assured Guaranty Corporation — Insured Bonds |
| AGM |  | Assured Guaranty Municipal Corporation — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| CAB |  | Capital Appreciation Bonds |
| CSCE |  | Charter School Credit Enhancement |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| GO |  | General Obligation |
| HDA |  | Housing Development Authority |
| HEFA |  | Health & Educational Facilities Authority |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| LOC |  | Letter of Credit |
| MFA |  | Municipal Finance Authority |
| MTA |  | Metropolitan Transportation Authority |
| PCFA |  | Pollution Control Financing Authority |
| PEA |  | Public Energy Authority |
| PFA |  | Public Facilities Authority |

---

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

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $275655809 | &nbsp;&nbsp; — | &nbsp;&nbsp; $275655809 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 11408522 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11408522 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 287064331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 287064331 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1050000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$288114331** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$288114331** |

---

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

† See Schedule of Investments for additional detailed categorizations.

------

Western Asset Municipal High Income Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

- **a. Name of Series:** Western Asset Municipal High Income Fund

- **b. EDGAR series identifier (if any):** S000008976

- **c. LEI of Series:** 549300RTPE8K0EEJKY08

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $292598697.59

**Total Liabilities:** $7545727.44

**Net Assets:** $285052970.15

**Cash Not Reported:** $85658.53

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17.31000000 | **1-Year:** 3514.50000000 | **5-Year:** 34609.22000000 | **10-Year:** 124675.12000000 | **30-Year:** 19400.41000000

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

- **3-Month:** 168.11000000 | **1-Year:** 1390.19000000 | **5-Year:** 10743.35000000 | **10-Year:** 36010.25000000 | **30-Year:** 1638.37000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024387 | 1.15%                | -1.67%               | -1.33%               |
| Class ID C000024389 | 1.11%                | -1.73%               | -1.30%               |
| Class ID C000024390 | 1.17%                | -1.67%               | -1.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39431.63                | $1998457.77                                |
| Month 2  | $499112.37               | $-6488832.39                               |
| Month 3  | $-503748.46              | $-4657401.22                               |

**Designated Index Information**

- **Index Name:** BBG POINT MUNI index

- **Index Identifier:** 7425

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                             | CUSIP: 452143FN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $757134.94    | 0.27%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    442237 | PA      | $412048.84    | 0.14%             | 2035-07-01      | 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        |   2250000 | PA      | $2250370.13   | 0.79%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                             | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000092.70   | 0.35%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                           | CUSIP: 167505XM3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503976.30    | 0.18%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP ECON                  | Maryland Economic Development Corp                                   | CUSIP: 57420NCU3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    300000 | PA      | $298918.53    | 0.10%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $441396.55    | 0.15%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOOVER AL INDL DEV BRD ENVNMNT                  | Hoover Industrial Development Board                                  | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $451075.10    | 0.16%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue               | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5275000 | PA      | $4904268.78   | 1.72%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU                  | New Mexico Municipal Energy Acquisition Authority                    | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    750000 | PA      | $786063.00    | 0.28%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                  | Mobile County Industrial Development Authority                       | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456354.70    | 0.16%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                            | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7381807.50   | 2.59%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV                  | Build NYC Resource Corp                                              | CUSIP: 12008ETL0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $731203.43    | 0.26%             | 2062-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HLTH CARE SYS R                  | City of Grand Forks ND                                               | CUSIP: 38546WDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $589497.12    | 0.21%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048199.10   | 0.37%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                  | Metropolitan Washington Airports Authority Aviation Revenue          | CUSIP: 592647MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1859218.90   | 0.65%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                      | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    550000 | PA      | $576800.62    | 0.20%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN                  | California Community Housing Agency                                  | CUSIP: 13013FAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1135995.60   | 0.40%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                | CUSIP: 91754TYA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $356102.74    | 0.12%             | 2039-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE AK PORT REVENUE                       | Municipality of Anchorage AK                                         | CUSIP: 033252AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $581010.36    | 0.20%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                  | New York Liberty Development Corp                                    | CUSIP: 649519FB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1395440.46   | 0.49%             | 2052-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    193904 | PA      | $116099.99    | 0.04%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| VILLAGE MET DIST CO                             | Village Metropolitan District/The                                    | CUSIP: 92708CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488307.30    | 0.17%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT                  | Clackamas County Hospital Facility Authority                         | CUSIP: 179027WQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1166046.50   | 0.41%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                  | City & County Honolulu HI Wastewater System Revenue                  | CUSIP: 438701J47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $600063.83    | 0.21%             | 2041-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                  | Mobile County Industrial Development Authority                       | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $579520.56    | 0.20%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN                  | Public Authority for Colorado Energy                                 | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   4450000 | PA      | $5200094.23   | 1.82%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                  | Public Finance Authority                                             | CUSIP: 74439YBF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2387493.60   | 0.84%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                    | New Hampshire Business Finance Authority                             | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $705832.61    | 0.25%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue               | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $695221.40    | 0.24%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                           | CUSIP: 167505TG1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98905.58     | 0.03%             | 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        |   1200000 | PA      | $1135192.20   | 0.40%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE MET DIST CO                             | Village Metropolitan District/The                                    | CUSIP: 92708CAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1133412.96   | 0.40%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                | CUSIP: 91754TYB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $627670.06    | 0.22%             | 2044-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri   | CUSIP: 60635H4C0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986102.00    | 0.35%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                 | CUSIP: 167593YN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994470.80    | 0.35%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                            | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899225.40    | 0.32%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                             | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1175652.24   | 0.41%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                             | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $873402.56    | 0.31%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                             | CUSIP: 74442PQV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $287992.11    | 0.10%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                      | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1177605.99   | 0.41%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                 | CUSIP: 472682ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3605717.85   | 1.26%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SANTA FE NM RETMNT FAC REVENUE                  | City of Santa Fe NM                                                  | CUSIP: 802170AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $690187.20    | 0.24%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                  | Florida Development Finance Corp                                     | CUSIP: 34061UFV5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010921.20   | 0.35%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax         | CUSIP: 167510AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004921.20   | 0.35%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                | CUSIP: 54714CBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111233.29    | 0.04%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                 | CUSIP: 74526YDC6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    350000 | PA      | $169750.00    | 0.06%             | 2018-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                  | Kentucky Public Energy Authority                                     | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    400000 | PA      | $420100.20    | 0.15%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     26131 | PA      | $26174.89     | 0.01%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                   | CUSIP: 167486P52<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1254404.88   | 0.44%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                        | CUSIP: 69650MAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $732644.78    | 0.26%             | 2045-11-15      | 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        |     95000 | PA      | $95501.24     | 0.03%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                 | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $1038375.00   | 0.36%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue               | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $677004.55    | 0.24%             | 2040-07-01      | Fixed         | 4.33%                 | 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        |    750000 | PA      | $669970.13    | 0.24%             | 2045-03-01      | Fixed         | 4.00%                 | 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        |   1100000 | PA      | $1100087.78   | 0.39%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                    | CUSIP: 71780CBA7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1108833.48   | 0.39%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI                  | Indiana Finance Authority                                            | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505038.00    | 0.18%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                            | CUSIP: 155498BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1119817.40   | 0.39%             | 2038-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                   | CUSIP: 167486G29<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542049.50   | 0.54%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH SENIOR                  | Tulsa County Industrial Authority                                    | CUSIP: 899530AY5<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502167.20    | 0.18%             | 2037-11-15      | Fixed         | 5.25%                 | 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        |   3055000 | PA      | $3193966.84   | 1.12%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                  | Florida Development Finance Corp                                     | CUSIP: 34061UFW3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001530.80   | 0.35%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                    | CUSIP: 452152B91<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5020000 | PA      | $4991756.98   | 1.75%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N RANGE CO MET DIST #2                          | North Range Metropolitan District No 2                               | CUSIP: 66176MAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000815.80   | 0.35%             | 2047-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                           | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1073338.75   | 0.38%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                   | Minneapolis-St Paul Metropolitan Airports Commission                 | CUSIP: 603827F27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3510294.90   | 1.23%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                          | CUSIP: 93978HVT9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1130892.75   | 0.40%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                  | Central Plains Energy Project                                        | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3285096.82   | 1.15%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                     | Indiana Finance Authority                                            | CUSIP: 45506EBU6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1106981.13   | 0.39%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                          | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1263076.00   | 0.44%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                               | CUSIP: 55374SAE0<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4138112.65   | 1.45%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                  | California Public Finance Authority                                  | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $657990.38    | 0.23%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                          | CUSIP: 928104MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519961.50    | 0.18%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY AZ INDL DEV AUTH E                  | La Paz County Industrial Development Authority                       | CUSIP: 50376FAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750021.75    | 0.26%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                             | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1119950.50   | 0.39%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     51258 | PA      | $41965.42     | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                            | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2984400.00   | 1.05%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                   | Colorado High Performance Transportation Enterprise                  | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488003.95    | 0.17%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA INDL DEV AUTH                      | Lancaster Industrial Development Authority                           | CUSIP: 514349CY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1653684.20   | 0.58%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                  | New Hope Cultural Education Facilities Finance Corp                  | CUSIP: 64542RAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499034.60    | 0.18%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                  | Public Finance Authority                                             | CUSIP: 74439YDW8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    790000 | PA      | $615798.36    | 0.22%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                  | California Public Finance Authority                                  | CUSIP: 13057GAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $444765.00    | 0.16%             | 2051-11-15      | 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        |    500000 | PA      | $448980.15    | 0.16%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                            | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499957.20    | 0.18%             | 2037-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE                  | City of Valparaiso IN                                                | CUSIP: 92028RAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2296416.24   | 0.81%             | 2054-01-01      | 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        |   1150000 | PA      | $1160846.92   | 0.41%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                       | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2035762.88   | 0.71%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                           | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3023449.00   | 1.06%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                             | CUSIP: 650116HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $645430.03    | 0.23%             | 2054-12-31      | Fixed         | 4.50%                 | 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        |   2000000 | PA      | $1812576.40   | 0.64%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E                  | Ohio Air Quality Development Authority                               | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1805262.60   | 0.63%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                           | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048647.80   | 0.37%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                | CUSIP: 54714CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110818.58    | 0.04%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                  | Michigan Finance Authority                                           | CUSIP: 59447NBD7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $461336.75    | 0.16%             | 2054-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                             | CUSIP: 592250EB6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3296879.30   | 1.16%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                  | State of Ohio                                                        | CUSIP: 67759YAQ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1601989.62   | 0.56%             | 2053-06-30      | 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        |    750000 | PA      | $753635.18    | 0.26%             | 2047-12-31      | 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        |   1000000 | PA      | $1005557.80   | 0.35%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                      | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3199103.28   | 1.12%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                              | CUSIP: 6262072T0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1169927.52   | 0.41%             | 2059-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                            | CUSIP: 155498BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1075385.96   | 0.38%             | 2040-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                           | CUSIP: 917467AU6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1167895.38   | 0.41%             | 2040-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N RANGE CO MET DIST #2                          | North Range Metropolitan District No 2                               | CUSIP: 66176MAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487040.25    | 0.17%             | 2037-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                 | CUSIP: 167593YM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000053.60   | 0.35%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                        | CUSIP: 696507UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923070.30    | 0.32%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     60471 | PA      | $40595.65     | 0.01%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                  | Village Community Development District No 15                         | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650261.69    | 0.23%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp              | CUSIP: 882667CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $619543.56    | 0.22%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                   | Empire State Development Corp (TOBs)                                 | CUSIP: 64985TER8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3803120.85   | 1.33%             | 2049-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                    | CUSIP: 4521522M2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3020528.64   | 1.06%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                  | Industrial Development Authority of the City of Phoenix Arizona/The  | CUSIP: 71885FDP9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6737372.60   | 2.36%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                              | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1361801.25   | 0.48%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                  | CUSIP: 64966LCP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.07%             | 2040-08-01      | Variable      | 2.65%                 | 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        |   1000000 | PA      | $921058.70    | 0.32%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                         | Florida Development Finance Corp                                     | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2964205.14   | 1.04%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                             | CUSIP: 052398HW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $746932.73    | 0.26%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                  | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2461166.50   | 0.86%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY AZ INDL DEV AUTH E                  | La Paz County Industrial Development Authority                       | CUSIP: 50376FAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $2961627.30   | 1.04%             | 2046-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                             | CUSIP: 57583RWB7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.14%             | 2042-10-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                    | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002868.80   | 0.35%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                             | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6125000 | PA      | $6155990.05   | 2.16%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                           | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    750000 | PA      | $697719.00    | 0.24%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                           | CUSIP: 917467CD2<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $443428.65    | 0.16%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                          | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522997.00    | 0.18%             | 2053-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                             | CUSIP: 76827QKZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2437151.75   | 0.85%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                      | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2793211.04   | 0.98%             | 2055-02-01      | Variable      | 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        |    850000 | PA      | $850731.77    | 0.30%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH SENIOR                  | Tulsa County Industrial Authority                                    | CUSIP: 899530BA6<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985858.60    | 0.35%             | 2045-11-15      | Fixed         | 5.25%                 | 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        |   1945000 | PA      | $1999067.89   | 0.70%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     46990 | PA      | $44905.11     | 0.02%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                   | New Hope Cultural Education Facilities Finance Corp                  | CUSIP: 64542UFM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1012304.64   | 0.36%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NAVAJO NATION AZ                                | Navajo Nation                                                        | CUSIP: 639185AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $854811.60    | 0.30%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                  | Maryland Health & Higher Educational Facilities Authority            | CUSIP: 57421CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $440057.25    | 0.15%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                  | Florida Development Finance Corp                                     | CUSIP: 34061UBU1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200750.00   | 0.42%             | 2035-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                             | CUSIP: 76827QJZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1092418.19   | 0.38%             | 2053-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                  | Public Finance Authority                                             | CUSIP: 74439YDR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $614013.75    | 0.22%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                  | Southeast Alabama Gas Supply District/The                            | CUSIP: 84131TAZ5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    750000 | PA      | $792757.58    | 0.28%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                             | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305220.75    | 0.11%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                             | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $184212.15    | 0.06%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                  | County of Miami-Dade Seaport Department                              | CUSIP: 59335KFB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515761.55   | 0.53%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D                  | State of Nevada Department of Business & Industry                    | CUSIP: 25490LAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1295896.92   | 0.45%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                   | Indiana Finance Authority                                            | CUSIP: 455054AF3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450000.00    | 0.16%             | 2040-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                       | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1136115.50   | 0.40%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                  | Florida Development Finance Corp                                     | CUSIP: 34061UBV9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    990000 | PA      | $990127.91    | 0.35%             | 2046-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    299287 | PA      | $255101.17    | 0.09%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHL                  | Louisiana Public Facilities Authority                                | CUSIP: 54639TCS9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904010.10    | 0.32%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                    | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1533885.54   | 0.54%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERAT                  | Southeast Energy Authority A Cooperative District                    | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1108378.32   | 0.39%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                        | CUSIP: 696507VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $219823.55    | 0.08%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHL                  | Louisiana Public Facilities Authority                                | CUSIP: 54639TCT7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    500000 | PA      | $440712.65    | 0.15%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5354475.30   | 1.88%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D                  | State of Nevada Department of Business & Industry                    | CUSIP: 25490LAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $1939538.25   | 0.68%             | 2045-12-15      | Fixed         | 5.12%                 | 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        |   1000000 | PA      | $945299.20    | 0.33%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA                  | City of Galveston TX Wharves & Terminal Revenue                      | CUSIP: 364568JX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580005.20   | 0.55%             | 2036-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                              | CUSIP: 73358W5U4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $428662.75    | 0.15%             | 2055-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                 | CUSIP: 74526YCZ6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    215000 | PA      | $104812.50    | 0.04%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri   | CUSIP: 60635H4B2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005550.60   | 0.35%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                           | CUSIP: 45204FYS8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    650000 | PA      | $663743.47    | 0.23%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                             | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    750000 | PA      | $744655.28    | 0.26%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $1982413.01   | 0.70%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST DEV FIN AUTH ENVRN                  | Illinois Development Finance Authority                               | CUSIP: 451916AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3253327.68   | 1.14%             | 2032-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                | CUSIP: 70868YAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2122720.00   | 0.74%             | 2032-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                       | CUSIP: 64613CCU0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488385.10    | 0.17%             | 2040-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                    | CUSIP: 16772PCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $250890.51    | 0.09%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                            | CUSIP: 68450LHL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502991.35    | 0.18%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK                  | Port of Beaumont Navigation District                                 | CUSIP: 73360CAN4<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    250000 | PA      | $165083.23    | 0.06%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                  | CUSIP: 97712JGT4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524355.20    | 0.18%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                             | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $725035.22    | 0.25%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                | CUSIP: 708692CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297399.54    | 0.10%             | 2051-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                           | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022022.20   | 0.71%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                            | CUSIP: 4423485S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6517604.60   | 2.29%             | 2030-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     51018 | PA      | $53057.83     | 0.02%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                            | CUSIP: 64577BHW7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1837879.20   | 0.64%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                              | CUSIP: 62620HHP0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    800000 | PA      | $825026.08    | 0.29%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                               | CUSIP: 677525WF0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925523.20    | 0.32%             | 2042-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                 | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026950.50   | 1.06%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue               | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $122888.96    | 0.04%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                       | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    400000 | PA      | $418466.56    | 0.15%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                   | CUSIP: 57420VRN5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $864921.60    | 0.30%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                  | Maryland Health & Higher Educational Facilities Authority            | CUSIP: 57421CAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $612617.68    | 0.21%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                           | CUSIP: 45204FYV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    385000 | PA      | $362903.31    | 0.13%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue               | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3460000 | PA      | $1116910.84   | 0.39%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                  | Newark Higher Education Finance Corp                                 | CUSIP: 650346EA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $683388.27    | 0.24%             | 2056-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                  | Metropolitan Government Nashville & Davidson County Sports Authority | CUSIP: 592090JZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $782429.55    | 0.27%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                            | CUSIP: 155498BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $1779639.12   | 0.62%             | 2036-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                | CUSIP: 91754TSB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751270.20    | 0.26%             | 2042-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                 | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2560502.25   | 0.90%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                     | CUSIP: 56681NEN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1416155.40   | 0.50%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                              | CUSIP: 62620HHQ8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515491.25    | 0.18%             | 2064-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REUNION E FL CDD SPL ASSMNT                     | Reunion East Community Development District                          | CUSIP: 761311AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $3.55         | 0.00%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                     | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7224525.00   | 2.53%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     51860 | PA      | $52893.18     | 0.02%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM                  | Arkansas Development Finance Authority                               | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760347.08    | 0.27%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                            | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5011535.50   | 1.76%             | 2038-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                      | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1141337.01   | 0.40%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                             | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9645000 | PA      | $9673231.88   | 3.39%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CENTRL FALLS RI DETENTION FAC                   | Central Falls Detention Facility Corp                                | CUSIP: 153457AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $382200.00    | 0.13%             | 2035-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority              | New York State Dormitory Authority (TOBs)                            | CUSIP: 64990FYN8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4755000 | PA      | $4411434.88   | 1.55%             | 2045-03-15      | Fixed         | 4.00%                 | 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        |   1000000 | PA      | $1003060.60   | 0.35%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP ECON                  | Maryland Economic Development Corp                                   | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970396.90    | 0.34%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A                  | St Louis County Industrial Development Authority                     | CUSIP: 791524BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000127.50   | 1.05%             | 2043-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp              | CUSIP: 882667BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $495588.05    | 0.17%             | 2037-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                  | City & County Honolulu HI Wastewater System Revenue                  | CUSIP: 4387014P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276514.73    | 0.10%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                             | CUSIP: 76827QHJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263866.50    | 0.09%             | 2037-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA                  | Pennsylvania Economic Development Financing Authority                | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1702188.58   | 0.60%             | 2038-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                | CUSIP: 59261AFS1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504930.10    | 0.18%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                             | CUSIP: 76827QHK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515706.25    | 0.18%             | 2052-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     49554 | PA      | $52572.42     | 0.02%             | 2031-07-01      | Fixed         | 5.75%                 | 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        |   1145000 | PA      | $1095463.75   | 0.38%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                 | CUSIP: 74526YDG7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $692250.00    | 0.24%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                         | CUSIP: 11506KFK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3928842.45   | 1.38%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                            | CUSIP: 68450LJR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $380171.56    | 0.13%             | 2056-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-17

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer