# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0001752724-25-202229
**Filing Date:** 2025-8
**Character Count:** 388342
**Document Hash:** 8d5dc62cdbdf267352e682cbb163e370
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202229.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202229

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 251250319

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments (unaudited)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 95.8%** | **Municipal Bonds — 95.8%** | **Municipal Bonds — 95.8%** | **Municipal Bonds — 95.8%** | **Municipal Bonds — 95.8%** |
| *Alabama — 3.6%* | *Alabama — 3.6%* | *Alabama — 3.6%* | *Alabama — 3.6%* | *Alabama — 3.6%* |
| &nbsp;&nbsp;&nbsp; Alabama State Corrections Institution Finance Authority Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; $9250000 | &nbsp;&nbsp;&nbsp; $9523738<br>|
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Gas Project Revenue Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 6, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp; 2130650<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 2848784<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Southeast, A Cooperative District Energy, AL, Supply Revenue, Series B-1  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 6009251<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson County, AL, Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4224637<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5251822<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 5775000 | &nbsp;&nbsp;&nbsp; 6023875<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp; 6477568<br>|
| &nbsp;&nbsp;&nbsp; Mobile County, AL, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; 4033582<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series B | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 2996886<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5854597<br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue, <br> Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 7325000 | &nbsp;&nbsp;&nbsp; 7657134<br> <sup>(a)(b)</sup><br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *63032524* |
| *Alaska — 0.5%* | *Alaska — 0.5%* | *Alaska — 0.5%* | *Alaska — 0.5%* | *Alaska — 0.5%* |
| &nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project II, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 774219<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project, Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1002130<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Capital Project, Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 743517<br>|
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp; 1098740<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1026048<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1708739<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1304071<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1837710<br>|
| *Total Alaska* | *Total Alaska* | *Total Alaska* | *Total Alaska* | &nbsp;&nbsp; *9495174* |
| *Arizona — 2.6%* | *Arizona — 2.6%* | *Arizona — 2.6%* | *Arizona — 2.6%* | *Arizona — 2.6%* |
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 706180<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Project, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 860747<br>|
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Hospital Revenue, Phoenix Children's Hospital Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/40 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1333837<br>|
| &nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 6616945<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4046022<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; 3922082<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp; 8483853<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navajo Nation, AZ, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1203801<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, Civic Improvement Corp., Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 3715000 | &nbsp;&nbsp;&nbsp; 3783328<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; 4364140<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 5085000 | &nbsp;&nbsp;&nbsp; 5139576<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Arizona — continued* | *Arizona — continued* | *Arizona — continued* | *Arizona — continued* | *Arizona — continued* |
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA, Great Hearts Academies, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; $1600000 | &nbsp;&nbsp;&nbsp; $1600147<br>|
| &nbsp;&nbsp;&nbsp; Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 3665000 | &nbsp;&nbsp;&nbsp; 3897800<br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *45958458* |
| *Arkansas — 0.3%* | *Arkansas — 0.3%* | *Arkansas — 0.3%* | *Arkansas — 0.3%* | *Arkansas — 0.3%* |
| &nbsp;&nbsp;&nbsp; Arkansas State Development Finance Authority, Environmental Improvement <br> Revenue, United States Steel Corporation Project, Green Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; *5323785*<br> <sup>(c)</sup><br>|
| *California — 8.5%* | *California — 8.5%* | *California — 8.5%* | *California — 8.5%* | *California — 8.5%* |
| &nbsp;&nbsp;&nbsp; Alameda, CA, Corridor Transportation Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3040934<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; 4247363<br>|
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2269995<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 21500000 | &nbsp;&nbsp;&nbsp; 22225288<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp; 8665711<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 12105000 | &nbsp;&nbsp;&nbsp; 12037798<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp; 4376579<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 18600000 | &nbsp;&nbsp;&nbsp; 19664709<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp; 8796357<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/34 | &nbsp;&nbsp; 4550000 | &nbsp;&nbsp;&nbsp; 4604389<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4398471<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles <br> International Airport Project  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 489769<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poseidon Resources | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 5215000 | &nbsp;&nbsp;&nbsp; 5243843<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1515617<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 3390000 | &nbsp;&nbsp;&nbsp; 3502254<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Series H, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 4175000 | &nbsp;&nbsp;&nbsp; 4313248<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp; 3330911<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp; 1839300<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1005991<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1004912<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 4925000 | &nbsp;&nbsp;&nbsp; 4985362<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Power System Revenue, Series <br> C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3033918<br>|
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1477027<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 13450000 | &nbsp;&nbsp;&nbsp; 14189283<br>|
| &nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1390943<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp; 1818445<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1032744<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5190<br> <sup>(c)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Natural Gas Project Revenue, Project <br> Number 1, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $2035485<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp; 678304<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1026636<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Tobacco Asset Securitization Corporation, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/38 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1779022<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *150025798* |
| *Colorado — 3.5%* | *Colorado — 3.5%* | *Colorado — 3.5%* | *Colorado — 3.5%* | *Colorado — 3.5%* |
| &nbsp;&nbsp;&nbsp; Base Village Metropolitan District No 2, CO, GO, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 25009<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1551779<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2332031<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2103176<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series B-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2922233<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Denver, CO, City & County Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 23750000 | &nbsp;&nbsp;&nbsp; 25232967<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 4735000 | &nbsp;&nbsp;&nbsp; 4993752<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3467921<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1624069<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Denver, CO, City & County Special Facility Apartment Revenue, United <br> Airlines Inc. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 4799992<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; District of Vauxmont Metropolitan, CO, GO, Series 2020, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 440275<br>|
| &nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 6675000 | &nbsp;&nbsp;&nbsp; 6989232<br>|
| &nbsp;&nbsp;&nbsp; Regional Transportation District, CO, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 744025<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 482359<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 428024<br>|
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 3920604<br> <sup>(d)</sup><br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *62057448* |
| *Connecticut — 0.4%* | *Connecticut — 0.4%* | *Connecticut — 0.4%* | *Connecticut — 0.4%* | *Connecticut — 0.4%* |
| &nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacred Heart University Issue, Series I-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1173678<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacred Heart University Issue, Series I-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2010089<br>|
| &nbsp;&nbsp;&nbsp; Connecticut State, GO, Series C  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp; 1538464<br>|
| &nbsp;&nbsp;&nbsp; University of Connecticut, Student Fee Revenue, Series A, State Appropriation  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2944321<br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *7666552* |
| *Delaware — 0.4%* | *Delaware — 0.4%* | *Delaware — 0.4%* | *Delaware — 0.4%* | *Delaware — 0.4%* |
| &nbsp;&nbsp;&nbsp; Delaware State EDA Revenue, Acts Retirement - Life Communities Inc. Obligated <br> Group, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2981668<br>|
| &nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority Revenue, Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 4420000 | &nbsp;&nbsp;&nbsp; 4198365<br>|
| *Total Delaware* | *Total Delaware* | *Total Delaware* | *Total Delaware* | &nbsp;&nbsp; *7180033* |
| *District of Columbia — 0.6%* | *District of Columbia — 0.6%* | *District of Columbia — 0.6%* | *District of Columbia — 0.6%* | *District of Columbia — 0.6%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingleside Rock Creek Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507144<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *District of Columbia — continued* | *District of Columbia — continued* | *District of Columbia — continued* | *District of Columbia — continued* | *District of Columbia — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingleside Rock Creek Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $501477<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Issue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 4010000 | &nbsp;&nbsp;&nbsp; 4076509<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5082928<br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *10168058* |
| *Florida — 6.4%* | *Florida — 6.4%* | *Florida — 6.4%* | *Florida — 6.4%* | *Florida — 6.4%* |
| &nbsp;&nbsp;&nbsp; Broward County, FL, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1765778<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1497749<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1816641<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; 1868924<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1940597<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1740516<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp; 1365381<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1398009<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp; 1453985<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1172402<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp; 1310946<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1770287<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 10155000 | &nbsp;&nbsp;&nbsp; 10728559<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1278789<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1019947<br>|
| &nbsp;&nbsp;&nbsp; Florida Atlantic University, FL, Finance Corp., Capital Improvements Revenue, <br> Series 2019 A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 5775000 | &nbsp;&nbsp;&nbsp; 6062018<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Educational Facilities Revenue, <br> Renaissance Charter School Inc. Projects, Series A  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1900883<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Revenue, Brightline Passenger Rail <br> Project, Refunding, AG  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 16250000 | &nbsp;&nbsp;&nbsp; 16309067<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Insurance Assistance Interlocal Agency Inc., Revenue, Series A-1, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 5640000 | &nbsp;&nbsp;&nbsp; 5772808<br>|
| &nbsp;&nbsp;&nbsp; Florida State Mid-Bay Bridge Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2009140<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3013711<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1004570<br>|
| &nbsp;&nbsp;&nbsp; Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, <br> Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2995775<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lee County, FL, Airport Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3760931<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Aviation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp; 3457018<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp; 2052968<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 5175000 | &nbsp;&nbsp;&nbsp; 5004279<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Expressway Authority Toll System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 2353641<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001402<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Health Facilities Authority Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicklaus Children's Hospital, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; $1020000 | &nbsp;&nbsp;&nbsp; $1038636<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicklaus Children's Hospital, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp; 644737<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicklaus Children's Hospital, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 1022135<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Seaport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 4460000 | &nbsp;&nbsp;&nbsp; 4528385<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3275599<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3994036<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1302768<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1021681<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 429592<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp; 653508<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1256489<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1400549<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, <br> Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1097601<br>|
| &nbsp;&nbsp;&nbsp; Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 858755<br>|
| &nbsp;&nbsp;&nbsp; Wildwood, FL, Village Community Development District No 15, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 796875<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 933061<br> <sup>(d)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *113081128* |
| *Georgia — 1.6%* | *Georgia — 1.6%* | *Georgia — 1.6%* | *Georgia — 1.6%* | *Georgia — 1.6%* |
| &nbsp;&nbsp;&nbsp; Dahlonega, GA, Downtown Development Authority Revenue, North Georgia <br> MAC LLC Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1444888<br>|
| &nbsp;&nbsp;&nbsp; Georgia State Higher Education Facilities Authority Revenue, USG Real Estate, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1692260<br>|
| &nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority, Power Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 916005<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 546993<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp; 1616835<br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2834743<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 9475000 | &nbsp;&nbsp;&nbsp; 9838990<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5286878<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4232000<br> <sup>(a)(b)</sup><br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *28409592* |
| *Guam — 0.2%* | *Guam — 0.2%* | *Guam — 0.2%* | *Guam — 0.2%* | *Guam — 0.2%* |
| &nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp; 1044275<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 1816933<br>|
| *Total Guam* | *Total Guam* | *Total Guam* | *Total Guam* | &nbsp;&nbsp; *2861208* |

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* |
| &nbsp;&nbsp;&nbsp; Honolulu, HI, City & County Wastewater System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; $5000000 | &nbsp;&nbsp;&nbsp; $3951839<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp; 2002893<br>|
| *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | &nbsp;&nbsp; *5954732* |
| *Illinois — 15.9%* | *Illinois — 15.9%* | *Illinois — 15.9%* | *Illinois — 15.9%* | *Illinois — 15.9%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1697539<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp; 1294543<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1422536<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 5010000 | &nbsp;&nbsp;&nbsp; 5200334<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 3540000 | &nbsp;&nbsp;&nbsp; 3577439<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 1735000 | &nbsp;&nbsp;&nbsp; 1731005<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; 17238055<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3114227<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp; 2228862<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 6475000 | &nbsp;&nbsp;&nbsp; 6640347<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp; 3502143<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 4515000 | &nbsp;&nbsp;&nbsp; 4428537<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2597374<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 3132786<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1002632<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1034475<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 908641<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7206498<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 7075000 | &nbsp;&nbsp;&nbsp; 6999882<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2073111<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2296960<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp; 3864319<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1745000 | &nbsp;&nbsp;&nbsp; 1762338<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1920000 | &nbsp;&nbsp;&nbsp; 1927141<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 7445000 | &nbsp;&nbsp;&nbsp; 7586109<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series D | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp; 4678795<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; 1570758<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trips Obligated Group | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1511504<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp; 5926068<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1694655<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Wastewater Transmission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2579804<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4048870<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Waterworks Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2081848<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; $1600000 | &nbsp;&nbsp;&nbsp; $1667663<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthShore University HealthSystem, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2133438<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health <br> Services Facility Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 418101<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health <br> Services Facility Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 445079<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health <br> Services Facility Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp; 406820<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health <br> Services Facility Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1124501<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing & Academic Facilities Revenue, Chicago LLC, University of <br> Illinois Chicago Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/37 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 693063<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surface Freight Transfer Faciliite, Centerpoint Joliet Terminal Railroad Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4559308<br> <sup>(a)(b)(c)(d)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 2895000 | &nbsp;&nbsp;&nbsp; 2575842<br>|
| &nbsp;&nbsp;&nbsp; Illinois State University, Auxiliary Facilities System Revenue, Series A, Refunding, <br> AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 501374<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp; 3194076<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2253628<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 3925000 | &nbsp;&nbsp;&nbsp; 4209916<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1047405<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 4665000 | &nbsp;&nbsp;&nbsp; 4770090<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 4863312<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 12805000 | &nbsp;&nbsp;&nbsp; 13279910<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp; 1333455<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4278280<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; 3627539<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2542881<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1010133<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1259959<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 6015000 | &nbsp;&nbsp;&nbsp; 6244760<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3117883<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; 18404726<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 9695000 | &nbsp;&nbsp;&nbsp; 10129981<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 2462471<br>|
| &nbsp;&nbsp;&nbsp; Kane County, IL, School District No 131 Aurora East Side, GO, Series A, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 800737<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp; 6630600<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp; 1381134<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 10465000 | &nbsp;&nbsp;&nbsp; 8645812<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 11400000 | &nbsp;&nbsp;&nbsp; 11163147<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2076706<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 646983<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 2352479<br>|
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 10920000 | &nbsp;&nbsp;&nbsp; 9426100<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, NATL | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; $12990000 | &nbsp;&nbsp;&nbsp; $13980313<br>|
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., IL, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1832125<br>|
| &nbsp;&nbsp;&nbsp; University of Illinois, COP, Series C, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1802571<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *281854436* |
| *Indiana — 1.1%* | *Indiana — 1.1%* | *Indiana — 1.1%* | *Indiana — 1.1%* | *Indiana — 1.1%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion General Hospital, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2424380<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3058145<br>|
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority, Environmental Facilities Revenue, Indianapolis <br> Power & Light Company Project, Series A, Refunding  | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 6256807<br>|
| &nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Airport Authority Project, Revenue, Series 2019 D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2927116<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Airport Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 5235000 | &nbsp;&nbsp;&nbsp; 5455003<br> <sup>(c)</sup><br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *20121451* |
| *Kansas — 0.0%††* | *Kansas — 0.0%††* | *Kansas — 0.0%††* | *Kansas — 0.0%††* | *Kansas — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Wyandotte County, KS, Turner USD No 202, GO, Series A, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; *798405*<br> <sup>(e)</sup><br>|
| *Kentucky — 1.9%* | *Kentucky — 1.9%* | *Kentucky — 1.9%* | *Kentucky — 1.9%* | *Kentucky — 1.9%* |
| &nbsp;&nbsp;&nbsp; Carroll County, KY, Environmental Facilities Revenue, Kentucky Utilities Company <br> Project, Series A  | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4848522<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carroll County, KY, PCR, Kentucky Utilities Company Project, Series A, Refunding  | &nbsp;&nbsp; 1.550% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5811341<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kentucky State Turnpike Authority, Economic Development Road Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revitalization Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp; 1498207<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revitalization Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1042484<br>|
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County, KY, Metropolitan Government Health System <br> Revenue, Norton Healthcare Inc., Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5103958<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trimble County, KY, Environmental Facilities Revenue, Louisville Gas and Electric <br> Company Project, Series A  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp; 6307759<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trimble County, KY, Pollution Control Revenue, Louisville Gas and Electric <br> Company Project, Series A, Refunding  | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; 8374684<br> <sup>(a)(b)(c)</sup><br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *32986955* |
| *Louisiana — 1.0%* | *Louisiana — 1.0%* | *Louisiana — 1.0%* | *Louisiana — 1.0%* | *Louisiana — 1.0%* |
| &nbsp;&nbsp;&nbsp; Shreveport, LA, Water & Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp; 2457970<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2014896<br>|
| &nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-2, Refunding | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 7275000 | &nbsp;&nbsp;&nbsp; 7196517<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series C, Refunding | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/3/28 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 6488549<br> <sup>(a)(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *18157932* |
| *Maryland — 0.4%* | *Maryland — 0.4%* | *Maryland — 0.4%* | *Maryland — 0.4%* | *Maryland — 0.4%* |
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1424345<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1572644<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland College Park Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1013986<br>|
| &nbsp;&nbsp;&nbsp; Maryland State Stadium Authority, Built to Learn Revenue, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3569890<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *7580865* |

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Massachusetts — 1.5%* | *Massachusetts — 1.5%* | *Massachusetts — 1.5%* | *Massachusetts — 1.5%* | *Massachusetts — 1.5%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State Department of Transportation, Metropolitan Highway <br> System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1058180<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2102977<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1043936<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center, Series G, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; 4166082<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandeis University, Series S-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp; 1254848<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana-Farber Cancer Institute, Series N | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2030118<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foxborough Regional Charter School, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001445<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners HealthCare System, Mass General Brigham Inc., Series S-1, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1527724<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Foundation and Affiliates Issue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; 524654<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling and Francine Clark Art Institute, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp; 3036552<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Boston Student Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2935849<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 4880000 | &nbsp;&nbsp;&nbsp; 5098613<br> <sup>(c)</sup><br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *25780978* |
| *Michigan — 1.0%* | *Michigan — 1.0%* | *Michigan — 1.0%* | *Michigan — 1.0%* | *Michigan — 1.0%* |
| &nbsp;&nbsp;&nbsp; Great Lakes, MI, Water Authority, Water Supply System Revenue, Senior Lien, <br> Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1093825<br>|
| &nbsp;&nbsp;&nbsp; Kent County, MI, Gerald R. Ford International Airport, GO, Authority Revenue, <br> County GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 997396<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/28/43 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1546708<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/29/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 919227<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Asset-Backed, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; 1715173<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International, LLC, Coated Recycled Board Machine Project, <br> Green Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2734957<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-75 Improvement Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3956610<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Senate Offices Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp; 1197625<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Senate Offices Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp; 1650126<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Senate Offices Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1985000 | &nbsp;&nbsp;&nbsp; 1996967<br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *17808614* |
| *Mississippi — 0.6%* | *Mississippi — 0.6%* | *Mississippi — 0.6%* | *Mississippi — 0.6%* | *Mississippi — 0.6%* |
| &nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority Revenue, North Mississippi <br> Health Services, Series II, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6159133<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mississippi State Development Bank Special Obligation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson, Mississippi Sales Tax Revenue Infrastructure Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp; 1338260<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson, Mississippi Sales Tax Revenue Infrastructure Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1762708<br>|
| &nbsp;&nbsp;&nbsp; Warren County, MS, Mississippi Gulf Opportunity Zone Revenue, International <br> Paper Company Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 1945000 | &nbsp;&nbsp;&nbsp; 1961030<br>|
| *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | &nbsp;&nbsp; *11221131* |

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Missouri — 0.6%* | *Missouri — 0.6%* | *Missouri — 0.6%* | *Missouri — 0.6%* | *Missouri — 0.6%* |
| &nbsp;&nbsp;&nbsp; Cape Girardeau County, MO, IDA, Healthcare Facilities Revenue, Southeast <br> Health  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; $1250000 | &nbsp;&nbsp;&nbsp; $1175924<br>|
| &nbsp;&nbsp;&nbsp; Kansas City, MO, IDA, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3339525<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4095530<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1528963<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services <br> Projects, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1375354<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *11515296* |
| *Nebraska — 0.9%* | *Nebraska — 0.9%* | *Nebraska — 0.9%* | *Nebraska — 0.9%* | *Nebraska — 0.9%* |
| &nbsp;&nbsp;&nbsp; Central Plains, NE, Energy Project, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 3, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 5465000 | &nbsp;&nbsp;&nbsp; 5856892<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project No 3, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4757143<br>|
| &nbsp;&nbsp;&nbsp; Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5406365<br>|
| *Total Nebraska* | *Total Nebraska* | *Total Nebraska* | *Total Nebraska* | &nbsp;&nbsp; *16020400* |
| *Nevada — 0.3%* | *Nevada — 0.3%* | *Nevada — 0.3%* | *Nevada — 0.3%* | *Nevada — 0.3%* |
| &nbsp;&nbsp;&nbsp; Clark County, NV, GO, Pledged Revenue, Stadium Improvements, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/38 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; *5147576*<br>|
| *New Hampshire — 1.2%* | *New Hampshire — 1.2%* | *New Hampshire — 1.2%* | *New Hampshire — 1.2%* | *New Hampshire — 1.2%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue, Winston-Salem Sustainable Energy <br> Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp;&nbsp; *20558283*<br>|
| *New Jersey — 3.7%* | *New Jersey — 3.7%* | *New Jersey — 3.7%* | *New Jersey — 3.7%* | *New Jersey — 3.7%* |
| &nbsp;&nbsp;&nbsp; New Brunswick, NJ, Parking Authority Revenue, City GTD, Series A, Refunding, <br> BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2028420<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Surcharges Revenue, Subordinated, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3026394<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Rowan Properties LLC, Rowan University Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2399860<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Rowan Properties LLC, Rowan University Housing Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1715205<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series DDD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1046262<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series QQQ | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 935733<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1838433<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1200712<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1136327<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series S | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/41 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1596994<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp; 4934515<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Transportation Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; 5017267<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 2350000<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2002604<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospital, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1201390<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2104723<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4267904<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3434737<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3191243<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2880606<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; $3000000 | &nbsp;&nbsp;&nbsp; $3118221<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1542901<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC, Unrefunded | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 3165000 | &nbsp;&nbsp;&nbsp; 3263187<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2453383<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3304491<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3042097<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *65033609* |
| *New Mexico — 0.3%* | *New Mexico — 0.3%* | *New Mexico — 0.3%* | *New Mexico — 0.3%* | *New Mexico — 0.3%* |
| &nbsp;&nbsp;&nbsp; New Mexico State Municipal Energy Acquisition Authority, Gas Supply Revenue, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; *4877532*<br> <sup>(a)(b)</sup><br>|
| *New York — 10.6%* | *New York — 10.6%* | *New York — 10.6%* | *New York — 10.6%* | *New York — 10.6%* |
| &nbsp;&nbsp;&nbsp; Long Island, NY, Power Authority Electric System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 2599419<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5376990<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1804115<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1691510<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2282876<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3929772<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3195539<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp; 5551900<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp; 1675696<br>|
| &nbsp;&nbsp;&nbsp; Nassau County, NY, Industrial Development Agency, Series B, Escrow  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 551101 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(h)(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries E-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7187151<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 991807<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1425795<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Industrial Development Agency Revenue, Yankee Stadium <br> Project, Series A, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 527249<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Building Aid Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal 2015, Series S-1, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2502804<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal 2015, Series S-1, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4003638<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue, Subseries C-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3407057<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue, Non-State Supported Debt, SD, <br> Series A, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 21430<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidding Group 3, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 7620000 | &nbsp;&nbsp;&nbsp; 7862801<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Supported, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6059167<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue, Series <br> A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7673296<br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Revenue, 3 World Trade Center <br> Project, Class 1, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 9790513<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority General Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4531264<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Indebtedness Obligations, Junior Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2113552<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; $4750000 | &nbsp;&nbsp;&nbsp; $4854003<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 6480000 | &nbsp;&nbsp;&nbsp; 6601408<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp; 8706940<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; 6478288<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/54 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp; 14469465<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1571476<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds, <br> AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1818611<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds, <br> AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1553374<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds, <br> AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/49 | &nbsp;&nbsp; 10750000 | &nbsp;&nbsp;&nbsp; 10596287<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Four Project, Series C, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1043313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Four Project, Series C, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2680618<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2117131<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding, AG | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; 4284814<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series B, Refunding, AG, Step bond (0.000% to 12/31/34 then <br> 5.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 1299604<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 21335000 | &nbsp;&nbsp;&nbsp; 20926217<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001030<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Revenue, State Personal Income Tax, <br> Series C, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 7750000 | &nbsp;&nbsp;&nbsp; 6929445<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue, Consolidated Series 226, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 3165000 | &nbsp;&nbsp;&nbsp; 3227292<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute <br> Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp; 1936882<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *188301539* |
| *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* |
| &nbsp;&nbsp;&nbsp; Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1031998<br>|
| &nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Triangle Expressway System Revenue, <br> Senior Lien  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4033449<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *5065447* |
| *Ohio — 1.6%* | *Ohio — 1.6%* | *Ohio — 1.6%* | *Ohio — 1.6%* | *Ohio — 1.6%* |
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center <br> Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1317204<br>|
| &nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2861588<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Ohio — continued* | *Ohio — continued* | *Ohio — continued* | *Ohio — continued* | *Ohio — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series B-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; $7100000 | &nbsp;&nbsp;&nbsp; $6061572<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series B | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2822312<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Vanadium Project, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 7120000 | &nbsp;&nbsp;&nbsp; 6316205<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Project, Series B, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 3133541<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Dayton 2018 Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1040104<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 957143<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 704685<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xavier University 2020 Project, Series F, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 548278<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals Health Systems Inc., Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1037198<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Hospitals Health Systems Inc., Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1240137<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Private Activity Revenue, Portsmouth Bypass Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/39 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 789094<br> <sup>(c)</sup><br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *28829061* |
| *Oklahoma — 0.2%* | *Oklahoma — 0.2%* | *Oklahoma — 0.2%* | *Oklahoma — 0.2%* | *Oklahoma — 0.2%* |
| &nbsp;&nbsp;&nbsp; Tulsa, OK, Municipal Airport Trust Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 3120000 | &nbsp;&nbsp;&nbsp; 3449245<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc. Project, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 407285<br> <sup>(c)</sup><br>|
| *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | &nbsp;&nbsp; *3856530* |
| *Oregon — 0.7%* | *Oregon — 0.7%* | *Oregon — 0.7%* | *Oregon — 0.7%* | *Oregon — 0.7%* |
| &nbsp;&nbsp;&nbsp; Medford, OR, Hospital Facilities Authority Revenue, Asante Project, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1986382<br>|
| &nbsp;&nbsp;&nbsp; Multnomah County, OR, School District No 7, Reynolds, GO, Deferred Interest, <br> Series B, School Board Guaranty  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1568933<br>|
| &nbsp;&nbsp;&nbsp; Multnomah County, OR, School District No 40, David Douglas, GO, Deferred <br> Interest, Series A, School Board Guaranty  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp; 1534507<br>|
| &nbsp;&nbsp;&nbsp; Oregon State Business Development Commission Revenue, Recovery Zone <br> Facility Bonds, Intel Corp. Project, Series 232  | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3024149<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Port of Portland, OR, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland International Airport, Series 24B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp; 1530384<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland International Airport, Series 26C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1034561<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington Clackamas & Yamhill Counties, OR, School District No 88J, GO, <br> Sherwood, School Board Guaranty  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1291470<br>|
| *Total Oregon* | *Total Oregon* | *Total Oregon* | *Total Oregon* | &nbsp;&nbsp; *11970386* |
| *Pennsylvania — 4.0%* | *Pennsylvania — 4.0%* | *Pennsylvania — 4.0%* | *Pennsylvania — 4.0%* | *Pennsylvania — 4.0%* |
| &nbsp;&nbsp;&nbsp; Berks County, PA, IDA, Healthcare Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highlands at Wyomissing, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 405083<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highlands at Wyomissing, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 375400<br>|
| &nbsp;&nbsp;&nbsp; Bucks County, PA, Water and Sewer Authority, Sewer System Revenue, Series A, <br> AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1648011<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp; 2391105<br>|
| &nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries Project, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; 1015195<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diakon Lutheran Social Ministries Project, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; 390142<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1977324<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* |
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1027086<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1124797<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1325412<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; 1750507<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn State Health, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3501074<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series C, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1129323<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Senior Living Project, Series B-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2272136<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 905079<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Core Natural Resources Inc. Project, Refunding | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/27/35 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1276864<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5236021<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/41 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3899314<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/30/48 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp; 13405843<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3002546<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1848756<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2101107<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3135377<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Airport Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 6625000 | &nbsp;&nbsp;&nbsp; 6627637<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, GO, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1580045<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, School District, GO, Series A, State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp; 2291827<br>|
| &nbsp;&nbsp;&nbsp; State Public School Building Authority, PA, Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; 1401652<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp; 4203667<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *71248330* |
| *Puerto Rico — 4.0%* | *Puerto Rico — 4.0%* | *Puerto Rico — 4.0%* | *Puerto Rico — 4.0%* | *Puerto Rico — 4.0%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 8155000 | &nbsp;&nbsp;&nbsp; 7924541<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1151335<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 198105 | &nbsp;&nbsp;&nbsp; 137197<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 85605 | &nbsp;&nbsp;&nbsp; 85605<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 169893 | &nbsp;&nbsp;&nbsp; 174878<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 167137 | &nbsp;&nbsp;&nbsp; 176373<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 162338 | &nbsp;&nbsp;&nbsp; 175209<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 153940 | &nbsp;&nbsp;&nbsp; 150305<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 4023371 | &nbsp;&nbsp;&nbsp; 3877493<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 10768000 | &nbsp;&nbsp;&nbsp; 10269818<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1461467 | &nbsp;&nbsp;&nbsp; 1300256<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 167923 | &nbsp;&nbsp;&nbsp; 143669<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 635229 | &nbsp;&nbsp;&nbsp; 391460<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 1,340,625<br> \*<sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 3370000 | &nbsp;&nbsp;&nbsp; 1,642,875<br> \*<sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 463,125<br> \*<sup>(k)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Refunding | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/21 | &nbsp;&nbsp; $3460000 | &nbsp;&nbsp;&nbsp; $1,678,100<br> \*<sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 4775000 | &nbsp;&nbsp;&nbsp; 2,327,812<br> \*<sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WW | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp; 409,500<br> \*<sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 7730000 | &nbsp;&nbsp;&nbsp; 3,768,375<br> \*<sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/18 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 121,250<br> \*<sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/1/18 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 412,250<br> \*<sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 180,375<br> \*<sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp; 3402925<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; 652482<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 9150000 | &nbsp;&nbsp;&nbsp; 8424701<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 8180000 | &nbsp;&nbsp;&nbsp; 7702236<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 4380000 | &nbsp;&nbsp;&nbsp; 4114291<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp; 2038359<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2A | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 6040000 | &nbsp;&nbsp;&nbsp; 5795577<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *70432997* |
| *Rhode Island — 0.3%* | *Rhode Island — 0.3%* | *Rhode Island — 0.3%* | *Rhode Island — 0.3%* | *Rhode Island — 0.3%* |
| &nbsp;&nbsp;&nbsp; Rhode Island State Health & Educational Building Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing, Lifespan Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2531252<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing, Lifespan Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2023151<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospital Financing, Lifespan Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; 1586590<br>|
| *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | &nbsp;&nbsp; *6140993* |
| *South Carolina — 1.0%* | *South Carolina — 1.0%* | *South Carolina — 1.0%* | *South Carolina — 1.0%* | *South Carolina — 1.0%* |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries B-2, <br> Refunding (SOFR x 0.670 + 1.900%) | &nbsp;&nbsp; 4.821% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3090768<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SCAGO, SC, Educational Facilities Corp. for Pickens School District Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3504058<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2252478<br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 4856219<br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Ports Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp; 2909652<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2036013<br> <sup>(c)</sup><br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *18649188* |
| *Tennessee — 1.5%* | *Tennessee — 1.5%* | *Tennessee — 1.5%* | *Tennessee — 1.5%* | *Tennessee — 1.5%* |
| &nbsp;&nbsp;&nbsp; Clarksville, TN, Water, Sewer & Gas Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/51 | &nbsp;&nbsp; 8455000 | &nbsp;&nbsp;&nbsp; 7523469<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville, TN, Airport Authority Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1782746<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series A-1, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 17310000 | &nbsp;&nbsp;&nbsp; 17852497<br> <sup>(a)(b)</sup><br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *27158712* |
| *Texas — 7.5%* | *Texas — 7.5%* | *Texas — 7.5%* | *Texas — 7.5%* | *Texas — 7.5%* |
| &nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 666612<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp; 933734<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uplift Education, Series A, Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 712533<br>|
| &nbsp;&nbsp;&nbsp; Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3624502<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; $2730000 | &nbsp;&nbsp;&nbsp; $2731508<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3151466<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2083784<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 5640000 | &nbsp;&nbsp;&nbsp; 5971446<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bexar County, TX, Hospital District: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1581862<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2104897<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2361697<br>|
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7581712<br>|
| &nbsp;&nbsp;&nbsp; Dallas, TX, Hotel Occupancy Tax Revenue, Series 2021, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/37 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2479807<br>|
| &nbsp;&nbsp;&nbsp; Elgin, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp; 6848416<br>|
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., TX, System Toll Revenue, First Tier Toll <br> Revenue, Series C, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 5375000 | &nbsp;&nbsp;&nbsp; 5000640<br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, <br> Texas Children's Hospital, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 2953358<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 4475000 | &nbsp;&nbsp;&nbsp; 4059269<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Airport Improvements Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4524756<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Technical Operations Center Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2513754<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 2930000 | &nbsp;&nbsp;&nbsp; 3016100<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facilities, United Airlines Inc., Terminal Improvement Project, Series <br> B-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5212216<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1593065<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1847876<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1484979<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1455826<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 2630000 | &nbsp;&nbsp;&nbsp; 2736811<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2320896<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp; 1749563<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Lien, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1887799<br>|
| &nbsp;&nbsp;&nbsp; Longview, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 4833011<br>|
| &nbsp;&nbsp;&nbsp; Love Field, TX, Airport Modernization Corp., General Airport Revenue, <br> Series 2017  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1267434<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging <br> International, LLC Project, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1789680<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, <br> Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp; 1175358<br>|
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Tier, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2522474<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Tier, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp; 1324740<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County, TX, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3568505<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp; 3479293<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3539132<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas State: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5611501<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; $7000000 | &nbsp;&nbsp;&nbsp; $7405980<br>|
| &nbsp;&nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/33 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2112437<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/38 | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp; 1331537<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1038426<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/31/35 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1073589<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/31/34 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1481480<br>|
| &nbsp;&nbsp;&nbsp; Texas State Public Finance Authority, Lease Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2009824<br>|
| &nbsp;&nbsp;&nbsp; West Harris County, TX, Regional Water Authority Revenue, Series W, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/45 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 1837254<br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *132592539* |
| *Utah — 0.8%* | *Utah — 0.8%* | *Utah — 0.8%* | *Utah — 0.8%* | *Utah — 0.8%* |
| &nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3048801<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue, Syracuse <br> Arts Academy Project, UT CSCE  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp; 1292045<br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp; 1925139<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 593798<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 848233<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 493418<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 382925<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 188530<br>|
| &nbsp;&nbsp;&nbsp; Utah State Telecommunication Open Infrastructure Agency, Sales Tax & <br> Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1631985<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2012911<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1519961<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *13937746* |
| *Vermont — 0.1%* | *Vermont — 0.1%* | *Vermont — 0.1%* | *Vermont — 0.1%* | *Vermont — 0.1%* |
| &nbsp;&nbsp;&nbsp; University of Vermont & State Agricultural College, GO, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *1011855*<br>|
| *Virginia — 0.6%* | *Virginia — 0.6%* | *Virginia — 0.6%* | *Virginia — 0.6%* | *Virginia — 0.6%* |
| &nbsp;&nbsp;&nbsp; Isle of Wight County, VA, EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Health System, Series 2023, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1045727<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Health System, Series 2023, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1540266<br>|
| &nbsp;&nbsp;&nbsp; Virginia Beach, VA, Development Authority, Residential Care Facilities Revenue, <br> Westminster - Canterbury on Chesapeake Bay, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1425390<br>|
| &nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Senior Campuses, Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1050957<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, I-495 HOT Lanes Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 4120000 | &nbsp;&nbsp;&nbsp; 4123212<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Obligated Group of National Senior Campuses Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1053018<br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *10238570* |
| *Washington — 2.1%* | *Washington — 2.1%* | *Washington — 2.1%* | *Washington — 2.1%* | *Washington — 2.1%* |
| &nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp; 3313737<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 3040000 | &nbsp;&nbsp;&nbsp; 3175902<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4040008<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Washington — continued* | *Washington — continued* | *Washington — continued* | *Washington — continued* | *Washington — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; $13185000 | &nbsp;&nbsp;&nbsp; $13705650<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5127661<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 5375000 | &nbsp;&nbsp;&nbsp; 5358440<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2004763<br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *36726161* |
| *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* |
| &nbsp;&nbsp;&nbsp; West Virginia State EDA Revenue, Solid Waste Disposal Facility, Commercial <br> Metals Co. Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; *1394806*<br> <sup>(a)(b)(c)</sup><br>|
| *Wisconsin — 1.1%* | *Wisconsin — 1.1%* | *Wisconsin — 1.1%* | *Wisconsin — 1.1%* | *Wisconsin — 1.1%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancroft Neurohealth Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp; 1540915<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renown Regional Medical Center Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2351679<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Carmelite System Inc. Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1612873<br>|
| &nbsp;&nbsp;&nbsp; Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral <br> Obligations  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/43 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7097383<br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1026031<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1531097<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2543929<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital, Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2027037<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *19730944* |
| **Total Municipal Bonds (Cost — $1,740,685,180)** | **Total Municipal Bonds (Cost — $1,740,685,180)** | **Total Municipal Bonds (Cost — $1,740,685,180)** | **Total Municipal Bonds (Cost — $1,740,685,180)** | &nbsp;&nbsp; **1697963757** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(m)</sup> **— 4.3%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(m)</sup> **— 4.3%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(m)</sup> **— 4.3%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(m)</sup> **— 4.3%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(m)</sup> **— 4.3%** |
| *New York — 4.3%* | *New York — 4.3%* | *New York — 4.3%* | *New York — 4.3%* | *New York — 4.3%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2023, Subseries AA-3, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 24245000 | &nbsp;&nbsp;&nbsp; 24658411<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue, General <br> Purpose Bonds, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 25170000 | &nbsp;&nbsp;&nbsp; 22711775<br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development State Sales Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 27300000 | &nbsp;&nbsp;&nbsp; 27885496<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $77,911,406)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $77,911,406)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $77,911,406)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $77,911,406)** | &nbsp;&nbsp; **75255682** |
| **Total Investments before Short-Term Investments (Cost — $1,818,596,586)** | **Total Investments before Short-Term Investments (Cost — $1,818,596,586)** | **Total Investments before Short-Term Investments (Cost — $1,818,596,586)** | **Total Investments before Short-Term Investments (Cost — $1,818,596,586)** | &nbsp;&nbsp; **1773219439** |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Municipal Bonds — 1.5%** | **Municipal Bonds — 1.5%** | **Municipal Bonds — 1.5%** | **Municipal Bonds — 1.5%** | **Municipal Bonds — 1.5%** |
| *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Highlands County, FL, Health Facilities Authority Hospital Revenue, Adventist <br> Health System/Sunbelt Obligated Group, Series I-2, Refunding | &nbsp;&nbsp; 1.920% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; *100000*<br> <sup>(n)(o)</sup><br>|
| *Indiana — 0.0%††* | *Indiana — 0.0%††* | *Indiana — 0.0%††* | *Indiana — 0.0%††* | *Indiana — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Hospital Revenue, Parkview Health System <br> Obligated Group, Series D, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; *300000*<br> <sup>(n)(o)</sup><br>|
| *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* | *Massachusetts — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Boston University Issue, Series U-6E, <br> Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; *300000*<br> <sup>(n)(o)</sup><br>|
| *Mississippi — 0.3%* | *Mississippi — 0.3%* | *Mississippi — 0.3%* | *Mississippi — 0.3%* | *Mississippi — 0.3%* |
| &nbsp;&nbsp;&nbsp; Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series C | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1100000<br> <sup>(n)(o)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Mississippi — continued* | *Mississippi — continued* | *Mississippi — continued* | *Mississippi — continued* | *Mississippi — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA Inc. Project, Series E | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; $3090000 | &nbsp;&nbsp;&nbsp; $3090000<br> <sup>(n)(o)</sup><br>|
| *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | &nbsp;&nbsp; *4190000* |
| *New Jersey — 0.0%††* | *New Jersey — 0.0%††* | *New Jersey — 0.0%††* | *New Jersey — 0.0%††* | *New Jersey — 0.0%††* |
| &nbsp;&nbsp;&nbsp; New Jersey State EFA Revenue, Institute for Advanced Study, Series B, <br> Refunding, SPA - TD Bank N.A.  | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200000<br> <sup>(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Revenue, Virtua-<br> Memorial Hospital Burlington County, Inc., Series D, LOC - TD Bank N.A.  | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 400000<br> <sup>(n)(o)</sup><br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *600000* |
| *New York — 0.2%* | *New York — 0.2%* | *New York — 0.2%* | *New York — 0.2%* | *New York — 0.2%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries D-4, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; 2110000<br> <sup>(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries E-5, LOC - TD Bank N.A. | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500000<br> <sup>(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, HDC, MFH Revenue, Series I-3, SPA - TD Bank N.A.  | &nbsp;&nbsp; 1.950% | &nbsp;&nbsp; 11/1/60 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200000<br> <sup>(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Multi-Family Rental HDC Revenue, Related-Sierra <br> Development, Series A, LOC - FNMA  | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(c)(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue, Subordinated, Subseries <br> D-3, SPA - Mizuho Bank Ltd.  | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 150000<br> <sup>(n)(o)</sup><br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *3260000* |
| *North Carolina — 0.0%††* | *North Carolina — 0.0%††* | *North Carolina — 0.0%††* | *North Carolina — 0.0%††* | *North Carolina — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, NC, Atrium Health Care System <br> Revenue, Series E, Refunding, LOC - Royal Bank of Canada | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 1/15/42 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; *400000*<br> <sup>(n)(o)</sup><br>|
| *Oregon — 0.4%* | *Oregon — 0.4%* | *Oregon — 0.4%* | *Oregon — 0.4%* | *Oregon — 0.4%* |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding, LOC <br> - TD Bank N.A. | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; *7400000*<br> <sup>(n)(o)</sup><br>|
| *Pennsylvania — 0.6%* | *Pennsylvania — 0.6%* | *Pennsylvania — 0.6%* | *Pennsylvania — 0.6%* | *Pennsylvania — 0.6%* |
| &nbsp;&nbsp;&nbsp; Northampton County, PA, General Purpose Authority, Hospital Revenue, St. Luke's <br> University Health Network Project, LOC - TD Bank N.A.  | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 10700000 | &nbsp;&nbsp;&nbsp; 10700000<br> <sup>(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue, Variable Rate, Refunding, <br> Series B, LOC - TD Bank N.A.  | &nbsp;&nbsp; 1.920% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(n)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, IDA, Multi-Modal Lease Revenue, Series B-2, Refunding, LOC - <br> TD Bank N.A.  | &nbsp;&nbsp; 1.920% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(n)(o)</sup><br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *11100000* |
| **Total Short-Term Investments (Cost — $27,650,000)** | **Total Short-Term Investments (Cost — $27,650,000)** | **Total Short-Term Investments (Cost — $27,650,000)** | **Total Short-Term Investments (Cost — $27,650,000)** | &nbsp;&nbsp; **27650000** |
| **Total Investments — 101.6% (Cost — $1,846,246,586)** | **Total Investments — 101.6% (Cost — $1,846,246,586)** | **Total Investments — 101.6% (Cost — $1,846,246,586)** | **Total Investments — 101.6% (Cost — $1,846,246,586)** | &nbsp;&nbsp; **1800869439** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.4)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.4)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.4)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (2.4)% | &nbsp;&nbsp;&nbsp; (42395000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; 13374296 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1771848735** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Intermediate-Term Municipals Fund**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(d)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(e)</sup> | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| <sup>(f)</sup> | Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.  |
| <sup>(g)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | Value is less than $1. |
| <sup>(k)</sup> | The coupon payment on this security is currently in default as of June 30, 2025. |
| <sup>(l)</sup> | The maturity principal is currently in default as of June 30, 2025. |
| <sup>(m)</sup> | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust.. |
| <sup>(n)</sup> | Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no <br> more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the <br> remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official <br> documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The <br> SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's <br> Short-term Obligation Rate Transparency System.<br>|
| <sup>(o)</sup> | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

 **Western Asset Intermediate-Term Municipals Fund**

---

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

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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

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Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $1697963757 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $1697963757 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 75255682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75255682 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1773219439 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1773219439 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 27650000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27650000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1800869439** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$1800869439** |

---

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

---

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

---

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Western Asset Intermediate-Term Municipals Fund 2025 Quarterly Report

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## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1822185641.83

**Total Liabilities:** $53086224.45

**Net Assets:** $1769099417.38

**Cash Not Reported:** $219400.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1875.51000000 | **1-Year:** 64310.30000000 | **5-Year:** 308149.73000000 | **10-Year:** 562661.70000000 | **30-Year:** 101206.27000000

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

- **3-Month:** 186.66000000 | **1-Year:** 3464.24000000 | **5-Year:** 32497.03000000 | **10-Year:** 83382.68000000 | **30-Year:** 3425.68000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000184044 | -0.72%               | -0.04%               | 0.80%                |
| Class ID C000046419 | -0.78%               | -0.11%               | 0.73%                |
| Class ID C000046417 | -0.57%               | -0.06%               | 0.61%                |
| Class ID C000046421 | -0.56%               | -0.21%               | 0.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2799371.95             | $-16716188.51                              |
| Month 2  | $-1354876.62             | $-6142827.95                               |
| Month 3  | $-1265358.87             | $9419253.75                                |

**Designated Index Information**

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

- **Index Identifier:** 5826

### Schedule of Portfolio Investments

| Name                                            | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NTHRN AK TOBACCO SECURITIZATIO                  | Northern Tobacco Securitization Corp                                         | CUSIP: 66585VBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1708739.18   | 0.10%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PUBLIC FIN AUTH LEASE                  | Texas Public Finance Authority                                               | CUSIP: 882669BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009823.60   | 0.11%             | 2035-02-01      | Fixed         | 4.00%                 | 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      | $2009140.40   | 0.11%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4284814.45   | 0.24%             | 2054-12-31      | Fixed         | 4.50%                 | 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      | $1375353.54   | 0.08%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250EX8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1381134.04   | 0.08%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GERALD R FORD INTERNATIONAL AR                  | Gerald R Ford International Airport Authority                                | CUSIP: 373695AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997396.30    | 0.06%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                    | New Hampshire Business Finance Authority                                     | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19000000 | PA      | $20558283.10  | 1.16%             | 2035-12-01      | 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      | $2228862.48   | 0.13%             | 2034-12-01      | 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      | $20926217.13  | 1.18%             | 2036-07-01      | 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      | $1034561.20   | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70869PPF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2272135.95   | 0.13%             | 2042-07-01      | Fixed         | 5.00%                 | 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      | $2502804.00   | 0.14%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2117130.96   | 0.12%             | 2054-12-31      | Fixed         | 5.50%                 | 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      | $2350000.00   | 0.13%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                  | City & County Honolulu HI Wastewater System Revenue                          | CUSIP: 438701J47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3951839.00   | 0.22%             | 2041-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467BC5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1925139.05   | 0.11%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                       | CUSIP: 677525WF0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2822311.50   | 0.16%             | 2042-11-01      | Variable      | 2.50%                 | 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      | $6059166.60   | 0.34%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                  | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   9475000 | PA      | $9838989.71   | 0.56%             | 2052-12-01      | Variable      | 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      | $1256488.80   | 0.07%             | 2035-11-01      | 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      | $744025.38    | 0.04%             | 2030-01-15      | Fixed         | 5.00%                 | 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      | $13705650.60  | 0.77%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | Empire State Development Corp                                                | CUSIP: 6500357N2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $6929444.73   | 0.39%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14469464.80  | 0.82%             | 2054-06-30      | Fixed         | 6.00%                 | 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      | $2130650.16   | 0.12%             | 2052-10-01      | Variable      | 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      | $1986382.00   | 0.11%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                         | CUSIP: 20772KKZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1538464.07   | 0.09%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA WTR & SWR AUTH S                  | Bucks County Water and Sewer Authority                                       | CUSIP: 118683JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1648011.40   | 0.09%             | 2042-12-01      | Fixed         | 4.00%                 | 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      | $1750506.71   | 0.10%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                      | CUSIP: 888804CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $678304.38    | 0.04%             | 2034-06-01      | 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      | $1444888.34   | 0.08%             | 2031-07-01      | 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      | $1053018.10   | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                   | New York City Housing Development Corp                                       | CUSIP: 64970HAY0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2033-03-15      | Variable      | 2.30%                 | 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      | $9523738.03   | 0.54%             | 2042-07-01      | 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      | $3434736.90   | 0.19%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 4521522Z3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3117882.90   | 0.18%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                           | CUSIP: 64990FKX1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7673296.50   | 0.43%             | 2040-03-15      | 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      | $4040007.60   | 0.23%             | 2036-05-01      | 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      | $3504058.25   | 0.20%             | 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: 544445FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4925000 | PA      | $4985361.79   | 0.28%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DE                  | Cape Girardeau County Industrial Development Authority                       | CUSIP: 139404HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1175924.13   | 0.07%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                 | CUSIP: 575896TF2<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4880000 | PA      | $5098612.78   | 0.29%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                            | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  17310000 | PA      | $17852497.13  | 1.01%             | 2053-05-01      | Variable      | 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      | $908640.60    | 0.05%             | 2046-12-01      | 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      | $1816933.25   | 0.10%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                  | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4232000.40   | 0.24%             | 2053-09-01      | Variable      | 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      | $1515617.40   | 0.09%             | 2039-07-01      | 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      | $1848755.83   | 0.10%             | 2037-12-01      | 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      | $1497749.25   | 0.08%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152M81<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3194076.38   | 0.18%             | 2033-11-01      | 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      | $3042096.60   | 0.17%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542900.60   | 0.09%             | 2050-06-15      | Fixed         | 5.25%                 | 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      | $2597374.50   | 0.15%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1847875.58   | 0.10%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                  | Michigan Finance Authority                                                   | CUSIP: 59447NBB1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919227.20    | 0.05%             | 2044-02-29      | Fixed         | 4.12%                 | 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      | $2351679.08   | 0.13%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153BX6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4278280.00   | 0.24%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1940597.28   | 0.11%             | 2033-09-01      | 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      | $2736810.88   | 0.15%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1740515.87   | 0.10%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                   | CUSIP: 452031AK3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $418100.56    | 0.02%             | 2032-10-01      | 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      | $1765778.18   | 0.10%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA INSURANCE ASSISTANCE I                  | Florida Insurance Assistance Interlocal Agency Inc                           | CUSIP: 34074EAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5640000 | PA      | $5772807.90   | 0.33%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152Y47<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4863312.00   | 0.27%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR SCH DIST #40                  | Multnomah County School District No 40                                       | CUSIP: 625693HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $1534507.56   | 0.09%             | 2033-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577XCH7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1838433.04   | 0.10%             | 2032-06-15      | Fixed         | 5.00%                 | 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      | $4678795.24   | 0.26%             | 2037-01-01      | Fixed         | 5.25%                 | 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      | $2479806.94   | 0.14%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   8300000 | PA      | $8665711.28   | 0.49%             | 2053-07-01      | Variable      | 5.00%                 | 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      | $1770287.23   | 0.10%             | 2042-09-01      | 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      | $4033448.80   | 0.23%             | 2043-01-01      | Fixed         | 5.00%                 | 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      | $2076706.00   | 0.12%             | 2028-12-15      | 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      | $1551779.13   | 0.09%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6477568.13   | 0.37%             | 2043-10-01      | Fixed         | 5.25%                 | 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      | $6627637.41   | 0.37%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97712JGQ0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531097.25   | 0.09%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4224637.20   | 0.24%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971WEY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2044-02-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| ISLE OF WIGHT CNTY VA ECON DEV                  | Isle Wight County Industrial Development Authority                           | CUSIP: 464637AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045726.70   | 0.06%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    169893 | PA      | $174877.56    | 0.01%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO                  | Mississippi Business Finance Corp                                            | CUSIP: 60528AAU8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.06%             | 2030-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                    | Mississippi Development Bank                                                 | CUSIP: 60534XCA2<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1762708.33   | 0.10%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST HOSP EQUIPMENT&                  | Mississippi Hospital Equipment & Facilities Authority                        | CUSIP: 605360TS5<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6159132.60   | 0.35%             | 2040-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584YPB9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1254847.68   | 0.07%             | 2038-10-01      | 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      | $5212216.20   | 0.29%             | 2041-07-15      | 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      | $1936882.48   | 0.11%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                           | CUSIP: 167486D97<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   7075000 | PA      | $6999881.90   | 0.40%             | 2040-01-01      | 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      | $712533.08    | 0.04%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8706940.00   | 0.49%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                           | CUSIP: 167727E28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2579804.00   | 0.15%             | 2048-01-01      | Fixed         | 5.25%                 | 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      | $2575842.17   | 0.15%             | 2046-01-01      | 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      | $1977324.00   | 0.11%             | 2035-11-01      | Fixed         | 4.00%                 | 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      | $2731507.78   | 0.15%             | 2030-11-15      | Fixed         | 5.00%                 | 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      | $1267433.50   | 0.07%             | 2031-11-01      | 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      | $445079.20    | 0.03%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BASE VLG MET DIST #2 CO                         | Base Village Metropolitan District No 2                                      | CUSIP: 069781AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25009.37     | 0.00%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57583RWD3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2042-10-01      | Variable      | 3.40%                 | 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      | $1038635.81   | 0.06%             | 2035-08-01      | 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      | $1058180.00   | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7730000 | PA      | $3768375.00   | 0.21%             | 2040-07-01      | Fixed         | 5.25%                 | 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      | $3151465.50   | 0.18%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182UQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3467920.95   | 0.20%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                  | County of Miami-Dade Seaport Department                                      | CUSIP: 59335KEY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3275598.95   | 0.19%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                  | Mobile County Industrial Development Authority                               | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4033581.72   | 0.23%             | 2054-06-01      | 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      | $3175902.29   | 0.18%             | 2032-04-01      | 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      | $501476.80    | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                   | CUSIP: 544445CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004912.40   | 0.06%             | 2036-05-15      | 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      | $5147576.00   | 0.29%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                        | CUSIP: 167736K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1667662.88   | 0.09%             | 2029-11-01      | 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      | $22711771.95  | 1.28%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI                  | Energy Southeast A Cooperative District                                      | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $6009251.05   | 0.34%             | 2054-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153KF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259959.13   | 0.07%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505XM3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3577439.04   | 0.20%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505VY9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034474.80   | 0.06%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                           | CUSIP: 57420VPA5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013986.50   | 0.06%             | 2031-06-01      | 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      | $3304491.13   | 0.19%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6480000 | PA      | $6601407.98   | 0.37%             | 2032-01-01      | 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      | $2944320.99   | 0.17%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL HLTH FACS A                  | Miami-Dade County Health Facilities Authority                                | CUSIP: 59334NDU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $644737.09    | 0.04%             | 2036-08-01      | 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        |   4515000 | PA      | $4428536.85   | 0.25%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                    | CUSIP: 64577XAW6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5017266.83   | 0.28%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                  | County of Miami-Dade Seaport Department                                      | CUSIP: 59335KEZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3994036.00   | 0.23%             | 2042-10-01      | 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      | $150305.14    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | 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      | $1042484.20   | 0.06%             | 2028-07-01      | 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      | $1019947.40   | 0.06%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                  | Southeast Alabama Gas Supply District/The                                    | CUSIP: 84131TAY8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5854597.10   | 0.33%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                  | Maryland Economic Development Corp                                           | CUSIP: 57420VPD9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1424345.02   | 0.08%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                | CUSIP: 69651ABU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $653508.02    | 0.04%             | 2034-11-01      | 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      | $3026393.70   | 0.17%             | 2033-07-01      | 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      | $3864319.31   | 0.22%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONGVIEW TX INDEP SCH DIST                      | Longview Independent School District                                         | CUSIP: 543264ZJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $4833011.15   | 0.27%             | 2049-02-15      | Fixed         | 4.00%                 | 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      | $1762338.15   | 0.10%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                          | CUSIP: 64966QAA8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.03%             | 2048-03-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| STHRN UTE INDIAN TRIBE OF STHR                  | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado        | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3920603.62   | 0.22%             | 2035-04-01      | 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      | $8645812.54   | 0.49%             | 2050-06-15      | Fixed         | 4.00%                 | 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      | $489769.05    | 0.03%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                  | CUSIP: 64971PJY2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527248.70    | 0.03%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DWA3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5189.99      | 0.00%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                       | CUSIP: 55374SAA8<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1477026.60   | 0.08%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467BX9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493417.80    | 0.03%             | 2032-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                 | City of Philadelphia PA                                                      | CUSIP: 717813XL8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580044.50   | 0.09%             | 2036-02-01      | 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      | $3135376.65   | 0.18%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority (TOBs)                       | CUSIP: 64972GC28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  24245000 | PA      | $24658410.31  | 1.39%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA                  | Pennsylvania Economic Development Financing Authority                        | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1129322.54   | 0.06%             | 2037-12-01      | Variable      | 5.25%                 | 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      | $5139576.29   | 0.29%             | 2038-07-01      | 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      | $482359.32    | 0.03%             | 2031-01-15      | 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      | $1324740.08   | 0.07%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH                  | West Harris County Regional Water Authority                                  | CUSIP: 95308RRF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1837253.46   | 0.10%             | 2045-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                            | CUSIP: 71781QEJ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.01%             | 2030-10-01      | Variable      | 1.92%                 | 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      | $1400549.22   | 0.08%             | 2042-11-01      | 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      | $1425795.15   | 0.08%             | 2040-03-01      | Fixed         | 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      | $860746.55    | 0.05%             | 2037-07-01      | 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      | $1002129.70   | 0.06%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                  | Territory of Guam                                                            | CUSIP: 40065NCQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1044274.31   | 0.06%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5551899.68   | 0.31%             | 2045-11-15      | Variable      | 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      | $188530.32    | 0.01%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST BUSINESS DEV COMMISS                  | Oregon State Business Development Commission                                 | CUSIP: 68609AAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3024148.80   | 0.17%             | 2040-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  10768000 | PA      | $10269818.48  | 0.58%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY POLL CONTROL R                  | County of Trimble KY                                                         | CUSIP: 896224BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8374684.50   | 0.47%             | 2044-09-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                            | CUSIP: 88256HBF4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7405980.40   | 0.42%             | 2030-12-15      | Fixed         | 5.00%                 | 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      | $1004570.20   | 0.06%             | 2028-10-01      | 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      | $3191242.80   | 0.18%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                  | CUSIP: 93978HWK7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5358439.63   | 0.30%             | 2044-08-01      | 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      | $1839299.73   | 0.10%             | 2034-05-15      | 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      | $1804115.08   | 0.10%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                     | CUSIP: 76827QJX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1390943.07   | 0.08%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                | CUSIP: 67756CFP8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037198.10   | 0.06%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                  | Indiana Finance Authority                                                    | CUSIP: 45471AAS1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2039-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4376579.21   | 0.25%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3402925.07   | 0.19%             | 2027-07-01      | None          | 0.00%                 | 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      | $1001030.20   | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                  | City & County Honolulu HI Wastewater System Revenue                          | CUSIP: 4387014M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $2002892.78   | 0.11%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                   | CUSIP: 452031AP2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1124501.13   | 0.06%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                     | Oregon State Facilities Authority                                            | CUSIP: 68608JXF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7400000 | PA      | $7400000.00   | 0.42%             | 2034-08-01      | Variable      | 3.70%                 | 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      | $3457017.88   | 0.20%             | 2035-10-01      | Fixed         | 4.00%                 | 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      | $1026048.30   | 0.06%             | 2027-06-01      | 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      | $4799991.84   | 0.27%             | 2032-10-01      | 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      | $798404.54    | 0.05%             | 2036-09-01      | Fixed         | 4.00%                 | 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      | $2953358.28   | 0.17%             | 2051-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL                  | Berks County Industrial Development Authority                                | CUSIP: 08452RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405082.56    | 0.02%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                  | County of Miami-Dade FL Aviation Revenue                                     | CUSIP: 59333P5X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5004278.82   | 0.28%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                  | New Jersey Economic Development Authority                                    | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4934514.62   | 0.28%             | 2037-10-01      | 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      | $706180.44    | 0.04%             | 2037-07-01      | 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      | $382924.72    | 0.02%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                        | CUSIP: 230614TC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1015195.29   | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT PLEASANT WI TAX INCR REV                  | Village of Mount Pleasant WI                                                 | CUSIP: 622823AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7097383.30   | 0.40%             | 2043-04-01      | 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      | $2104896.60   | 0.12%             | 2030-02-15      | 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      | $2101106.80   | 0.12%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                         | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2922232.56   | 0.17%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                    | CUSIP: 68450LHH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1302768.38   | 0.07%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY                  | Patriots Energy Group Financing Agency                                       | CUSIP: 70342PAS3<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3090768.00   | 0.17%             | 2054-02-01      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467BH4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    600000 | PA      | $593797.98    | 0.03%             | 2033-10-15      | Fixed         | 4.00%                 | 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      | $7814603.72   | 0.44%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YDS1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    370000 | PA      | $180375.00    | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | 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      | $1498207.01   | 0.08%             | 2027-07-01      | 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      | $2909651.93   | 0.16%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  18600000 | PA      | $19664708.64  | 1.11%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                          | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8155000 | PA      | $7924540.52   | 0.45%             | 2047-07-01      | 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      | $548278.02    | 0.03%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2930000 | PA      | $3016100.10   | 0.17%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                   | CUSIP: 917467BL5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    925000 | PA      | $848232.96    | 0.05%             | 2039-10-15      | 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      | $2252478.15   | 0.13%             | 2030-12-01      | 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      | $2103176.00   | 0.12%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2038358.69   | 0.12%             | 2040-07-01      | Fixed         | 4.33%                 | 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      | $3479293.44   | 0.20%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                     | CUSIP: 052398GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5640000 | PA      | $5971446.44   | 0.34%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    635229 | PA      | $391460.03    | 0.02%             | 2043-11-01      | Variable      | 0.01%                 | 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      | $3013710.60   | 0.17%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT MET DIST CO                            | Vauxmont Metropolitan District                                               | CUSIP: 92242SAW3<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    415000 | PA      | $440275.24    | 0.02%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  12105000 | PA      | $12037797.88  | 0.68%             | 2052-02-01      | Variable      | 4.00%                 | 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      | $1304071.00   | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1365381.05   | 0.08%             | 2036-09-01      | Fixed         | 5.00%                 | 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      | $1519961.38   | 0.09%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W                  | Mission Economic Development Corp                                            | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1789680.20   | 0.10%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8180000 | PA      | $7702236.47   | 0.44%             | 2058-07-01      | 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      | $2133437.80   | 0.12%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                          | CUSIP: 54659LCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5103957.50   | 0.29%             | 2047-10-01      | Variable      | 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      | $1201390.20   | 0.07%             | 2030-07-01      | 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      | $933733.89    | 0.05%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AJ40<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3195539.10   | 0.18%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CLACKAMAS & YAMHILL                  | Washington Clackamas & Yamhill Counties School District No 88J               | CUSIP: 937440EP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1291469.75   | 0.07%             | 2032-06-15      | 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      | $2531251.50   | 0.14%             | 2028-05-15      | Fixed         | 5.00%                 | 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      | $1996967.17   | 0.11%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YEU5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    840000 | PA      | $409500.00    | 0.02%             | 2038-07-01      | Fixed         | 5.50%                 | 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        |  13450000 | PA      | $14189283.29  | 0.80%             | 2029-11-01      | Fixed         | 6.12%                 | 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      | $935733.50    | 0.05%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461366Y2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104723.00   | 0.12%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVAJO NATION AZ                                | Navajo Nation                                                                | CUSIP: 639185AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1203801.00   | 0.07%             | 2025-12-01      | 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      | $2028419.80   | 0.11%             | 2035-09-01      | Fixed         | 5.00%                 | 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      | $4531263.75   | 0.26%             | 2033-01-01      | 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      | $4203667.39   | 0.24%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    162338 | PA      | $175208.77    | 0.01%             | 2031-07-01      | Fixed         | 5.75%                 | 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      | $800737.04    | 0.05%             | 2035-12-01      | 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      | $1528962.90   | 0.09%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&                  | Texas Municipal Gas Acquisition & Supply Corp III                            | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5611500.95   | 0.32%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                                     | CUSIP: 74442PQV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1612872.45   | 0.09%             | 2045-01-01      | 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      | $1927141.06   | 0.11%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1461467 | PA      | $1300255.50   | 0.07%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553374.35   | 0.09%             | 2044-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PORTS AUTH P                  | South Carolina Ports Authority                                               | CUSIP: 837123HJ0<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036012.60   | 0.12%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                | CUSIP: 696507VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1097600.79   | 0.06%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                              | CUSIP: 45528UD65<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2927115.58   | 0.17%             | 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      | $1832124.88   | 0.10%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                   | CUSIP: 544445LY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $3330911.13   | 0.19%             | 2037-05-15      | 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      | $2680618.50   | 0.15%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CDL9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4267904.40   | 0.24%             | 2037-06-15      | 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      | $1691510.10   | 0.10%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                    | CUSIP: 158862CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4046022.00   | 0.23%             | 2035-12-01      | Variable      | 3.80%                 | 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      | $3133541.38   | 0.18%             | 2039-11-01      | Variable      | 4.25%                 | 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      | $1586590.19   | 0.09%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                               | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2848783.50   | 0.16%             | 2049-06-01      | Variable      | 5.50%                 | 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      | $4313248.03   | 0.24%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4735000 | PA      | $4993752.12   | 0.28%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6478288.11   | 0.37%             | 2040-04-01      | Fixed         | 5.62%                 | 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      | $1325412.14   | 0.07%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4380000 | PA      | $4114290.80   | 0.23%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                    | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8483852.55   | 0.48%             | 2049-06-01      | Variable      | 4.00%                 | 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      | $1650126.02   | 0.09%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ISLE OF WIGHT CNTY VA ECON DEV                  | Isle Wight County Industrial Development Authority                           | CUSIP: 464637AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1540265.70   | 0.09%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505YZ3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5010000 | PA      | $5200333.91   | 0.29%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS CNTY FL HLTH FACS AU                  | Highlands County Health Facilities Authority                                 | CUSIP: 431022TN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.01%             | 2032-11-15      | Variable      | 1.92%                 | 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      | $429591.56    | 0.02%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                      | CUSIP: 39081JGG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093825.00   | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153GK9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2462471.54   | 0.14%             | 2034-07-01      | Fixed         | 5.00%                 | 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      | $1011855.00   | 0.06%             | 2044-10-01      | 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      | $1001445.10   | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4854002.68   | 0.27%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION                   | Hillsborough County Aviation Authority                                       | CUSIP: 432308H64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2995775.40   | 0.17%             | 2043-10-01      | 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      | $1616834.70   | 0.09%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                      | CUSIP: 73358XCL4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3227291.63   | 0.18%             | 2040-10-15      | 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      | $3040933.80   | 0.17%             | 2034-10-01      | 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      | $1900883.12   | 0.11%             | 2035-06-15      | Fixed         | 6.00%                 | 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      | $2453383.50   | 0.14%             | 2036-06-15      | Fixed         | 4.00%                 | 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      | $1481479.65   | 0.08%             | 2034-12-31      | Fixed         | 4.00%                 | 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      | $4048870.00   | 0.23%             | 2036-01-01      | Fixed         | 5.00%                 | 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      | $2002604.00   | 0.11%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1294542.62   | 0.07%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                  | Central Plains Energy Project                                                | CUSIP: 154871CH8<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   5465000 | PA      | $5856891.87   | 0.33%             | 2032-09-01      | 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      | $7862801.39   | 0.44%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                    | CUSIP: 68450LHK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021680.80   | 0.06%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T                  | Grand Parkway Transportation Corp                                            | CUSIP: 38611TCA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5000640.39   | 0.28%             | 2040-10-01      | Fixed         | 4.00%                 | 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      | $1782746.53   | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                            | CUSIP: 16772PDL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1694655.00   | 0.10%             | 2049-12-01      | Fixed         | 4.00%                 | 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      | $858754.70    | 0.05%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY MS GULF OPPORTUNIT                  | County of Warren MS                                                          | CUSIP: 935031AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1961030.50   | 0.11%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 708692CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1276864.13   | 0.07%             | 2051-01-01      | Variable      | 5.45%                 | 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      | $1050957.40   | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | 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      | $3036552.10   | 0.17%             | 2036-07-01      | 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      | $2052967.44   | 0.12%             | 2037-10-01      | Fixed         | 4.00%                 | 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      | $1136326.80   | 0.06%             | 2038-06-15      | Fixed         | 4.00%                 | 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      | $3899314.50   | 0.22%             | 2041-06-30      | Fixed         | 5.50%                 | 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      | $652482.17    | 0.04%             | 2040-07-01      | Fixed         | 4.55%                 | 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      | $4848522.00   | 0.27%             | 2034-10-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505XJ0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   6475000 | PA      | $6640346.90   | 0.38%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                  | Village Community Development District No 15                                 | CUSIP: 92708KAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933060.90    | 0.05%             | 2044-05-01      | Fixed         | 4.55%                 | 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      | $1046262.20   | 0.06%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELGIN TX INDEP SCH DIST                         | Elgin Independent School District                                            | CUSIP: 286533UL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7800000 | PA      | $6848416.38   | 0.39%             | 2049-08-01      | Fixed         | 4.00%                 | 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      | $7581711.75   | 0.43%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                          | CUSIP: 64966QVN7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991807.20    | 0.06%             | 2038-03-01      | Fixed         | 4.00%                 | 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      | $1572644.11   | 0.09%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                      | CUSIP: 888804CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1779021.83   | 0.10%             | 2038-06-01      | 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      | $2081848.20   | 0.12%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YDB8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4775000 | PA      | $2327812.50   | 0.13%             | 2037-07-01      | 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        |   6675000 | PA      | $6989232.30   | 0.40%             | 2028-11-15      | Fixed         | 6.25%                 | 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      | $1005991.30   | 0.06%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971XQJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3407056.80   | 0.19%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI                  | Illinois Finance Authority                                                   | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4559307.75   | 0.26%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YDG7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $1642875.00   | 0.09%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI                  | Indiana Finance Authority                                                    | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3058145.10   | 0.17%             | 2030-11-01      | Fixed         | 4.25%                 | 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      | $2935848.93   | 0.17%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS AUTH REV                  | Delaware State Health Facilities Authority                                   | CUSIP: 246388TL6<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   4420000 | PA      | $4198365.29   | 0.24%             | 2043-06-01      | 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      | $916005.31    | 0.05%             | 2034-01-01      | 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      | $4856218.95   | 0.27%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  21500000 | PA      | $22225287.45  | 1.26%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002546.40   | 0.17%             | 2053-06-30      | Fixed         | 5.25%                 | 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      | $1425389.70   | 0.08%             | 2044-09-01      | 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      | $4757143.50   | 0.27%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505XZ4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $17238054.60  | 0.97%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUSTF                  | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CFM5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3263187.16   | 0.18%             | 2046-06-15      | Fixed         | 5.25%                 | 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      | $3783328.51   | 0.21%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                             | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6488548.95   | 0.37%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153HM4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18404726.40  | 1.04%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YCC7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3460000 | PA      | $1678100.00   | 0.09%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1331537.07   | 0.08%             | 2038-06-30      | Fixed         | 5.38%                 | 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      | $4604389.34   | 0.26%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1455826.20   | 0.08%             | 2036-07-01      | Fixed         | 4.00%                 | 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      | $1173678.39   | 0.07%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                   | Indiana Finance Authority                                                    | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6256806.50   | 0.35%             | 2029-08-01      | Fixed         | 1.40%                 | 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      | $2457970.11   | 0.14%             | 2028-12-01      | 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      | $2734957.23   | 0.15%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YBW4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    250000 | PA      | $121250.00    | 0.01%             | 2018-07-01      | 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      | $1511504.10   | 0.09%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TN WTR SWR & GAS R                  | City of Clarksville TN Water Sewer & Gas Revenue                             | CUSIP: 182618PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8455000 | PA      | $7523468.68   | 0.43%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                    | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3922081.80   | 0.22%             | 2037-12-01      | Variable      | 4.10%                 | 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      | $2353640.62   | 0.13%             | 2027-07-01      | 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      | $1887799.14   | 0.11%             | 2031-07-01      | 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      | $7206497.90   | 0.41%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E                  | Ohio Air Quality Development Authority                                       | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   7120000 | PA      | $6316204.69   | 0.36%             | 2049-07-01      | Fixed         | 5.00%                 | 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      | $3760930.95   | 0.21%             | 2031-10-01      | 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      | $1837710.35   | 0.10%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                    | Mississippi Development Bank                                                 | CUSIP: 60534XBY1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1338259.94   | 0.08%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1333455.05   | 0.08%             | 2030-10-01      | Fixed         | 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      | $6616945.40   | 0.37%             | 2052-09-01      | 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      | $3313736.84   | 0.19%             | 2031-04-01      | 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      | $1593065.40   | 0.09%             | 2033-07-01      | 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      | $743516.93    | 0.04%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1571476.32   | 0.09%             | 2060-06-30      | Fixed         | 5.38%                 | 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      | $1581861.90   | 0.09%             | 2029-02-15      | 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      | $1675695.63   | 0.09%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                  | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5286877.50   | 0.30%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9150000 | PA      | $8424701.46   | 0.48%             | 2053-07-01      | Fixed         | 4.75%                 | 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      | $3033918.30   | 0.17%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                  | Salt Verde Financial Corp                                                    | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3897800.07   | 0.22%             | 2032-12-01      | 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      | $3624502.13   | 0.20%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                | Illinois State University                                                    | CUSIP: 452272B55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $501373.57    | 0.03%             | 2028-04-01      | 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      | $1197625.04   | 0.07%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                            | CUSIP: 7599112J8<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  10920000 | PA      | $9426100.32   | 0.53%             | 2046-06-01      | Fixed         | 4.00%                 | 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      | $2027037.40   | 0.11%             | 2045-12-01      | 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      | $2282876.10   | 0.13%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                  | Tulsa Municipal Airport Trust Trustees/OK                                    | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $407284.84    | 0.02%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 4521522K6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  12805000 | PA      | $13279910.56  | 0.75%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10750000 | PA      | $10596286.83  | 0.60%             | 2049-06-30      | 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      | $1278788.88   | 0.07%             | 2037-07-01      | 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      | $2010088.40   | 0.11%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                     | CUSIP: 57584Y4S5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4166082.06   | 0.24%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153AL3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3925000 | PA      | $4209916.14   | 0.24%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                         | CUSIP: 25483VTC8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4010000 | PA      | $4076508.66   | 0.23%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA                   | State Public School Building Authority                                       | CUSIP: 85732GUF5<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1401651.92   | 0.08%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    167137 | PA      | $176373.21    | 0.01%             | 2029-07-01      | Fixed         | 5.62%                 | 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      | $1031998.30   | 0.06%             | 2039-07-01      | 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      | $4095530.00   | 0.23%             | 2036-03-01      | 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      | $1715205.10   | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                   | CUSIP: 452031AN7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    395000 | PA      | $406819.74    | 0.02%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     85605 | PA      | $85605.00     | 0.00%             | 2025-07-01      | Fixed         | 5.38%                 | 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      | $2113551.51   | 0.12%             | 2034-01-01      | 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      | $6061571.75   | 0.34%             | 2055-06-01      | 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      | $774219.30    | 0.04%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5775000 | PA      | $6023874.78   | 0.34%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                  | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4120000 | PA      | $4123211.95   | 0.23%             | 2047-12-31      | 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      | $1484979.45   | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | 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      | $1001401.90   | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 442349CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2320895.70   | 0.13%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6040000 | PA      | $5795576.90   | 0.33%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3114227.40   | 0.18%             | 2047-12-01      | Fixed         | 5.88%                 | 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      | $1631985.30   | 0.09%             | 2037-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YDC6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    850000 | PA      | $412250.00    | 0.02%             | 2018-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                         | CUSIP: 25483VTR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5082928.50   | 0.29%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSPA                  | Charlotte-Mecklenburg Hospital Authority/The                                 | CUSIP: 160853VA2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.02%             | 2042-01-15      | Variable      | 3.70%                 | 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      | $1868924.34   | 0.11%             | 2032-09-01      | 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      | $3048800.70   | 0.17%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                     | CUSIP: 76827QJY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1818444.62   | 0.10%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH RETM                  | Delaware State Economic Development Authority                                | CUSIP: 246371AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2981667.30   | 0.17%             | 2043-11-15      | Fixed         | 5.00%                 | 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      | $7586108.81   | 0.43%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 4521524T5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6015000 | PA      | $6244759.77   | 0.35%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1422535.66   | 0.08%             | 2037-04-01      | 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      | $5811341.40   | 0.33%             | 2042-09-01      | Variable      | 1.55%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                             | CUSIP: 709225JD9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.02%             | 2043-12-01      | Variable      | 1.92%                 | 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      | $1026031.20   | 0.06%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS F                  | New Jersey Health Care Facilities Financing Authority                        | CUSIP: 64579FYL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.02%             | 2043-07-01      | Variable      | 1.25%                 | 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      | $704685.07    | 0.04%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YCZ6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    950000 | PA      | $463125.00    | 0.03%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   8200000 | PA      | $8796356.48   | 0.50%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038426.30   | 0.06%             | 2039-06-30      | Fixed         | 5.38%                 | 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      | $5926068.56   | 0.33%             | 2045-12-01      | 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      | $2004762.60   | 0.11%             | 2045-09-01      | 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      | $1731004.64   | 0.10%             | 2038-12-01      | 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      | $5376989.75   | 0.30%             | 2051-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AJ32<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3929772.38   | 0.22%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KEZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10155000 | PA      | $10728558.46  | 0.61%             | 2031-09-01      | 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      | $2880606.00   | 0.16%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORPM                  | New York City Housing Development Corp                                       | CUSIP: 64972ESV2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2060-11-01      | Variable      | 1.95%                 | 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      | $1043312.80   | 0.06%             | 2027-12-01      | 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      | $2861587.85   | 0.16%             | 2033-06-01      | 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      | $1816640.70   | 0.10%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C                  | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   7325000 | PA      | $7657133.81   | 0.43%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU                  | New Mexico Municipal Energy Acquisition Authority                            | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4877532.26   | 0.28%             | 2054-06-01      | Variable      | 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      | $2522474.25   | 0.14%             | 2032-01-01      | 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      | $137197.40    | 0.01%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5251822.50   | 0.30%             | 2041-10-01      | Fixed         | 5.25%                 | 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      | $1022135.15   | 0.06%             | 2037-08-01      | 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      | $2361697.20   | 0.13%             | 2031-02-15      | 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      | $957143.47    | 0.05%             | 2036-05-01      | 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      | $4558096.35   | 0.26%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153KE8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010132.80   | 0.06%             | 2047-05-01      | Fixed         | 5.25%                 | 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      | $1310945.99   | 0.07%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                  | Village Community Development District No 15                                 | CUSIP: 92708KAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $796875.34    | 0.05%             | 2039-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                     | Lancaster County Hospital Authority/PA                                       | CUSIP: 514045W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3501074.15   | 0.20%             | 2046-11-01      | 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      | $2291826.67   | 0.13%             | 2028-09-01      | 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      | $507143.60    | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                  | West Virginia Economic Development Authority                                 | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1394805.58   | 0.08%             | 2055-04-15      | Variable      | 4.62%                 | 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      | $1333836.79   | 0.08%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                   | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3502142.61   | 0.20%             | 2035-12-01      | 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      | $524654.02    | 0.03%             | 2039-09-01      | Fixed         | 4.00%                 | 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      | $2332030.58   | 0.13%             | 2038-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153AQ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047405.30   | 0.06%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2253627.64   | 0.13%             | 2029-02-01      | 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      | $6062018.08   | 0.34%             | 2035-07-01      | 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      | $2102977.40   | 0.12%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1624069.05   | 0.09%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                          | Regional Transportation Authority                                            | CUSIP: 759911XV7<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  12990000 | PA      | $13980313.43  | 0.79%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2542880.75   | 0.14%             | 2045-05-01      | Fixed         | 5.25%                 | 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      | $4247362.98   | 0.24%             | 2036-10-01      | 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      | $13405843.10  | 0.76%             | 2048-06-30      | Fixed         | 5.75%                 | 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      | $3568504.45   | 0.20%             | 2036-10-01      | 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      | $1124796.97   | 0.06%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                  | Tulsa Municipal Airport Trust Trustees/OK                                    | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3449245.49   | 0.19%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152X97<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4770089.85   | 0.27%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                  | CUSIP: 67756DQS8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040104.30   | 0.06%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                  | City of Phoenix Civic Improvement Corp                                       | CUSIP: 71883MNS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4364139.66   | 0.25%             | 2037-07-01      | 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      | $1749563.35   | 0.10%             | 2030-07-01      | 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      | $1527723.75   | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592248BC1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $2352479.35   | 0.13%             | 2045-06-15      | None          | 0.00%                 | 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              | CORP              | US        |    551101 | PA      | $0.00         | 0.00%             | 2058-01-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   7400000 | PA      | $6630599.80   | 0.37%             | 2042-12-15      | Fixed         | 4.00%                 | 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      | $3956609.60   | 0.22%             | 2043-12-31      | 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      | $143669.09    | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S                  | Long Island Power Authority                                                  | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2599418.79   | 0.15%             | 2049-09-01      | Variable      | 3.00%                 | 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      | $1098739.57   | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEPT OF TRANS                  | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue  | CUSIP: 57563CDX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043936.30   | 0.06%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA                  | Commonwealth Financing Authority                                             | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2391104.65   | 0.14%             | 2030-06-01      | 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      | $1292045.27   | 0.07%             | 2037-04-15      | 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      | $5127661.00   | 0.29%             | 2039-08-01      | Fixed         | 5.00%                 | 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      | $1568932.60   | 0.09%             | 2031-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &S                  | Puerto Rico Commonwealth Aqueduct & Sewer Authority                          | CUSIP: 745160TD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1151334.80   | 0.07%             | 2028-07-01      | 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      | $5455002.97   | 0.31%             | 2028-01-01      | 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        |   3090000 | PA      | $3090000.00   | 0.17%             | 2030-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452153KB4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3627539.10   | 0.21%             | 2044-05-01      | Fixed         | 5.25%                 | 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      | $1317204.00   | 0.07%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                           | CUSIP: 167486E21<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2073110.82   | 0.12%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                   | Empire State Development Corp (TOBs)                                         | CUSIP: 64985TEP2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  27300000 | PA      | $27885489.45  | 1.58%             | 2047-03-15      | 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      | $646983.50    | 0.04%             | 2030-12-15      | 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      | $1073589.22   | 0.06%             | 2035-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                           | CUSIP: 65000BQB7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21430.13     | 0.00%             | 2029-10-01      | 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      | $2834742.90   | 0.16%             | 2033-05-15      | 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      | $2014896.00   | 0.11%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667BY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2112437.00   | 0.12%             | 2033-12-31      | 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      | $1540914.45   | 0.09%             | 2036-06-01      | 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      | $2424380.48   | 0.14%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                              | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2269994.85   | 0.13%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ILLINOIS IL COPS                        | University of Illinois                                                       | CUSIP: 914331LD3<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1802570.76   | 0.10%             | 2026-03-15      | 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      | $3502254.09   | 0.20%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                  | County of Miami-Dade Seaport Department                                      | CUSIP: 59335KEX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4460000 | PA      | $4528385.18   | 0.26%             | 2040-10-01      | 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      | $1596994.53   | 0.09%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                            | CUSIP: 762244FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023150.80   | 0.11%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DNL9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032744.20   | 0.06%             | 2034-01-01      | 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        |   1205000 | PA      | $1175357.60   | 0.07%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                   | Parish of St John the Baptist LA                                             | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7275000 | PA      | $7196516.57   | 0.41%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1299603.69   | 0.07%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                  | Industrial Development Authority of the City of Phoenix Arizona/The          | CUSIP: 71885FEH6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600147.04   | 0.09%             | 2036-07-01      | 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      | $9790513.00   | 0.55%             | 2044-11-15      | 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      | $5406364.80   | 0.31%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  11400000 | PA      | $11163146.76  | 0.63%             | 2050-06-15      | 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      | $1002631.60   | 0.06%             | 2025-12-01      | 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      | $789093.84    | 0.04%             | 2039-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                  | Mobile County Industrial Development Authority                               | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2996886.10   | 0.17%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1697538.91   | 0.10%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4023371 | PA      | $3877492.82   | 0.22%             | 2035-07-01      | Fixed         | 4.00%                 | 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      | $1027085.70   | 0.06%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5236021.50   | 0.30%             | 2040-06-30      | Fixed         | 5.50%                 | 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      | $4003637.60   | 0.23%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                  | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182QR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23750000 | PA      | $25232966.63  | 1.43%             | 2040-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1172402.12   | 0.07%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                     | CUSIP: 650116GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1818611.38   | 0.10%             | 2043-06-30      | Fixed         | 5.50%                 | 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      | $4398471.00   | 0.25%             | 2043-12-31      | 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      | $3132785.60   | 0.18%             | 2036-12-01      | 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      | $375400.43    | 0.02%             | 2037-05-15      | 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      | $1453985.37   | 0.08%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                            | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9695000 | PA      | $10129980.72  | 0.57%             | 2027-11-01      | 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      | $1692260.00   | 0.10%             | 2033-06-15      | 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        |   5215000 | PA      | $5243843.12   | 0.30%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM                  | Arkansas Development Finance Authority                                       | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5323785.08   | 0.30%             | 2053-05-01      | Fixed         | 5.70%                 | 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      | $1570757.84   | 0.09%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 4423487V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2513753.50   | 0.14%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                      | CUSIP: 6262077H1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    645000 | PA      | $546993.48    | 0.03%             | 2051-01-01      | Fixed         | 4.00%                 | 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      | $1026636.00   | 0.06%             | 2036-06-01      | 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      | $2543929.25   | 0.14%             | 2043-12-01      | 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      | $7187150.60   | 0.41%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                  | Michigan Finance Authority                                                   | CUSIP: 59447NBA3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546708.35   | 0.09%             | 2043-02-28      | Fixed         | 5.25%                 | 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      | $3118220.70   | 0.18%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70870JFK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905078.50    | 0.05%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                      | CUSIP: 041806MR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $666612.38    | 0.04%             | 2034-12-01      | 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      | $2399860.32   | 0.14%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                   | CUSIP: 59447TL50<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1715172.56   | 0.10%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                           | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2296960.43   | 0.13%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                  | Kansas City Industrial Development Authority                                 | CUSIP: 48504NAX7<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3339525.48   | 0.19%             | 2035-03-01      | 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      | $2035485.20   | 0.12%             | 2026-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                     | CUSIP: 052398HN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083783.60   | 0.12%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KGV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1398009.11   | 0.08%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                  | Port of Portland OR Airport Revenue                                          | CUSIP: 735240M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1530384.18   | 0.09%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC                  | Regional Transportation District                                             | CUSIP: 759151BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $428024.12    | 0.02%             | 2031-07-15      | Fixed         | 5.00%                 | 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      | $3539131.75   | 0.20%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                  | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YCY9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $1340625.00   | 0.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                         | Florida Development Finance Corp                                             | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  16250000 | PA      | $16309067.13  | 0.92%             | 2047-07-01      | Fixed         | 5.25%                 | 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      | $2012910.40   | 0.11%             | 2040-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT                  | New Jersey Educational Facilities Authority                                  | CUSIP: 64605LQ92<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2031-07-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H                  | Illinois Finance Authority                                                   | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    700000 | PA      | $693063.14    | 0.04%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                    | Cumberland County Municipal Authority                                        | CUSIP: 230614TD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390141.88    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                    | CUSIP: 4423487W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4524756.30   | 0.26%             | 2028-07-15      | 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      | $1200711.88   | 0.07%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVRNMNTL FACS                  | County of Trimble KY                                                         | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6307758.75   | 0.36%             | 2054-06-01      | Variable      | 4.70%                 | 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      | $2030117.60   | 0.11%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                            | State of Ohio                                                                | CUSIP: 67756CFQ6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1240137.24   | 0.07%             | 2036-01-15      | 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      | $4059268.47   | 0.23%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO                  | Maryland Stadium Authority                                                   | CUSIP: 574294AV6<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3569889.60   | 0.20%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer