# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001752724-23-046653
**Filing Date:** 2023-2
**Character Count:** 544848
**Document Hash:** a87770255805dff52daefc0b6f1e50a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046653.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046653

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 23682893

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| **MUNICIPAL BONDS - 92.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alabama - 2.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama Corrections Institution Finance Authority Revenue, Series A | 5.000% | 7/1/42 | $9250000 | $9936102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Project #6, Series B | 4.000% | 12/1/26 | 2125000 | 2100398 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson County, AL, Sewer Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Subordinated Lien, Warrants, Step bond,<br>Series F, Refunding (0.000% to 10/1/23 then 7.900%) | 0.000% | 10/1/50 | 9000000 | 9194438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien Warrants, Series D | 5.000% | 10/1/23 | 4000000 | 4058804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue,<br>Project #2, Series A | 4.000% | 6/1/24 | 25125000 | 25040339 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Alabama* |  |  |  | *50330081* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alaska - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project, Series B | 4.000% | 12/1/35 | 1000000 | 1019401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project, Series B | 4.000% | 12/1/36 | 750000 | 760299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project II, Series B | 5.000% | 12/1/37 | 750000 | 809083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 5.000% | 6/1/26 | 1085000 | 1130802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 5.000% | 6/1/27 | 1000000 | 1050120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 5.000% | 6/1/28 | 1650000 | 1745580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 5.000% | 6/1/29 | 1250000 | 1332116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | 5.000% | 6/1/30 | 1750000 | 1877421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Alaska* |  |  |  | *9724822* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Arizona - 2.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Refunding, SD Credit Program | 5.000% | 7/1/37 | 700000 | 717194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Credit Enhanced, SD Credit Program, Refunding | 5.000% | 7/1/37 | 850000 | 883162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln South Beltway Project | 5.000% | 2/1/24 | 2000000 | 2040747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln South Beltway Project | 5.000% | 8/1/24 | 2000000 | 2061852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln South Beltway Project | 5.000% | 2/1/25 | 1500000 | 1561445 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 1

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Arizona - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona State IDA, Hospital Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Children's Hospital Project | 5.000% | 2/1/36 | $1100000 | $1180167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Children's Hospital Project | 5.000% | 2/1/40 | 1300000 | 1360160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | 2.700% | 8/14/23 | 8000000 | 7947948 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | 5.000% | 6/3/24 | 8900000 | 9043121 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | 5.000% | 9/1/27 | 6500000 | 6785778 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navajo Nation, AZ, Revenue, Series A, Refunding | 5.000% | 12/1/25 | 3400000 | 3480929 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix, AZ, Civic Improvement Corp., Airport Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Lien, Refunding | 5.000% | 7/1/27 | 4000000 | 4121406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2018 | 5.000% | 7/1/36 | 3715000 | 3884326 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2018 | 5.000% | 7/1/37 | 4300000 | 4475400 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2018 | 5.000% | 7/1/38 | 5085000 | 5277843 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA, Great Hearts Academies, Refunding | 5.000% | 7/1/36 | 1600000 | 1620702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007 | 5.000% | 12/1/32 | 3665000 | 3832734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Arizona* |  |  |  | *60274914* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - 8.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda, CA, Corridor Transportation Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | 5.000% | 10/1/34 | 3000000 | 3096947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | 5.000% | 10/1/36 | 4200000 | 4308500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaheim, CA, Housing & Public Improvements Authority, Sewer Revenue, Refunding | 5.000% | 2/1/36 | 2060000 | 2238971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaheim, CA, Public Financing Authority Lease Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 5/1/28 | 1100000 | 1132910 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 5/1/29 | 1255000 | 1292547 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 5/1/30 | 1700000 | 1750860 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 5/1/31 | 1850000 | 1905348 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, CA, Toll Bridge Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area, Series B-1 (SIFMA Municipal Swap Index Yield + 1.100%) | 4.760% | 4/1/24 | 3000000 | 3019297 | <sup>(a)(b)</sup> |

---

**See Notes to Schedule of Investments.** 

2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area, Series C-1 (SIFMA Municipal Swap Index Yield + 0.900%) | 4.560% | 5/1/23 | $30000000 | $30006243 <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Climate Bond Certified, Series A | 4.000% | 12/1/27 | 2300000 | 2309685 <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series A-1 | 4.000% | 8/1/28 | 2250000 | 2239467 <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Infrastructure & Economic Development Bank Revenue, UCSF 2130 Third Street | 5.000% | 5/15/42 | 6000000 | 6408921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State MFA Lease Revenue, Orange County, CA, Civic Center Infrastructure Improvement Program | 5.000% | 6/1/43 | 3000000 | 3198873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | 5.000% | 12/31/34 | 4550000 | 4700228 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | 5.000% | 12/31/43 | 4500000 | 4530441 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project | 4.000% | 7/15/29 | 500000 | 487640 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poseidon Resources | 5.000% | 7/1/27 | 7060000 | 7080324 <sup>(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | 5.000% | 7/1/39 | 1500000 | 1467042 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State, GO, Various Purpose, Refunding | 4.000% | 11/1/36 | 2735000 | 2787296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A | 5.600% | 1/15/36 | 8405000 | 8355937 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A | 5.250% | 11/15/23 | 3975000 | 4018960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County, CA, MTA, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Proposition C, Series B | 5.000% | 7/1/34 | 5000000 | 5559210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Proposition C, Series B | 5.000% | 7/1/35 | 5000000 | 5510003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Series A, Refunding | 5.000% | 5/15/36 | 3690000 | 4114053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Series G, Refunding | 5.000% | 5/15/27 | 3390000 | 3622523 <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 3

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Series H, Refunding | 5.000% | 5/15/27 | $4175000 | $4461367 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series B | 5.000% | 5/15/35 | 1000000 | 1031163 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series B | 5.000% | 5/15/36 | 1000000 | 1028087 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series C | 5.000% | 5/15/37 | 4925000 | 5096159 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series C | 5.000% | 5/15/38 | 2500000 | 2580481 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series D | 5.000% | 5/15/34 | 1000000 | 1057951 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series D | 5.000% | 5/15/35 | 1695000 | 1782817 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series D | 5.000% | 5/15/36 | 1275000 | 1334477 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series F | 5.000% | 5/15/34 | 1775000 | 1885614 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Power System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 7/1/36 | 6450000 | 6995222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 7/1/37 | 3000000 | 3229278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 6.125% | 11/1/29 | 1675000 | 1854523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 6.125% | 11/1/29 | 16035000 | 17754550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern California Energy Authority, Commodity Supply Revenue, Series A | 4.000% | 7/1/24 | 3000000 | 2997982 <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Series A-1, Refunding, AGM | 5.000% | 9/1/42 | 3700000 | 3984335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside County, CA, Transportation Commission Sales Tax Revenue, Limited Tax, Series A | 5.250% | 6/1/26 | 4000000 | 4038904 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside, CA, Electric Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/36 | 6250000 | 6894992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/43 | 3000000 | 3231367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside, CA, Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 8/1/34 | 6645000 | 7362383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 8/1/35 | 3115000 | 3428830 |

---

**See Notes to Schedule of Investments.** 

4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 8/1/36 | $1000000 | $1093799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Bernardino City, CA, Unified School District: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, School Financing Project, AGM | 5.000% | 10/1/34 | 1000000 | 1104803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, School Financing Project, AGM | 5.000% | 10/1/35 | 1500000 | 1647892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Series D, Refunding | 5.000% | 5/1/48 | 2500000 | 2531013 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/34 | 1000000 | 1061521 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanger, CA, USD Revenue, COP, Capital Projects, Refunding, AGM | 5.000% | 6/1/49 | 3000000 | 3092019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Natural Gas Project Revenue, Project Number 1, Series A | 5.250% | 11/1/26 | 2000000 | 2111340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Water Replenishment District Financing Authority, Replenishment Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 8/1/36 | 2300000 | 2531794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 8/1/43 | 2000000 | 2168830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A | 5.000% | 6/1/34 | 655000 | 686115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A | 5.000% | 6/1/36 | 1000000 | 1038500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A | 5.000% | 6/1/37 | 1000000 | 1034564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A | 5.000% | 6/1/38 | 750000 | 773451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total California* |  |  |  | *218048349* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Colorado - 2.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base Village Metropolitan District #2, CO, GO, Series A, Refunding | 5.500% | 12/1/36 | 500000 | 501317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A | 5.250% | 11/1/37 | 1450000 | 1554380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A | 5.250% | 11/1/38 | 2200000 | 2347906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A | 5.250% | 11/1/39 | 2000000 | 2130017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series B-2 | 5.000% | 8/1/26 | 2900000 | 3029083 | <sup>(a)(b)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 5

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Colorado - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver, CO, City & County Airport System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.500% | 11/15/40 | $15000000 | $16363693 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.500% | 11/15/42 | 9000000 | 9746689 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. Project, Refunding | 5.000% | 10/1/32 | 4800000 | 4730566 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Vauxmont Metropolitan, CO, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Refunding, AGM | 5.000% | 12/15/27 | 255000 | 273225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Refunding, AGM | 5.000% | 12/1/26 | 385000 | 413253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Refunding, AGM | 5.000% | 12/1/28 | 415000 | 457128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Natural Gas Purchase Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008 | 6.125% | 11/15/23 | 3390000 | 3451547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008 | 6.250% | 11/15/28 | 8000000 | 8632782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation District, CO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A | 5.000% | 1/15/30 | 700000 | 740584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A | 5.000% | 1/15/31 | 450000 | 478703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A | 5.000% | 7/15/31 | 400000 | 425523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Colorado* |  |  |  | *55276396* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Connecticut - 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacred Heart University Issue, Series I-1, Refunding | 5.000% | 7/1/36 | 1150000 | 1205739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacred Heart University Issue, Series I-1, Refunding | 5.000% | 7/1/42 | 2000000 | 2060671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure, Series A | 5.000% | 5/1/33 | 3000000 | 3416138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure, Series A | 5.000% | 5/1/34 | 4500000 | 5100455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure, Series A | 5.000% | 1/1/37 | 5000000 | 5361736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 4.000% | 6/1/35 | 1525000 | 1568886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 4.000% | 6/1/37 | 1000000 | 1006056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 4.000% | 6/1/38 | 1250000 | 1245755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | 5.000% | 10/15/34 | 2900000 | 3097862 |  |

---

**See Notes to Schedule of Investments.** 

6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Connecticut - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Central, CT, Regional Water Authority, Water System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thirty Third, Series B-1, Refunding | 5.000% | 8/1/41 | $1750000 | $1870735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thirty Third, Series B-2, Refunding | 5.000% | 8/1/31 | 2000000 | 2212297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thirty Third, Series B-2, Refunding | 5.000% | 8/1/32 | 2200000 | 2428905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut, Student Fee Revenue, Series A | 5.000% | 11/15/43 | 2900000 | 3098868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Connecticut* |  |  |  | *33674103* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority Revenue, Series 2018 | 5.000% | 6/1/43 | 4420000 | *4490268* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingleside Rock Creek Project, Series A | 5.000% | 7/1/32 | 500000 | 471810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingleside Rock Creek Project, Series A | 5.000% | 7/1/37 | 500000 | 454750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Issue, Series A, Refunding | 5.000% | 7/1/37 | 4010000 | 4114707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Project, Series B, Refunding | 5.000% | 7/1/37 | 5000000 | 5130558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total District of Columbia* |  |  |  | *10171825* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - 4.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County, FL, Airport System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | 5.000% | 10/1/36 | 1750000 | 1815296 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | 5.000% | 10/1/42 | 1500000 | 1530262 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 10/1/27 | 1750000 | 1863607 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 9/1/32 | 1725000 | 1913871 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 9/1/33 | 1800000 | 1989613 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 9/1/35 | 1650000 | 1794613 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 9/1/36 | 1305000 | 1409947 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 9/1/38 | 1350000 | 1442800 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 9/1/39 | 1415000 | 1504493 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 9/1/40 | 1150000 | 1216219 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 9/1/41 | 1290000 | 1362602 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 9/1/42 | 1750000 | 1848604 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 9/1/31 | 10155000 | 11239296 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broward County, FL, School Board, COP: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 7/1/27 | 4000000 | 4199869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 7/1/28 | 5500000 | 5749184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 7/1/30 | 5000000 | 5214316 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 7

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Refunding | 5.000% | 7/1/37 | $1250000 | $1323501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Refunding | 5.000% | 7/1/38 | 1000000 | 1055925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Atlantic University, FL, Finance Corp., Capital Improvements Revenue, Series 2019 A | 5.000% | 7/1/35 | 5775000 | 6266077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A | 6.000% | 6/15/35 | 1900000 | 1917515 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida State Mid-Bay Bridge Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/26 | 2000000 | 2047431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/27 | 3000000 | 3068301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/28 | 1000000 | 1022139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series E | 5.000% | 10/1/43 | 3000000 | 3069164 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lee County, FL, Airport Revenue, Series A, Refunding | 5.000% | 10/1/31 | 3500000 | 3823617 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Aviation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 4.000% | 10/1/35 | 3445000 | 3444589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 4.000% | 10/1/37 | 2075000 | 2038274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 4.000% | 10/1/39 | 5175000 | 4975189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Expressway Authority Toll System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/24 | 3000000 | 3076016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/25 | 3730000 | 3829450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/26 | 1700000 | 1741827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/27 | 2350000 | 2406440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/28 | 1000000 | 1023870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/30 | 2500000 | 2556745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 7/1/31 | 2750000 | 2805986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Health Facilities Authority Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicklaus Children's Hospital, Refunding | 5.000% | 8/1/35 | 1020000 | 1065599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicklaus Children's Hospital, Refunding | 5.000% | 8/1/36 | 635000 | 660974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicklaus Children's Hospital, Refunding | 5.000% | 8/1/37 | 1010000 | 1047479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding | 5.000% | 8/1/36 | 3745000 | 3888260 |

---

**See Notes to Schedule of Investments.** 

8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | 5.000% | 11/1/32 | $400000 | $429830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | 5.000% | 11/1/34 | 620000 | 653005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | 5.000% | 11/1/35 | 1200000 | 1252973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | 5.000% | 11/1/42 | 1400000 | 1427037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series 2022, Refunding | 4.000% | 6/1/31 | 1100000 | 996972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Revenue, Series A | 4.000% | 7/1/39 | 5000000 | 4912409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tampa, FL, Hospital Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Lee Moffit Cancer Center Project, Series B | 5.000% | 7/1/40 | 1250000 | 1292937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Lee Moffitt Cancer Center Project, Series B | 4.000% | 7/1/45 | 1000000 | 906009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Florida* |  |  |  | *116120132* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia - 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookhaven, GA, Development Authority Revenue, Children's Healthcare of Atlanta, Inc., Series A | 4.000% | 7/1/44 | 3500000 | 3364423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dahlonega, GA, Downtown Development Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Georgia MAC LLC Project, Refunding | 5.000% | 7/1/31 | 1400000 | 1496843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Georgia MAC LLC Project, Refunding | 5.000% | 7/1/34 | 770000 | 819291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DeKalb County, GA, Water & Sewer Revenue, Series A | 5.250% | 10/1/26 | 2500000 | 2501320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia State Higher Education Facilities Authority Revenue, USG Real Estate, Refunding | 5.000% | 6/15/33 | 1600000 | 1760518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority Power Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 4.000% | 1/1/51 | 645000 | 541134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM | 4.000% | 1/1/46 | 1780000 | 1637852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/34 | 850000 | 928876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/35 | 875000 | 945668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/36 | 1075000 | 1145774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/37 | 1000000 | 1053043 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 9

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue, Series A | 5.000% | 5/15/33 | $2750000 | $2853384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, GA, Revenue, Savannah College of Art & Design Inc. Project | 5.000% | 4/1/28 | 2000000 | 2051327 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Georgia* |  |  |  | *21099453* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Guam - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | 4.000% | 1/1/36 | 1085000 | 1016978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | 4.000% | 1/1/42 | 2050000 | 1793424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Guam* |  |  |  | *2810402* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - 13.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | 5.000% | 4/1/42 | 1700000 | 1703031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 4/1/36 | 1270000 | 1285260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 4/1/37 | 1400000 | 1415882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | 5.000% | 12/1/38 | 1735000 | 1726346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | 5.000% | 12/1/43 | 18000000 | 17610849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | 5.000% | 12/1/34 | 2230000 | 2254832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/32 | 6050000 | 6190484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/35 | 3450000 | 3478141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/36 | 3540000 | 3551306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 12/1/40 | 1500000 | 1469282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 12/1/29 | 2500000 | 2567999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 12/1/36 | 3100000 | 3109406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 12/1/24 | 2500000 | 2546786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 12/1/25 | 1000000 | 1023620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 5.000% | 12/1/46 | 1000000 | 952286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Works, Series A | 5.500% | 1/1/39 | 7000000 | 7360634 | <sup>(f)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/40 | 7075000 | 7031160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 1/1/44 | 2200000 | 2137303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/25 | 4000000 | 4078441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/27 | 2250000 | 2330059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.625% | 1/1/29 | 1250000 | 1311206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 1/1/25 | 2765000 | 2819222 |  |

---

**See Notes to Schedule of Investments.** 

10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Metropolitan Water Reclamation District Greater Chicago, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bond | 5.000% | 12/1/25 | $1235000 | $1285897 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bond | 5.000% | 12/1/26 | 1275000 | 1327546<br> <sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bond | 5.000% | 12/1/27 | 1360000 | 1416049<br> <sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bond | 5.000% | 12/1/28 | 1425000 | 1483728<br> <sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bond | 5.000% | 12/1/30 | 1575000 | 1639910<br> <sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bond | 5.000% | 12/1/31 | 1650000 | 1718000<br> <sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bond | 5.000% | 12/1/32 | 1735000 | 1806504<br> <sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bond | 5.000% | 12/1/33 | 1820000 | 1895007<br> <sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bond | 5.000% | 12/1/34 | 1910000 | 1988716<br> <sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series A, Refunding | 5.000% | 1/1/42 | 3850000 | 3982167<br> <sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series C, Refunding | 5.000% | 1/1/41 | 1745000 | 1808716<br> <sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series C, Refunding | 5.000% | 1/1/42 | 1920000 | 1985912<br> <sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | 5.250% | 1/1/36 | 7445000 | 7889913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | 5.250% | 1/1/37 | 4600000 | 4844631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/33 | 2145000 | 2188252<br> <sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 1/1/33 | 4500000 | 4655324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 1/1/34 | 10505000 | 10846349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 1/1/30 | 6010000 | 6140827<br> <sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 1/1/43 | 1570000 | 1619552<br> <sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trips Obligated Group | 5.000% | 7/1/38 | 1500000 | 1509360 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | 5.000% | 12/1/45 | 5900000 | 5979050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | 4.000% | 12/1/50 | 2000000 | 1741704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Wastewater Transmission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien | 5.000% | 1/1/30 | 1635000 | 1652579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien | 5.000% | 1/1/31 | 1500000 | 1516922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien | 5.000% | 1/1/32 | 1000000 | 1011579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien | 5.000% | 1/1/33 | 1035000 | 1043585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series B, Refunding | 5.000% | 1/1/36 | 4000000 | 4093108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, Waterworks Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Project | 5.000% | 11/1/30 | 1785000 | 1825546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Project | 5.000% | 11/1/31 | 2000000 | 2038206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Project | 5.000% | 11/1/33 | 1500000 | 1526286 |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 11

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Project | 5.000% | 11/1/34 | $1000000 | $1015643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Refunding, AGM | 5.000% | 11/1/28 | 2000000 | 2144394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017, Refunding | 5.000% | 11/1/29 | 1600000 | 1679333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cook County, IL, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 11/15/32 | 1415000 | 1565659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 11/15/38 | 2000000 | 2146405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elk Grove Village, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property Tax | 5.000% | 1/1/29 | 550000 | 594405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property Tax | 5.000% | 1/1/30 | 885000 | 956175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine University, Refunding, Series 2021 | 5.000% | 10/1/25 | 505000 | 512604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine University, Refunding, Series 2021 | 5.000% | 10/1/27 | 630000 | 643787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthShore University HealthSystem, Refunding, Series A | 5.000% | 8/15/33 | 1000000 | 1126470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthShore University HealthSystem, Refunding, Series A | 5.000% | 8/15/34 | 2000000 | 2239519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project | 5.000% | 10/1/32 | 400000 | 423715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project | 5.000% | 10/1/34 | 430000 | 452550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project | 5.000% | 10/1/35 | 395000 | 412735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project | 4.000% | 10/1/40 | 1250000 | 1143652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue, Student Housing & Academic Facilities Revenue, Chicago LLC, University of Illinois Chicago Project, Series A | 5.000% | 2/15/37 | 700000 | 667894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Sports Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Tax Supported, Refunding, AGM | 5.250% | 6/15/30 | 5000000 | 5113599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Tax Supported, Refunding, AGM | 5.250% | 6/15/31 | 8000000 | 8174947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Tax Supported, Refunding, AGM | 5.250% | 6/15/32 | 9500000 | 9702362 |

---

**See Notes to Schedule of Investments.** 

12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 4.000% | 1/1/46 | $2895000 | $2711012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 1/1/25 | 5000000 | 5219249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State University, Auxiliary Facilities System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, AGM | 5.000% | 4/1/26 | 510000 | 542860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, AGM | 5.000% | 4/1/28 | 475000 | 520416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | 5.000% | 11/1/33 | 3150000 | 3175397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | 5.000% | 2/1/29 | 2200000 | 2251975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 3/1/32 | 3925000 | 4014468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 3/1/35 | 2300000 | 2327507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 3/1/36 | 1000000 | 1008267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 5/1/36 | 4665000 | 4689569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 5/1/39 | 4800000 | 4767917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/27 | 12805000 | 13240470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/30 | 1275000 | 1306530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 12/1/33 | 4000000 | 4065962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 9/1/27 | 6015000 | 6218916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 10/1/27 | 3000000 | 3102023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 5.000% | 11/1/27 | 9695000 | 10025726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kane County, IL, School District #131 Aurora East Side, GO, Series A,<br>AGM  | 4.000% | 12/1/35 | 800000 | 818279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | 4.000% | 12/15/42 | 7400000 | 6455901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | 4.000% | 12/15/47 | 1635000 | 1366121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | 4.000% | 6/15/50 | 10465000 | 8601605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | 5.000% | 6/15/50 | 16400000 | 16022290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | 5.000% | 12/15/28 | 2000000 | 2061690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | 5.000% | 12/15/30 | 625000 | 643454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 4.000% | 6/1/46 | 10920000 | 10538205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, NATL | 6.000% | 7/1/29 | 12990000 | 14811780 |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 13

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Illinois - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., IL, Revenue, Series A, Refunding | 5.000% | 1/1/28 | $1750000 | $1878999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois, COP: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 3/15/25 | 1250000 | 1274616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | 5.000% | 3/15/26 | 1800000 | 1833745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Illinois* |  |  |  | *338625257* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Indiana - 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority, Health System Revenue, Indiana University Health, Series B | 2.250% | 7/1/25 | 2350000 | 2293402 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority Environmental Facilities Revenue, Indianapolis Power & Light Company Project,<br>Series A, Refunding | 1.400% | 8/1/29 | 7000000 | 5995065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion General Hospital, Series A | 4.000% | 7/1/45 | 2750000 | 2574849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A | 4.250% | 11/1/30 | 3000000 | 2901144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Health Facility Financing Authority Revenue, Ascension Health Credit Group | 5.000% | 11/15/35 | 10000000 | 10345749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Airport Authority Project, Revenue, Series 2019D, Refunding | 5.000% | 1/1/26 | 2900000 | 3031748 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Airport Authority Project, Series A | 5.000% | 1/1/28 | 5235000 | 5568937 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valparaiso, IN, Exempt Facility Revenue, Pratt Paper LLC Project | 5.875% | 1/1/24 | 290000 | 293330 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Indiana* |  |  |  | *33004224* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Iowa - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa State Finance Authority Revenue, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding | 5.000% | 12/1/42 | 12000000 | *11588536* | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Kansas - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyandotte County, KS, Turner Unified School District #202, GO, Series A, AGM | 4.000% | 9/1/36 | 775000 | *820880* | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Kentucky - 1.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carroll County, KY, Environmental Facilities Revenue, Kentucky Utilities Company Project, Series A | 1.750% | 9/1/26 | 5000000 | 4503587 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carroll County, KY, PCR, Kentucky Utilities Company Project, Series A, Refunding | 1.550% | 9/1/26 | 6000000 | 5459832 | <sup>(a)(b)</sup> |

---

**See Notes to Schedule of Investments.** 

14 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Kentucky - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue, Series A | 4.000% | 6/1/26 | $13750000 | $13615387 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Turnpike Authority Economic Development Road Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revitalization Project, Series B, Refunding | 5.000% | 7/1/27 | 1435000 | 1566153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revitalization Project, Series B, Refunding | 5.000% | 7/1/28 | 1000000 | 1091179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County, KY, Metropolitan Government Health System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas and Electric Company Project, Series A | 1.750% | 7/1/26 | 2250000 | 2116183 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norton Healthcare Inc., Series C | 5.000% | 10/1/26 | 5000000 | 5250852 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owensboro, KY, Electric Light & Power System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 4.000% | 1/1/23 | 1600000 | 1600000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 1/1/24 | 1350000 | 1374868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 1/1/27 | 650000 | 698915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble County, KY, Revenue, Louisville Gas and Electric Company Project, Series A, Refunding | 1.300% | 9/1/27 | 9000000 | 7596265 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Kentucky* |  |  |  | *44873221* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Louisiana - 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, East Baton Rouge Sewerage Commission Project, Series B, Refunding | 0.875% | 2/1/25 | 7000000 | 6605819 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Offshore Terminal Authority Revenue, Loop LLC Project, Series A | 1.650% | 12/1/23 | 5015000 | 4933960 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shreveport, LA, Water & Sewer Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AGM | 5.000% | 12/1/28 | 2440000 | 2590552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AGM | 5.000% | 12/1/29 | 2000000 | 2122252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-1, Refunding | 2.125% | 7/1/24 | 5250000 | 5089643 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-2, Refunding | 2.375% | 7/1/26 | 3750000 | 3469938 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Louisiana* |  |  |  | *24812164* | |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 15

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maryland - 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State EDC, Student Housing Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AGM | 4.000% | 6/1/26 | $625000 | $645244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AGM | 5.000% | 6/1/27 | 1400000 | 1480778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AGM | 5.000% | 6/1/30 | 1550000 | 1628308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AGM | 5.000% | 6/1/31 | 1000000 | 1048233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Stadium Authority Built to Learn Revenue, Series 2021 | 4.000% | 6/1/46 | 4000000 | 3696522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Maryland* |  |  |  | *8499085* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts - 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Department of Transportation, Metropolitan Highway System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Refunding | 5.000% | 1/1/35 | 1000000 | 1106171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Refunding | 5.000% | 1/1/36 | 2000000 | 2197355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Refunding | 5.000% | 1/1/37 | 1000000 | 1091089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandeis University, Series S-1, Refunding | 5.000% | 10/1/34 | 1740000 | 1911867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandeis University, Series S-1, Refunding | 5.000% | 10/1/38 | 1210000 | 1302544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana-Farber Cancer Institute, Series N | 5.000% | 12/1/34 | 2000000 | 2102804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foxborough Regional Charter School, Series B, Refunding | 5.000% | 7/1/37 | 1000000 | 1003529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mass General Brigham Issue, Series A-1 | 5.000% | 1/31/30 | 4000000 | 4459417 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeastern University Issue, Refunding | 5.000% | 10/1/44 | 2000000 | 2209659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeastern University Issue, Series 2022, Refunding | 5.000% | 10/1/40 | 6500000 | 7295418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeastern University Issue, Series 2022, Refunding | 5.000% | 10/1/42 | 12500000 | 13925614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners Healthcare System, Refunding | 5.000% | 7/1/37 | 1500000 | 1576866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Foundation and Affiliates Issue, Refunding | 4.000% | 9/1/39 | 580000 | 522841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling and Francine Clark Art Institute, Refunding | 5.000% | 7/1/36 | 3035000 | 3167386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Boston Student Housing Project | 5.000% | 10/1/28 | 2900000 | 2924375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellforce Issue, Series A | 5.000% | 7/1/34 | 1325000 | 1378550 |  |

---

**See Notes to Schedule of Investments.** 

16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/33 | $4880000 | $5244912 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | 5.000% | 7/1/46 | 4000000 | 4125662 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State Water Resources Authority Revenue, General,<br>Series C, Green Bond, Refunding | 4.000% | 8/1/36 | 7000000 | 7099632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Massachusetts* |  |  |  | *64645691* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Michigan - 2.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit, MI, Downtown Development Authority, Tax Increment Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, AGM | 5.000% | 7/1/36 | 2000000 | 2031403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, AGM | 5.000% | 7/1/38 | 1350000 | 1365923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes, MI, Water Authority Water Supply System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series C, Refunding | 5.000% | 7/1/33 | 7700000 | 8153426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series C, Refunding | 5.000% | 7/1/35 | 4500000 | 4734692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kent County, MI, Gerald R. Ford International Airport, GO, Authority Revenue, County Guaranty | 5.000% | 1/1/46 | 1000000 | 1055577 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit School District, Series A, Refunding, Q-SBLF | 5.000% | 5/1/23 | 2000000 | 2013091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit School District, Series A, Refunding, Q-SBLF | 5.000% | 5/1/24 | 2000000 | 2057459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit School District, Series A, Refunding, Q-SBLF | 5.000% | 5/1/25 | 1500000 | 1572732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Revenue, Trinity Health Credit Group, Series A, Refunding | 5.000% | 12/1/42 | 2250000 | 2303851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding | 5.000% | 7/1/33 | 1500000 | 1548297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D2, Refunding, AGM | 5.000% | 7/1/24 | 11500000 | 11833745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D2, Refunding, AGM | 5.000% | 7/1/28 | 3660000 | 3777591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D-2, Refunding | 5.000% | 7/1/34 | 700000 | 721023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Asset-Backed, Series A-1, Refunding | 4.000% | 6/1/39 | 1850000 | 1675353 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 17

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Michigan - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Limited Obligation Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy Company Project | 1.800% | 10/1/24 | $6500000 | $6282305 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International, LLC Coated Recycled Machine Project, Green Bonds | 4.000% | 10/1/26 | 2750000 | 2656128 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-75 Improvement Project | 5.000% | 12/31/43 | 4000000 | 3934639 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Senate Offices Project, Series A | 5.000% | 10/15/28 | 1190000 | 1257379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Senate Offices Project, Series A | 5.000% | 10/15/31 | 1640000 | 1730159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Senate Offices Project, Series A | 5.000% | 10/15/33 | 1985000 | 2090863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Senate Offices Project, Series A | 5.000% | 10/15/35 | 1000000 | 1053332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walled Lake Consolidated School District, MI, GO, Q-SBLF | 5.000% | 5/1/45 | 2300000 | 2476539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Michigan* |  |  |  | *66325507* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Mississippi - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority Revenue, North Mississippi Health Services, Series II, Refunding | 5.000% | 3/1/27 | 6000000 | 6279985 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State Development Bank Special Obligation: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson, Mississippi Sales Tax Revenue Infrastructure Project | 5.000% | 9/1/27 | 1325000 | 1397999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson, Mississippi Sales Tax Revenue Infrastructure Project | 5.000% | 9/1/29 | 1750000 | 1876557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Mississippi* |  |  |  | *9554541* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Missouri - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cape Girardeau County, MO, IDA, Healthcare Facilities Revenue, Southeast Health | 4.000% | 3/1/41 | 1250000 | 1084734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City, MO, IDA, Airport System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | 5.000% | 3/1/35 | 3250000 | 3410077 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | 5.000% | 3/1/36 | 4000000 | 4173903 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | 5.000% | 3/1/37 | 1500000 | 1555262 | <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

18 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Missouri - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources Authority Revenue, Kansas City Power & Light Co. Project | 3.500% | 7/1/25 | $750000 | $744407 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services Projects, Series A | 5.000% | 2/1/34 | 1350000 | 1337504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Missouri* |  |  |  | *12305887* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Nebraska - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Plains, NE, Energy Project, Gas Project Revenue,<br>Project #3, Series A, Refunding | 5.000% | 9/1/37 | 4500000 | 4679694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas County, NE, Hospital Authority No. 2 Revenue, Children's Hospital Obligated Group | 5.000% | 11/15/25 | 2100000 | 2203284 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omaha Public Power District, NE, Electric System Revenue,<br>Series B | 4.000% | 2/1/46 | 6000000 | 5724037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Nebraska* |  |  |  | *12607015* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Nevada - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County, NV, GO, Pledged Revenue, Stadium Improvements, Series A | 5.000% | 6/1/38 | 5000000 | *5374378* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Finance Authority, NH, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A2, Refunding | 2.150% | 7/1/24 | 1500000 | *1445510* | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 7.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AGM | 5.000% | 11/1/26 | 1000000 | 1035309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AGM | 5.000% | 11/1/27 | 1500000 | 1551977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AGM | 5.000% | 11/1/29 | 1500000 | 1548438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AGM | 5.000% | 11/1/31 | 1000000 | 1027994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Brunswick, NJ, Parking Authority, City GTD, Series A, Refunding, BAM | 5.000% | 9/1/35 | 2000000 | 2116782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Surcharges Revenue, Subordinated, Series A, Refunding | 5.000% | 7/1/33 | 3000000 | 3127994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Rowan Properties LLC, Rowan University Housing Project | 5.000% | 1/1/30 | 2400000 | 2315372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Rowan Properties LLC, Rowan University Housing Project, Series A | 5.000% | 1/1/35 | 1750000 | 1616508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series BBB, Refunding | 5.500% | 6/15/31 | 2000000 | 2225312 | <sup>(e)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 19

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series DDD | 5.000% | 6/15/32 | $3000000 | $3301986 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series DDD | 5.000% | 6/15/33 | 2450000 | 2581339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series DDD | 5.000% | 6/15/35 | 1000000 | 1042483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series DDD | 5.000% | 6/15/42 | 4380000 | 4452996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series I, Refunding, State Appropriations (SIFMA Municipal Swap Index Yield + 1.600%) | 5.260% | 3/1/28 | 20000000 | 20000182 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series NN, Refunding | 5.000% | 3/1/24 | 4060000 | 4070893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series QQQ | 4.000% | 6/15/39 | 1000000 | 925915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | 5.000% | 6/15/32 | 1700000 | 1866102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | 4.000% | 6/15/37 | 1250000 | 1187679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | 4.000% | 6/15/38 | 1200000 | 1124262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | 4.000% | 6/15/41 | 1750000 | 1580370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series WW, State Appropriations | 5.250% | 6/15/29 | 11390000 | 12094711 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series WW, State Appropriations | 5.250% | 6/15/30 | 10685000 | 11346092 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | 5.000% | 10/1/37 | 1400000 | 1407519 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Transportation Project, Series A | 5.000% | 11/1/32 | 1000000 | 1084582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Transportation Project, Series A | 5.000% | 11/1/33 | 4750000 | 5118714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, AGM | 5.000% | 7/1/25 | 2350000 | 2460498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, AGM | 5.000% | 7/1/28 | 2000000 | 2086813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, AGM | 5.000% | 7/1/30 | 1200000 | 1248510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Highway Reimbursement, Series A, Refunding | 5.000% | 6/15/24 | 1500000 | 1539944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Highway Reimbursement, Series A, Refunding | 5.000% | 6/15/29 | 6500000 | 6855079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | 5.000% | 6/15/36 | 2000000 | 2129031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | 5.000% | 6/15/36 | 8200000 | 8811373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | 4.000% | 6/15/36 | 3500000 | 3410170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | 5.000% | 6/15/36 | 3000000 | 3213831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | 4.000% | 6/15/38 | 3000000 | 2810656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | 5.000% | 6/15/40 | 3000000 | 3130006 |

---

**See Notes to Schedule of Investments.** 

20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | 5.250% | 6/15/46 | $6500000 | $6850089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | 5.000% | 12/15/27 | 1625000 | 1750707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | 5.000% | 12/15/28 | 11375000 | 12369193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | 4.000% | 6/15/36 | 2500000 | 2435836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/32 | 9000000 | 9559418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 1/1/33 | 10230000 | 10842187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State, GO, COVID-19 Emergency, Series A | 5.000% | 6/1/25 | 18600000 | 19589433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 6/1/35 | 3250000 | 3359713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 6/1/36 | 3000000 | 3085277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New Jersey* |  |  |  | *197289275* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - 10.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding | 5.000% | 2/15/35 | 10000000 | 10795665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Island, NY, Power Authority: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric System Revenue, Series A, Refunding | 5.000% | 9/1/34 | 1860000 | 2132756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric System Revenue, Series A, Refunding | 5.000% | 9/1/38 | 1400000 | 1536096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric System Revenue, Series B, Refunding | 1.500% | 9/1/26 | 5500000 | 5111967 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric System Revenue, Series B, Refunding | 5.000% | 9/1/27 | 1750000 | 1881753 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric System Revenue, Series B, Refunding | 5.000% | 9/1/32 | 5820000 | 6221461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series A-2, Refunding | 5.000% | 11/15/24 | 1315000 | 1350059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1, Refunding | 4.000% | 11/15/37 | 1750000 | 1589918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E | 5.000% | 11/15/29 | 1000000 | 1044005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | 4.000% | 11/15/26 | 2250000 | 2271782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | 5.000% | 11/15/27 | 3750000 | 3940894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | 5.000% | 11/15/28 | 3000000 | 3135017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | 5.000% | 5/15/30 | 5250000 | 5568248 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 11/15/37 | 1660000 | 1686970 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 21

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nassau County, NY, Industrial Development Agency, Step bond, Continuing Care Retirement Community Revenue Project (5.000% to 9/8/41 then 5.250%) | 5.000% | 1/1/58 | $551102 | $269495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Step bond, Subseries F-4 (5.000% to 12/1/25 then 9.000%) | 5.000% | 12/1/25 | 1750000 | 1825606 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries B-1 | 5.250% | 10/1/43 | 3250000 | 3605918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries E-1 | 5.000% | 3/1/37 | 7000000 | 7484018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | 4.000% | 3/1/38 | 1000000 | 987708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | 5.000% | 3/1/39 | 1500000 | 1624515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | 4.000% | 3/1/40 | 1500000 | 1457311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | 5.000% | 3/1/42 | 3500000 | 3731151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Industrial Development Agency Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankee Stadium Project, Series A, Refunding, AGM | 5.000% | 3/1/28 | 500000 | 546114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankee Stadium Project, Series A, Refunding, AGM | 5.000% | 3/1/29 | 1500000 | 1657962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankee Stadium Project, Series A, Refunding, AGM | 5.000% | 3/1/30 | 1600000 | 1785619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Subordinated, Series BB-2, Refunding | 5.000% | 6/15/32 | 3000000 | 3275919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, TFA, Building Aid Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal 2015, Series S-1, State Aid Withholding | 5.000% | 7/15/29 | 2500000 | 2604283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal 2015, Series S-1, State Aid Withholding | 5.000% | 7/15/30 | 4000000 | 4162834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 4.000% | 5/1/38 | 3500000 | 3421693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1 | 4.000% | 11/1/38 | 8055000 | 7870628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, School District, Series A, AGM | 5.000% | 10/1/29 | 20000 | 22436 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, School District, Series A, AGM | 5.000% | 10/1/29 | 7780000 | 8659029 |

---

**See Notes to Schedule of Investments.** 

22 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE**<br>**AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 3, Series E, Refunding | 5.000% | 3/15/38 | $7620000 | $8189462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Supported, Series A | 5.000% | 3/15/40 | 6000000 | 6322862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 4, Series A, Refunding | 5.000% | 3/15/45 | 8950000 | 9401689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Unrefunded | 5.000% | 2/15/43 | 5810000 | 6024473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | 5.000% | 2/15/41 | 9435000 | 10060879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Liberty Revenue, 3 World Trade Center Project, Class 1, Refunding | 5.000% | 11/15/44 | 10000000 | 9107125<br><sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority General Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series A | 5.000% | 1/1/33 | 4500000 | 4733246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series A | 5.000% | 1/1/34 | 2100000 | 2202725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series A | 5.000% | 1/1/35 | 250000 | 261503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series A | 5.000% | 1/1/41 | 2630000 | 2723704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, State Personal Income Tax Revenue, Series A | 5.000% | 3/15/26 | 1800000 | 1806350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000% | 1/1/30 | 4750000 | 4846565 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000% | 1/1/32 | 6480000 | 6579728 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, AGM | 4.000% | 7/1/36 | 21335000 | 19783557 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | 5.000% | 7/1/34 | 1000000 | 1009009 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding | 5.000% | 12/1/27 | 1000000 | 1062347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding | 5.000% | 12/1/29 | 2500000 | 2691204 |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 23

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE**<br>**AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp. Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax, Series A | 5.000% | 3/15/41 | $7945000 | $8530884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax, Series C | 4.000% | 3/15/45 | 7750000 | 7251235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series One Hundred Eighty | 5.000% | 9/1/27 | 5000000 | 5105950 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series One Hundred Eighty | 5.000% | 9/1/28 | 5000000 | 5103523 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 194, Refunding | 5.000% | 10/15/33 | 10000000 | 10516915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Refunding | 5.000% | 10/15/39 | 3105000 | 3265594 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | 5.000% | 11/15/45 | 2465000 | 2585333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | 5.000% | 11/15/49 | 10000000 | 10552633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General-MTA Bridges & Tunnels, Series A | 5.000% | 11/15/49 | 10500000 | 11095493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien-MTA Bridges & Tunnels, Series C-1A | 5.000% | 5/15/51 | 4650000 | 4937759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy, NY, Capital Resource Corp., Revenue, Rensselaer Polytechnic Institute Project, Series A, Refunding | 5.000% | 9/1/36 | 1855000 | 1968953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New York* |  |  |  | *270979530* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North Carolina - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte, NC, COP, Series P, Refunding | 5.000% | 6/1/44 | 2380000 | 2558189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte, NC, Airport Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport | 5.000% | 7/1/38 | 1500000 | 1618887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport | 5.000% | 7/1/39 | 1000000 | 1075243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport | 4.000% | 7/1/44 | 1500000 | 1441896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte Douglas International Airport, Refunding | 5.000% | 7/1/36 | 1100000 | 1204734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Limited Obligation Revenue, Series A | 5.000% | 5/1/32 | 2000000 | 2264306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triangle Expressway System Revenue, Senior Lien, Refunding | 5.000% | 1/1/43 | 4000000 | 4116892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triangle Expressway System Revenue, Senior Lien, Refunding, AGM | 5.000% | 1/1/31 | 500000 | 533098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total North Carolina* |  |  |  | *14813245* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ohio - 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP Fremont Energy Center Project, Series A, Refunding | 5.000% | 2/15/28 | 2250000 | 2467057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP Fremont Energy Center Project, Series A, Refunding | 5.000% | 2/15/29 | 1250000 | 1373458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP Fremont Energy Center Project, Series A, Refunding | 5.000% | 2/15/35 | 1500000 | 1676554 |  |

---

**See Notes to Schedule of Investments.** 

24 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ohio - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A-2, Refunding | 5.000% | 6/1/33 | $2750000 | $2919744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series B-2, Refunding | 5.000% | 6/1/55 | 7100000 | 6171939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series B, Refunding | 2.500% | 10/1/29 | 3000000 | 2660460 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Project, Series B, Refunding | 4.250% | 6/1/27 | 3100000 | 3095116 | <sup>(a)(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Dayton 2018 Project, Series B, Refunding | 5.000% | 12/1/32 | 1000000 | 1073603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | 5.000% | 5/1/35 | 880000 | 959572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | 5.000% | 5/1/36 | 925000 | 1002539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | 4.000% | 5/1/38 | 745000 | 718523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | 4.000% | 5/1/40 | 600000 | 560812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals Health Systems Inc., Series E, Refunding | 5.000% | 1/15/35 | 1000000 | 1063993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals Health Systems Inc., Series E, Refunding | 5.000% | 1/15/36 | 1200000 | 1266930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State Private Activity Revenue, Portsmouth Bypass Project | 5.000% | 12/31/39 | 800000 | 801357 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Ohio* |  |  |  | *27811657* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oregon - 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lane & Douglas Counties, OR, School District #28J Fern Ridge, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Deferred Interest, Series A, School Board Guaranty | 5.000% | 6/15/30 | 2480000 | 2672234 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Deferred Interest, Series A, School Board Guaranty | 5.000% | 6/15/30 | 690000 | 741591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Deferred Interest, Series A, School Board Guaranty | 5.000% | 6/15/36 | 2000000 | 2158455 | <sup>(e)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 25

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oregon - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medford, OR, Hospital Facilities Authority Revenue, Asante Project, Series A, Refunding | 5.000% | 8/15/45 | $2000000 | $2084807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multnomah County, OR, School District No 7, Reynolds, GO, Deferred Interest,Series B, School Board Guaranty | 0.000% | 6/15/31 | 2000000 | 1420243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oregon State Health & Science University, Revenue, Series B, Refunding | 5.000% | 7/1/35 | 4650000 | 4901915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Portland, OR, Airport Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland International Airport, Series 24B | 5.000% | 7/1/42 | 1530000 | 1554819 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland International Airport, Series 26C, Refunding | 5.000% | 7/1/26 | 500000 | 526245 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland International Airport, Series 26C, Refunding | 5.000% | 7/1/27 | 1000000 | 1061874 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Clackamas & Yamhill Counties, OR, School District #88J, GO, Sherwood, School Board Guaranty | 5.000% | 6/15/32 | 1250000 | 1360998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Multnomah & Yamhill Counties, OR, School District #1J West Union, GO, Hillsboro, School Board Guaranty | 5.000% | 6/15/34 | 3000000 | 3250739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Oregon* |  |  |  | *21733920* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - 4.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berks County, PA, IDA, Healthcare Facilities Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highlands at Wyomissing, Refunding | 5.000% | 5/15/32 | 400000 | 399679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highlands at Wyomissing, Refunding | 5.000% | 5/15/37 | 375000 | 364864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bucks County, PA, Water and Sewer Authority Sewer System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM | 4.000% | 12/1/42 | 1750000 | 1686757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM | 5.250% | 12/1/47 | 2175000 | 2374291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue | 5.000% | 6/1/30 | 2290000 | 2494799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries Project | 5.000% | 1/1/25 | 265000 | 276463 | <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries Project | 5.000% | 1/1/26 | 285000 | 297328 | <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries, Refunding | 5.000% | 1/1/25 | 660000 | 688549 | <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries, Refunding | 5.000% | 1/1/25 | 1075000 | 1097860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries, Refunding | 5.000% | 1/1/26 | 715000 | 745928 | <sup>(e)</sup> |

---

**See Notes to Schedule of Investments.** 

26 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries, Refunding | 5.000% | 1/1/26 | $1500000 | $1530454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries, Refunding | 5.000% | 1/1/27 | 300000 | 312977 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries, Refunding | 5.000% | 1/1/27 | 575000 | 585570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health | 4.000% | 11/1/35 | 2000000 | 2041881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | 5.000% | 11/1/38 | 1000000 | 1057992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | 5.000% | 11/1/39 | 1100000 | 1157282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | 5.000% | 11/1/40 | 1300000 | 1358289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | 5.000% | 11/1/41 | 1725000 | 1790325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | 5.000% | 11/1/46 | 3900000 | 3958333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luzerne County, PA, GO, Series A, Refunding, AGM | 5.000% | 11/15/29 | 3000000 | 3159234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Penndot Major Bridges Package One Project, AGM | 5.500% | 6/30/40 | 5000000 | 5223485 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Penndot Major Bridges Package One Project, AGM | 5.500% | 6/30/41 | 3750000 | 3901111 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Penndot Major Bridges Package One Project, AGM | 5.750% | 6/30/48 | 13000000 | 13566472 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 12/1/47 | 4750000 | 5008367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 12/1/36 | 1000000 | 1117710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 12/1/37 | 1750000 | 1934839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 12/1/38 | 2000000 | 2185535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 12/1/39 | 3000000 | 3246785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 12/1/40 | 2250000 | 2409744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 12/1/45 | 2310000 | 2438058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 12/1/47 | 5000000 | 5311239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | 4.000% | 12/1/46 | 3500000 | 3226622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 6/15/33 | 6625000 | 6783797 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 6/15/34 | 6955000 | 7108226 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR, Lease Revenue, Refunding | 5.000% | 10/1/30 | 3500000 | 3931889 |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 27

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 2/1/35 | $2100000 | $2269815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 2/1/36 | 1500000 | 1611537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, School District, GO, Series A, State Aid Withholding | 5.000% | 9/1/28 | 2285000 | 2397598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, Water & Wastewater Revenue, Series B | 5.000% | 11/1/49 | 6155000 | 6434286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, PA, Lease Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding | 5.000% | 6/1/31 | 1380000 | 1457255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding | 5.000% | 6/1/33 | 4150000 | 4366808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Pennsylvania* |  |  |  | *113310033* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico - 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | 5.000% | 7/1/47 | 8155000 | 7376037 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series B, Refunding | 5.000% | 7/1/28 | 1120000 | 1108875 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Highway & Transportation Authority Revenue, Restructured, Series A | 5.000% | 7/1/62 | 1300000 | 1200875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | 0.000% | 7/1/24 | 51221 | 47493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | 0.000% | 7/1/33 | 198105 | 107416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.250% | 7/1/23 | 85961 | 85973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.375% | 7/1/25 | 171446 | 172858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.625% | 7/1/27 | 169893 | 173303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.625% | 7/1/29 | 167137 | 171294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.750% | 7/1/31 | 162338 | 168190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/33 | 153940 | 133807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/35 | 838371 | 707557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/37 | 3458000 | 2837722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/41 | 161467 | 126888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.000% | 7/1/46 | 167923 | 126407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries CW | 0.000% | 11/1/43 | 726987 | 318965 | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/29 | 2750000 | 2014375 | \*<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 7/1/42 | 3370000 | 2468525 | \*<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.050% | 7/1/42 | 950000 | 693500 | \*<sup>(h)</sup> |

---

**See Notes to Schedule of Investments.** 

28 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Refunding | 5.000% | 7/1/21 | $3460000 | $2491200 | <sup>\*(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT | 5.000% | 7/1/37 | 4775000 | 3497688 | <sup>\*(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WW | 5.500% | 7/1/38 | 840000 | 620550 | \*<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX | 5.250% | 7/1/40 | 7730000 | 5681550 | <sup>\*(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | 5.000% | 7/1/18 | 250000 | 180000 | \*<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | 5.250% | 7/1/18 | 850000 | 614125 | \*<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | 5.250% | 7/1/25 | 370000 | 271950 | \*<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | 0.000% | 7/1/27 | 3680000 | 2981785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.550% | 7/1/40 | 680000 | 625544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 4.750% | 7/1/53 | 9150000 | 8110992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | 5.000% | 7/1/58 | 8180000 | 7447317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | 4.329% | 7/1/40 | 4380000 | 3956621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | 4.329% | 7/1/40 | 2170000 | 1960244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2A | 4.550% | 7/1/40 | 6040000 | 5556304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Puerto Rico* |  |  |  | *64035930* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rhode Island - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island State Health & Educational Building Corp. Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing, Lifespan Obligated Group, Refunding | 5.000% | 5/15/28 | 2500000 | 2567233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing, Lifespan Obligated Group, Refunding | 5.000% | 5/15/29 | 2000000 | 2050308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing, Lifespan Obligated Group, Refunding | 5.000% | 5/15/30 | 1570000 | 1607659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Rhode Island* |  |  |  | *6225200* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South Carolina - 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richland County, SC, Environmental Improvement Revenue, International Paper Co. Project, Series A, Refunding | 3.875% | 4/1/23 | 3850000 | 3844711 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCAGO, SC, Educational Facilities Corp. for Pickens School District Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | 5.000% | 12/1/29 | 3500000 | 3660279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | 5.000% | 12/1/30 | 2250000 | 2352734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy Health Inc., Series A, Refunding | 4.000% | 12/1/44 | 5500000 | 5084985 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 29

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South Carolina - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Ports Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 7/1/36 | $2850000 | $2979900 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 5.000% | 7/1/37 | 2000000 | 2081582 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total South Carolina* |  |  |  | *20004191* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tennessee - 2.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarksville, TN, Water, Sewer & Gas Revenue, Series A | 4.000% | 2/1/51 | 8455000 | 7877161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Green Bonds, Series A | 5.000% | 7/1/42 | 3200000 | 3373285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | 5.000% | 7/1/42 | 1500000 | 1581228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Nashville, TN, Airport Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 7/1/25 | 1500000 | 1554091 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 7/1/26 | 1750000 | 1836561 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition Corp., Natural Gas Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | 4.000% | 11/1/25 | 9000000 | 8936321 | <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.250% | 9/1/24 | 6885000 | 6990609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000% | 2/1/24 | 25000000 | 25164047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Tennessee* |  |  |  | *57313303* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - 8.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | 5.000% | 12/1/34 | 650000 | 700279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | 5.000% | 12/1/36 | 915000 | 977665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | 5.000% | 12/1/37 | 700000 | 745137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM | 5.000% | 2/15/41 | 3750000 | 3854131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014 | 5.000% | 11/15/30 | 2730000 | 2792309 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 11/15/36 | 3000000 | 3208701 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | 5.000% | 11/15/37 | 2000000 | 2127802 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 11/15/30 | 5640000 | 6074005 | <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

30 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE**<br>**AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bexar County, TX, Hospital District: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO | 5.000% | 2/15/29 | $1500000 | $1651896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO | 5.000% | 2/15/30 | 2000000 | 2201763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO | 5.000% | 2/15/31 | 2250000 | 2475869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E | 5.000% | 1/1/45 | 7500000 | 7750362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Tier, Series C, Refunding | 5.000% | 8/15/31 | 10000000 | 10167836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Tier, Series C, Refunding | 5.000% | 8/15/32 | 10000000 | 10139864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas, TX, Area Rapid Transit, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 12/1/34 | 7500000 | 7993062 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 12/1/36 | 4250000 | 4529402 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas, TX, Hotel Occupancy Tax Revenue, Series 2021, Refunding | 4.000% | 8/15/37 | 2600000 | 2472175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., TX, System Toll Revenue, First Tier Toll Revenue, Series C, Refunding | 4.000% | 10/1/40 | 5375000 | 5173069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Coast, TX, IDA, Solid Waste Disposal Revenue, Citgo Petroleum Corp. Project | 4.875% | 5/1/25 | 3000000 | 2999990 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Revenue, Texas Children's Hospital, Series B, Refunding | 5.000% | 10/1/31 | 2700000 | 3050569 <sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermal Utility Revenue, Teco Project, Refunding | 5.000% | 11/15/30 | 600000 | 658794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, TX, Houston Sports Authority Revenue, Senior Lien, Series A, Refunding, AGM | 5.000% | 11/15/25 | 9000000 | 9332051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD | 4.000% | 2/15/47 | 4475000 | 4282637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Airport Improvements Project | 5.000% | 7/15/28 | 4500000 | 4565005 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Technical Operations Center Project | 5.000% | 7/15/28 | 2500000 | 2538617 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1 | 4.000% | 7/15/41 | 6000000 | 5102923 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | 5.000% | 7/1/33 | 1500000 | 1628023 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | 5.000% | 7/1/34 | 1750000 | 1888111 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | 4.000% | 7/1/35 | 1500000 | 1453596 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | 4.000% | 7/1/36 | 1500000 | 1437150 <sup>(c)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 31

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE**<br>**AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series C, Refunding | 5.000% | 7/1/30 | $2630000 | $2796272 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series C, Refunding | 5.000% | 7/1/32 | 2250000 | 2385208 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series D, Refunding | 5.000% | 7/1/30 | 1665000 | 1840738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series D, Refunding | 5.000% | 7/1/31 | 1800000 | 1987822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houston, TX, Utility System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined First Lien, Series C, Refunding | 5.000% | 5/15/27 | 5000000 | 5143522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined First Lien, Series C, Refunding | 5.000% | 5/15/28 | 5000000 | 5142844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Love Field, TX, Airport Modernization Corp., General Airport Revenue, Series 2017 | 5.000% | 11/1/31 | 1250000 | 1305031 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, Series A | 4.000% | 8/15/31 | 1500000 | 1389033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Tier, Series A, Refunding | 5.000% | 1/1/32 | 2500000 | 2644338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Tier, Series A, Refunding | 5.000% | 1/1/36 | 500000 | 530042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Tier, Series A, Refunding | 5.000% | 1/1/37 | 1305000 | 1374280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Tier, Series B, Refunding | 5.000% | 1/1/34 | 17310000 | 17953800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Tier, Series B, Refunding | 5.000% | 1/1/31 | 4000000 | 4068171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County, TX, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/36 | 3500000 | 3719435 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/37 | 3425000 | 3625723 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 10/1/38 | 3500000 | 3694475 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Socorro, TX, ISD, GO, School Building, PSF - GTD | 5.000% | 8/15/41 | 5200000 | 5485709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Texas, Higher Education Authority Inc. Revenue, Southern Methodist University Project, Refunding | 5.000% | 10/1/41 | 1750000 | 1847883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue: Methodist Hospitals of Dallas | 5.000% | 10/1/37 | 1000000 | 1085309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospitals of Dallas | 5.000% | 10/1/39 | 1650000 | 1768943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospitals of Dallas | 5.000% | 10/1/40 | 2000000 | 2125219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Public Finance Authority, Lease Revenue, Refunding | 4.000% | 2/1/35 | 2000000 | 2072326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D | 6.250% | 12/15/26 | 13560000 | 14277658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding | 5.000% | 12/15/26 | 5500000 | 5673371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding | 5.000% | 12/15/29 | 7000000 | 7268622 |

---

**See Notes to Schedule of Investments.** 

32 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC | 4.000% | 12/31/34 | $1500000 | $1463970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series A, Refunding | 4.000% | 12/31/35 | 1100000 | 1059104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas State Public Finance Authority, Lease Revenue, Refunding | 4.000% | 2/1/36 | 2325000 | 2388786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Harris County, TX, Regional Water Authority, Series W | 4.000% | 12/15/45 | 2100000 | 1915546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Texas* |  |  |  | *222005973* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Utah - 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue, Series A | 5.000% | 7/1/34 | 3000000 | 3127317 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE | 5.000% | 4/15/37 | 1285000 | 1317251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 10/15/28 | 1845000 | 1901297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 4.000% | 10/15/33 | 600000 | 563339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 4.000% | 10/15/39 | 925000 | 801110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | 4.000% | 10/15/32 | 500000 | 474696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | 4.000% | 10/15/35 | 400000 | 364473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | 4.000% | 10/15/36 | 200000 | 179740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah State Telecommunication Open Infrastructure Agency, Sales Tax & Telecommunications Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | 5.250% | 6/1/37 | 1500000 | 1678030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | 4.375% | 6/1/40 | 2000000 | 2010573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | 5.500% | 6/1/40 | 1400000 | 1574285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Utah* |  |  |  | *13992111* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Vermont - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Vermont & State Agricultural College, Series A | 5.000% | 10/1/44 | 1000000 | *1061716* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virginia - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington County, VA, IDA Revenue, Virginia Hospital Center, Refunding | 5.000% | 7/1/28 | 1150000 | 1248409 |  |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 33

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virginia - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlington County, VA, IDA Revenue, Virginia Hospital Center, Refunding | 5.000% | 7/1/28 | $1150000 | $1248409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Beach, VA, Development Authority, Residential Care Facilities Revenue, Westminster - Canterbury on Chesapeake Bay, Refunding | 5.000% | 9/1/44 | 1500000 | 1377194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Senior Campuses, Inc., Series A, Refunding | 5.000% | 1/1/32 | 1000000 | 1077972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, I-495 Hot Lanes Project, Refunding | 5.000% | 6/30/42 | 2125000 | 2168414 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, I-495 Hot Lanes Project, Refunding | 5.000% | 12/31/42 | 2000000 | 2040860 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Obligated Group of National Senior Campuses Inc., Series A, Refunding | 5.000% | 1/1/31 | 1000000 | 1081421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Virginia* |  |  |  | *8994270* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Washington - 3.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound, WA, Regional Transit Authority Revenue, Sales Tax & Motor Vehicle Excise Tax Improvement Bonds, Green Bonds, Series S-1 | 4.000% | 11/1/46 | 20000000 | 18996166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, WA, Electric Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Generating System, Series A, Refunding | 5.000% | 7/1/29 | 5000000 | 5273270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One, Series A, Refunding | 5.000% | 7/1/27 | 8500000 | 8977186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One, Series A, Refunding | 5.000% | 7/1/28 | 10000000 | 10558917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 4/1/31 | 3160000 | 3399813 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | 5.000% | 4/1/32 | 3040000 | 3255079 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000% | 5/1/36 | 4000000 | 4144622 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 8/1/37 | 13185000 | 14050507 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | 5.000% | 8/1/39 | 5000000 | 5277776 | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A, Refunding | 5.000% | 8/1/44 | 5375000 | 5387514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | 5.000% | 9/1/38 | 625000 | 656208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | 5.000% | 9/1/39 | 500000 | 522735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | 5.000% | 9/1/40 | 700000 | 728604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | 5.000% | 9/1/45 | 2000000 | 2058923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Washington* |  |  |  | *83287320* | |

---

**See Notes to Schedule of Investments.** 

34 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin - 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Brown County, WI, Water Authority System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 11/1/31 | $2510000 | $2604278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 11/1/32 | 2000000 | 2074760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 11/1/33 | 2000000 | 2074036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | 5.000% | 11/1/34 | 2000000 | 2075484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancroft Neurohealth Project, Series A | 5.000% | 6/1/36 | 1540000 | 1456379 | <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmelite System Inc., Obligated Group, Series 2020, Refunding | 5.000% | 1/1/40 | 1700000 | 1677024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renown Regional Medical Center Project, Series A | 5.000% | 6/1/36 | 2250000 | 2346137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village of Mount Pleasant, WI, Tax Increment Revenue, Series A | 5.000% | 4/1/43 | 7000000 | 7372299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | 5.000% | 12/1/41 | 1000000 | 1045139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | 5.000% | 12/1/42 | 1500000 | 1565358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | 5.000% | 12/1/43 | 2500000 | 2601382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | 5.000% | 12/1/45 | 2000000 | 2067944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Wisconsin* |  |  |  | *28960220* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (Cost - $2,439,040,031) |  |  |  | 2368320535 |  |
| **MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST <sup>(j)</sup> -1.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - 1.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2023, Subseries AA-3, Refunding | 5.000% | 6/15/47 | 24245000 | 26052030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue, Series A | 4.000% | 3/15/45 | 25170000 | 23753646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New York* |  |  |  | *49805676* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST**<br> (Cost - $50,835,412) |  |  |  | 49805676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br> (Cost - $2,489,875,443) |  |  |  | 2418126211 |  |
| **SHORT-TERM INVESTMENTS - 5.7%** |  |  |  |  |  |
| **MUNICIPAL BONDS - 5.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alabama - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile County, AL, IDA Revenue, ExxonMobil Project, Refunding | 3.500% | 7/15/32 | 2000000 | *2000000* | <sup>(k)(l)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 35

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport Revenue, Second Series A, Refunding, LOC - Bank of America N.A. | 3.150% | 5/1/30 | $12650000 | $12650000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Jose, CA, Multifamily Housing Revenue, Series B, Refunding, LOC - FHLMC | 3.350% | 7/1/38 | 1300000 | 1300000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total California* |  |  |  | *13950000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Connecticut - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Housing Finance Authority, Series C-3, SPA - TD Bank N.A. | 3.660% | 11/15/50 | 450000 | *450000* | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Delaware Revenue, Series 2005, Refunding, SPA - TD Bank N.A. | 3.500% | 11/1/35 | 540000 | *540000* | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Revenue, Series A, LOC - TD Bank N.A. | 3.650% | 8/15/38 | 700000 | *700000* | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Florida - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Lucie County, FL, Solid Waste Disposal Revenue, Florida Power & Light Co. Project, Refunding | 3.600% | 5/1/24 | 160000 | *160000* | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia - 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bartow County Development Authority, GA, Georgia Power Company Plant Bowen Project, Second Series 2022 | 3.900% | 11/1/62 | 33100000 | *33100000* | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Idaho - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho State Health Facilities Authority Revenue, St. Luke's Health System, Series C, Refunding, LOC - U.S. Bank N.A. | 3.620% | 3/1/48 | 900000 | *900000* | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Indiana - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana State Finance Authority Hospital Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkview Health System Obligated Group, Series B, Refunding, LOC - Wells Fargo Bank N.A. | 3.550% | 11/1/39 | 1850000 | 1850000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkview Health System Obligated Group, Series D, Refunding, LOC - Wells Fargo Bank N.A. | 3.550% | 11/1/39 | 1660000 | 1660000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Indiana* |  |  |  | *3510000* | |

---

**See Notes to Schedule of Investments.** 

36 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maryland - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Communities Development Administration Revenue, Fort Washington Manor Senior Housing, Series A, LOC - Citibank N.A. | 3.630% | 11/15/38 | $1430000 | $1430000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Community Development Administration, Series J, SPA - Wells Fargo Bank N.A. | 3.680% | 9/1/40 | 3440000 | 3440000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Health & Higher Educational Facilities Authority Revenue, University of Maryland Medical System, Series D, LOC - TD Bank N.A. | 3.500% | 7/1/41 | 800000 | 800000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Maryland* |  |  |  | *5670000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Boston University, Series U-6E, Refunding, LOC - TD Bank N.A. | 3.420% | 10/1/42 | 540000 | 540000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts State HEFA Revenue, Baystate Medical Center,<br>Series K-1, LOC - TD Bank N.A. | 3.420% | 7/1/39 | 2500000 | 2500000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Massachusetts* |  |  |  | *3040000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Mississippi - 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series A | 3.550% | 11/1/35 | 1765000 | 1765000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series B | 3.550% | 12/1/30 | 200000 | 200000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series B | 3.550% | 11/1/35 | 1750000 | 1750000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series C | 3.550% | 12/1/30 | 1440000 | 1440000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series D | 3.550% | 11/1/35 | 890000 | 890000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series E | 3.550% | 12/1/30 | 200000 | 200000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series E | 3.550% | 12/1/30 | 750000 | 750000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series F | 3.550% | 12/1/30 | 2000000 | 2000000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series G | 3.550% | 12/1/30 | 125000 | 125000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series G | 3.550% | 11/1/35 | 350000 | 350000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Mississippi* |  |  |  | *9470000* | |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 37

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Missouri - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities, Saint Louis University, Series B-2, LOC - Wells Fargo Bank N.A. | 3.600% | 10/1/35 | $570000 | $570000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Louis University, Series B, LOC - U.S. Bank N.A. | 3.620% | 10/1/24 | 100000 | 100000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Missouri* |  |  |  | *670000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue, South Jersey Gas Co., Series 2006-1, Remarketing, LOC - JPMorgan Chase & Co. | 3.600% | 4/1/36 | 600000 | 600000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue, Hospital Capital Asset Financing Program, Series B, Refunding, LOC - TD Bank N.A. | 3.660% | 7/1/35 | 900000 | 900000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New Jersey* |  |  |  | *1500000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries D-4, LOC - TD Bank N.A. | 3.490% | 8/1/40 | 100000 | 100000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries E-5, LOC - TD Bank N.A. | 3.490% | 3/1/48 | 300000 | 300000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries I-4, Refunding, LOC - TD Bank N.A. | 3.490% | 4/1/36 | 900000 | 900000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, HDC: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFH Revenue, Boricua Village Apartment Site, Series A-2, LOC - Citibank N.A. | 3.780% | 9/1/42 | 350000 | 350000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Family Mortgage Revenue, The Dorado Apartments, Series A, LOC - Citibank N.A. | 3.670% | 6/1/40 | 1000000 | 1000000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2008, Series BB-5, Refunding, SPA - Bank of America N.A. | 3.450% | 6/15/33 | 700000 | 700000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2009, Series BB-2, Refunding, SPA - UBS AG | 3.600% | 6/15/39 | 100000 | 100000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2011, Series DD-2, SPA - JPMorgan Chase | 3.650% | 6/15/43 | 300000 | 300000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2014, Series AA-5, Refunding, SPA - Mizuho Bank Ltd. | 3.490% | 6/15/48 | 2220000 | 2220000 | <sup>(k)(l)</sup> |

---

**See Notes to Schedule of Investments.** 

38 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York - continued** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2016, Series AA-2, Refunding, SPA - PNC Bank N.A. | 3.680% | 6/15/48 | $1000000 | $1000000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution, Series DD-1, Refunding, SPA - TD Bank N.A. | 3.490% | 6/15/43 | 1945000 | 1945000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, TFA, Revenue Future Tax Secured, Subseries A, Refunding, SPA - TD Bank N.A. | 3.490% | 11/1/29 | 375000 | 375000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornell University, Series B, SPA - Bank of New York Mellon | 3.600% | 7/1/33 | 1405000 | 1405000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-State Supported Debt, Northern Westchester Association, LOC - TD Bank N.A. | 3.600% | 11/1/34 | 1100000 | 1100000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Energy Research & Development Authority Facilities Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York Inc. Project, Subseries A-2, LOC - Bank of Nova Scotia | 3.680% | 6/1/36 | 400000 | 400000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York Inc. Project, Subseries C-2, LOC - Mizuho Bank Ltd. | 3.730% | 11/1/39 | 300000 | 300000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State HFA Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East 39th Street, Series A, LIQ - FNMA, LOC - FNMA | 3.680% | 11/15/31 | 500000 | 500000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 Liberty, Series A, LIQ - FHLMC, LOC - FHLMC | 3.630% | 5/1/35 | 165000 | 165000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyant Green Apartments, Series A, LIQ - FNMA, LOC - FNMA | 3.780% | 5/15/37 | 1000000 | 1000000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue, Terminal One Group Association LP Project, Refunding | 5.000% | 1/1/23 | 5900000 | 5900000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Revenue, Subseries B-3, Refunding, LOC - State Street Bank & Trust Co. | 3.560% | 1/1/32 | 2080000 | 2080000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total New York* |  |  |  | *22140000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North Carolina - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, NC, Health Care System Revenue, Carolinas Healthcare System, Series C, SPA - JPMorgan Chase | 3.600% | 1/15/37 | 1200000 | *1200000* | <sup>(k)(l)</sup> |

---

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 39

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ohio - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio State, GO, Common Schools, Series C | 3.580% | 6/15/26 | $100000 | $*100000* | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oregon - 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oregon State Facilities Authority Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peacehealth, Series A, Refunding, LOC - U.S. Bank N.A. | 3.620% | 8/1/34 | 7100000 | 7100000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peacehealth, Series B, Refunding, LOC - TD Bank N.A. | 3.460% | 8/1/34 | 315000 | 315000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Oregon* |  |  |  | *7415000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue, Series D, Refunding, LOC - JPMorgan Chase & Co. | 3.700% | 7/1/34 | 1700000 | 1700000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster, PA, IDA Revenue, Willow Valley Retirement Communities Project, Series C, LOC - PNC Bank N.A. | 3.690% | 12/1/39 | 1000000 | 1000000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue, Series 2020, Refunding, LOC - TD Bank N.A. | 3.660% | 12/1/39 | 100000 | 100000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR, Gift of Life Donor Program Project, LOC - TD Bank N.A. | 3.660% | 12/1/34 | 860000 | 860000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Pennsylvania* |  |  |  | *3660000* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Coast, TX, IDA, Waste Disposal Revenue, Exxon Mobil Corp. Project, Series A | 3.550% | 6/1/30 | 700000 | 700000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Coast, TX, Waste Disposal Authority: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExxonMobil Project | 3.550% | 6/1/30 | 11800000 | 11800000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExxonMobil Project, Series B | 3.550% | 6/1/25 | 7300000 | 7300000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower Neches Valley Authority, TX, Industrial Development Corp. Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExxonMobil Corp., Series A, Refunding | 3.550% | 11/1/29 | 970000 | 970000 | <sup>(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExxonMobil Corp., Series B, Refunding | 3.550% | 11/1/29 | 6625000 | 6625000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExxonMobil Corp., Subordinated, Series B-4, Refunding | 3.550% | 3/1/33 | 500000 | 500000 | <sup>(c)(k)(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExxonMobil Corp., Subseries B-2, Refunding | 3.550% | 12/1/39 | 6950000 | 6950000 | <sup>(c)(k)(l)</sup> |

---

**See Notes to Schedule of Investments.** 

40 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

(Percentages shown based on Fund net assets)

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY<br>DATE** | **FACE<br>AMOUNT** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Texas - continued** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baylor Health Care System Project, Series C, Refunding, LOC - TD Bank N.A. | 3.500% | 11/15/50 | $165000 | $165000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospitals of Dallas Project, Series A, LOC - TD<br>Bank N.A. | 3.500% | 10/1/41 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Texas* |  |  |  | *35210000* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost - $145,385,000) |  |  |  | 145385000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%**<br> (Cost - $2,635,260,443) |  |  |  | 2563511211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOB Floating Rate Notes - (1.1)% |  |  |  | (28745000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities - 0.7% |  |  |  | 18621554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS - 100.0%** |  |  |  | $2553387765 |

---

\* Non-income producing security.

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

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

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

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

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

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

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

(h) The coupon payment on this security is currently in default as of December 31, 2022.

(i) The maturity principal is currently in default as of December 31, 2022.

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

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

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

**See Notes to Schedule of Investments.** 

Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report 41

------

**WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

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

---

| | |
|:---|:---|
| AGM | — Assured Guaranty Municipal Corporation — Insured Bonds |
| BAM | — Build America Mutual — Insured Bonds |
| CAB | — Capital Appreciation Bonds |
| CDA | — Communities Development Authority |
| COP | — Certificates of Participation |
| CSCE | — Charter School Credit Enhancement |
| DFA | — Development Finance Agency |
| EDA | — Economic Development Authority |
| EDC | — Economic Development Corporation |
| FHLMC | — Federal Home Loan Mortgage Corporation |
| FNMA | — Federal National Mortgage Association |
| GO | — General Obligation |
| GTD | — Guaranteed |
| HDC | — Housing Development Corporation |
| HEFA | — Health & Educational Facilities Authority |
| HFA | — Housing Finance Agency |
| IDA | — Industrial Development Authority |
| IDR | — Industrial Development Revenue |
| ISD | — Independent School District |
| LIQ | — Liquidity Facility |
| LOC | — Letter of Credit |
| MFA | — Municipal Finance Authority |
| MFH | — Multi-Family Housing |
| MTA | — Metropolitan Transportation Authority |
| NATL | — National Public Finance Guarantee Corporation — Insured Bonds |
| PCFA | — Pollution Control Financing Authority |
| PCR | — Pollution Control Revenue |
| PEA | — Public Energy Authority |
| PSF | — Permanent School Fund |
| Q-SBLF | — Qualified School Board Loan Fund |
| SCAGO | — South Carolina Association of Government Organizations |
| SD | — School District |
| SIFMA | — Securities Industry and Financial Markets Association |
| SPA | — Standby Bond Purchase Agreement — Insured Bonds |
| TFA | — Transitional Finance Authority |
| USD | — Unified School District |

---

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

**See Notes to Schedule of Investments.** 

42 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate-Term Municipals Fund 2022 Quarterly Report

------

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

**1. Organization and significant accounting policies** 

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

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

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

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies

<br>43<br>

------

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

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

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

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

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

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

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

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

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

<br>44<br>

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| **DESCRIPTION** | **QUOTED PRICES<br>(LEVEL 1)** | **OTHER SIGNIFICANT<br>OBSERVABLE INPUTS<br>(LEVEL 2)** | **SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3)** | **TOTAL** |
|  Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | $2368320535 |  | $2368320535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trust |  | 49805676 |  | 49805676 |
|  Total Long-Term Investments |  | 2418126211 |  | 2418126211 |
|  Short-Term Investments† |  | 145385000 |  | 145385000 |
|  **Total Investments** |  | $**2563511211** |  | $**2563511211** |

---

† See Schedule of Investments for additional detailed categorizations.

<br>45<br>

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $2596577486.99

**Total Liabilities:** $45889143.51

**Net Assets:** $2550688343.48

**Delayed Delivery Securities:** $7411460.00

**Cash Not Reported:** $37279.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2570.10000000 | **1-Year:** 122280.50000000 | **5-Year:** 411783.14000000 | **10-Year:** 708477.03000000 | **30-Year:** 86236.02000000

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

- **3-Month:** 61.73000000 | **1-Year:** 3783.76000000 | **5-Year:** 20269.77000000 | **10-Year:** 93483.61000000 | **30-Year:** 7684.40000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000184044 | -0.78%               | 3.72%                | 0.09%                |
| Class ID C000046419 | -0.85%               | 3.64%                | 0.02%                |
| Class ID C000046417 | -0.63%               | 3.70%                | -0.10%               |
| Class ID C000046421 | -0.62%               | 3.54%                | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9878230.93             | $-14547962.62                              |
| Month 2  | $-3333428.37             | $90280327.76                               |
| Month 3  | $462112.00               | $-6045935.01                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TRIMBLE CNTY KY POLL CONTROL R                  | County of Trimble KY                                                             | CUSIP: 896224BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7596265.50   | 0.30%             | 2044-09-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                  | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758ZW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5100455.25   | 0.20%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                         | Bexar County Hospital District                                                   | CUSIP: 088365HD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1651896.30   | 0.06%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    161467 | PA      | $126888.07    | 0.00%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TROY NY CAPITAL RESOURCE CORP                   | Troy Capital Resource Corp                                                       | CUSIP: 897579BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1968953.39   | 0.08%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 7092248P7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2039-12-01      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                         | CUSIP: 650116EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062347.40   | 0.04%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 64579F7H0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2460497.71   | 0.10%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                  | City of Shreveport LA Water & Sewer Revenue                                      | CUSIP: 825485UJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2122251.80   | 0.08%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577XCS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1580370.23   | 0.06%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736C21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038206.20   | 0.08%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                               | CUSIP: 64990AMP7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7620000 | PA      | $8189461.65   | 0.32%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                    | Mississippi Development Bank                                                     | CUSIP: 60534XCA2<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1876557.03   | 0.07%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST LTD OBLIG                     | State of North Carolina                                                          | CUSIP: 65829QDP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2264306.20   | 0.09%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 1675932K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1619552.34   | 0.06%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3458000 | PA      | $2837722.29   | 0.11%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA MET TRANSP                  | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | CUSIP: 54466HHJ8<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5559210.50   | 0.22%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3901111.50   | 0.15%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1848603.58   | 0.07%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445LX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1334476.84   | 0.05%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045V91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057992.40   | 0.04%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CITY CA UNIF SC                  | San Bernardino City Unified School District                                      | CUSIP: 796714DZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104803.30   | 0.04%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON                  | Kentucky Turnpike Authority                                                      | CUSIP: 491552Q99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1566152.83   | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                         | CUSIP: 342814DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047431.00   | 0.08%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAYS TX CONSOL INDEP SCH DIST                   | Hays Consolidated Independent School District                                    | CUSIP: 4211107D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4475000 | PA      | $4282637.20   | 0.17%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560RJ2<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1327545.81   | 0.05%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225AS5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1934839.38   | 0.08%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE                  | County of Cook IL Sales Tax Revenue                                              | CUSIP: 213248CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2146405.20   | 0.08%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                          | CUSIP: 6262075A8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053042.80   | 0.04%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                  | State of Ohio                                                                    | CUSIP: 67759YAX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    800000 | PA      | $801356.64    | 0.03%             | 2039-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036PZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1441895.70   | 0.06%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                                 | CUSIP: 650010AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2723703.74   | 0.11%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036PV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1204734.63   | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                       | CUSIP: 917467CA8<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    400000 | PA      | $364473.40    | 0.01%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE                  | City of Houston TX Combined Utility System Revenue                               | CUSIP: 4424354P5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5143521.50   | 0.20%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 1675932H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1808715.53   | 0.07%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16363693.50  | 0.64%             | 2040-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                                | CUSIP: 762244FH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1607658.65   | 0.06%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                   | Miami-Dade County Expressway Authority                                           | CUSIP: 593338AL0<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   3730000 | PA      | $3829450.01   | 0.15%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                    | CUSIP: 69651ABV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1252972.92   | 0.05%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX WST DISP AUTH                     | Gulf Coast Authority                                                             | CUSIP: 40222PAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.03%             | 2030-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     85961 | PA      | $85973.25     | 0.00%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                                 | CUSIP: 650010AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261502.58    | 0.01%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736N94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2144394.00   | 0.08%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577XCN4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1187678.50   | 0.05%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF VERMONT & ST AGRIC CLG                  | University of Vermont and State Agricultural College                             | CUSIP: 915200ZM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061715.70   | 0.04%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447TL50<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1675352.97   | 0.07%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST                                         | State of Ohio                                                                    | CUSIP: 677520NH7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2026-06-15      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H                  | Illinois Finance Authority                                                       | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    700000 | PA      | $667893.80    | 0.03%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU                  | Public Finance Authority                                                         | CUSIP: 74442CCW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2346136.88   | 0.09%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                               | CUSIP: 64983MF45<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1405000.00   | 0.06%             | 2033-07-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP WST                  | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883PJS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4121405.60   | 0.16%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                  | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190NR9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1836561.30   | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045ZG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.07%             | 2034-07-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                             | CUSIP: 25483VTR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5130557.50   | 0.20%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    169893 | PA      | $173302.89    | 0.01%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST D                  | New Hampshire Business Finance Authority                                         | CUSIP: 63608RAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1445510.40   | 0.06%             | 2027-07-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2014375.00   | 0.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                             | CUSIP: 25483VSE5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $454750.05    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIV CLGS & UNIVS AUTH GA                       | Private Colleges & Universities Authority                                        | CUSIP: 74265LC55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051327.20   | 0.08%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560RS2<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1988715.68   | 0.08%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                      | CUSIP: 114894YC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1863606.85   | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                      | CUSIP: 114894XT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530262.35   | 0.06%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505XX9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3109405.71   | 0.12%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER NECHES VLY TX AUTH INDL                   | Lower Neches Valley Authority Industrial Development Corp                        | CUSIP: 54834RAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $970000.00    | 0.04%             | 2029-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QBE8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2041-10-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577XCH7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1866102.41   | 0.07%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI DOWNTOWN DEV AUTH T                  | Detroit Downtown Development Authority                                           | CUSIP: 251135GN3<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031403.20   | 0.08%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045W33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1358288.88   | 0.05%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    153940 | PA      | $133806.83    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA REVENUE                    | District of Columbia                                                             | CUSIP: 254839RX3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.03%             | 2038-08-15      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250EX8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1366120.98   | 0.05%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584Y3S6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7295418.00   | 0.29%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1469282.25   | 0.06%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 546749AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2116183.28   | 0.08%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7700000 | PA      | $8153426.05   | 0.32%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                               | CUSIP: 167727VD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1652579.36   | 0.06%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                         | New York State Housing Finance Agency                                            | CUSIP: 64986MJY2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.02%             | 2031-11-15      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                    | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817SN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6625000 | PA      | $6783796.61   | 0.27%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                              | CUSIP: 735240M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1554819.20   | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA PUBLIC FING AUTH LE                  | Anaheim Public Financing Authority                                               | CUSIP: 03255LGN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1292546.96   | 0.05%             | 2029-05-01      | 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        |   1400000 | PA      | $1407518.56   | 0.06%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614RV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $312976.86    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DWC6<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    880000 | PA      | $959571.71    | 0.04%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                  | Florida Development Finance Corp                                                 | CUSIP: 34061UBU1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1917515.15   | 0.08%             | 2035-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ILLINOIS IL COPS                        | University of Illinois                                                           | CUSIP: 914331LD3<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1833745.32   | 0.07%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                                         | CUSIP: 74442PCR4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1456379.23   | 0.06%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577BJT2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  11390000 | PA      | $12094710.69  | 0.47%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528ACD4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1765000.00   | 0.07%             | 2035-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                   | Miami-Dade County Expressway Authority                                           | CUSIP: 593338AM8<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1741826.97   | 0.07%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN                  | Public Authority for Colorado Energy                                             | CUSIP: 744387AB7<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   3390000 | PA      | $3451546.81   | 0.14%             | 2023-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5673371.00   | 0.22%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1306530.24   | 0.05%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736C54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015643.40   | 0.04%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $1960243.68   | 0.08%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528ABM5<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.03%             | 2030-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1442799.81   | 0.06%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505XP6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1726345.65   | 0.07%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XKK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8055000 | PA      | $7870628.30   | 0.31%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                          | CUSIP: 73358XCK6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3265594.02   | 0.13%             | 2039-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN                  | Arizona Industrial Development Authority                                         | CUSIP: 04052ACQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040746.80   | 0.08%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT HOUSTON TX AUTH                            | Port Authority of Houston of Harris County Texas                                 | CUSIP: 7342605Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3625722.81   | 0.14%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445LW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1782817.27   | 0.07%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                     | CUSIP: 02765UNP5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2467057.28   | 0.10%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY ELEC LIGHT & PWRS                  | City of Owensboro KY Electric Light & Power System Revenue                       | CUSIP: 691021NG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1374868.22   | 0.05%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL SCH BRD COPS                    | School District of Broward County/FL                                             | CUSIP: 115065XQ2<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4199868.80   | 0.16%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461363L3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6855079.40   | 0.27%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                   | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774Y2A4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1205739.12   | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORMITORY AUTHORITY              | NEW YORK STATE DORMITORY AUTHORITY (TOBS)                                        | CUSIP: 64990FYN8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  25170000 | PA      | $23753646.35  | 0.93%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CITY CA UNIF SC                  | San Bernardino City Unified School District                                      | CUSIP: 796714EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1647891.90   | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                         | New York State Housing Finance Agency                                            | CUSIP: 64986MN27<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2037-05-15      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA A                  | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79765A3L8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  12650000 | PA      | $12650000.00  | 0.50%             | 2030-05-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| SAINT LUCIE CNTY FL SOL WST DI                  | County of St Lucie FL                                                            | CUSIP: 79208EBY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2024-05-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452153BX6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4065962.40   | 0.16%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA ELEC REVENUE                       | City of Riverside CA Electric Revenue                                            | CUSIP: 768874UU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3231367.20   | 0.13%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                                 | CUSIP: 759151BG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $740584.18    | 0.03%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA                   | State Public School Building Authority                                           | CUSIP: 85732GUF5<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1457254.75   | 0.06%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                                | CUSIP: 65830RBK4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533098.00    | 0.02%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261ADH7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1350058.82   | 0.05%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                          | CUSIP: 5444953M4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   6450000 | PA      | $6995221.73   | 0.27%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505VR4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2546786.00   | 0.10%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                             | CUSIP: 19648FWP5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2130017.00   | 0.08%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE                        | County of Lee FL Airport Revenue                                                 | CUSIP: 523470GK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3823616.65   | 0.15%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education                                                       | CUSIP: 167510AR7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1285259.56   | 0.05%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP                  | California Municipal Finance Authority                                           | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487639.65    | 0.02%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4775000 | PA      | $3497687.50   | 0.14%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R                  | Georgia Higher Education Facilities Authority                                    | CUSIP: 373511HX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1760518.24   | 0.07%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7730000 | PA      | $5681550.00   | 0.22%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEPT OF TRANS                  | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue      | CUSIP: 57563CDX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091089.10   | 0.04%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                  | Indiana Finance Authority                                                        | CUSIP: 45471ATD4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2574849.20   | 0.10%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   7400000 | PA      | $6455901.34   | 0.25%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN                  | Utah Telecommunication Open Infrastructure Agency                                | CUSIP: 91756SAQ6<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1574285.16   | 0.06%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KEZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10155000 | PA      | $11239296.06  | 0.44%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S                  | Dallas Area Rapid Transit                                                        | CUSIP: 235241RR9<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7993062.00   | 0.31%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | New York State Urban Development Corp                                            | CUSIP: 6500357N2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7251234.80   | 0.28%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCAGO SC EDUCTNL FACS CORP FOR                  | SCAGO Educational Facilities Corp for Pickens School District                    | CUSIP: 80585TCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2352733.43   | 0.09%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                      | CUSIP: 011839VT1<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    750000 | PA      | $809083.20    | 0.03%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584YQC6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1378549.61   | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGS6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067944.00   | 0.08%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                   | Miami-Dade County Expressway Authority                                           | CUSIP: 593338AK2<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3076015.50   | 0.12%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DWH5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    600000 | PA      | $560811.60    | 0.02%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                       | CUSIP: 45204FAX3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126470.10   | 0.04%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                             | CUSIP: 66585VBG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1130801.76   | 0.04%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                         | CUSIP: 452143FE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9702362.35   | 0.38%             | 2032-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                         | CUSIP: 052398GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5640000 | PA      | $6074004.77   | 0.24%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                         | CUSIP: 452143FD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8174947.20   | 0.32%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXB3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    250000 | PA      | $180000.00    | 0.01%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                  | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758ZV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3416138.40   | 0.13%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038499.70   | 0.04%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1504493.23   | 0.06%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DE KALB CNTY GA WTR & SWR REVE                  | County of DeKalb GA Water & Sewerage Revenue                                     | CUSIP: 240523WF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501320.00   | 0.10%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                          | CUSIP: 594698MP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053331.70   | 0.04%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225AR7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117710.30   | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WALLED LAKE MI CONSOL SCH DIST                  | Walled Lake Consolidated School District                                         | CUSIP: 932423VD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2476539.03   | 0.10%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9746688.60   | 0.38%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                      | CUSIP: 928104MS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077971.70   | 0.04%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                      | CUSIP: 114894XR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1815296.00   | 0.07%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CCJ5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6850089.35   | 0.27%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKAMAS & YAMHILL                  | Washington Clackamas & Yamhill Counties School District No 88J                   | CUSIP: 937440EP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1360998.13   | 0.05%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Building Aid Revenue                | CUSIP: 64972HVJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4162833.60   | 0.16%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA SWR REVENUE                        | City of Riverside CA Sewer Revenue                                               | CUSIP: 769047JR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3115000 | PA      | $3428830.02   | 0.13%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736B97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1825546.28   | 0.07%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966MXE4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7484018.50   | 0.29%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD                  | Virginia Beach Development Authority                                             | CUSIP: 92774NAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1377193.80   | 0.05%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                     | CUSIP: 02765UNQ3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1373458.25   | 0.05%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 64579F7N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1248509.52   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                         | CUSIP: 76827QGP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3984335.38   | 0.16%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                             | CUSIP: 25483VSD7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471810.40    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN CA PUBLIC PWR AUTH NATUR                  | Southern California Public Power Authority                                       | CUSIP: 842471AU8<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2111339.60   | 0.08%             | 2026-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447TFE8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1548297.00   | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                          | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2656127.65   | 0.10%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528UD65<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3031747.87   | 0.12%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP                   | Sales Tax Securitization Corp                                                    | CUSIP: 79467BAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1878999.33   | 0.07%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528ACE2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750000.00   | 0.07%             | 2035-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971QPQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375000.00    | 0.01%             | 2029-11-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505XH4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   6050000 | PA      | $6190484.03   | 0.24%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                   | Miami-Dade County Expressway Authority                                           | CUSIP: 593338AQ9<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2556745.00   | 0.10%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3690000 | PA      | $4114052.96   | 0.16%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA                  | Long Beach Bond Finance Authority                                                | CUSIP: 54241AAR4<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   3975000 | PA      | $4018959.53   | 0.16%             | 2023-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                      | CUSIP: 93978HWK7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5387514.08   | 0.21%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5102923.20   | 0.20%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DWF9<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    745000 | PA      | $718523.30    | 0.03%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QAA8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2048-03-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                       | CUSIP: 452031AN7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    395000 | PA      | $412734.95    | 0.02%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                             | CUSIP: 20772KLB3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006056.20   | 0.04%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3680000 | PA      | $2981784.77   | 0.12%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                                | CUSIP: 759911XV7<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  12990000 | PA      | $14811779.95  | 0.58%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036PY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075242.90   | 0.04%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN                  | Utah Telecommunication Open Infrastructure Agency                                | CUSIP: 91756SAP8<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1678029.90   | 0.07%             | 2037-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                               | CUSIP: 167486F46<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4078440.80   | 0.16%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528ABX1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.00    | 0.01%             | 2035-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue  | CUSIP: 592098T31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581227.55   | 0.06%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK NJ PKG AUTH                       | New Brunswick Parking Authority                                                  | CUSIP: 642835PB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2116781.80   | 0.08%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CENTRAL CT REGL WTR AUTH                  | South Central Connecticut Regional Water Authority                               | CUSIP: 8372275Z6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2212296.80   | 0.09%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                             | CUSIP: 20772J4N9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3097861.78   | 0.12%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DQS8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073603.00   | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA                   | State Public School Building Authority                                           | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4366808.04   | 0.17%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736C47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526285.55   | 0.06%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1362602.36   | 0.05%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST ATLANTIC UNIV FIN C                  | Florida Atlantic University Finance Corp                                         | CUSIP: 31200CCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5775000 | PA      | $6266077.13   | 0.25%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                   | Central Texas Turnpike System                                                    | CUSIP: 88283KAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10167836.00  | 0.40%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                   | Central Texas Turnpike System                                                    | CUSIP: 88283KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10139864.00  | 0.40%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY N W WA ELEC REVENUE                      | Energy Northwest                                                                 | CUSIP: 29270CG58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10558917.00  | 0.41%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                             | CUSIP: 19648FWN0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2347906.44   | 0.09%             | 2038-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250CQ5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061690.00   | 0.08%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                  | Indiana Finance Authority                                                        | CUSIP: 45471ABR2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1850000.00   | 0.07%             | 2039-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461366E6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11375000 | PA      | $12369193.20  | 0.48%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5223485.00   | 0.20%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                                | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7268622.20   | 0.28%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                       | CUSIP: 917467BH4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    600000 | PA      | $563338.68    | 0.02%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER NECHES VLY TX AUTH INDL                   | Lower Neches Valley Authority Industrial Development Corp                        | CUSIP: 54834RAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6950000 | PA      | $6950000.00   | 0.27%             | 2039-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| ELK GROVE VLG IL                                | Village of Elk Grove Village IL                                                  | CUSIP: 287299LL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $956175.33    | 0.04%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                  | New Jersey Turnpike Authority                                                    | CUSIP: 6461396C4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9559418.40   | 0.37%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELK GROVE VLG IL                                | Village of Elk Grove Village IL                                                  | CUSIP: 287299LK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $594405.41    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952285.70    | 0.04%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE & DOUGLAS CNTYS OR SCH DI                  | Lane & Douglas Counties School District No 28J Fern Ridge                        | CUSIP: 515160DA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158455.40   | 0.08%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584YWK1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4459416.80   | 0.17%             | 2050-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584Y3U1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13925613.75  | 0.55%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                                | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1793424.46   | 0.07%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $996972.02    | 0.04%             | 2031-06-01      | Fixed         | 4.00%                 | 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        |   8155000 | PA      | $7376036.85   | 0.29%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QVQ0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1457310.90   | 0.06%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                          | CUSIP: 6262074Z4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1145773.49   | 0.04%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                      | CUSIP: 928104QG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2168413.54   | 0.09%             | 2042-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS                   | Harris County-Houston Sports Authority                                           | CUSIP: 413890CZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9332050.50   | 0.37%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560RN3<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1639909.53   | 0.06%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QL40<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3605918.55   | 0.14%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                   | Miami-Dade County Expressway Authority                                           | CUSIP: 593338AR7<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2805986.15   | 0.11%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH MT                  | New Jersey Economic Development Authority                                        | CUSIP: 64578JBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3127994.10   | 0.12%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445D48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4461367.01   | 0.17%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966LCP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2040-08-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                                | CUSIP: 16772PCC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1741703.80   | 0.07%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                               | CUSIP: 649905WE2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.04%             | 2034-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                        | CUSIP: 68450LFM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3745000 | PA      | $3888260.48   | 0.15%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                     | CUSIP: 575896YJ8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4125662.40   | 0.16%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP                   | Charlotte-Mecklenburg Hospital Authority/The                                     | CUSIP: 160853MS3<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.05%             | 2037-01-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443EC6<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25164047.50  | 0.99%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261AFS1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1686969.69   | 0.07%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HLTH & EDUCTN                  | Massachusetts Health & Educational Facilities Authority                          | CUSIP: 57586EQ87<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.10%             | 2039-07-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                         | CUSIP: 650116CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6480000 | PA      | $6579727.85   | 0.26%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528UD81<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   5235000 | PA      | $5568936.99   | 0.22%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                                         | CUSIP: 74442PQU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1677024.33   | 0.07%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                          | CUSIP: 6262074X9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    850000 | PA      | $928876.18    | 0.04%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584YDJ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003529.00   | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                  | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190NQ1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554090.75   | 0.06%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560RP8<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1718000.46   | 0.07%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971XQH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3421692.75   | 0.13%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TN WTR SWR & GAS R                  | City of Clarksville TN Water Sewer & Gas Revenue                                 | CUSIP: 182618PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8455000 | PA      | $7877160.78   | 0.31%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     51221 | PA      | $47493.46     | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593WP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4844630.76   | 0.19%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV                  | Delaware State Health Facilities Authority                                       | CUSIP: 246388TL6<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   4420000 | PA      | $4490267.83   | 0.18%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045W41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1790324.54   | 0.07%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031162.80   | 0.04%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                  | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009QZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $3050568.81   | 0.12%             | 2051-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                         | CUSIP: 052398HN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127801.60   | 0.08%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 4423487V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2538617.00   | 0.10%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5568247.65   | 0.22%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CARROLL CNTY KY ENVRNMNTL FACS                  | County of Carroll KY                                                             | CUSIP: 14483RAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4503586.50   | 0.18%             | 2034-10-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLIDW                  | Bartow County Development Authority                                              | CUSIP: 06964KAA4<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |  33100000 | PA      | $33100000.00  | 1.30%             | 2062-11-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $686114.86    | 0.03%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                               | CUSIP: 167486ZT9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1311206.00   | 0.05%             | 2029-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 645918W58<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20000182.00  | 0.78%             | 2028-03-01      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| CENTRL BROWN CNTY WI WTR AUTHW                  | Central Brown County Water Authority                                             | CUSIP: 152708CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075483.80   | 0.08%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE                  | County of Cook IL Sales Tax Revenue                                              | CUSIP: 213248CG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1565658.87   | 0.06%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225DY9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3226621.65   | 0.13%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDFORD OR HOSP FACS AUTH REVE                  | Medford Hospital Facilities Authority                                            | CUSIP: 584283HA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2084807.20   | 0.08%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                           | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |  16035000 | PA      | $17754550.11  | 0.70%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1437149.55   | 0.06%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    167137 | PA      | $171294.03    | 0.01%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445GA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2580480.50   | 0.10%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1409946.53   | 0.06%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO                  | New York State Thruway Authority                                                 | CUSIP: 650028VJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1806349.86   | 0.07%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEPT OF TRANS                  | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue      | CUSIP: 57563CDW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2197354.80   | 0.09%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV                  | Arizona Industrial Development Authority                                         | CUSIP: 04052EAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1180167.01   | 0.05%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584XNV9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2102804.40   | 0.08%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO                  | Maryland Stadium Authority Built to Learn Revenue                                | CUSIP: 574294AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3696521.60   | 0.14%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                                 | CUSIP: 650010AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2202724.65   | 0.09%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                       | CUSIP: 917467CB6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    200000 | PA      | $179739.98    | 0.01%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R                  | Indiana Finance Authority                                                        | CUSIP: 45470YEX5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2293401.43   | 0.09%             | 2058-12-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577XCQ7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925915.00    | 0.04%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION                   | Hillsborough County Aviation Authority                                           | CUSIP: 432308H64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3069163.80   | 0.12%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                          | CUSIP: 041806MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $745136.49    | 0.03%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVAJO NATION AZ                                | Navajo Nation                                                                    | CUSIP: 639185AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3480929.18   | 0.14%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                   | New York City Housing Development Corp                                           | CUSIP: 64966TBE3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.00    | 0.01%             | 2042-09-01      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO                  | Hudson Yards Infrastructure Corp                                                 | CUSIP: 44420RAX8<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10795665.00  | 0.42%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CENTRAL CT REGL WTR AUTH                  | South Central Connecticut Regional Water Authority                               | CUSIP: 8372276A0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2428905.16   | 0.10%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGR8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2601381.50   | 0.10%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577BK94<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3301986.00   | 0.13%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                             | CUSIP: 66585VBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050120.10   | 0.04%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4655323.80   | 0.18%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                  | New Jersey Turnpike Authority                                                    | CUSIP: 6461396D2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  10230000 | PA      | $10842186.73  | 0.43%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560RR4<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1895006.57   | 0.07%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education                                                       | CUSIP: 167510AS5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1415881.74   | 0.06%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 1675932J0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1985911.87   | 0.08%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445LV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057951.10   | 0.04%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L                  | Central Florida Expressway Authority                                             | CUSIP: 153476CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323501.13   | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1453596.45   | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                  | City of Shreveport LA Water & Sewer Revenue                                      | CUSIP: 825485UH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2590551.66   | 0.10%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                       | CUSIP: 917467BC5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1901296.67   | 0.07%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                             | CUSIP: 66585VBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1332116.38   | 0.05%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                               | CUSIP: 65000BQS0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7780000 | PA      | $8659028.75   | 0.34%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL                  | Berks County Industrial Development Authority                                    | CUSIP: 08452RAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $364864.39    | 0.01%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452152M81<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3175396.56   | 0.12%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 4521522K6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  12805000 | PA      | $13240469.88  | 0.52%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                               | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2330059.05   | 0.09%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7100000 | PA      | $6171939.12   | 0.24%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                   | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2919744.03   | 0.11%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERMINAL                  | Louisiana Offshore Terminal Authority                                            | CUSIP: 546510FP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5015000 | PA      | $4933960.11   | 0.19%             | 2027-09-01      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447PD99<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3777590.68   | 0.15%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANGER CA UNIF SCH DIST COPS                    | Sanger Unified School District                                                   | CUSIP: 800860EL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3092019.00   | 0.12%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN                  | Arizona Industrial Development Authority                                         | CUSIP: 04052ACU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561444.95   | 0.06%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 645793BK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.04%             | 2035-07-01      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN                  | Utah Telecommunication Open Infrastructure Agency                                | CUSIP: 91756SAR4<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010573.00   | 0.08%             | 2040-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                                | CUSIP: 71781QFE3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3931888.80   | 0.15%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447P6X4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2057459.00   | 0.08%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DNL9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061521.20   | 0.04%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614SF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530454.50   | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                    | CUSIP: 66285WSL1<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2644338.25   | 0.10%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                           | CUSIP: 677525WF0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2660460.60   | 0.10%             | 2042-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                  | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2239467.30   | 0.09%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KANE CNTY IL SCH DIST #131 AUR                  | Kane County School District No 131 Aurora East Side                              | CUSIP: 484008NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $818279.12    | 0.03%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 4423487W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4565005.20   | 0.18%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                                        | CUSIP: 155498KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7750362.00   | 0.30%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1913871.11   | 0.08%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE                       | City of Charlotte NC Airport Revenue                                             | CUSIP: 161036PX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1618886.85   | 0.06%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA HSG & PUBLIC IMPT A                  | Anaheim Housing & Public Improvements Authority                                  | CUSIP: 03255CAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2238971.36   | 0.09%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                      | CUSIP: 56035DBN1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2853383.50   | 0.11%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  10465000 | PA      | $8601605.24   | 0.34%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $2468525.00   | 0.10%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577BL44<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042482.60   | 0.04%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 442349CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2796272.28   | 0.11%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE                  | City of Houston TX Combined Utility System Revenue                               | CUSIP: 4424354Q3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5142843.50   | 0.20%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA ELEC REVENUE                       | City of Riverside CA Electric Revenue                                            | CUSIP: 768874UR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6894991.88   | 0.27%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE & DOUGLAS CNTYS OR SCH DI                  | Lane & Douglas Counties School District No 28J Fern Ridge                        | CUSIP: 515160DW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2672234.22   | 0.10%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                  | New York Liberty Development Corp                                                | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9107125.00   | 0.36%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614SG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $585570.11    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                    | CUSIP: 67756CFP8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063993.50   | 0.04%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225AU0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3246785.10   | 0.13%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                          | CUSIP: 73358WTQ7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5105950.50   | 0.20%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                       | CUSIP: 452031AM9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    430000 | PA      | $452549.85    | 0.02%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                     | New Jersey Economic Development Authority                                        | CUSIP: 645779BT5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.02%             | 2036-04-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560RQ6<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1806503.51   | 0.07%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225AT3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2185535.20   | 0.09%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                   | CUSIP: 837123HH4<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2979900.15   | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL SCH BRD COPS                    | School District of Broward County/FL                                             | CUSIP: 115065XT6<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5214316.00   | 0.20%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                                | CUSIP: 16772PCB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5979049.97   | 0.23%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 442349CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1840737.92   | 0.07%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                         | CUSIP: 052398HM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3208701.30   | 0.13%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QRU5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085308.50   | 0.04%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                   | Miami-Dade County Expressway Authority                                           | CUSIP: 593338AN6<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2406440.19   | 0.09%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225AW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2438057.85   | 0.10%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                          | CUSIP: 39081JAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4734691.65   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                          | CUSIP: 717813XK0<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2269815.03   | 0.09%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BASE VLG MET DIST #2 CO                         | Base Village Metropolitan District No 2                                          | CUSIP: 069781AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501316.50    | 0.02%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GDC5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2043-06-15      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    838371 | PA      | $707557.46    | 0.03%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                          | CUSIP: 6262074Y7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    875000 | PA      | $945667.45    | 0.04%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A                  | Miami-Dade County Health Facilities Authority                                    | CUSIP: 59334NDU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $660974.04    | 0.03%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                  | Maryland Health & Higher Educational Facilities Authority                        | CUSIP: 574217V28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.03%             | 2041-07-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                          | CUSIP: 041806MR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $700279.19    | 0.03%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION                   | Texas Municipal Gas Acquisition and Supply Corp I                                | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |  13560000 | PA      | $14277657.58  | 0.56%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60635H2R9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1337504.13   | 0.05%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                         | Bexar County Hospital District                                                   | CUSIP: 088365HE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2201762.80   | 0.09%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2039-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                               | CUSIP: 735389V39<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |  13185000 | PA      | $14050506.91  | 0.55%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON                  | Kentucky Turnpike Authority                                                      | CUSIP: 491552R23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091178.60   | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT MET DIST CO                            | Vauxmont Metropolitan District                                                   | CUSIP: 92242SAG8<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    255000 | PA      | $273224.80    | 0.01%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602RDX0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2585332.67   | 0.10%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584YPB9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1302543.95   | 0.05%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                                   | County of Clark NV                                                               | CUSIP: 180848XG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5374378.00   | 0.21%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXQ0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    370000 | PA      | $271950.00    | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                    | CUSIP: 67756CFQ6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1266930.00   | 0.05%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                    | CUSIP: 69651ABU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $653004.83    | 0.03%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QRW1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1768942.56   | 0.07%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA SWR REVENUE                        | City of Riverside CA Sewer Revenue                                               | CUSIP: 769047JS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093798.90   | 0.04%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST TURNPIKE AUTH TURNP                  | State of Florida Department of Transportation Turnpike System Revenue            | CUSIP: 343137DT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4912409.50   | 0.19%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                              | CUSIP: 735240V75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061873.80   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447P6Z9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013090.60   | 0.08%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57583RWD3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    540000 | PA      | $540000.00    | 0.02%             | 2042-10-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $297328.02    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                       | CUSIP: 45204FAY1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2239518.60   | 0.09%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                  | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MNR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3715000 | PA      | $3884325.99   | 0.15%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                               | CUSIP: 735389H27<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3255079.39   | 0.13%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                         | Bexar County Hospital District                                                   | CUSIP: 088365HF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2475869.18   | 0.10%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452153AL3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3925000 | PA      | $4014468.02   | 0.16%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                         | CUSIP: 650116EJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2691204.50   | 0.11%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445A66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3390000 | PA      | $3622523.15   | 0.14%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                         | New York State Housing Finance Agency                                            | CUSIP: 64986MC78<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2035-05-01      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                             | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3029082.77   | 0.12%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                         | CUSIP: 452143FC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5113599.00   | 0.20%             | 2030-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602HBF3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4937758.74   | 0.19%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST ENVRNMNTL IMPT & E                  | Missouri State Environmental Improvement & Energy Resources Authority            | CUSIP: 606907BJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $744406.88    | 0.03%             | 2038-05-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF DELAWARE DE REVENUE                     | University of Delaware                                                           | CUSIP: 91425MAZ0<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |    540000 | PA      | $540000.00    | 0.02%             | 2035-11-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                               | CUSIP: 167486E21<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2137303.30   | 0.08%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                  | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5084985.40   | 0.20%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                   | Indiana Finance Authority                                                        | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5995064.60   | 0.24%             | 2029-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966FA87<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.04%             | 2036-04-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9695000 | PA      | $10025725.54  | 0.39%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                                | CUSIP: 7599112J8<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  10920000 | PA      | $10538205.13  | 0.41%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA PUBLIC FING AUTH LE                  | Anaheim Public Financing Authority                                               | CUSIP: 03255LGM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1132909.69   | 0.04%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAHLONEGA GA DOWNTOWN DEV AUTH                  | Dahlonega Downtown Development Authority                                         | CUSIP: 23378RFG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1496843.32   | 0.06%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1628023.05   | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                      | CUSIP: 93978HXH3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058922.60   | 0.08%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY (TOBS)                           | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  24245000 | PA      | $26052029.84  | 1.02%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                   | New York City Housing Development Corp                                           | CUSIP: 64966TBA1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2040-06-01      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 442349CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2385207.90   | 0.09%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577XAV8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084581.90   | 0.04%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505WN2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2567999.50   | 0.10%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                  | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2309684.84   | 0.09%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593WN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7445000 | PA      | $7889913.20   | 0.31%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                  | Industrial Development Authority of the City of Phoenix/The                      | CUSIP: 71885FEH6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1620702.40   | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QVS6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3731151.20   | 0.15%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | New York State Urban Development Corp                                            | CUSIP: 650036AL0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   7945000 | PA      | $8530884.16   | 0.33%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                               | CUSIP: 64990AGN9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6322862.40   | 0.25%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE                  | City of Valparaiso IN                                                            | CUSIP: 92028RAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $293330.27    | 0.01%             | 2024-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI                  | Indiana Finance Authority                                                        | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2901144.30   | 0.11%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                         | CUSIP: 342814DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3068300.70   | 0.12%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1059104.09   | 0.04%             | 2035-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                        | CUSIP: 452272B30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $542859.66    | 0.02%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045W25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1157281.95   | 0.05%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2251975.44   | 0.09%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                         | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4846565.13   | 0.19%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY N W WA ELEC REVENUE                      | Energy Northwest                                                                 | CUSIP: 29270CH32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5273270.00   | 0.21%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                              | CUSIP: 735240V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526244.85    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461368A2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2435836.00   | 0.10%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOSP EQUIPMENT&                  | Mississippi Hospital Equipment & Facilities Authority                            | CUSIP: 605360TS5<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6279985.20   | 0.25%             | 2040-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577XCP9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1124262.48   | 0.04%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                                 | CUSIP: 79020FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5089642.95   | 0.20%             | 2037-06-01      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                  | Mid-Bay Bridge Authority                                                         | CUSIP: 342814DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022139.40   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GERALD R FORD INTERNATIONAL AR                  | Gerald R Ford International Airport Authority                                    | CUSIP: 373695AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055577.50   | 0.04%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                             | CUSIP: 66585VBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1745580.38   | 0.07%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                      | CUSIP: 928104QH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040859.80   | 0.08%             | 2042-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT PLEASANT WI TAX INCR REV                  | Village of Mount Pleasant WI                                                     | CUSIP: 622823AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7372299.20   | 0.29%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528ABK9<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1440000.00   | 0.06%             | 2030-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452153AP4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2327506.62   | 0.09%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452152X97<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4689569.16   | 0.18%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV                  | Arizona Industrial Development Authority                                         | CUSIP: 04052EAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1360159.84   | 0.05%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577BL28<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2581338.62   | 0.10%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA MF HSG REVENUE                      | City of San Jose CA                                                              | CUSIP: 798165KP0<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.05%             | 2038-07-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| ENERGY N W WA ELEC REVENUE                      | Energy Northwest                                                                 | CUSIP: 29270CG66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8977185.75   | 0.35%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4380000 | PA      | $3956620.88   | 0.16%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447TQU0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2303850.60   | 0.09%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                      | CUSIP: 93978HXE0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    625000 | PA      | $656208.44    | 0.03%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447PD57<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11833744.95  | 0.46%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QRX9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2125219.20   | 0.08%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 645918T78<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4060000 | PA      | $4070893.39   | 0.16%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                        | CUSIP: 158862BZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8900000 | PA      | $9043120.90   | 0.35%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                             | CUSIP: 20772KLC1<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1245755.13   | 0.05%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                               | CUSIP: 167486D97<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   7075000 | PA      | $7031159.76   | 0.28%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A                  | Miami-Dade County Health Facilities Authority                                    | CUSIP: 59334NDT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1065598.69   | 0.04%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602REB7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2080000.00   | 0.08%             | 2032-01-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PUBLIC FIN AUTH LEASE                  | Texas Public Finance Authority                                                   | CUSIP: 882669BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072325.80   | 0.08%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                   | State of California                                                              | CUSIP: 13063DCH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2787295.94   | 0.11%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1679332.80   | 0.07%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560RH6<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1285897.31   | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                       | CUSIP: 45204FGH2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    630000 | PA      | $643786.73    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                               | CUSIP: 167727VF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011579.10   | 0.04%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593RX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6010000 | PA      | $6140826.88   | 0.24%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH N                  | Casino Reinvestment Development Authority Inc                                    | CUSIP: 14760RAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551977.40   | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                    | CUSIP: 66285WVZ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1374280.23   | 0.05%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENERGY RESEARCH &                   | New York State Energy Research & Development Authority                           | CUSIP: 64984EDP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.02%             | 2036-06-01      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                   | Los Angeles Department of Water & Power                                          | CUSIP: 5444953N2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3229277.70   | 0.13%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576FT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3127316.70   | 0.12%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV                   | Oregon Health & Science University                                               | CUSIP: 685869EP0<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4901915.15   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                     | Oregon State Facilities Authority                                                | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7100000 | PA      | $7100000.00   | 0.28%             | 2034-08-01      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261AJ40<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3135016.80   | 0.12%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                             | CUSIP: 19648FWM2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1554380.28   | 0.06%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                                | CUSIP: 762244FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050308.60   | 0.08%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                    | CUSIP: 66285WLT1<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4068171.20   | 0.16%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584YNX3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1911866.59   | 0.07%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA WTR & SWR AUTH S                  | Bucks County Water and Sewer Authority                                           | CUSIP: 118683JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2374290.68   | 0.09%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL                  | Berks County Industrial Development Authority                                    | CUSIP: 08452RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399679.48    | 0.02%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                      | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5111966.75   | 0.20%             | 2051-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                            | CUSIP: 64579F7L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086812.60   | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA                  | California Statewide Communities Development Authority                           | CUSIP: 13078RFG0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   8405000 | PA      | $8355937.49   | 0.33%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                     | CUSIP: 02765URE6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1676553.75   | 0.07%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST WTR RESOURCES                  | Massachusetts Water Resources Authority                                          | CUSIP: 576051PM2<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7099632.40   | 0.28%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                  | Idaho Health Facilities Authority                                                | CUSIP: 451295ZZ5<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.04%             | 2048-03-01      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                               | CUSIP: 57420VPD9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1480778.18   | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                                | CUSIP: 762244FF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2567233.00   | 0.10%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                                | CUSIP: 65830RCN7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4116892.00   | 0.16%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528ABP8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2030-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034563.70   | 0.04%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                                | CUSIP: 717818L89<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    860000 | PA      | $860000.00    | 0.03%             | 2034-12-01      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| VAUXMONT MET DIST CO                            | Vauxmont Metropolitan District                                                   | CUSIP: 92242SAW3<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    415000 | PA      | $457128.35    | 0.02%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HOTEL OCCUPANCY TAX                   | City of Dallas TX Hotel Occupancy Tax Revenue                                    | CUSIP: 235286AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2472175.42   | 0.10%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                  | New York State Thruway Authority                                                 | CUSIP: 650010AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4733245.80   | 0.19%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                  | Kansas City Industrial Development Authority                                     | CUSIP: 48504NAY5<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4173903.20   | 0.16%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614RT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $688549.09    | 0.03%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9150000 | PA      | $8110991.88   | 0.32%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461366Y2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2129030.80   | 0.08%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577XAW6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5118714.00   | 0.20%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13566472.40  | 0.53%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3478140.62   | 0.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528ABN3<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.08%             | 2030-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                                 | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2494799.28   | 0.10%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                    | CUSIP: 66285WPN0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |  17310000 | PA      | $17953800.44  | 0.70%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443BR6<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   6885000 | PA      | $6990609.02   | 0.27%             | 2024-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                                | CUSIP: 041438GQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1248409.30   | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                      | CUSIP: 542691GD6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1881753.30   | 0.07%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                               | CUSIP: 57420VPA5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048233.10   | 0.04%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                                 | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467042.15   | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH HIGHWAY & T                  | Puerto Rico Highway & Transportation Authority                                   | CUSIP: 745197AA1<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1200875.00   | 0.05%             | 2062-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                  | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MNT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5085000 | PA      | $5277843.03   | 0.21%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577BHV9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1616508.25   | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8180000 | PA      | $7447317.40   | 0.29%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA                  | Iowa Finance Authority                                                           | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $11588535.60  | 0.45%             | 2050-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                               | CUSIP: 735389G93<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3399812.72   | 0.13%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447TGA5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    700000 | PA      | $721023.24    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P5V6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2038274.37   | 0.08%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8936320.50   | 0.35%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                    | CUSIP: 69651ACC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1427037.36   | 0.06%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505VS2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023619.70   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261AJ24<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2271781.80   | 0.09%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584Y3V9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2209659.40   | 0.09%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                  | California Infrastructure & Economic Development Bank                            | CUSIP: 13034ATW0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6408921.00   | 0.25%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    167923 | PA      | $126406.69    | 0.00%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                           | CUSIP: 55374SAA8<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1854523.49   | 0.07%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1989612.90   | 0.08%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                               | CUSIP: 735389V54<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5277776.00   | 0.21%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA PUBLIC FING AUTH LE                  | Anaheim Public Financing Authority                                               | CUSIP: 03255LGQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1905348.12   | 0.07%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX WST DISP AUTH                     | Gulf Coast Authority                                                             | CUSIP: 40222PAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7300000.00   | 0.29%             | 2025-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584XBG5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $3167386.09   | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY                   | Miami-Dade County Expressway Authority                                           | CUSIP: 593338AP1<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023870.40   | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue  | CUSIP: 592098Q83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3373285.44   | 0.13%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                      | CUSIP: 93978HXG5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    700000 | PA      | $728603.96    | 0.03%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CBE7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3213831.00   | 0.13%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                                 | CUSIP: 759151BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425522.80    | 0.02%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                          | CUSIP: 73358WTR5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5103523.50   | 0.20%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CONNECTICUT CT REVENUE                  | University of Connecticut                                                        | CUSIP: 914225HG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3098867.50   | 0.12%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                     | Oregon State Facilities Authority                                                | CUSIP: 68608JXF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315000.00    | 0.01%             | 2034-08-01      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                             | CUSIP: 25483VTC8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4010000 | PA      | $4114707.12   | 0.16%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972FX27<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1945000.00   | 0.08%             | 2043-06-15      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                                | CUSIP: 40065NCQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1016977.55   | 0.04%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                  | Love Field Airport Modernization Corp                                            | CUSIP: 54714CBG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1305030.88   | 0.05%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                  | Bay Area Toll Authority                                                          | CUSIP: 072024SU7<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30006243.00  | 1.18%             | 2045-04-01      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY ELEC LIGHT & PWRS                  | City of Owensboro KY Electric Light & Power System Revenue                       | CUSIP: 691021NF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.06%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE                  | Maryland Community Development Administration                                    | CUSIP: 57419PCJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3440000.00   | 0.13%             | 2040-09-01      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DE                  | Cape Girardeau County Industrial Development Authority                           | CUSIP: 139404HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1084734.38   | 0.04%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT HOUSTON TX AUTH                            | Port Authority of Houston of Harris County Texas                                 | CUSIP: 7342605R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3694475.40   | 0.14%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    570000 | PA      | $570000.00    | 0.02%             | 2035-10-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773451.15    | 0.03%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                      | CUSIP: 5426908F2<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5820000 | PA      | $6221460.69   | 0.24%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                      | CUSIP: 011839VS3<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    750000 | PA      | $760298.93    | 0.03%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT HOUSTON TX AUTH                            | Port Authority of Houston of Harris County Texas                                 | CUSIP: 7342605P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3719434.95   | 0.15%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261AQL4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1589918.23   | 0.06%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                  | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 41401PCM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $658793.52    | 0.03%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A                  | Miami-Dade County Health Facilities Authority                                    | CUSIP: 59334NDV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1047479.28   | 0.04%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QVP2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1624515.45   | 0.06%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                  | Central Plains Energy Project                                                    | CUSIP: 154871CN5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4679694.45   | 0.18%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                            | CUSIP: 452252PY9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2711012.33   | 0.11%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                  | Kansas City Industrial Development Authority                                     | CUSIP: 48504NAX7<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3410076.48   | 0.13%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 4521522Z3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3102023.40   | 0.12%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                        | School District of Philadelphia/The                                              | CUSIP: 717883QF2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2397598.40   | 0.09%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972FPP5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.03%             | 2033-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                               | CUSIP: 64990FLC6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8950000 | PA      | $9401688.60   | 0.37%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO SC EDUCTNL FACS CORP FOR                  | SCAGO Educational Facilities Corp for Pickens School District                    | CUSIP: 80585TCF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3660279.00   | 0.14%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505XM3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3551306.05   | 0.14%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                       | CUSIP: 45204FGF6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    505000 | PA      | $512604.34    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584XZQ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2924374.79   | 0.11%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577BHU1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2315372.16   | 0.09%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                      | CUSIP: 64971PJZ9<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1657961.85   | 0.07%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX WST DISP AUTH                     | Gulf Coast Authority                                                             | CUSIP: 40222PAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11800000 | PA      | $11800000.00  | 0.46%             | 2030-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    950000 | PA      | $693500.00    | 0.03%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614RU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $745928.18    | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                                 | CUSIP: 759151BJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $478702.80    | 0.02%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L                  | Central Florida Expressway Authority                                             | CUSIP: 153476CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055925.20   | 0.04%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA INDL DEV AUTH                      | Lancaster Industrial Development Authority                                       | CUSIP: 514349CF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2039-12-01      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| LOWER NECHES VLY TX AUTH INDL                   | Lower Neches Valley Authority Industrial Development Corp                        | CUSIP: 54834RAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6625000 | PA      | $6625000.00   | 0.26%             | 2029-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                  | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758XR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5361736.00   | 0.21%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                          | CUSIP: 6262077H1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    645000 | PA      | $541134.23    | 0.02%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                  | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883MNS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4475400.44   | 0.18%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                         | CUSIP: 04052BBL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $717194.10    | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                               | CUSIP: 64990FPU2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   9435000 | PA      | $10060879.22  | 0.39%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                  | Bay Area Toll Authority                                                          | CUSIP: 072024SR4<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3019297.50   | 0.12%             | 2045-04-01      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682RH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4058803.60   | 0.16%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL BROWN CNTY WI WTR AUTHW                  | Central Brown County Water Authority                                             | CUSIP: 152708CK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2604277.86   | 0.10%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593X49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3982167.04   | 0.16%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS                  | Connecticut Housing Finance Authority                                            | CUSIP: 20775HAA1<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450000.00    | 0.02%             | 2050-11-15      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577BJU9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  10685000 | PA      | $11346091.64  | 0.44%             | 2030-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                       | CUSIP: 452031AP2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1143651.50   | 0.04%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593QP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2188252.42   | 0.09%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                          | CUSIP: 73358WZE7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10516915.00  | 0.41%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                  | California Pollution Control Financing Authority                                 | CUSIP: 13054WAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7060000 | PA      | $7080323.62   | 0.28%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225AV8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2409743.70   | 0.09%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HLTH FAC FING AUTH                   | Indiana Health Facility Financing Authority                                      | CUSIP: 454798TA7<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10345749.00  | 0.41%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602RFZ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10500000 | PA      | $11095492.80  | 0.43%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                          | CUSIP: 594698MG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1257379.35   | 0.05%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                         | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009009.10   | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                        | CUSIP: 010869HA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4308500.28   | 0.17%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LUZERNE CNTY PA                                 | County of Luzerne PA                                                             | CUSIP: 550697VF0<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3159233.70   | 0.12%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167590EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509360.45   | 0.06%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QXJ6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    850000 | PA      | $614125.00    | 0.02%             | 2018-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GPQ1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3275919.00   | 0.13%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    726987 | PA      | $318965.48    | 0.01%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                               | CUSIP: 167727ZF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4093107.60   | 0.16%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                             | CUSIP: 472682RY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9194437.80   | 0.36%             | 2050-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                          | CUSIP: 594698RN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6282305.25   | 0.25%             | 2049-10-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                       | CUSIP: 452031AK3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $423715.24    | 0.02%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225GK6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5311239.00   | 0.21%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560RK9<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1416048.86   | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                 | CUSIP: 709225CC8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5008366.75   | 0.20%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CA WTR REPLENISHMENT                   | Southern California Water Replenishment District                                 | CUSIP: 84251KBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2168829.60   | 0.09%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARROLL CNTY KY POLL CONTROL R                  | County of Carroll KY                                                             | CUSIP: 144838AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5459832.00   | 0.21%             | 2042-09-01      | Variable      | 1.55%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    171446 | PA      | $172858.03    | 0.01%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GJQ8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2048-06-15      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3958332.69   | 0.16%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH LE                  | California Municipal Finance Authority                                           | CUSIP: 13049UEY1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3198872.70   | 0.13%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                   | State of New Jersey                                                              | CUSIP: 646039YJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18600000 | PA      | $19589432.58  | 0.77%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PUBLIC FIN AUTH LEASE                  | Texas Public Finance Authority                                                   | CUSIP: 882669BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2388786.14   | 0.09%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH                  | West Harris County Regional Water Authority                                      | CUSIP: 95308RRF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1915545.87   | 0.08%             | 2045-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461363E9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539943.80   | 0.06%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA PUBLIC FING AUTH LE                  | Anaheim Public Financing Authority                                               | CUSIP: 03255LGP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1750860.43   | 0.07%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH N                  | Casino Reinvestment Development Authority Inc                                    | CUSIP: 14760RAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1548438.15   | 0.06%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                         | CUSIP: 650116AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21335000 | PA      | $19783557.20  | 0.78%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI DOWNTOWN DEV AUTH T                  | Detroit Downtown Development Authority                                           | CUSIP: 251135GQ6<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1365922.71   | 0.05%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1463970.00   | 0.06%             | 2034-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T                  | Grand Parkway Transportation Corp                                                | CUSIP: 38611TCA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5173069.31   | 0.20%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                        | CUSIP: 452272B55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $520416.18    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENERGY RESEARCH &                   | New York State Energy Research & Development Authority                           | CUSIP: 64984EDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2039-11-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                      | CUSIP: 64971PJY2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546113.80    | 0.02%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    198105 | PA      | $107415.60    | 0.00%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 4521524T5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6015000 | PA      | $6218916.32   | 0.24%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                      | CUSIP: 542691DJ6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1536095.82   | 0.06%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528ACG7<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    890000 | PA      | $890000.00    | 0.03%             | 2035-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577BTR5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2225312.40   | 0.09%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGP2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045139.00   | 0.04%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX INDL DEV AUTH                     | Gulf Coast Industrial Development Authority                                      | CUSIP: 40220MAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2999989.80   | 0.12%             | 2025-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR SCH DIST #7                   | Multnomah County School District No 7 Reynolds                                   | CUSIP: 625574KS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1420242.60   | 0.06%             | 2031-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                                   | CUSIP: 837123HJ0<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081581.60   | 0.08%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL BROWN CNTY WI WTR AUTHW                  | Central Brown County Water Authority                                             | CUSIP: 152708CL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074759.80   | 0.08%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                           | City of Tampa FL                                                                 | CUSIP: 875161DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906008.80    | 0.04%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614NX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041881.20   | 0.08%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                  | Kansas City Industrial Development Authority                                     | CUSIP: 48504NAZ2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555262.40   | 0.06%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                               | CUSIP: 167727VG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1043585.22   | 0.04%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                                 | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3469938.38   | 0.14%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST CORRS INSTN FIN AUT                  | Alabama Corrections Institution Finance Authority                                | CUSIP: 010507CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9936102.10   | 0.39%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                     | CUSIP: 575896TF2<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4880000 | PA      | $5244912.25   | 0.21%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                         | CUSIP: 052398EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2792308.97   | 0.11%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DRM3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2531013.00   | 0.10%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX SPL TAX REVENUE                    | City of Arlington TX Special Tax Revenue                                         | CUSIP: 04184RDD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3854131.13   | 0.15%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                   | Illinois State Toll Highway Authority                                            | CUSIP: 452252PB9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5219249.00   | 0.20%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA SWR REVENUE                        | City of Riverside CA Sewer Revenue                                               | CUSIP: 769047JQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6645000 | PA      | $7362382.90   | 0.29%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                  | Newark Higher Education Finance Corp                                             | CUSIP: 650346DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1389032.55   | 0.05%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                      | CUSIP: 542691EN6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $2132755.61   | 0.08%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                      | CUSIP: 011839VR5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019401.00   | 0.04%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1888111.05   | 0.07%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4925000 | PA      | $5096158.53   | 0.20%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY ELEC LIGHT & PWRS                  | City of Owensboro KY Electric Light & Power System Revenue                       | CUSIP: 691021NK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $698915.43    | 0.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CENTRAL CT REGL WTR AUTH                  | South Central Connecticut Regional Water Authority                               | CUSIP: 8372275W3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1870734.43   | 0.07%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445NN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1885613.56   | 0.07%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                          | CUSIP: 041806MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $977664.96    | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC COPS                               | City of Charlotte NC                                                             | CUSIP: 161037Y91<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2558188.70   | 0.10%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                               | CUSIP: 167486WX3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2819222.20   | 0.11%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                      | CUSIP: 64971PKA2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1785619.52   | 0.07%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P5X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5175000 | PA      | $4975188.59   | 0.20%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3460000 | PA      | $2491200.00   | 0.10%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QEW5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2050-11-15      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                   | Puerto Rico Electric Power Authority                                             | CUSIP: 74526QVE9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    840000 | PA      | $620550.00    | 0.02%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTRL BROWN CNTY WI WTR AUTHW                  | Central Brown County Water Authority                                             | CUSIP: 152708CM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074036.20   | 0.08%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505TG1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2254831.94   | 0.09%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                      | CUSIP: 928104MR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081421.50   | 0.04%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 606901VH6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2024-10-01      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614SE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1097859.66   | 0.04%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                             | CUSIP: 66585VBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1877420.48   | 0.07%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461365H0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3410170.40   | 0.13%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                               | CUSIP: 64990FUQ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5810000 | PA      | $6024472.66   | 0.24%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEPT OF TRANS                  | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue      | CUSIP: 57563CDV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106171.00   | 0.04%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER NECHES VLY TX AUTH INDL                   | Lower Neches Valley Authority Industrial Development Corp                        | CUSIP: 54834RAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.02%             | 2033-03-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH P                  | Mobile County Industrial Development Authority                                   | CUSIP: 60733PAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.08%             | 2032-07-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                           | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4530441.15   | 0.18%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                    | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6955000 | PA      | $7108225.61   | 0.28%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                      | CUSIP: 93978HXF7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522734.85    | 0.02%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584YV89<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    580000 | PA      | $522840.88    | 0.02%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                       | CUSIP: 59447P6Y2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572732.45   | 0.06%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS UNIF SCH DIS                  | Wyandotte County Unified School District No 202 Turner                           | CUSIP: 982683FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $820879.61    | 0.03%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT S                  | Dallas Area Rapid Transit                                                        | CUSIP: 235241RT5<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4529401.80   | 0.18%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                             | CUSIP: 20772KKZ1<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1568886.30   | 0.06%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL SCH BRD COPS                    | School District of Broward County/FL                                             | CUSIP: 115065XR0<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5749183.55   | 0.23%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                       | North Texas Tollway Authority                                                    | CUSIP: 66285WWK8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530042.20    | 0.02%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461366D8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1750706.75   | 0.07%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOCORRO TX INDEP SCH DIST                       | Socorro Independent School District                                              | CUSIP: 833715FA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5485709.32   | 0.22%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                          | Brookhaven Development Authority                                                 | CUSIP: 113073AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3364423.30   | 0.13%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                       | CUSIP: 917467BL5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    925000 | PA      | $801110.31    | 0.03%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                          | CUSIP: 594698MM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2090863.42   | 0.08%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                                          | CUSIP: 62620HAV4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1637852.40   | 0.06%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                        | CUSIP: 64577BL69<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4380000 | PA      | $4452995.77   | 0.17%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452152Y47<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4767916.80   | 0.19%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5250851.50   | 0.21%             | 2047-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                        | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6785778.35   | 0.27%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA MET TRANSP                  | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | CUSIP: 54466HHK5<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5510003.00   | 0.22%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                          | CUSIP: 594698MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1730158.84   | 0.07%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                    | Douglas County Hospital Authority No 2                                           | CUSIP: 259230PJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2203283.67   | 0.09%             | 2053-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                         | CUSIP: 650116AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5900000.00   | 0.23%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ILLINOIS IL COPS                        | University of Illinois                                                           | CUSIP: 914331LC5<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1274615.75   | 0.05%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CCD8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3130005.60   | 0.12%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                       | CUSIP: 917467BX9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474696.15    | 0.02%             | 2032-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education                                                       | CUSIP: 167510AL0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1703031.10   | 0.07%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6040000 | PA      | $5556304.12   | 0.22%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGQ0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1565358.00   | 0.06%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                               | CUSIP: 167727VE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516921.50   | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MULTNOMAH & YAMHILL                  | Hillsboro School District No 1J                                                  | CUSIP: 939307JF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3250738.50   | 0.13%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION                  | Metropolitan Water Reclamation District of Greater Chicago                       | CUSIP: 167560RL7<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1483727.67   | 0.06%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                   | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774Y2C0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060671.00   | 0.08%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                            | CUSIP: 91754TSA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1317251.32   | 0.05%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAHLONEGA GA DOWNTOWN DEV AUTH                  | Dahlonega Downtown Development Authority                                         | CUSIP: 23378RFK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $819290.70    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                         | CUSIP: 59333P5T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3444589.36   | 0.14%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                    | Mississippi Development Bank                                                     | CUSIP: 60534XBY1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1397998.89   | 0.05%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                                   | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2100398.24   | 0.08%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1216219.19   | 0.05%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CA WTR REPLENISHMENT                   | Southern California Water Replenishment District                                 | CUSIP: 84251KBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2531794.23   | 0.10%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH N                  | Casino Reinvestment Development Authority Inc                                    | CUSIP: 14760RAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027994.20   | 0.04%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN                  | Arizona Industrial Development Authority                                         | CUSIP: 04052ACS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061851.60   | 0.08%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                  | CUSIP: 64972GCP7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2220000.00   | 0.09%             | 2048-06-15      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                               | CUSIP: 65000BQB7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22436.25     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                            | CUSIP: 230614QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $276462.89    | 0.01%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                             | CUSIP: 167593RL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10505000 | PA      | $10846349.47  | 0.43%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                  | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3085277.40   | 0.12%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261AJ32<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3940893.75   | 0.15%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE & DOUGLAS CNTYS OR SCH DI                  | Lane & Douglas Counties School District No 28J Fern Ridge                        | CUSIP: 515160DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $741591.23    | 0.03%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC                   | Omaha Public Power District                                                      | CUSIP: 682001HC9<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5724037.20   | 0.22%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    162338 | PA      | $168189.75    | 0.01%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528ABJ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2030-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                       | CUSIP: 167505XZ4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $17610849.00  | 0.69%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                         | CUSIP: 57584X8U8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576865.70   | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452153AQ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008266.50   | 0.04%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                        | CUSIP: 442349CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1987822.44   | 0.08%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND WA REGL TRA                  | Central Puget Sound Regional Transit Authority                                   | CUSIP: 155048EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $18996166.00  | 0.74%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICHLAND CNTY SC ENVRNMNTL IMP                  | County of Richland SC                                                            | CUSIP: 76363PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3844711.26   | 0.15%             | 2023-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Building Aid Revenue                | CUSIP: 64972HVH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2604283.00   | 0.10%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                               | CUSIP: 167486P52<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7360634.40   | 0.29%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA WTR & SWR AUTH S                  | Bucks County Water and Sewer Authority                                           | CUSIP: 118683JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1686756.58   | 0.07%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                           | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3095115.95   | 0.12%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH N                  | Casino Reinvestment Development Authority Inc                                    | CUSIP: 14760RAM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035309.30   | 0.04%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                  | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3359712.85   | 0.13%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                           | City of Tampa FL                                                                 | CUSIP: 875161DB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1292936.50   | 0.05%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                               | CUSIP: 57420VPG2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1628308.17   | 0.06%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592250CR3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    625000 | PA      | $643454.38    | 0.03%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                          | CUSIP: 717813XL8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1611536.85   | 0.06%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                                | CUSIP: 60528AAW4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2030-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &S                  | Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | CUSIP: 745160TD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1108875.15   | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                        | CUSIP: 158862BY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7947948.00   | 0.31%             | 2037-12-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 64613CAU2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   8200000 | PA      | $8811373.14   | 0.35%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN                  | Public Authority for Colorado Energy                                             | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8632781.60   | 0.34%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QVN7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987708.40    | 0.04%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY INDL DEV AGY CC                  | Nassau County Industrial Development Agency                                      | CUSIP: 63166UAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    551102 | PA      | $269494.81    | 0.01%             | 2058-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $625544.17    | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                   | Triborough Bridge & Tunnel Authority                                             | CUSIP: 89602RFL4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10552633.00  | 0.41%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NRTHRN CA ENERGY AUTH COMMODIT                  | Northern California Energy Authority                                             | CUSIP: 664840AD7<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2997981.90   | 0.12%             | 2049-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                         | CUSIP: 04052BES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $883162.07    | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                  | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CNL2<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6605818.80   | 0.26%             | 2046-02-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                            | CUSIP: 59261AJ57<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044005.50   | 0.04%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DWD4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    925000 | PA      | $1002538.77   | 0.04%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SPL FACS                  | City & County of Denver CO                                                       | CUSIP: 249271GV3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4730566.08   | 0.19%             | 2032-10-01      | 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        |  16400000 | PA      | $16022289.96  | 0.63%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                               | CUSIP: 735389D70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4144622.40   | 0.16%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                       | CUSIP: 544445CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028087.40   | 0.04%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                        | CUSIP: 010869GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3096947.10   | 0.12%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                               | CUSIP: 57420VNZ2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    625000 | PA      | $645243.81    | 0.03%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                    | CUSIP: 69651ABS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $429830.12    | 0.02%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                              | CUSIP: 64966QWM8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1825605.95   | 0.07%             | 2044-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                  | Southeast Alabama Gas Supply District/The                                        | CUSIP: 84131TAQ5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |  25125000 | PA      | $25040338.80  | 0.98%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT MET DIST CO                            | Vauxmont Metropolitan District                                                   | CUSIP: 92242SAU7<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    385000 | PA      | $413253.07    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S W TX HGR EDU AUTH                             | Southwest Higher Education Authority Inc                                         | CUSIP: 845040ME1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1847883.45   | 0.07%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO                  | Riverside County Transportation Commission Sales Tax Revenue                     | CUSIP: 769125EF8<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4038904.40   | 0.16%             | 2026-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                          | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3934638.80   | 0.15%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R                  | City of Philadelphia PA Water & Wastewater Revenue                               | CUSIP: 717893N56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6155000 | PA      | $6434286.20   | 0.25%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                     | CUSIP: 11506KGS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1794612.93   | 0.07%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461365K3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2810656.20   | 0.11%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE                  | Maryland Community Development Administration                                    | CUSIP: 57419N4K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1430000.00   | 0.06%             | 2038-11-15      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                  | Salt Verde Financial Corp                                                        | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3832733.49   | 0.15%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                           | CUSIP: 13048VBU1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4550000 | PA      | $4700228.26   | 0.18%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                  | Kentucky Public Energy Authority                                                 | CUSIP: 74440DCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13750000 | PA      | $13615387.50  | 0.53%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                  | Indiana Finance Authority                                                        | CUSIP: 45471AAS1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1660000.00   | 0.07%             | 2039-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer