# EDGAR Filing Document

**Accession Number:** 0000889512
**File Stem:** 0000940400-26-002308
**Filing Date:** 2026-1
**Character Count:** 223871
**Document Hash:** 1adb6ea1e7761a73d0b13660641b396e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002308.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000940400-26-002308

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INSTITUTIONAL TRUST
- **CENTRAL INDEX KEY:** 0000889512

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06740
- **FILM NUMBER:** 26559370

**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:** CITIFUNDS INSTITUTIONAL TRUST
- **DATE OF NAME CHANGE:** 19981030

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments (unaudited)

November 30, 2025

 **Western Asset SMASh Series TF Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 98.3%** | **Municipal Bonds — 98.3%** | **Municipal Bonds — 98.3%** | **Municipal Bonds — 98.3%** | **Municipal Bonds — 98.3%** |
| *Alabama — 6.9%* | *Alabama — 6.9%* | *Alabama — 6.9%* | *Alabama — 6.9%* | *Alabama — 6.9%* |
| &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; $80000 | &nbsp;&nbsp;&nbsp; $80476<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 542204<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 271678<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 211985<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 793022<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; 1000000 | &nbsp;&nbsp;&nbsp; 1106703<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101390<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson County, AL, Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1040171<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 790530<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; 450000 | &nbsp;&nbsp;&nbsp; 437085<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; 250000 | &nbsp;&nbsp;&nbsp; 233629<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, Series <br> A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 541200<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; 350000 | &nbsp;&nbsp;&nbsp; 371374<br> <sup>(a)(b)</sup><br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *6521447* |
| *Alaska — 0.2%* | *Alaska — 0.2%* | *Alaska — 0.2%* | *Alaska — 0.2%* | *Alaska — 0.2%* |
| &nbsp;&nbsp;&nbsp; Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 79398<br>|
| &nbsp;&nbsp;&nbsp; Anchorage, AK, Port Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 152658<br> <sup>(c)</sup><br>|
| *Total Alaska* | *Total Alaska* | *Total Alaska* | *Total Alaska* | &nbsp;&nbsp; *232056* |
| *Arizona — 3.8%* | *Arizona — 3.8%* | *Arizona — 3.8%* | *Arizona — 3.8%* | *Arizona — 3.8%* |
| &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; 45000 | &nbsp;&nbsp;&nbsp; 45601<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507539<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academies Math & Science Project, Series S, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 49837<br>|
| &nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1004537<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; 250000 | &nbsp;&nbsp;&nbsp; 250612<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; 750000 | &nbsp;&nbsp;&nbsp; 761497<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA, Legacy Traditional School Projects, Series A, <br> Refunding, SD Credit Program  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 401641<br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA, Great Hearts Academies, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 74915<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; 495000 | &nbsp;&nbsp;&nbsp; 539105<br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *3635284* |
| *Arkansas — 0.2%* | *Arkansas — 0.2%* | *Arkansas — 0.2%* | *Arkansas — 0.2%* | *Arkansas — 0.2%* |
| &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; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; *204060*<br> <sup>(c)</sup><br>|
| *California — 8.6%* | *California — 8.6%* | *California — 8.6%* | *California — 8.6%* | *California — 8.6%* |
| &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; 10/1/36 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50706<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202638<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series TF 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; 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; $200000 | &nbsp;&nbsp;&nbsp; $204408<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; 2200000 | &nbsp;&nbsp;&nbsp; 2315437<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; 500000 | &nbsp;&nbsp;&nbsp; 525287<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; 350000 | &nbsp;&nbsp;&nbsp; 372035<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; 1750000 | &nbsp;&nbsp;&nbsp; 1883090<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; 800000 | &nbsp;&nbsp;&nbsp; 883224<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; 100000 | &nbsp;&nbsp;&nbsp; 102156<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; 100000 | &nbsp;&nbsp;&nbsp; 100610<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; 75000 | &nbsp;&nbsp;&nbsp; 75602<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Bond Finance Authority Revenue, Natural Gas Purchase, Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 59537<br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue, Subordinated, Los Angeles <br> International Airport, Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 97555<br> <sup>(c)</sup><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; 35000 | &nbsp;&nbsp;&nbsp; 37071<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 105906<br>|
| &nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2003-1, Series A-1, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 264755<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; 250000 | &nbsp;&nbsp;&nbsp; 259712<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Series A, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 401585<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFO Fuel Co. LLC, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 105671<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sanger, CA, USD Revenue, COP, Capital Projects, Unrefunded, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20003<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Revenue, Asset Backed <br> Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100205<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *8167193* |
| *Colorado — 2.3%* | *Colorado — 2.3%* | *Colorado — 2.3%* | *Colorado — 2.3%* | *Colorado — 2.3%* |
| &nbsp;&nbsp;&nbsp; Colorado Springs, CO, Utilities System Revenue, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 310446<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Educational & Cultural Facilities Authority Revenue, University of <br> Denver Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50772<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 158723<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 154831<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement and Refunding Revenue, Bethesda Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 46249<br>|
| &nbsp;&nbsp;&nbsp; Colorado State High Performance Transportation Enterprise Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-470 Express Lanes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99995<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C-470 Express Lanes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/51 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 228689<br>|
| &nbsp;&nbsp;&nbsp; Denver, CO, City & County Airport System Revenue, Subordinated, Series B, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 558084<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; 100000 | &nbsp;&nbsp;&nbsp; 100110<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 438405<br> <sup>(d)</sup><br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *2146304* |

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series TF Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Connecticut — 0.2%* | *Connecticut — 0.2%* | *Connecticut — 0.2%* | *Connecticut — 0.2%* | *Connecticut — 0.2%* |
| &nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue, Sacred Heart University Issue, Series I-1, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp; $51289<br>|
| &nbsp;&nbsp;&nbsp; Connecticut State, GO, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 127281<br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *178570* |
| *District of Columbia — 0.7%* | *District of Columbia — 0.7%* | *District of Columbia — 0.7%* | *District of Columbia — 0.7%* | *District of Columbia — 0.7%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue, KIPP DC Project, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 75611<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Washington, DC, Airports Authority Aviation Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 545725<br> <sup>(c)</sup><br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *621336* |
| *Florida — 2.9%* | *Florida — 2.9%* | *Florida — 2.9%* | *Florida — 2.9%* | *Florida — 2.9%* |
| &nbsp;&nbsp;&nbsp; Broward County, FL, Airport System Revenue, Series 2017  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50131<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 211849<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline Passenger Rail Project, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 248883<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline Passenger Rail Project, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 409455<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 92703<br>|
| &nbsp;&nbsp;&nbsp; Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority <br> Subordinated, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 25109<br> <sup>(c)</sup><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; 200000 | &nbsp;&nbsp;&nbsp; 202862<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101669<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 255254<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/56 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 243508<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACTS Retirement-Life Communities, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507032<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; 200000 | &nbsp;&nbsp;&nbsp; 215665<br>|
| &nbsp;&nbsp;&nbsp; Wildwood, FL, Village Community Development District No 15, Special <br> Assessment Revenue, Series 2023  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 165661<br> <sup>(d)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *2729781* |
| *Georgia — 1.3%* | *Georgia — 1.3%* | *Georgia — 1.3%* | *Georgia — 1.3%* | *Georgia — 1.3%* |
| &nbsp;&nbsp;&nbsp; Cobb County, GA, Kennestone Hospital Authority Revenue, Wellstar Health <br> System, Inc. Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 254162<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; 50000 | &nbsp;&nbsp;&nbsp; 53256<br>|
| &nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority, Power Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project M, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 207785<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project P, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 153978<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One, Subordinated, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102548<br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 203775<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 266904<br> <sup>(a)(b)</sup><br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *1242408* |
| *Hawaii — 0.5%* | *Hawaii — 0.5%* | *Hawaii — 0.5%* | *Hawaii — 0.5%* | *Hawaii — 0.5%* |
| &nbsp;&nbsp;&nbsp; Honolulu, HI, City & County Wastewater System Revenue, First Senior Bond <br> Resolution, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; *432369*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series TF Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Idaho — 0.1%* | *Idaho — 0.1%* | *Idaho — 0.1%* | *Idaho — 0.1%* | *Idaho — 0.1%* |
| &nbsp;&nbsp;&nbsp; Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp;&nbsp; $*100690*<br>|
| *Illinois — 11.5%* | *Illinois — 11.5%* | *Illinois — 11.5%* | *Illinois — 11.5%* | *Illinois — 11.5%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99551<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 790547<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502221<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 764308<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1061938<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 259788<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; 1000000 | &nbsp;&nbsp;&nbsp; 1048065<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; 399088<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 123501<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 256519<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrIPS Obligated Group | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 49861<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 51451<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp; 35232<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Waterworks Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 31201<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series 2017-2, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 62098<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 88639<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surface Freight Transfer Facilities, Centerpoint Joliet Terminal Railroad Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 258046<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50900<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Illinois, Health Services Facility Lease Revenue Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 265904<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Sports Facilities Authority Revenue, Sport Facilities Project, <br> Series 2019, Refunding, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 53108<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 25037<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 25578<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20448<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 258412<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 408342<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 158393<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 369286<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 259431<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1323771<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 233676<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; 5.000% | &nbsp;&nbsp; 12/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502460<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series TF Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $438858<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 61139<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; 1000000 | &nbsp;&nbsp;&nbsp; 408585<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/56 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 69429<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *10914811* |
| *Indiana — 1.7%* | *Indiana — 1.7%* | *Indiana — 1.7%* | *Indiana — 1.7%* | *Indiana — 1.7%* |
| &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; 100000 | &nbsp;&nbsp;&nbsp; 93726<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; 100000 | &nbsp;&nbsp;&nbsp; 103224<br>|
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Wastewater Utility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWA Authority Project, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 325921<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWA Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 717433<br>|
| &nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Courthouse and Jail Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 97318<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Courthouse and Jail Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 304799<br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *1642421* |
| *Iowa — 0.1%* | *Iowa — 0.1%* | *Iowa — 0.1%* | *Iowa — 0.1%* | *Iowa — 0.1%* |
| &nbsp;&nbsp;&nbsp; Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds, <br> Class 1, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; *85386*<br>|
| *Kentucky — 0.9%* | *Kentucky — 0.9%* | *Kentucky — 0.9%* | *Kentucky — 0.9%* | *Kentucky — 0.9%* |
| &nbsp;&nbsp;&nbsp; Kentucky State Economic Development Finance Authority Revenue, Louisville <br> Arena, Louisville Arena Authority Inc., Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101243<br>|
| &nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 266460<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County, KY, Metropolitan Government Health System <br> Revenue, Norton Healthcare Inc., Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 488470<br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *856173* |
| *Louisiana — 1.5%* | *Louisiana — 1.5%* | *Louisiana — 1.5%* | *Louisiana — 1.5%* | *Louisiana — 1.5%* |
| &nbsp;&nbsp;&nbsp; Lafayette Parish, LA, School Board Sales Tax Revenue, Series 2023  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 230843<br>|
| &nbsp;&nbsp;&nbsp; Louisiana State PFA, Lease Revenue, Provident Group, Flagship Properties  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50533<br>|
| &nbsp;&nbsp;&nbsp; Shreveport, LA, Water & Sewer Revenue, Series A, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10203<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; 525000 | &nbsp;&nbsp;&nbsp; 522360<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; 600000 | &nbsp;&nbsp;&nbsp; 601468<br> <sup>(a)(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *1415407* |
| *Maryland — 0.2%* | *Maryland — 0.2%* | *Maryland — 0.2%* | *Maryland — 0.2%* | *Maryland — 0.2%* |
| &nbsp;&nbsp;&nbsp; Maryland State Stadium Authority, Built to Learn Revenue, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; *235328*<br>|
| *Massachusetts — 0.3%* | *Massachusetts — 0.3%* | *Massachusetts — 0.3%* | *Massachusetts — 0.3%* | *Massachusetts — 0.3%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, UMass Boston Student Housing Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10084<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp; 58196<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 167828<br> <sup>(c)</sup><br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *236108* |
| *Michigan — 0.8%* | *Michigan — 0.8%* | *Michigan — 0.8%* | *Michigan — 0.8%* | *Michigan — 0.8%* |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority, MI, Water Supply System Revenue, Senior Lien, <br> Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 333965<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series TF Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Michigan — continued* | *Michigan — continued* | *Michigan — continued* | *Michigan — continued* | *Michigan — continued* |
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Ford Health System, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp;&nbsp; $89803<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, Act <br> 38 Facilities, Senior Green Bonds | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/57 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 235923<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9974<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100125<br> <sup>(c)</sup><br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *769790* |
| *Missouri — 0.1%* | *Missouri — 0.1%* | *Missouri — 0.1%* | *Missouri — 0.1%* | *Missouri — 0.1%* |
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services <br> Projects, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; *50176*<br>|
| *Nebraska — 1.9%* | *Nebraska — 1.9%* | *Nebraska — 1.9%* | *Nebraska — 1.9%* | *Nebraska — 1.9%* |
| &nbsp;&nbsp;&nbsp; Central Plains, NE, Energy Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1091004<br>|
| &nbsp;&nbsp;&nbsp; Douglas County, NE, Hospital Authority No 2 Revenue, Children's Hospital <br> Obligated Group, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 429846<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; 250000 | &nbsp;&nbsp;&nbsp; 238531<br>|
| *Total Nebraska* | *Total Nebraska* | *Total Nebraska* | *Total Nebraska* | &nbsp;&nbsp; *1759381* |
| *Nevada — 0.1%* | *Nevada — 0.1%* | *Nevada — 0.1%* | *Nevada — 0.1%* | *Nevada — 0.1%* |
| &nbsp;&nbsp;&nbsp; Sparks, NV, Tourism Improvement, Senior Sales Tax Anticipation Revenue, Series <br> A, Refunding | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; *75001*<br> <sup>(d)</sup><br>|
| *New Hampshire — 2.2%* | *New Hampshire — 2.2%* | *New Hampshire — 2.2%* | *New Hampshire — 2.2%* | *New Hampshire — 2.2%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winston-Salem Sustainable Energy Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1122328<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winston-Salem Sustainable Energy Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1010229<br>|
| *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | &nbsp;&nbsp; *2132557* |
| *New Jersey — 6.5%* | *New Jersey — 6.5%* | *New Jersey — 6.5%* | *New Jersey — 6.5%* | *New Jersey — 6.5%* |
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project, AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 85123<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project, AG | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 150160<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series SSS, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 576853<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; 500000 | &nbsp;&nbsp;&nbsp; 507538<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA, Lease Revenue, Health Department and Taxation Division <br> Office Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; 109321<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; 4.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 460730<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 508007<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 469928<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 636143<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, CAB, Series C, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2076584<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation System, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 353169<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; 6/1/46 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 169213<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30097<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *6132866* |
| *New Mexico — 0.6%* | *New Mexico — 0.6%* | *New Mexico — 0.6%* | *New Mexico — 0.6%* | *New Mexico — 0.6%* |
| &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; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; *535532*<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series TF Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — 12.0%* | *New York — 12.0%* | *New York — 12.0%* | *New York — 12.0%* | *New York — 12.0%* |
| &nbsp;&nbsp;&nbsp; Hempstead Town, NY, Local Development Corp. Revenue, Hofstra University <br> Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp;&nbsp; $101287<br>|
| &nbsp;&nbsp;&nbsp; Long Island, NY, Power Authority Electric System Revenue, Series B  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 305193<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries B-1, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 927265<br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 273134<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 362689<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, GO, Subseries A-1  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 256244<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, HDC, Impact Revenue, Sustainable Development Bonds, Series <br> A, HUD Section 8  | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/1/53 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250588<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Industrial Development Agency Revenue, Yankee Stadium <br> Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 93462<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2022, Series AA, Subseries AA-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 460504<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue, Subordinated, Subseries C-1  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/47 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 257939<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue, Non-State Supported Debt, <br> Memorial Sloan-Kettering Cancer Center, Series B-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 229859<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 3, Series <br> E, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 104858<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding <br> Group 3, Series B, Unrefunded  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102081<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; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 77355<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; 45000 | &nbsp;&nbsp;&nbsp; 46293<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; 750000 | &nbsp;&nbsp;&nbsp; 828075<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 735616<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 235879<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; 1000000 | &nbsp;&nbsp;&nbsp; 1040275<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; 250000 | &nbsp;&nbsp;&nbsp; 250893<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; 750000 | &nbsp;&nbsp;&nbsp; 755936<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 205321<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; 500000 | &nbsp;&nbsp;&nbsp; 477418<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; 200000 | &nbsp;&nbsp;&nbsp; 130758<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50051<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 25002<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 748154<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series TF Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminal 4 John F. Kennedy International Airport Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; $300000 | &nbsp;&nbsp;&nbsp; $291199<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp. Revenue, Personal Income Tax, Series <br> C, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/15/48 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 189666<br>|
| &nbsp;&nbsp;&nbsp; Oneida County, NY, Local Development Corp. Revenue, Mohawk Valley Health <br> System Project, Series A, Refunding, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp; 583823<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue, Consolidated Series 221  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 926104<br> <sup>(c)</sup><br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *11422921* |
| *North Carolina — 0.2%* | *North Carolina — 0.2%* | *North Carolina — 0.2%* | *North Carolina — 0.2%* | *North Carolina — 0.2%* |
| &nbsp;&nbsp;&nbsp; North Carolina State Medical Care Commission, Retirement Facilities Revenue, <br> The Forest at Duke Project  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 146326<br>|
| &nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series <br> A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5024<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *151350* |
| *North Dakota — 0.4%* | *North Dakota — 0.4%* | *North Dakota — 0.4%* | *North Dakota — 0.4%* | *North Dakota — 0.4%* |
| &nbsp;&nbsp;&nbsp; Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, <br> AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; *423038*<br>|
| *Ohio — 2.4%* | *Ohio — 2.4%* | *Ohio — 2.4%* | *Ohio — 2.4%* | *Ohio — 2.4%* |
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center <br> Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 254000<br>|
| &nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds, <br> Series B-2, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 210882<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; 100000 | &nbsp;&nbsp;&nbsp; 95336<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co. Project, Series A, Refunding | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 225653<br> <sup>(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; 500000 | &nbsp;&nbsp;&nbsp; 455769<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Project, Series B, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101615<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility Commission College & University Revenue, <br> University of Dayton 2018 Project, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 521817<br>|
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority Revenue, OH, Tax-Exempt <br> Parking Revenue, 3CDC Obligated Group Parking Facilities, Series A, Refunding, <br> AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/60 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 252565<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warrensville Heights, OH, School District, GO, Unrefunded, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 175024<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *2292661* |
| *Oklahoma — 0.4%* | *Oklahoma — 0.4%* | *Oklahoma — 0.4%* | *Oklahoma — 0.4%* | *Oklahoma — 0.4%* |
| &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; 330000 | &nbsp;&nbsp;&nbsp; 380819<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; 40000 | &nbsp;&nbsp;&nbsp; 44936<br> <sup>(c)</sup><br>|
| *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | *Total Oklahoma* | &nbsp;&nbsp; *425755* |
| *Oregon — 1.6%* | *Oregon — 1.6%* | *Oregon — 1.6%* | *Oregon — 1.6%* | *Oregon — 1.6%* |
| &nbsp;&nbsp;&nbsp; Clackamas County, OR, School District No 35, Molalla River, GO, Series 2024, <br> School Bond Guaranty  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1338424<br>|
| &nbsp;&nbsp;&nbsp; Salem, OR, Hospital Facility Authority Revenue, Capital Manor Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 187529<br>|
| *Total Oregon* | *Total Oregon* | *Total Oregon* | *Total Oregon* | &nbsp;&nbsp; *1525953* |
| *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* |
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 147918<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series TF 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; Berks County, PA, IDA, Healthcare Facilities Revenue, Highlands at Wyomissing, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp; $50891<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; 50000 | &nbsp;&nbsp;&nbsp; 52596<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental <br> Tax, Series B, Refunding, County GTD  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251789<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 B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 201495<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Senior Living Project, Series B-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 201147<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; 1350000 | &nbsp;&nbsp;&nbsp; 1373171<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 524517<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 25411<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 268052<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Revenue, Philadelphia Performing Arts: A String Theory Charter <br> School Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 92120<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Service Agreement Revenue, Rebuild Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 261392<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *3450499* |
| *Puerto Rico — 3.5%* | *Puerto Rico — 3.5%* | *Puerto Rico — 3.5%* | *Puerto Rico — 3.5%* | *Puerto Rico — 3.5%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 492192<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 173839<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 730681<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 92470<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; 43000 | &nbsp;&nbsp;&nbsp; 40773<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 214829<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9977<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 952001<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 366000 | &nbsp;&nbsp;&nbsp; 356837<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp; 241895<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *3305494* |
| *Rhode Island — 0.5%* | *Rhode Island — 0.5%* | *Rhode Island — 0.5%* | *Rhode Island — 0.5%* | *Rhode Island — 0.5%* |
| &nbsp;&nbsp;&nbsp; Rhode Island State Health & Educational Building Corp. Revenue, Public School <br> Program, Series F, State Aid Withholding  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 239330<br>|
| &nbsp;&nbsp;&nbsp; Rhode Island State Health & Educational Building Corp., Student Housing <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RI Properties LLC, Senior Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101141<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RI Properties LLC, Senior Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100759<br>|
| *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | &nbsp;&nbsp; *441230* |
| *South Carolina — 0.5%* | *South Carolina — 0.5%* | *South Carolina — 0.5%* | *South Carolina — 0.5%* | *South Carolina — 0.5%* |
| &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; 4.587% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 260613<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series TF Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *South Carolina — continued* | *South Carolina — continued* | *South Carolina — continued* | *South Carolina — continued* | *South Carolina — continued* |
| &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; $250000 | &nbsp;&nbsp;&nbsp; $234541<br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *495154* |
| *South Dakota — 0.0%††* | *South Dakota — 0.0%††* | *South Dakota — 0.0%††* | *South Dakota — 0.0%††* | *South Dakota — 0.0%††* |
| &nbsp;&nbsp;&nbsp; South Dakota State HEFA Revenue, Regional Health | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; *25410*<br>|
| *Tennessee — 1.9%* | *Tennessee — 1.9%* | *Tennessee — 1.9%* | *Tennessee — 1.9%* | *Tennessee — 1.9%* |
| &nbsp;&nbsp;&nbsp; Clarksville, TN, Water, Sewer & Gas Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 466891<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Sports Authority <br> Revenue, Series A, AG  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 528264<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer <br> Revenue, Subordinated, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50690<br>|
| &nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition Corp., Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp; 237900<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 517384<br> <sup>(a)(b)</sup><br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *1801129* |
| *Texas — 9.6%* | *Texas — 9.6%* | *Texas — 9.6%* | *Texas — 9.6%* | *Texas — 9.6%* |
| &nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Refunding | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/65 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 253266<br> <sup>(d)</sup><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; 20000 | &nbsp;&nbsp;&nbsp; 20483<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; 100000 | &nbsp;&nbsp;&nbsp; 100035<br>|
| &nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 253965<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bexar County, TX, Hospital District, GO, Certificates of Obligation  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/48 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 522534<br>|
| &nbsp;&nbsp;&nbsp; Castleberry, TX, ISD, GO, Series B, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 235406<br>|
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp; 1134602<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; 750000 | &nbsp;&nbsp;&nbsp; 706048<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; 500000 | &nbsp;&nbsp;&nbsp; 499853<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; 350000 | &nbsp;&nbsp;&nbsp; 387821<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; 200000 | &nbsp;&nbsp;&nbsp; 190978<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, GO, Series A  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/51 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 282021<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue: |  |  |  |  |
| &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; 100000 | &nbsp;&nbsp;&nbsp; 102857<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; 260000 | &nbsp;&nbsp;&nbsp; 281422<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; 400000 | &nbsp;&nbsp;&nbsp; 364117<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Joshua, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 329087<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; 600000 | &nbsp;&nbsp;&nbsp; 563313<br>|
| &nbsp;&nbsp;&nbsp; Melissa, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 230933<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Advanced Transportation District, TX, Sales Tax Revenue, <br> Bexar County  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 463736<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; 180000 | &nbsp;&nbsp;&nbsp; 187126<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; 70000 | &nbsp;&nbsp;&nbsp; 69589<br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, <br> Methodist Hospitals of Dallas  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 225972<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series TF 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; Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckner Retirement Services Inc. Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp; $50611<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckner Retirement Services Inc. Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 48182<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; 5.500% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 311433<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series <br> A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/31/35 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 75836<br>|
| &nbsp;&nbsp;&nbsp; Van Alstyne, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 692755<br>|
| &nbsp;&nbsp;&nbsp; West Harris County, TX, Regional Water Authority Revenue, Series 2019, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 92995<br>|
| &nbsp;&nbsp;&nbsp; Whitesboro, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 461837<br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *9138813* |
| *Utah — 2.1%* | *Utah — 2.1%* | *Utah — 2.1%* | *Utah — 2.1%* | *Utah — 2.1%* |
| &nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City International Airport, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 253284<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City International Airport, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1042448<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syracuse Arts Academy Project, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5022<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Charter Academies Project, Series 2018, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 224024<br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 204931<br>|
| &nbsp;&nbsp;&nbsp; Vineyard Redevelopment Agency, UT, Tax Increment Revenue, Series 2021, <br> Refunding, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 257093<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *1986802* |
| *Virginia — 1.4%* | *Virginia — 1.4%* | *Virginia — 1.4%* | *Virginia — 1.4%* | *Virginia — 1.4%* |
| &nbsp;&nbsp;&nbsp; Arlington County, VA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50903<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Hospital Center, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 215110<br>|
| &nbsp;&nbsp;&nbsp; Isle of Wight County, VA, EDA Revenue, Riverside Health System, Series 2023, AG  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 253248<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; 1/1/34 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 89270<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 95 Express Lanes LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 137670<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 95 Express Lanes LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 368269<br> <sup>(c)</sup><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; 200000 | &nbsp;&nbsp;&nbsp; 201122<br> <sup>(c)</sup><br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *1315592* |
| *Washington — 0.6%* | *Washington — 0.6%* | *Washington — 0.6%* | *Washington — 0.6%* | *Washington — 0.6%* |
| &nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue, Series 2022, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 264175<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; 200000 | &nbsp;&nbsp;&nbsp; 201985<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101560<br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *567720* |
| *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* |
| &nbsp;&nbsp;&nbsp; West Virginia State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Commercial Metals Co. Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 152353<br> <sup>(a)(b)(c)</sup><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; 100000 | &nbsp;&nbsp;&nbsp; 106923<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | &nbsp;&nbsp; *259276* |

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series TF Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Wisconsin — 1.2%* | *Wisconsin — 1.2%* | *Wisconsin — 1.2%* | *Wisconsin — 1.2%* | *Wisconsin — 1.2%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cone Health, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp;&nbsp; $254505<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; 50000 | &nbsp;&nbsp;&nbsp; 49803<br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Student Housing Revenue, CHF Wilmington LLC, <br> University of North Carolina at Wilmington Project, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100032<br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellin Memorial Hospital Inc., Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 267668<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical College, Series 2016, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 454415<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *1126423* |
| **Total Municipal Bonds (Cost — $93,225,602)** | **Total Municipal Bonds (Cost — $93,225,602)** | **Total Municipal Bonds (Cost — $93,225,602)** | **Total Municipal Bonds (Cost — $93,225,602)** | &nbsp;&nbsp; **93207655** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 2.2%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 2.2%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 2.2%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 2.2%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 2.2%** |
| *New Jersey — 1.1%* | *New Jersey — 1.1%* | *New Jersey — 1.1%* | *New Jersey — 1.1%* | *New Jersey — 1.1%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2023, Subseries AA-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *1060642*<br>|
| *New York — 1.1%* | *New York — 1.1%* | *New York — 1.1%* | *New York — 1.1%* | *New York — 1.1%* |
| &nbsp;&nbsp;&nbsp; New York State Urban Development State Sales Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *1045912*<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $2,059,761)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $2,059,761)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $2,059,761)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $2,059,761)** | &nbsp;&nbsp; **2106554** |
| **Total Investments — 100.5% (Cost — $95,285,363)** | **Total Investments — 100.5% (Cost — $95,285,363)** | **Total Investments — 100.5% (Cost — $95,285,363)** | **Total Investments — 100.5% (Cost — $95,285,363)** | &nbsp;&nbsp; **95314209** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (1.2)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (1.2)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (1.2)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (1.2)% | &nbsp;&nbsp;&nbsp; (1165000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.7% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.7% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.7% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.7% | &nbsp;&nbsp;&nbsp; 719603 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$94868812** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(d)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust.. |

---

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

See Notes to Schedule of Investments.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series TF 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 |
| CWA |  | Clean Water Act |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDA |  | Housing Development Authority |
| HDC |  | Housing Development Corporation |
| HEFA |  | Health & Educational Facilities Authority |
| HUD |  | Housing & Urban Development |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| ISD |  | Independent School District |
| MFA |  | Municipal Finance Authority |
| MTA |  | Metropolitan Transportation Authority |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| PEA |  | Public Energy Authority |
| PFA |  | Public Facilities Authority |
| PSF |  | Permanent School Fund |
| SD |  | School District |
| SOFR |  | Secured Overnight Financing Rate |
| 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 SMASh Series TF 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 SMASh Series TF Fund (the "Fund") is a separate non-diversified investment series of Legg Mason Partners Institutional Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

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

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting 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.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

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

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

• 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; $93207655 | &nbsp;&nbsp; — | &nbsp;&nbsp; $93207655 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2106554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2106554 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$95314209** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$95314209** |

---

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

† See Schedule of Investments for additional detailed categorizations.

------

Western Asset SMASh Series TF Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-28

**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:** $96753137.01

**Total Liabilities:** $1570622.02

**Net Assets:** $95182514.99

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 28.19000000 | **1-Year:** 2361.24000000 | **5-Year:** 15396.69000000 | **10-Year:** 48261.86000000 | **30-Year:** 6519.16000000

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

- **3-Month:** 7.79000000 | **1-Year:** 69.87000000 | **5-Year:** 1155.44000000 | **10-Year:** 5091.40000000 | **30-Year:** 223.49000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000164185 | 3.35%                | 1.26%                | 0.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4918.53                | $2743937.26                                |
| Month 2  | $-191662.20              | $1023648.01                                |
| Month 3  | $-14811.94               | $-133721.31                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PPB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201146.98    | 0.21%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ISLE OF WIGHT CNTY VA ECON DEV                  | Isle Wight County Industrial Development Authority                              | CUSIP: 464637AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253248.38    | 0.27%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CASTLEBERRY TX INDEP SCH DIST                   | Castleberry Independent School District                                         | CUSIP: 148537QK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235406.28    | 0.25%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                  | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R6C0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50771.84     | 0.05%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                  | Central Texas Regional Mobility Authority                                       | CUSIP: 155498LX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1134602.24   | 1.19%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154830.95    | 0.16%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                  | City of Chicago IL Wastewater Transmission Revenue                              | CUSIP: 167727YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35232.40     | 0.04%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896TJ4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    160000 | PA      | $167828.21    | 0.18%             | 2036-07-01      | 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        |   1000000 | PA      | $1122328.10   | 1.18%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EX8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $438858.55    | 0.46%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MELISSA TX INDEP SCH DIST                       | Melissa Independent School District                                             | CUSIP: 585488ZQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $230933.20    | 0.24%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                               | CUSIP: 7621968K2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239330.05    | 0.25%             | 2054-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46293.02     | 0.05%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $214828.55    | 0.23%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL                  | South Dakota Health & Educational Facilities Authority                          | CUSIP: 83755VE26<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25409.94     | 0.03%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49837.01     | 0.05%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                  | West Virginia Economic Development Authority                                    | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106922.53    | 0.11%             | 2055-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                      | Port of Seattle WA                                                              | CUSIP: 735389V70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264174.95    | 0.28%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 646136EU1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2076583.75   | 2.18%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                  | County of Broward FL Port Facilities Revenue                                    | CUSIP: 11506KEZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211849.08    | 0.22%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $790530.00    | 0.83%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                                         | CUSIP: 62620HHQ8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153977.91    | 0.16%             | 2064-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TWJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $224023.89    | 0.24%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE PARISH LA SCH BRD SA                  | Lafayette Parish School Board Sale Tax Revenue                                  | CUSIP: 506624UR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $230843.40    | 0.24%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31201.24     | 0.03%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                     | New Jersey Economic Development Authority                                       | CUSIP: 64578EJV0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    105000 | PA      | $109321.31    | 0.11%             | 2033-06-15      | 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        |    200000 | PA      | $204059.68    | 0.21%             | 2053-05-01      | Fixed         | 5.70%                 | 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        |    500000 | PA      | $558084.40    | 0.59%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HXK6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101560.10    | 0.11%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525287.45    | 0.55%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158722.91    | 0.17%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250893.23    | 0.26%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                  | New York Liberty Development Corp                                               | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.37    | 0.11%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                  | Metropolitan Government Nashville & Davidson County Sports Authority            | CUSIP: 592090JY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528264.20    | 0.56%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $369286.12    | 0.39%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SPL FACS                  | City & County of Denver CO                                                      | CUSIP: 249271GV3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100109.56    | 0.11%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G                  | Central Plains Energy Project                                                   | CUSIP: 154871CJ4<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091003.70   | 1.15%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77354.72     | 0.08%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50611.05     | 0.05%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                        | District of Columbia                                                            | CUSIP: 25483VTS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75611.01     | 0.08%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA                  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201495.32    | 0.21%             | 2038-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    125000 | PA      | $123500.68    | 0.13%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH SALES TA                  | New York State Dormitory Authority                                              | CUSIP: 64990AMP7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104858.02    | 0.11%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                   | Kentucky Economic Development Finance Authority                                 | CUSIP: 49127KBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101243.17    | 0.11%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                   | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | CUSIP: 592098T49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50689.80     | 0.05%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM OR HOSP FAC AUTH REVENUE                  | Salem Hospital Facility Authority                                               | CUSIP: 794458GH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187529.32    | 0.20%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152B26<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25036.89     | 0.03%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    366000 | PA      | $356837.48    | 0.37%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                  | Massachusetts Development Finance Agency                                        | CUSIP: 57584XZQ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10084.04     | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                       | CUSIP: 68450LJR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243507.63    | 0.26%             | 2056-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                          | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100609.90    | 0.11%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $281422.21    | 0.30%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R                  | Georgia Higher Education Facilities Authority                                   | CUSIP: 373511HX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53256.52     | 0.06%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB                  | Iowa Tobacco Settlement Authority                                               | CUSIP: 888805CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85385.75     | 0.09%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WHITESBORO TX INDEP SCH DIST                    | Whitesboro Independent School District                                          | CUSIP: 965611KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461836.85    | 0.49%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153HM4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323770.63   | 1.39%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709224ZD4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25411.13     | 0.03%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI                  | Illinois Finance Authority                                                      | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258046.28    | 0.27%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| HOOVER AL INDL DEV BRD ENVNMNT                  | Hoover Industrial Development Board                                             | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101390.28    | 0.11%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505VY9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259788.40    | 0.27%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP                  | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JGJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $333964.95    | 0.35%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952001.30    | 1.00%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                  | Indiana Finance Authority                                                       | CUSIP: 45505MPN0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    650000 | PA      | $717432.82    | 0.75%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HL                  | Berks County Industrial Development Authority                                   | CUSIP: 08452RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50891.18     | 0.05%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU                  | New Mexico Municipal Energy Acquisition Authority                               | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    500000 | PA      | $535531.65    | 0.56%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                  | Mobile County Industrial Development Authority                                  | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $233629.25    | 0.25%             | 2054-12-01      | Fixed         | 4.75%                 | 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        |    525000 | PA      | $522359.72    | 0.55%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                                  | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    750000 | PA      | $793021.88    | 0.83%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461365H0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508006.60    | 0.53%             | 2036-06-15      | 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        |    350000 | PA      | $387820.83    | 0.41%             | 2051-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $460730.50    | 0.48%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HLTH CARE SYS R                  | City of Grand Forks ND                                                          | CUSIP: 38546WDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $423038.17    | 0.44%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    335000 | PA      | $362689.46    | 0.38%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    350000 | PA      | $372035.20    | 0.39%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                  | Metropolitan Washington Airports Authority Aviation Revenue                     | CUSIP: 592647MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545725.30    | 0.57%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA CO NY LOCAL DEV CORP RE                  | Oneida County Local Development Corp                                            | CUSIP: 682440BM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $583822.49    | 0.61%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                      | City of Austin TX Airport System Revenue                                        | CUSIP: 052398GY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253964.70    | 0.27%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE AK PORT REVENUE                       | Municipality of Anchorage AK                                                    | CUSIP: 033252AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152657.85    | 0.16%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH ACADEMIC                   | Illinois Finance Authority                                                      | CUSIP: 452017AS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50900.51     | 0.05%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                                  | CUSIP: 09182TFT9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542203.85    | 0.57%             | 2055-12-01      | Variable      | 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        |    500000 | PA      | $432368.95    | 0.45%             | 2041-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDLD                  | Philadelphia Authority for Industrial Development                               | CUSIP: 71783DBU8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261392.08    | 0.27%             | 2035-05-01      | 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        |    450000 | PA      | $437084.69    | 0.46%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                  | Public Finance Authority                                                        | CUSIP: 74439YBF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100031.82    | 0.11%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                   | New York City Housing Development Corp                                          | CUSIP: 64966WHK6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250587.60    | 0.26%             | 2053-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| LONGVIEW TX INDEP SCH DIST                      | Longview Independent School District                                            | CUSIP: 543264ZJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $563312.94    | 0.59%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                   | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PCB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51450.84     | 0.05%             | 2045-12-01      | 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        |    100000 | PA      | $100034.58    | 0.11%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     43000 | PA      | $40773.12     | 0.04%             | 2027-07-01      | None          | 0.00%                 | 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        |     35000 | PA      | $37071.45     | 0.04%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592248BC1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $408585.20    | 0.43%             | 2045-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FORT PIERCE FL UTILITIES AUTH                   | Fort Pierce Utilities Authority                                                 | CUSIP: 348430PV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92702.57     | 0.10%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576MB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042448.20   | 1.10%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                  | Colorado Health Facilities Authority                                            | CUSIP: 19648FHS6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $46249.49     | 0.05%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES                   | City of Colorado Springs CO Utilities System Revenue                            | CUSIP: 1966322P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $310445.98    | 0.33%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VAN ALSTYNE TX INDEP SCH DIST                   | Van Alstyne Independent School District                                         | CUSIP: 920496XA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $692755.28    | 0.73%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOLALLA RIVER OR SCH DIST #35                   | Clackamas County School District No 35 Molalla River                            | CUSIP: 608479BN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1338423.52   | 1.41%             | 2049-06-15      | Fixed         | 4.00%                 | 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        |    600000 | PA      | $601467.90    | 0.63%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638RKC0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     50000 | PA      | $48181.69     | 0.05%             | 2046-11-15      | 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        |    250000 | PA      | $238531.35    | 0.25%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                       | CUSIP: 010869HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202637.64    | 0.21%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $368269.48    | 0.39%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                  | North Carolina Medical Care Commission                                          | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    160000 | PA      | $146325.68    | 0.15%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116DV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $291198.87    | 0.31%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                   | American Municipal Power Inc                                                    | CUSIP: 02765URH9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254000.28    | 0.27%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELGIN TX INDEP SCH DIST                         | Elgin Independent School District                                               | CUSIP: 286533UL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $706047.75    | 0.74%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153KF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259430.63    | 0.27%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                     | City of Houston TX Airport System Revenue                                       | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $364116.56    | 0.38%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $748153.88    | 0.79%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $828075.30    | 0.87%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REVENU                  | City of Shreveport LA Water & Sewer Revenue                                     | CUSIP: 825485VU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10202.44     | 0.01%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                    | Illinois Sports Facilities Authority/The                                        | CUSIP: 452143FN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53107.62     | 0.06%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    175000 | PA      | $173838.91    | 0.18%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                      | Public Finance Authority                                                        | CUSIP: 74442PQV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     50000 | PA      | $49803.55     | 0.05%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    800000 | PA      | $883223.60    | 0.93%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $137670.52    | 0.14%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                  | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885FEH6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |     75000 | PA      | $74914.82     | 0.08%             | 2036-07-01      | 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        |   1100000 | PA      | $1061937.80   | 1.12%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99550.94     | 0.10%             | 2042-04-01      | 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        |     50000 | PA      | $52596.27     | 0.06%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                  | Kentucky Public Energy Authority                                                | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266459.33    | 0.28%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20447.82     | 0.02%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486P52<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048065.30   | 1.10%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244NZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100759.34    | 0.11%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9973.64      | 0.01%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A                  | Greater Orlando Aviation Authority                                              | CUSIP: 392274X43<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25109.24     | 0.03%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TN WTR SWR & GAS R                  | City of Clarksville TN Water Sewer & Gas Revenue                                | CUSIP: 182618PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466891.35    | 0.49%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    248000 | PA      | $241894.56    | 0.25%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                          | Alaska Housing Finance Corp                                                     | CUSIP: 011839VT1<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79398.43     | 0.08%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                   | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GZH0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    500000 | PA      | $460504.30    | 0.48%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                   | New York City Industrial Development Agency                                     | CUSIP: 64971PKL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93462.05     | 0.10%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 64577XEY8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $576853.20    | 0.61%             | 2036-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                  | Palm Beach County Health Facilities Authority                                   | CUSIP: 69650MAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507031.90    | 0.53%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25002.09     | 0.03%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                    | Illinois Finance Authority                                                      | CUSIP: 45204FGP4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $88639.47     | 0.09%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DNK1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105670.90    | 0.11%             | 2033-01-01      | 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        |    100000 | PA      | $102857.08    | 0.11%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI                  | Indiana Finance Authority                                                       | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103223.59    | 0.11%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712DPV2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $454414.85    | 0.48%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                  | Washington Health Care Facilities Authority                                     | CUSIP: 93978HWK7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201985.10    | 0.21%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARRENSVILLE HEIGHTS OH CITY S                  | Warrensville Heights City School District                                       | CUSIP: 936121KF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175024.26    | 0.18%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE                  | Metropolitan Transportation Authority Dedicated Tax Fund                        | CUSIP: 59260XCX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927265.00    | 0.97%             | 2054-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                  | County of Broward FL Airport System Revenue                                     | CUSIP: 114894XU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50131.45     | 0.05%             | 2047-10-01      | 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        |    500000 | PA      | $499852.70    | 0.53%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528UZK0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304799.58    | 0.32%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                  | Indiana Finance Authority                                                       | CUSIP: 45505MFE1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325921.12    | 0.34%             | 2046-10-01      | 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        |    750000 | PA      | $755935.73    | 0.79%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                  | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253284.13    | 0.27%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                  | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30097.41     | 0.03%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311433.12    | 0.33%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                    | Michigan Finance Authority                                                      | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $89803.50     | 0.09%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                   | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XL71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257938.58    | 0.27%             | 2047-02-01      | 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        |     20000 | PA      | $20483.28     | 0.02%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                     | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203775.20    | 0.21%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA KENNESTONE HOSP A                  | Cobb County Kennestone Hospital Authority                                       | CUSIP: 190813SC0<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254162.18    | 0.27%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOSHUA TX INDEP SCH DIST                        | Joshua Independent School District                                              | CUSIP: 481052VT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $329086.59    | 0.35%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                      | Massachusetts Port Authority                                                    | CUSIP: 575896TF2<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58195.83     | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89269.52     | 0.09%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT                  | Port of Greater Cincinnati Development Authority                                | CUSIP: 734191BG3<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252564.48    | 0.27%             | 2060-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                  | Maricopa County Industrial Development Authority                                | CUSIP: 56681NEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401641.24    | 0.42%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                       | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761496.60    | 0.80%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                  | City of Los Angeles Department of Airports                                      | CUSIP: 544445FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97554.97     | 0.10%             | 2037-05-15      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1040275.10   | 1.09%             | 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        |     80000 | PA      | $80476.46     | 0.08%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                  | Tobacco Settlement Financing Corp                                               | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $169212.59    | 0.18%             | 2046-06-01      | 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        |    100000 | PA      | $93725.65     | 0.10%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                       | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250612.40    | 0.26%             | 2037-12-01      | Variable      | 4.10%                 | 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        |    400000 | PA      | $438405.00    | 0.46%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                   | Arlington Higher Education Finance Corp                                         | CUSIP: 041807PW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253266.40    | 0.27%             | 2065-06-15      | Fixed         | 5.88%                 | 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        |    500000 | PA      | $507537.55    | 0.53%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                       | Municipal Electric Authority of Georgia                                         | CUSIP: 6262075E0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102548.16    | 0.11%             | 2045-01-01      | 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        |     70000 | PA      | $69589.39     | 0.07%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                  | Utah Infrastructure Agency                                                      | CUSIP: 917467AT9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204930.74    | 0.22%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    850000 | PA      | $764308.53    | 0.80%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235879.05    | 0.25%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $469927.60    | 0.49%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                  | Michigan Finance Authority                                                      | CUSIP: 59447NBE5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    225000 | PA      | $235923.39    | 0.25%             | 2057-02-28      | 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        |    500000 | PA      | $455769.40    | 0.48%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                   | Philadelphia Authority for Industrial Development                               | CUSIP: 71780CBA7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92119.94     | 0.10%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W HARRIS CNTY TX REGL WTR AUTH                  | West Harris County Regional Water Authority                                     | CUSIP: 95308RRG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92995.27     | 0.10%             | 2049-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    235000 | PA      | $237899.81    | 0.25%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502220.95    | 0.53%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                    | New Hampshire Business Finance Authority                                        | CUSIP: 63607YCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010229.00   | 1.06%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE HOSP AUTH #2                    | Douglas County Hospital Authority No 2                                          | CUSIP: 259230PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $429845.68    | 0.45%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                  | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $790547.48    | 0.83%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                  | Empire State Development Corp                                                   | CUSIP: 650036CJ3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    250000 | PA      | $189666.03    | 0.20%             | 2048-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EB6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61138.84     | 0.06%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49860.73     | 0.05%             | 2048-07-01      | 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        |    250000 | PA      | $248882.65    | 0.26%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                   | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $228689.44    | 0.24%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                  | Virginia Small Business Financing Authority                                     | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201121.74    | 0.21%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                   | Connecticut State Health & Educational Facilities Authority                     | CUSIP: 20774Y2A4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51288.97     | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                   | Louisiana Public Facilities Authority                                           | CUSIP: 54639TCG5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50533.33     | 0.05%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                  | Ohio Higher Educational Facility Commission                                     | CUSIP: 67756DQU3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $521816.45    | 0.55%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2315436.86   | 2.43%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO                  | Maryland Stadium Authority                                                      | CUSIP: 574294AV6<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $235328.25    | 0.25%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182F9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150159.62    | 0.16%             | 2042-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                  | Village Community Development District No 15                                    | CUSIP: 92708KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165661.44    | 0.17%             | 2054-05-01      | Fixed         | 5.25%                 | 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        |    600000 | PA      | $636142.68    | 0.67%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250DA9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    310000 | PA      | $69428.59     | 0.07%             | 2056-12-15      | None          | 0.00%                 | 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        |    500000 | PA      | $477417.60    | 0.50%             | 2054-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA CONVENTION C                  | Lancaster County Convention Center Authority                                    | CUSIP: 514042BE9<br>LEI: 549300F347A3TMO7B762 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251788.60    | 0.26%             | 2057-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH HEALTH SV                  | Illinois Finance Authority                                                      | CUSIP: 452031AH0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265903.88    | 0.28%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 4521522M2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158392.70    | 0.17%             | 2029-10-01      | 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        |    250000 | PA      | $234541.35    | 0.25%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANGER CA UNIF SCH DIST COPS                    | Sanger Unified School District                                                  | CUSIP: 800860EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20002.74     | 0.02%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                         | Florida Development Finance Corp                                                | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    410000 | PA      | $409455.03    | 0.43%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                  | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528UZG9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97318.29     | 0.10%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492191.70    | 0.52%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                   | Black Belt Energy Gas District                                                  | CUSIP: 09182TFS1<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271677.98    | 0.29%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                  | River Islands Public Financing Authority                                        | CUSIP: 76827QGR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264754.73    | 0.28%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                      | City of Chicago IL                                                              | CUSIP: 167486D71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    385000 | PA      | $399087.96    | 0.42%             | 2035-01-01      | Fixed         | 5.50%                 | 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        |    200000 | PA      | $215665.08    | 0.23%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    400000 | PA      | $408341.76    | 0.43%             | 2046-03-01      | 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        |   1000000 | PA      | $1045912.00   | 1.10%             | 2047-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                  | Main Street Natural Gas Inc                                                     | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266903.83    | 0.28%             | 2053-09-01      | Variable      | 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        |   1750000 | PA      | $1883089.95   | 1.98%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                  | California Community Choice Financing Authority                                 | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204408.08    | 0.21%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                  | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100204.60    | 0.11%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                  | Michigan Strategic Fund                                                         | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100124.52    | 0.11%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI                  | Energy Southeast A Cooperative District                                         | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106703.10   | 1.16%             | 2054-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WZ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225652.55    | 0.24%             | 2029-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152X97<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258412.35    | 0.27%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                  | Port Authority of New York & New Jersey                                         | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926103.90    | 0.97%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $233675.91    | 0.25%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                   | Alameda Corridor Transportation Authority                                       | CUSIP: 010869HA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50706.51     | 0.05%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                                      | City of Houston TX                                                              | CUSIP: 442332EE8<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    300000 | PA      | $282020.70    | 0.30%             | 2051-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY (TOBS)                          | CUSIP: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060642.37   | 1.11%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                           | Chicago Board of Education                                                      | CUSIP: 167505VS2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.11%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                       | City of Chicago IL Waterworks Revenue                                           | CUSIP: 167736P43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62097.76     | 0.07%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL                  | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244NY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101140.94    | 0.11%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP                  | California Municipal Finance Authority                                          | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75601.68     | 0.08%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA                  | Long Beach Bond Finance Authority                                               | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $59537.07     | 0.06%             | 2037-11-15      | Fixed         | 5.50%                 | 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        |    200000 | PA      | $205321.48    | 0.22%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                  | Southeast Alabama Gas Supply District/The                                       | CUSIP: 84131TAZ5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541199.55    | 0.57%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W                  | Mission Economic Development Corp                                               | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187126.49    | 0.20%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                   | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99994.67     | 0.11%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                  | Chandler Industrial Development Authority                                       | CUSIP: 158862CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004537.10   | 1.06%             | 2035-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $130757.92    | 0.14%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 04144REK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50902.56     | 0.05%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO                  | Hempstead Town Local Development Corp                                           | CUSIP: 424682HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101287.11    | 0.11%             | 2042-07-01      | 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        |    250000 | PA      | $210881.98    | 0.22%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAYS TX CONSOL INDEP SCH DIST                   | Hays Consolidated Independent School District                                   | CUSIP: 4211107D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $190978.00    | 0.20%             | 2047-02-15      | Fixed         | 4.00%                 | 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        |    250000 | PA      | $259711.80    | 0.27%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HLTHCARE SY                  | Public Finance Authority                                                        | CUSIP: 74447GAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254504.83    | 0.27%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92470.26     | 0.10%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                     | City of New York NY                                                             | CUSIP: 64966QXW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256243.95    | 0.27%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                               | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25577.71     | 0.03%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                   | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250DL5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502460.15    | 0.53%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                  | New Jersey Economic Development Authority                                       | CUSIP: 6459182B8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85123.47     | 0.09%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VIA MET TRANSIT ADVANCED TRANS                  | Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue     | CUSIP: 92555FDH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $463735.90    | 0.49%             | 2054-08-01      | Fixed         | 4.00%                 | 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        |    330000 | PA      | $380818.61    | 0.40%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                  | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QSA8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    250000 | PA      | $225972.53    | 0.24%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C                  | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    350000 | PA      | $371373.98    | 0.39%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                  | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517383.40    | 0.54%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BFT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507538.85    | 0.53%             | 2038-07-01      | Fixed         | 5.00%                 | 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        |     40000 | PA      | $44935.80     | 0.05%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                  | California Municipal Finance Authority                                          | CUSIP: 13048VBU1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102155.77    | 0.11%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                  | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401585.20    | 0.42%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                   | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1373170.73   | 1.44%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                  | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75835.92     | 0.08%             | 2035-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                  | M-S-R Energy Authority                                                          | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105906.43    | 0.11%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT                  | Allegheny County Hospital Development Authority                                 | CUSIP: 01728A5C6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    150000 | PA      | $147918.27    | 0.16%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH HOSP R                  | Idaho Health Facilities Authority                                               | CUSIP: 45129UCF9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100689.97    | 0.11%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HOSP DIST                         | Bexar County Hospital District                                                  | CUSIP: 088365MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522533.55    | 0.55%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                  | North Carolina Turnpike Authority                                               | CUSIP: 65830UAB8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5023.97      | 0.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                              | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    760000 | PA      | $730681.25    | 0.77%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                  | New York State Dormitory Authority                                              | CUSIP: 65000BPS1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229859.48    | 0.24%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                  | Arizona Industrial Development Authority                                        | CUSIP: 04052BBL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45601.14     | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission                                                | CUSIP: 709225GJ9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268051.88    | 0.28%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                  | Chicago O'Hare International Airport                                            | CUSIP: 1675932K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256518.75    | 0.27%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CNTY VA INDL DEV AUT                  | Arlington County Industrial Development Authority                               | CUSIP: 041438GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215110.00    | 0.23%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                   | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CCU0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    350000 | PA      | $353169.46    | 0.37%             | 2040-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION                   | Hillsborough County Aviation Authority                                          | CUSIP: 432308H64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202862.18    | 0.21%             | 2043-10-01      | 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        |    150000 | PA      | $152353.32    | 0.16%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                   | Orange County Health Facilities Authority                                       | CUSIP: 68450LHL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255254.53    | 0.27%             | 2053-10-01      | 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        |    250000 | PA      | $260612.98    | 0.27%             | 2054-02-01      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                  | Wisconsin Health & Educational Facilities Authority                             | CUSIP: 97712JGT4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267667.80    | 0.28%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101615.05    | 0.11%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $735615.58    | 0.77%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                  | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50175.84     | 0.05%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                  | New York State Dormitory Authority                                              | CUSIP: 64990KDC4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102081.19    | 0.11%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                  | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                      | CUSIP: 709230AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524516.70    | 0.55%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                            | Municipal Electric Authority of Georgia                                         | CUSIP: 62620HHP0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207784.58    | 0.22%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                  | Utah Charter School Finance Authority                                           | CUSIP: 91754TSA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5021.88      | 0.01%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKALOOSA CNTY FL INDL DEV REVE                  | County of Okaloosa FL                                                           | CUSIP: 678226AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101668.56    | 0.11%             | 2045-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                    | Ohio Air Quality Development Authority                                          | CUSIP: 677525WF0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    100000 | PA      | $95336.02     | 0.10%             | 2042-11-01      | Variable      | 2.50%                 | 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        |    300000 | PA      | $305193.18    | 0.32%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                   | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040171.00   | 1.09%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                  | Louisville/Jefferson County Metropolitan Government                             | CUSIP: 54659LCA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488470.05    | 0.51%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VINEYARD REDEV AGY UT TAX INCR                  | Vineyard Redevelopment Agency                                                   | CUSIP: 92743FCE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $257093.54    | 0.27%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                  | State of Connecticut                                                            | CUSIP: 20772KGF0<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127281.11    | 0.13%             | 2037-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                  | Salt Verde Financial Corp                                                       | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    495000 | PA      | $539104.75    | 0.57%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                  | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9976.76      | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                  | New York Transportation Development Corp                                        | CUSIP: 650116AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50051.27     | 0.05%             | 2030-07-01      | 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        |    200000 | PA      | $211985.18    | 0.22%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                   | Metropolitan Transportation Authority                                           | CUSIP: 59261AJ81<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273133.83    | 0.29%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPARKS NV TOURISM IMPT DIST #1                  | Sparks Tourism Improvement District No 1                                        | CUSIP: 846562AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75001.40     | 0.08%             | 2028-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer