WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Municipal Bonds - 97.0% | ||||||||||||||||
Alabama - 1.9% |
||||||||||||||||
Alabama State Corrections Institution Finance Authority Revenue, Series A |
5.000 | % | 7/1/42 | $ | 9,250,000 | $ | 10,230,227 | |||||||||
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds: |
||||||||||||||||
Project No 6, Series B |
4.000 | % | 12/1/26 | 2,125,000 | 2,135,066 | (a)(b) | ||||||||||
Series D-1, Refunding |
5.500 | % | 2/1/29 | 2,700,000 | 2,890,602 | (a)(b) | ||||||||||
Energy Southeast, A Cooperative District Energy, AL, Supply Revenue, Series B-1 |
5.750 | % | 11/1/31 | 5,500,000 | 6,163,303 | (a)(b) | ||||||||||
Jefferson County, AL, Sewer Revenue, Convertible CAB, Subordinated Lien, Warrants, Series F, Refunding |
7.900 | % | 10/1/50 | 9,000,000 | 9,450,209 | |||||||||||
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 2, Series A |
4.000 | % | 6/1/24 | 17,625,000 | 17,634,232 | (a)(b) | ||||||||||
|
|
|||||||||||||||
Total Alabama |
48,503,639 | |||||||||||||||
|
|
|||||||||||||||
Alaska - 0.4% |
||||||||||||||||
Alaska State Housing Finance Corp. Revenue: |
||||||||||||||||
State Capital Project II, Series B |
5.000 | % | 12/1/37 | 750,000 | 819,029 | |||||||||||
State Capital Project, Series B |
4.000 | % | 12/1/35 | 1,000,000 | 1,035,668 | |||||||||||
State Capital Project, Series B, Refunding |
4.000 | % | 12/1/36 | 750,000 | 772,867 | |||||||||||
Northern Tobacco Securitization Corp., AK, Revenue: |
||||||||||||||||
Asset Backed Senior Bonds, Class 1, Series A, Refunding |
5.000 | % | 6/1/26 | 1,085,000 | 1,128,917 | |||||||||||
Asset Backed Senior Bonds, Class 1, Series A, Refunding |
5.000 | % | 6/1/27 | 1,000,000 | 1,059,696 | |||||||||||
Asset Backed Senior Bonds, Class 1, Series A, Refunding |
5.000 | % | 6/1/28 | 1,650,000 | 1,777,572 | |||||||||||
Asset Backed Senior Bonds, Class 1, Series A, Refunding |
5.000 | % | 6/1/29 | 1,250,000 | 1,366,141 | |||||||||||
Asset Backed Senior Bonds, Class 1, Series A, Refunding |
5.000 | % | 6/1/30 | 1,750,000 | 1,936,571 | |||||||||||
|
|
|||||||||||||||
Total Alaska |
9,896,461 | |||||||||||||||
|
|
|||||||||||||||
Arizona - 2.3% |
||||||||||||||||
Arizona State IDA, Education Revenue: |
||||||||||||||||
Academies Math & Science Project, Refunding, SD Credit Program |
5.000 | % | 7/1/37 | 700,000 | 727,474 | |||||||||||
Basis School Project, Credit Enhanced, SD Credit Program, Refunding, SD Credit Program |
5.000 | % | 7/1/37 | 850,000 | 888,458 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
1 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Arizona - (continued) |
||||||||||||||||
Lincoln South Beltway Project |
5.000 | % | 2/1/24 | $ | 2,000,000 | $ | 2,003,020 | |||||||||
Lincoln South Beltway Project |
5.000 | % | 8/1/24 | 2,000,000 | 2,023,291 | |||||||||||
Lincoln South Beltway Project |
5.000 | % | 2/1/25 | 1,500,000 | 1,533,762 | |||||||||||
Arizona State IDA, Hospital Revenue: |
||||||||||||||||
Phoenix Childrens Hospital Project |
5.000 | % | 2/1/36 | 1,100,000 | 1,229,453 | |||||||||||
Phoenix Childrens Hospital Project |
5.000 | % | 2/1/40 | 1,300,000 | 1,410,790 | |||||||||||
Chandler, AZ, IDA Revenue: |
||||||||||||||||
Intel Corp. Project |
5.000 | % | 6/3/24 | 8,900,000 | 8,917,658 | (a)(b)(c) | ||||||||||
Intel Corp. Project |
5.000 | % | 9/1/27 | 6,500,000 | 6,762,337 | (a)(b)(c) | ||||||||||
Intel Corp. Project |
3.800 | % | 6/15/28 | 4,000,000 | 4,085,605 | (a)(b) | ||||||||||
Intel Corp. Project |
4.100 | % | 6/15/28 | 3,900,000 | 3,969,539 | (a)(b)(c) | ||||||||||
Navajo Nation, AZ, Revenue, Series A, Refunding |
5.000 | % | 12/1/25 | 2,400,000 | 2,432,626 | (d) | ||||||||||
Phoenix, AZ, Civic Improvement Corp., Airport Revenue: |
||||||||||||||||
Junior Lien, Refunding |
5.000 | % | 7/1/27 | 4,000,000 | 4,037,524 | |||||||||||
Senior Lien, Series 2018 |
5.000 | % | 7/1/36 | 3,715,000 | 3,965,203 | (c) | ||||||||||
Senior Lien, Series 2018 |
5.000 | % | 7/1/37 | 4,300,000 | 4,566,059 | (c) | ||||||||||
Senior Lien, Series 2018 |
5.000 | % | 7/1/38 | 5,085,000 | 5,364,910 | (c) | ||||||||||
Phoenix, AZ, IDA, Great Hearts Academies, Refunding |
5.000 | % | 7/1/36 | 1,600,000 | 1,615,292 | |||||||||||
Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007 |
5.000 | % | 12/1/32 | 3,665,000 | 4,003,686 | |||||||||||
|
|
|||||||||||||||
Total Arizona |
59,536,687 | |||||||||||||||
|
|
|||||||||||||||
Arkansas - 0.2% |
||||||||||||||||
Arkansas State Development Finance Authority, Environmental Improvement Revenue, United States Steel Corporation Project, Green Bonds |
5.700 | % | 5/1/53 | 5,250,000 | 5,327,974 | (c) | ||||||||||
|
|
|||||||||||||||
California - 7.4% |
||||||||||||||||
Alameda, CA, Corridor Transportation Authority Revenue: |
||||||||||||||||
Second Subordinated Lien, Series B, Refunding |
5.000 | % | 10/1/34 | 3,000,000 | 3,103,182 | |||||||||||
Second Subordinated Lien, Series B, Refunding |
5.000 | % | 10/1/36 | 4,200,000 | 4,330,844 | |||||||||||
Anaheim, CA, Housing & Public Improvements Authority, Sewer Revenue, Refunding |
5.000 | % | 2/1/36 | 2,060,000 | 2,258,068 |
See Notes to Schedule of Investments.
2 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
California - (continued) |
||||||||||||||||
Anaheim, CA, Public Financing Authority, Lease Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 5/1/28 | $ | 1,100,000 | $ | 1,107,960 | (e) | ||||||||
Series A, Refunding |
5.000 | % | 5/1/29 | 1,255,000 | 1,264,082 | (e) | ||||||||||
Series A, Refunding |
5.000 | % | 5/1/30 | 1,700,000 | 1,712,302 | (e) | ||||||||||
Series A, Refunding |
5.000 | % | 5/1/31 | 1,850,000 | 1,863,387 | (e) | ||||||||||
Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1 (SIFMA Municipal Swap Index Yield + 1.100%) |
4.970 | % | 4/1/24 | 2,975,000 | 2,975,309 | (a)(b) | ||||||||||
California State Community Choice Financing Authority Revenue: |
||||||||||||||||
Clean Energy Project, Green Bonds, Series A-1 |
4.000 | % | 8/1/28 | 2,250,000 | 2,284,098 | (a)(b) | ||||||||||
Clean Energy Project, Green Bonds, Series B-1 |
5.000 | % | 8/1/29 | 8,300,000 | 8,820,700 | (a)(b) | ||||||||||
Clean Energy Project, Green Bonds, Series B-1 |
4.000 | % | 8/1/31 | 12,105,000 | 12,194,932 | (a)(b) | ||||||||||
California State Infrastructure & Economic Development Bank Revenue, UCSF 2130 Third Street |
5.000 | % | 5/15/42 | 6,000,000 | 6,464,471 | |||||||||||
California State MFA Lease Revenue, Orange County, CA, Civic Center Infrastructure Improvement Program |
5.000 | % | 6/1/43 | 3,000,000 | 3,209,801 | |||||||||||
California State MFA Revenue: |
||||||||||||||||
Senior Lien, LINXS APM Project, Series A |
5.000 | % | 12/31/34 | 4,550,000 | 4,816,302 | (c) | ||||||||||
Senior Lien, LINXS APM Project, Series A |
5.000 | % | 12/31/43 | 4,500,000 | 4,620,123 | (c) | ||||||||||
Waste Management, Inc. Project, Series B |
4.800 | % | 6/2/25 | 3,000,000 | 3,020,698 | (a)(b)(c) | ||||||||||
California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project |
4.000 | % | 7/15/29 | 500,000 | 492,193 | (c) | ||||||||||
California State PCFA Water Furnishing Revenue: |
||||||||||||||||
Poseidon Resources |
5.000 | % | 7/1/27 | 6,370,000 | 6,410,489 | (c)(d) | ||||||||||
San Diego County Water Authority Desalination Project, Refunding |
5.000 | % | 7/1/39 | 1,500,000 | 1,542,666 | (d) | ||||||||||
California State, GO, Various Purpose, Refunding |
4.000 | % | 11/1/36 | 2,735,000 | 2,831,958 | |||||||||||
California Statewide CDA Revenue, Provident |
||||||||||||||||
Group-Pomona Properties LLC, Series A |
5.600 | % | 1/15/36 | 8,180,000 | 8,179,814 | (d) |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
3 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
California - (continued) |
||||||||||||||||
Los Angeles County, CA, MTA, Sales Tax Revenue: |
||||||||||||||||
Senior Proposition C, Series B |
5.000 | % | 7/1/34 | $ | 5,000,000 | $ | 5,598,164 | |||||||||
Senior Proposition C, Series B |
5.000 | % | 7/1/35 | 5,000,000 | 5,584,487 | |||||||||||
Los Angeles, CA, Department of Airports Revenue: |
||||||||||||||||
Los Angeles International Airport, Series A, Refunding |
5.000 | % | 5/15/36 | 3,690,000 | 4,225,561 | |||||||||||
Los Angeles International Airport, Series G, Refunding |
5.000 | % | 5/15/27 | 3,390,000 | 3,598,894 | (c) | ||||||||||
Los Angeles International Airport, Series H, Refunding |
5.000 | % | 5/15/27 | 4,175,000 | 4,432,266 | (c) | ||||||||||
Los Angeles International Airport, Subordinated, Series D |
5.000 | % | 5/15/37 | 3,275,000 | 3,495,547 | (c) | ||||||||||
Los Angeles International Airport, Subordinated, Series F |
5.000 | % | 5/15/34 | 1,775,000 | 1,937,177 | (c) | ||||||||||
Subordinated, Los Angeles International Airport, Series B |
5.000 | % | 5/15/35 | 1,000,000 | 1,032,369 | (c) | ||||||||||
Subordinated, Los Angeles International Airport, Series B |
5.000 | % | 5/15/36 | 1,000,000 | 1,030,126 | (c) | ||||||||||
Subordinated, Los Angeles International Airport, Series C |
5.000 | % | 5/15/37 | 4,925,000 | 5,183,832 | (c) | ||||||||||
Subordinated, Los Angeles International Airport, Series C |
5.000 | % | 5/15/38 | 2,500,000 | 2,619,610 | (c) | ||||||||||
Los Angeles, CA, Department of Water & Power, Power System Revenue: |
||||||||||||||||
Series C |
5.000 | % | 7/1/36 | 6,450,000 | 6,970,080 | |||||||||||
Series C |
5.000 | % | 7/1/37 | 3,000,000 | 3,228,602 | |||||||||||
M-S-R Energy Authority, CA, Natural Gas Revenue: |
||||||||||||||||
Series A |
6.125 | % | 11/1/29 | 1,550,000 | 1,681,825 | |||||||||||
Series B |
6.125 | % | 11/1/29 | 14,845,000 | 16,107,541 | |||||||||||
River Islands, CA, Public Financing Authority, Special Tax Revenue: |
||||||||||||||||
Community Facilities District No 2003-1, Series A-1, Refunding, AGM |
5.000 | % | 9/1/42 | 3,700,000 | 4,090,866 | |||||||||||
Community Facilities District No 2023-1 |
5.500 | % | 9/1/43 | 1,350,000 | 1,415,956 | |||||||||||
Community Facilities District No 2023-1 |
5.500 | % | 9/1/48 | 1,780,000 | 1,831,576 | |||||||||||
Riverside, CA, Electric Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 10/1/36 | 6,250,000 | 7,033,153 |
See Notes to Schedule of Investments.
4 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
California - (continued) |
||||||||||||||||
Series A, Refunding |
5.000 | % | 10/1/43 | $ | 3,000,000 | $ | 3,277,090 | |||||||||
Riverside, CA, Sewer Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 8/1/35 | 3,115,000 | 3,476,433 | |||||||||||
Series A, Refunding |
5.000 | % | 8/1/36 | 1,000,000 | 1,110,774 | |||||||||||
San Bernardino, CA, USD Revenue, COP, School Financing Project, AGM |
5.000 | % | 10/1/34 | 1,000,000 | 1,101,786 | |||||||||||
San Francisco, CA, City & County Airport Commission, International Airport Revenue: |
||||||||||||||||
Second Series D, Refunding |
5.000 | % | 5/1/48 | 2,500,000 | 2,569,766 | (c) | ||||||||||
Series A |
5.000 | % | 1/1/34 | 1,000,000 | 1,083,751 | (c) | ||||||||||
Sanger, CA, USD Revenue, COP, Capital Projects, Refunding, AGM |
5.000 | % | 6/1/49 | 3,000,000 | 3,082,895 | |||||||||||
Southern California Public Power Authority, Natural Gas Project Revenue, Project Number 1, Series A |
5.250 | % | 11/1/26 | 2,000,000 | 2,089,679 | |||||||||||
Southern California Water Replenishment District Financing Authority, Replenishment Revenue: |
||||||||||||||||
Series 2018 |
5.000 | % | 8/1/36 | 2,300,000 | 2,556,888 | |||||||||||
Series 2018 |
5.000 | % | 8/1/43 | 2,000,000 | 2,168,001 | |||||||||||
Tobacco Securitization Authority of Southern California Revenue: |
||||||||||||||||
San Diego County Tobacco Asset |
||||||||||||||||
Securitization Corporation, Series A |
5.000 | % | 6/1/34 | 655,000 | 709,944 | |||||||||||
San Diego County Tobacco Asset |
||||||||||||||||
Securitization Corporation, Series A |
5.000 | % | 6/1/36 | 1,000,000 | 1,070,681 | |||||||||||
San Diego County Tobacco Asset |
||||||||||||||||
Securitization Corporation, Series A |
5.000 | % | 6/1/38 | 1,750,000 | 1,845,967 | |||||||||||
|
|
|||||||||||||||
Total California |
190,744,666 | |||||||||||||||
|
|
|||||||||||||||
Colorado - 2.5% |
||||||||||||||||
Base Village Metropolitan District No 2, CO, GO, Series A, Refunding |
5.500 | % | 12/1/36 | 500,000 | 502,219 | |||||||||||
Colorado State Health Facilities Authority Revenue: |
||||||||||||||||
Commonspirit Health Initiatives, Series A |
5.250 | % | 11/1/37 | 1,450,000 | 1,619,855 | |||||||||||
Commonspirit Health Initiatives, Series A |
5.250 | % | 11/1/38 | 2,200,000 | 2,440,002 | |||||||||||
Commonspirit Health Initiatives, Series A |
5.250 | % | 11/1/39 | 2,000,000 | 2,205,875 | |||||||||||
Commonspirit Health Initiatives, Series B-2 |
5.000 | % | 8/1/26 | 2,900,000 | 2,999,428 | (a)(b) |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
5 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Colorado - (continued) |
||||||||||||||||
Denver, CO, City & County Airport System Revenue: |
||||||||||||||||
Series A |
5.500 | % | 11/15/40 | $ | 23,750,000 | $ | 27,210,731 | (c) | ||||||||
Subordinated, Series B, Refunding |
5.000 | % | 11/15/28 | 4,735,000 | 5,132,806 | (c) | ||||||||||
Subordinated, Series B, Refunding |
5.000 | % | 11/15/29 | 3,250,000 | 3,570,916 | (c) | ||||||||||
Subordinated, Series B, Refunding |
5.000 | % | 11/15/32 | 1,500,000 | 1,700,927 | (c) | ||||||||||
Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. Project, Refunding |
5.000 | % | 10/1/32 | 4,800,000 | 4,799,737 | (c) | ||||||||||
District of Vauxmont Metropolitan, CO, GO: |
||||||||||||||||
Series 2019, Refunding, AGM |
5.000 | % | 12/15/27 | 255,000 | 267,509 | |||||||||||
Series 2020, Refunding, AGM |
5.000 | % | 12/1/26 | 385,000 | 408,153 | |||||||||||
Series 2020, Refunding, AGM |
5.000 | % | 12/1/28 | 415,000 | 456,756 | |||||||||||
Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008 |
6.250 | % | 11/15/28 | 8,000,000 | 8,566,670 | |||||||||||
Regional Transportation District, CO, Revenue: |
||||||||||||||||
Denver Transit Partners Eagle P3 Project, Series A |
5.000 | % | 1/15/30 | 700,000 | 760,853 | |||||||||||
Denver Transit Partners Eagle P3 Project, Series A |
5.000 | % | 1/15/31 | 450,000 | 494,237 | |||||||||||
Denver Transit Partners Eagle P3 Project, Series A |
5.000 | % | 7/15/31 | 400,000 | 439,121 | |||||||||||
|
|
|||||||||||||||
Total Colorado |
63,575,795 | |||||||||||||||
|
|
|||||||||||||||
Connecticut - 0.8% |
||||||||||||||||
Connecticut State HEFA Revenue: |
||||||||||||||||
Sacred Heart University Issue, Series I-1, Refunding |
5.000 | % | 7/1/36 | 1,150,000 | 1,205,404 | |||||||||||
Sacred Heart University Issue, Series I-1, Refunding |
5.000 | % | 7/1/42 | 2,000,000 | 2,055,998 | |||||||||||
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A |
5.000 | % | 1/1/37 | 5,000,000 | 5,420,605 | |||||||||||
Connecticut State, GO: |
||||||||||||||||
Series B |
4.000 | % | 1/15/41 | 2,750,000 | 2,834,411 | (f) | ||||||||||
Series B |
4.000 | % | 1/15/42 | 1,250,000 | 1,280,987 | (f) | ||||||||||
Series C |
4.000 | % | 6/1/35 | 1,525,000 | 1,625,822 | |||||||||||
Series C |
4.000 | % | 6/1/37 | 1,000,000 | 1,049,646 | |||||||||||
Series C |
4.000 | % | 6/1/38 | 1,250,000 | 1,299,388 | |||||||||||
University of Connecticut, Student Fee Revenue, Series A |
5.000 | % | 11/15/43 | 2,900,000 | 3,115,278 | |||||||||||
|
|
|||||||||||||||
Total Connecticut |
19,887,539 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
6 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Delaware - 0.3% |
||||||||||||||||
Delaware State EDA Revenue, Acts Retirement - Life Communities Inc. Obligated Group, Series B |
5.000 | % | 11/15/43 | $ | 3,000,000 | $ | 3,076,911 | |||||||||
Delaware State Health Facilities Authority Revenue, Series 2018 |
5.000 | % | 6/1/43 | 4,420,000 | 4,475,551 | |||||||||||
|
|
|||||||||||||||
Total Delaware |
7,552,462 | |||||||||||||||
|
|
|||||||||||||||
District of Columbia - 0.4% |
||||||||||||||||
District of Columbia Revenue: |
||||||||||||||||
Ingleside Rock Creek Project, Series A |
5.000 | % | 7/1/32 | 500,000 | 493,876 | |||||||||||
Ingleside Rock Creek Project, Series A |
5.000 | % | 7/1/37 | 500,000 | 474,119 | |||||||||||
KIPP DC Issue, Series A, Refunding |
5.000 | % | 7/1/37 | 4,010,000 | 4,162,653 | |||||||||||
KIPP DC Project, Series B, Refunding |
5.000 | % | 7/1/37 | 5,000,000 | 5,190,341 | |||||||||||
|
|
|||||||||||||||
Total District of Columbia |
10,320,989 | |||||||||||||||
|
|
|||||||||||||||
Florida - 5.7% |
||||||||||||||||
Broward County, FL, Airport System Revenue: |
||||||||||||||||
Series 2017 |
5.000 | % | 10/1/36 | 1,750,000 | 1,830,529 | (c) | ||||||||||
Series 2017 |
5.000 | % | 10/1/42 | 1,500,000 | 1,546,101 | (c) | ||||||||||
Series A |
5.000 | % | 10/1/27 | 1,750,000 | 1,864,769 | (c) | ||||||||||
Broward County, FL, Port Facilities Revenue: |
||||||||||||||||
Series 2022 |
5.000 | % | 9/1/32 | 1,725,000 | 1,941,976 | (c) | ||||||||||
Series 2022 |
5.000 | % | 9/1/33 | 1,800,000 | 2,031,854 | (c) | ||||||||||
Series 2022 |
5.000 | % | 9/1/35 | 1,650,000 | 1,855,096 | (c) | ||||||||||
Series 2022 |
5.000 | % | 9/1/36 | 1,305,000 | 1,459,890 | (c) | ||||||||||
Series 2022 |
5.000 | % | 9/1/38 | 1,350,000 | 1,487,703 | (c) | ||||||||||
Series 2022 |
5.000 | % | 9/1/39 | 1,415,000 | 1,550,645 | (c) | ||||||||||
Series 2022 |
5.000 | % | 9/1/40 | 1,150,000 | 1,252,321 | (c) | ||||||||||
Series 2022 |
5.000 | % | 9/1/41 | 1,290,000 | 1,400,508 | (c) | ||||||||||
Series 2022 |
5.000 | % | 9/1/42 | 1,750,000 | 1,892,606 | (c) | ||||||||||
Series B |
5.000 | % | 9/1/31 | 10,155,000 | 11,041,867 | (c) | ||||||||||
Broward County, FL, School Board, COP: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 7/1/27 | 4,000,000 | 4,124,650 | |||||||||||
Series A, Refunding |
5.000 | % | 7/1/28 | 5,500,000 | 5,662,428 | |||||||||||
Series A, Refunding |
5.000 | % | 7/1/30 | 5,000,000 | 5,121,846 | |||||||||||
Central Florida Expressway Authority Revenue: |
||||||||||||||||
Senior Lien, Refunding |
5.000 | % | 7/1/37 | 1,250,000 | 1,334,480 | |||||||||||
Senior Lien, Refunding |
5.000 | % | 7/1/38 | 1,000,000 | 1,062,125 | |||||||||||
Florida Atlantic University, FL, Finance Corp., Capital Improvements Revenue, Series 2019 A |
5.000 | % | 7/1/35 | 5,775,000 | 6,365,074 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
7 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Florida - (continued) |
||||||||||||||||
Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A |
6.000 | % | 6/15/35 | $ | 1,900,000 | $ | 1,919,846 | (d) | ||||||||
Florida State Insurance Assistance Interlocal Agency Inc. Revenue, Series A-1 |
5.000 | % | 9/1/26 | 10,000,000 | 10,455,072 | |||||||||||
Florida State Insurance Assistance Interlocal Agency Inc., Revenue, Series A-1 |
5.000 | % | 9/1/27 | 5,640,000 | 5,942,136 | |||||||||||
Florida State Mid-Bay Bridge Authority Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 10/1/26 | 2,000,000 | 2,041,669 | |||||||||||
Series A, Refunding |
5.000 | % | 10/1/27 | 3,000,000 | 3,067,736 | |||||||||||
Series A, Refunding |
5.000 | % | 10/1/28 | 1,000,000 | 1,023,562 | |||||||||||
Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series E |
5.000 | % | 10/1/43 | 3,000,000 | 3,129,693 | (c) | ||||||||||
Lee County, FL, Airport Revenue, Series A, Refunding |
5.000 | % | 10/1/31 | 3,500,000 | 3,912,012 | (c) | ||||||||||
Miami-Dade County, FL, Aviation Revenue: |
||||||||||||||||
Series A, Refunding |
4.000 | % | 10/1/35 | 3,445,000 | 3,631,808 | |||||||||||
Series A, Refunding |
4.000 | % | 10/1/37 | 2,075,000 | 2,151,339 | |||||||||||
Series A, Refunding |
4.000 | % | 10/1/39 | 5,175,000 | 5,282,915 | |||||||||||
Miami-Dade County, FL, Expressway Authority Toll System Revenue: |
||||||||||||||||
Series B, Refunding |
5.000 | % | 7/1/24 | 3,000,000 | 3,022,695 | |||||||||||
Series B, Refunding |
5.000 | % | 7/1/25 | 3,730,000 | 3,761,568 | |||||||||||
Series B, Refunding |
5.000 | % | 7/1/26 | 1,700,000 | 1,711,446 | |||||||||||
Series B, Refunding |
5.000 | % | 7/1/27 | 2,350,000 | 2,369,275 | |||||||||||
Series B, Refunding |
5.000 | % | 7/1/28 | 1,000,000 | 1,008,595 | |||||||||||
Series B, Refunding |
5.000 | % | 7/1/30 | 2,500,000 | 2,522,101 | |||||||||||
Series B, Refunding |
5.000 | % | 7/1/31 | 2,750,000 | 2,773,501 | |||||||||||
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue: |
||||||||||||||||
Nicklaus Childrens Hospital, Refunding |
5.000 | % | 8/1/35 | 1,020,000 | 1,074,322 | |||||||||||
Nicklaus Childrens Hospital, Refunding |
5.000 | % | 8/1/36 | 635,000 | 666,448 | |||||||||||
Nicklaus Childrens Hospital, Refunding |
5.000 | % | 8/1/37 | 1,010,000 | 1,056,233 | |||||||||||
Miami-Dade County, FL, Seaport Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 10/1/40 | 4,460,000 | 4,844,160 | (c) | ||||||||||
Series A, Refunding |
5.000 | % | 10/1/41 | 3,250,000 | 3,526,884 | (c) | ||||||||||
Series A, Refunding |
5.000 | % | 10/1/42 | 4,000,000 | 4,329,932 | (c) |
See Notes to Schedule of Investments.
8 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Florida - (continued) |
||||||||||||||||
Orange County, FL, Health Facilities Authority Revenue: |
||||||||||||||||
Orlando Health Obligated Group, Series A |
5.000 | % | 10/1/40 | $ | 1,250,000 | $ | 1,386,437 | |||||||||
Orlando Health Obligated Group, Series A |
5.000 | % | 10/1/41 | 1,750,000 | 1,932,010 | |||||||||||
Orlando Health Obligated Group, Series A |
5.000 | % | 10/1/42 | 1,000,000 | 1,099,467 | |||||||||||
Palm Beach County, FL, Health Facilities Authority Revenue: |
||||||||||||||||
Jupiter Medical Center Project, Series A |
5.000 | % | 11/1/32 | 400,000 | 439,210 | |||||||||||
Jupiter Medical Center Project, Series A |
5.000 | % | 11/1/34 | 620,000 | 678,643 | |||||||||||
Jupiter Medical Center Project, Series A |
5.000 | % | 11/1/35 | 1,200,000 | 1,306,207 | |||||||||||
Jupiter Medical Center Project, Series A |
5.000 | % | 11/1/42 | 1,400,000 | 1,464,540 | |||||||||||
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series 2022, Refunding |
4.000 | % | 6/1/31 | 1,100,000 | 1,039,053 | |||||||||||
State of Florida Department of Transportation Turnpike System Revenue, Series A |
4.000 | % | 7/1/39 | 5,000,000 | 5,118,879 | |||||||||||
Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B |
4.000 | % | 7/1/45 | 1,000,000 | 994,920 | |||||||||||
|
|
|||||||||||||||
Total Florida |
145,510,782 | |||||||||||||||
|
|
|||||||||||||||
Georgia - 1.3% |
||||||||||||||||
Brookhaven, GA, Development Authority Revenue, Childrens Healthcare of Atlanta, Inc., Series A |
4.000 | % | 7/1/44 | 3,500,000 | 3,522,162 | |||||||||||
Dahlonega, GA, Downtown Development Authority Revenue: |
||||||||||||||||
North Georgia MAC LLC Project, Refunding |
5.000 | % | 7/1/31 | 1,400,000 | 1,492,335 | |||||||||||
North Georgia MAC LLC Project, Refunding |
5.000 | % | 7/1/34 | 770,000 | 821,634 | |||||||||||
Georgia State Higher Education Facilities Authority Revenue, USG Real Estate, Refunding |
5.000 | % | 6/15/33 | 1,600,000 | 1,773,680 | |||||||||||
Georgia State Municipal Electric Authority, Power Revenue: |
||||||||||||||||
Series A |
4.000 | % | 1/1/51 | 645,000 | 610,762 | |||||||||||
Series A, AGM |
4.000 | % | 1/1/46 | 1,780,000 | 1,774,080 | |||||||||||
Series A, Refunding |
5.000 | % | 1/1/34 | 850,000 | 959,776 | |||||||||||
Series A, Refunding |
5.000 | % | 1/1/35 | 875,000 | 985,981 | |||||||||||
Series A, Refunding |
5.000 | % | 1/1/36 | 1,075,000 | 1,205,152 | |||||||||||
Main Street Natural Gas Inc., GA, Gas Project Revenue: |
||||||||||||||||
Series A |
5.000 | % | 5/15/33 | 2,750,000 | 2,931,431 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
9 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Georgia - (continued) |
||||||||||||||||
Series B |
5.000 | % | 6/1/29 | $ | 9,475,000 | $ | 10,005,025 | (a)(b) | ||||||||
Series C |
5.000 | % | 9/1/30 | 4,000,000 | 4,281,579 | (a)(b) | ||||||||||
Private Colleges & Universities Authority, GA, Revenue, Savannah College of Art & Design Inc. Project |
5.000 | % | 4/1/28 | 2,000,000 | 2,009,481 | (e) | ||||||||||
|
|
|||||||||||||||
Total Georgia |
32,373,078 | |||||||||||||||
|
|
|||||||||||||||
Guam - 0.1% |
||||||||||||||||
Guam Government, Business Privilege Tax Revenue: |
||||||||||||||||
Series F, Refunding |
4.000 | % | 1/1/36 | 1,085,000 | 1,098,633 | |||||||||||
Series F, Refunding |
4.000 | % | 1/1/42 | 2,050,000 | 1,969,934 | |||||||||||
|
|
|||||||||||||||
Total Guam |
3,068,567 | |||||||||||||||
|
|
|||||||||||||||
Illinois - 15.1% |
||||||||||||||||
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue: |
||||||||||||||||
Series 2017 |
5.000 | % | 4/1/42 | 1,700,000 | 1,717,607 | |||||||||||
Series 2018 |
5.000 | % | 4/1/36 | 1,270,000 | 1,319,828 | |||||||||||
Series 2018 |
5.000 | % | 4/1/37 | 1,400,000 | 1,447,944 | |||||||||||
Chicago, IL, Board of Education, GO: |
||||||||||||||||
Dedicated, Series A |
5.000 | % | 12/1/33 | 5,010,000 | 5,429,205 | |||||||||||
Dedicated, Series A |
5.000 | % | 12/1/36 | 3,540,000 | 3,692,232 | |||||||||||
Dedicated, Series A |
5.000 | % | 12/1/38 | 1,735,000 | 1,784,398 | |||||||||||
Dedicated, Series A |
5.000 | % | 12/1/43 | 18,000,000 | 18,155,317 | |||||||||||
Dedicated, Series A |
5.875 | % | 12/1/47 | 3,000,000 | 3,269,145 | |||||||||||
Dedicated, Series G, Refunding |
5.000 | % | 12/1/34 | 2,230,000 | 2,274,073 | |||||||||||
Series A |
5.000 | % | 12/1/33 | 6,475,000 | 6,850,153 | |||||||||||
Series A |
5.000 | % | 12/1/35 | 3,450,000 | 3,624,502 | |||||||||||
Series A |
5.000 | % | 12/1/40 | 4,515,000 | 4,600,861 | |||||||||||
Series A, Refunding |
5.000 | % | 12/1/29 | 2,500,000 | 2,641,613 | |||||||||||
Series B, Refunding |
5.000 | % | 12/1/36 | 3,100,000 | 3,233,310 | |||||||||||
Series C, Refunding |
5.000 | % | 12/1/24 | 2,500,000 | 2,518,336 | |||||||||||
Series C, Refunding |
5.000 | % | 12/1/25 | 1,000,000 | 1,018,557 | |||||||||||
Series C, Refunding, AGM |
5.000 | % | 12/1/32 | 1,000,000 | 1,060,673 | |||||||||||
Series D |
5.000 | % | 12/1/46 | 1,000,000 | 997,250 | |||||||||||
Chicago, IL, GO: |
||||||||||||||||
Chicago Works, Series A |
5.500 | % | 1/1/39 | 7,000,000 | 7,694,120 | |||||||||||
Series A |
5.000 | % | 1/1/40 | 7,075,000 | 7,346,284 | |||||||||||
Series A |
5.000 | % | 1/1/44 | 2,200,000 | 2,258,604 | |||||||||||
Series A, Refunding |
5.000 | % | 1/1/25 | 4,000,000 | 4,053,492 |
See Notes to Schedule of Investments.
10 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Illinois - (continued) |
||||||||||||||||
Series A, Refunding |
5.000 | % | 1/1/27 | $ | 2,250,000 | $ | 2,356,900 | |||||||||
Series A, Refunding |
5.625 | % | 1/1/29 | 1,250,000 | 1,314,715 | |||||||||||
Series C, Refunding |
5.000 | % | 1/1/25 | 2,765,000 | 2,801,976 | |||||||||||
Chicago, IL, Metropolitan Water Reclamation District Greater Chicago, GO: |
||||||||||||||||
Series B, Green Bond |
5.000 | % | 12/1/25 | 1,235,000 | 1,257,532 | (e) | ||||||||||
Series B, Green Bond |
5.000 | % | 12/1/26 | 1,275,000 | 1,298,262 | (e) | ||||||||||
Series B, Green Bond |
5.000 | % | 12/1/27 | 1,360,000 | 1,384,813 | (e) | ||||||||||
Series B, Green Bond |
5.000 | % | 12/1/28 | 1,425,000 | 1,450,999 | (e) | ||||||||||
Series B, Green Bond |
5.000 | % | 12/1/30 | 1,575,000 | 1,603,736 | (e) | ||||||||||
Series B, Green Bond |
5.000 | % | 12/1/31 | 1,650,000 | 1,680,104 | (e) | ||||||||||
Series B, Green Bond |
5.000 | % | 12/1/32 | 1,735,000 | 1,766,655 | (e) | ||||||||||
Series B, Green Bond |
5.000 | % | 12/1/33 | 1,820,000 | 1,853,206 | (e) | ||||||||||
Series B, Green Bond |
5.000 | % | 12/1/34 | 1,910,000 | 1,944,848 | (e) | ||||||||||
Chicago, IL, OHare International Airport Revenue: |
||||||||||||||||
General Senior Lien, Series A, Refunding |
5.000 | % | 1/1/42 | 3,850,000 | 4,126,366 | (c) | ||||||||||
General Senior Lien, Series C, Refunding |
5.000 | % | 1/1/41 | 1,745,000 | 1,878,556 | (c) | ||||||||||
General Senior Lien, Series C, Refunding |
5.000 | % | 1/1/42 | 1,920,000 | 2,057,824 | (c) | ||||||||||
Senior Lien, Series D |
5.250 | % | 1/1/36 | 7,445,000 | 7,940,302 | |||||||||||
Senior Lien, Series D |
5.250 | % | 1/1/37 | 4,600,000 | 4,890,057 | |||||||||||
Series A, Refunding |
5.000 | % | 1/1/33 | 2,145,000 | 2,163,624 | (c) | ||||||||||
Series B, Refunding |
5.000 | % | 1/1/33 | 4,500,000 | 4,570,703 | |||||||||||
Series B, Refunding |
5.000 | % | 1/1/34 | 10,505,000 | 10,668,647 | |||||||||||
Series C |
5.000 | % | 1/1/30 | 6,010,000 | 6,064,288 | (c) | ||||||||||
Series C, Refunding |
5.000 | % | 1/1/43 | 1,570,000 | 1,677,694 | (c) | ||||||||||
Trips Obligated Group |
5.000 | % | 7/1/38 | 1,500,000 | 1,544,934 | (c) | ||||||||||
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: |
||||||||||||||||
Second Lien, Series A, Refunding |
5.000 | % | 12/1/45 | 5,900,000 | 6,142,966 | |||||||||||
Second Lien, Series A, Refunding |
4.000 | % | 12/1/49 | 2,000,000 | 1,945,030 | |||||||||||
Chicago, IL, Wastewater Transmission Revenue: |
||||||||||||||||
Second Lien |
5.000 | % | 1/1/30 | 1,635,000 | 1,636,698 | |||||||||||
Second Lien |
5.000 | % | 1/1/31 | 1,500,000 | 1,501,435 | |||||||||||
Second Lien |
5.000 | % | 1/1/32 | 1,000,000 | 1,000,798 | |||||||||||
Second Lien |
5.000 | % | 1/1/33 | 1,035,000 | 1,035,765 | |||||||||||
Second Lien, Series A, AGM |
5.250 | % | 1/1/48 | 2,500,000 | 2,780,273 | |||||||||||
Second Lien, Series B, Refunding |
5.000 | % | 1/1/36 | 4,000,000 | 4,157,173 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
11 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Illinois - (continued) |
||||||||||||||||
Chicago, IL, Waterworks Revenue: |
||||||||||||||||
Second Lien Project |
5.000 | % | 11/1/30 | $ | 1,785,000 | $ | 1,808,790 | |||||||||
Second Lien Project |
5.000 | % | 11/1/31 | 2,000,000 | 2,025,595 | |||||||||||
Second Lien Project |
5.000 | % | 11/1/33 | 1,500,000 | 1,519,525 | |||||||||||
Second Lien Project |
5.000 | % | 11/1/34 | 1,000,000 | 1,012,847 | |||||||||||
Second Lien, Refunding, AGM |
5.000 | % | 11/1/28 | 2,000,000 | 2,152,274 | |||||||||||
Second Lien, Series 2017, Refunding |
5.000 | % | 11/1/29 | 1,600,000 | 1,710,868 | |||||||||||
Elk Grove Village, IL, GO: |
||||||||||||||||
Property Tax |
5.000 | % | 1/1/29 | 550,000 | 590,768 | |||||||||||
Property Tax |
5.000 | % | 1/1/30 | 885,000 | 949,409 | |||||||||||
Illinois State Finance Authority Revenue: |
||||||||||||||||
NorthShore University HealthSystem, Refunding, Series A |
5.000 | % | 8/15/34 | 2,000,000 | 2,265,994 | |||||||||||
Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project |
5.000 | % | 10/1/32 | 400,000 | 434,309 | |||||||||||
Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project |
5.000 | % | 10/1/34 | 430,000 | 465,768 | |||||||||||
Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project |
5.000 | % | 10/1/35 | 395,000 | 426,062 | |||||||||||
Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project |
4.000 | % | 10/1/40 | 1,250,000 | 1,191,433 | |||||||||||
Illinois State Finance Authority Revenue, Student Housing & Academic Facilities Revenue, Chicago LLC, University of Illinois Chicago Project, Series A |
5.000 | % | 2/15/37 | 700,000 | 705,948 | |||||||||||
Illinois State Sports Facilities Authority Revenue: |
||||||||||||||||
State Tax Supported, Refunding, AGM |
5.250 | % | 6/15/30 | 5,000,000 | 5,036,317 | |||||||||||
State Tax Supported, Refunding, AGM |
5.250 | % | 6/15/31 | 8,000,000 | 8,058,465 | |||||||||||
State Tax Supported, Refunding, AGM |
5.250 | % | 6/15/32 | 9,500,000 | 9,541,889 | |||||||||||
Illinois State Toll Highway Authority Revenue: |
||||||||||||||||
Senior Bonds, Series A, Refunding |
5.000 | % | 1/1/36 | 7,500,000 | 9,125,275 | (f) | ||||||||||
Series A |
4.000 | % | 1/1/46 | 2,895,000 | 2,874,410 | |||||||||||
Series C, Refunding |
5.000 | % | 1/1/25 | 5,000,000 | 5,103,821 |
See Notes to Schedule of Investments.
12 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Illinois - (continued) |
||||||||||||||||
Illinois State University, Auxiliary Facilities System Revenue: |
||||||||||||||||
Series A, Refunding, AGM |
5.000 | % | 4/1/26 | $ | 510,000 | $ | 534,005 | |||||||||
Series A, Refunding, AGM |
5.000 | % | 4/1/28 | 475,000 | 516,594 | |||||||||||
Illinois State, GO: |
||||||||||||||||
Series 2016 |
5.000 | % | 11/1/33 | 3,150,000 | 3,271,753 | |||||||||||
Series 2016, Refunding |
5.000 | % | 2/1/29 | 2,200,000 | 2,328,521 | |||||||||||
Series A |
5.000 | % | 3/1/32 | 3,925,000 | 4,408,477 | |||||||||||
Series A |
5.000 | % | 3/1/36 | 1,000,000 | 1,104,639 | |||||||||||
Series A |
5.000 | % | 5/1/36 | 4,665,000 | 4,932,508 | |||||||||||
Series A |
5.000 | % | 5/1/39 | 4,800,000 | 5,031,366 | |||||||||||
Series A, Refunding |
5.000 | % | 10/1/27 | 12,805,000 | 13,727,002 | |||||||||||
Series A, Refunding |
5.000 | % | 10/1/30 | 1,275,000 | 1,384,970 | |||||||||||
Series B |
5.000 | % | 12/1/33 | 4,000,000 | 4,507,127 | |||||||||||
Series B, Refunding |
5.000 | % | 9/1/27 | 6,015,000 | 6,438,146 | |||||||||||
Series B, Refunding |
5.000 | % | 10/1/27 | 3,000,000 | 3,216,010 | |||||||||||
Series C |
5.000 | % | 12/1/41 | 18,000,000 | 19,816,299 | |||||||||||
Series D |
5.000 | % | 11/1/27 | 9,695,000 | 10,423,500 | |||||||||||
Series D, Refunding |
5.000 | % | 7/1/34 | 2,300,000 | 2,603,056 | |||||||||||
Kane County, IL, School District No 131 Aurora East Side, GO, |
4.000 | % | 12/1/35 | 800,000 | 827,571 | |||||||||||
Metropolitan Pier & Exposition Authority, IL, Revenue: |
||||||||||||||||
McCormick Place Expansion Project, Series A, Refunding |
4.000 | % | 12/15/42 | 7,400,000 | 7,402,720 | |||||||||||
McCormick Place Expansion Project, Series A, Refunding |
4.000 | % | 12/15/47 | 1,635,000 | 1,578,772 | |||||||||||
McCormick Place Expansion Project, Series A, Refunding |
4.000 | % | 6/15/50 | 10,465,000 | 9,945,736 | |||||||||||
McCormick Place Expansion Project, Series A, Refunding |
5.000 | % | 6/15/50 | 16,400,000 | 16,956,378 | |||||||||||
McCormick Place Expansion Project, Series B, Refunding |
5.000 | % | 12/15/28 | 2,000,000 | 2,144,775 | |||||||||||
McCormick Place Expansion Project, Series B, Refunding |
5.000 | % | 12/15/30 | 625,000 | 667,511 | |||||||||||
McCormick Place Expansion Project, Series B, Refunding, AGM |
0.000 | % | 6/15/45 | 6,500,000 | 2,604,843 | |||||||||||
Regional Transportation Authority, IL, GO: |
||||||||||||||||
Series A |
4.000 | % | 6/1/46 | 10,920,000 | 10,946,669 | |||||||||||
Series A, Refunding, NATL |
6.000 | % | 7/1/29 | 12,990,000 | 14,631,729 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
13 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Illinois - (continued) |
||||||||||||||||
Sales Tax Securitization Corp., IL, Revenue, Series A, Refunding |
5.000 | % | 1/1/28 | $ | 1,750,000 | $ | 1,907,727 | |||||||||
University of Illinois, COP: |
||||||||||||||||
Series C, Refunding |
5.000 | % | 3/15/25 | 1,250,000 | 1,254,993 | |||||||||||
Series C, Refunding |
5.000 | % | 3/15/26 | 1,800,000 | 1,805,164 | |||||||||||
|
|
|||||||||||||||
Total Illinois |
389,402,711 | |||||||||||||||
|
|
|||||||||||||||
Indiana - 1.3% |
||||||||||||||||
Indiana State Finance Authority, Health System Revenue, Indiana University Health, Series B |
2.250 | % | 7/1/25 | 2,350,000 | 2,312,627 | (a)(b) | ||||||||||
Indiana State Finance Authority Revenue: |
||||||||||||||||
Marion General Hospital, Series A |
4.000 | % | 7/1/45 | 2,750,000 | 2,618,110 | |||||||||||
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A |
4.250 | % | 11/1/30 | 3,000,000 | 3,043,726 | |||||||||||
Indiana State Finance Authority, Environmental Facilities Revenue, Indianapolis Power & Light Company Project, Series A, Refunding |
1.400 | % | 8/1/29 | 7,000,000 | 6,215,685 | |||||||||||
Indiana State Health Facility Financing Authority Revenue, Ascension Health Credit Group |
5.000 | % | 11/15/35 | 10,000,000 | 10,238,925 | |||||||||||
Indianapolis, IN, Local Public Improvement Bond Bank: |
||||||||||||||||
Indianapolis Airport Authority Project, Revenue, Series 2019D, Refunding |
5.000 | % | 1/1/26 | 2,900,000 | 2,990,278 | (c) | ||||||||||
Indianapolis Airport Authority Project, Series A |
5.000 | % | 1/1/28 | 5,235,000 | 5,589,897 | (c) | ||||||||||
Valparaiso, IN, Exempt Facility Revenue, Pratt Paper LLC Project |
5.875 | % | 1/1/24 | 95,000 | 95,000 | (c) | ||||||||||
|
|
|||||||||||||||
Total Indiana |
33,104,248 | |||||||||||||||
|
|
|||||||||||||||
Iowa - 0.5% |
||||||||||||||||
Iowa State Finance Authority Revenue, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding |
5.000 | % | 12/1/42 | 12,000,000 | 12,525,578 | (a)(b) | ||||||||||
|
|
|||||||||||||||
Kansas - 0.0% |
||||||||||||||||
Wyandotte County, KS, Turner USD No 202, GO, Series A, AGM |
4.000 | % | 9/1/36 | 775,000 | 817,760 | (e) | ||||||||||
|
|
|||||||||||||||
Kentucky - 1.9% |
||||||||||||||||
Carroll County, KY, Environmental Facilities Revenue, Kentucky Utilities Company Project, Series A |
1.750 | % | 9/1/26 | 5,000,000 | 4,676,552 | (a)(b)(c) | ||||||||||
Carroll County, KY, PCR, Kentucky Utilities Company Project, Series A, Refunding |
1.550 | % | 9/1/26 | 6,000,000 | 5,576,900 | (a)(b) |
See Notes to Schedule of Investments.
14 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Kentucky - (continued) |
||||||||||||||||
Kentucky State PEA, Gas Supply Revenue, Series A |
4.000 | % | 6/1/26 | $ | 13,750,000 | $ | 13,678,952 | (a)(b) | ||||||||
Kentucky State Turnpike Authority, Economic Development Road Revenue: |
||||||||||||||||
Revitalization Project, Series B, Refunding |
5.000 | % | 7/1/27 | 1,435,000 | 1,549,397 | |||||||||||
Revitalization Project, Series B, Refunding |
5.000 | % | 7/1/28 | 1,000,000 | 1,085,112 | |||||||||||
Louisville/Jefferson County, KY, Metropolitan Government Health System Revenue: |
||||||||||||||||
Gas and Electric Company Project, Series A |
1.750 | % | 7/1/26 | 2,250,000 | 2,164,275 | (a)(b) | ||||||||||
Norton Healthcare Inc., Series C |
5.000 | % | 10/1/26 | 5,000,000 | 5,224,839 | (a)(b) | ||||||||||
Owensboro, KY, Electric Light & Power System Revenue, Series B, Refunding |
5.000 | % | 1/1/24 | 1,350,000 | 1,350,000 | |||||||||||
Trimble County, KY, Environmental Facility Revenue, Louisville Gas and Electric Company Project, Series A |
4.700 | % | 6/1/27 | 6,250,000 | 6,348,027 | (a)(b)(c) | ||||||||||
Trimble County, KY, Pollution Control Revenue, Louisville Gas and Electric Company Project, Series A, Refunding |
1.300 | % | 9/1/27 | 9,000,000 | 7,959,516 | (a)(b)(c) | ||||||||||
|
|
|||||||||||||||
Total Kentucky |
49,613,570 | |||||||||||||||
|
|
|||||||||||||||
Louisiana - 0.9% |
||||||||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, East Baton Rouge Sewerage Commission Project, Series B, Refunding |
0.875 | % | 2/1/25 | 7,000,000 | 6,783,531 | (a)(b) | ||||||||||
Shreveport, LA, Water & Sewer Revenue: |
||||||||||||||||
Refunding, AGM |
5.000 | % | 12/1/28 | 2,440,000 | 2,521,341 | |||||||||||
Refunding, AGM |
5.000 | % | 12/1/29 | 2,000,000 | 2,062,542 | |||||||||||
St. John the Baptist Parish, LA, State Revenue: |
||||||||||||||||
Marathon Oil Corp. Project, Series B-1, Refunding |
2.125 | % | 7/1/24 | 5,250,000 | 5,177,405 | (a)(b) | ||||||||||
Marathon Oil Corp. Project, Series B-2, Refunding |
2.375 | % | 7/1/26 | 7,275,000 | 6,914,042 | (a)(b) | ||||||||||
|
|
|||||||||||||||
Total Louisiana |
23,458,861 | |||||||||||||||
|
|
|||||||||||||||
Maryland - 0.3% |
||||||||||||||||
Maryland State EDC, Student Housing Revenue: |
||||||||||||||||
University of Maryland College Park Project, Refunding, AGM |
4.000 | % | 6/1/26 | 625,000 | 640,594 | |||||||||||
University of Maryland College Park Project, Refunding, AGM |
5.000 | % | 6/1/27 | 1,400,000 | 1,465,111 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
15 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Maryland - (continued) |
||||||||||||||||
University of Maryland College Park Project, Refunding, AGM |
5.000 | % | 6/1/30 | $ | 1,550,000 | $ | 1,619,765 | |||||||||
University of Maryland College Park Project, Refunding, AGM |
5.000 | % | 6/1/31 | 1,000,000 | 1,044,701 | |||||||||||
Maryland State Stadium Authority, Built to Learn Revenue, Series 2021 |
4.000 | % | 6/1/46 | 4,000,000 | 4,024,672 | |||||||||||
|
|
|||||||||||||||
Total Maryland |
8,794,843 | |||||||||||||||
|
|
|||||||||||||||
Massachusetts - 2.4% |
||||||||||||||||
Massachusetts State Department of Transportation, Metropolitan Highway System Revenue: |
||||||||||||||||
Series B-1, Refunding |
5.000 | % | 1/1/35 | 1,000,000 | 1,112,831 | |||||||||||
Series B-1, Refunding |
5.000 | % | 1/1/36 | 2,000,000 | 2,215,183 | |||||||||||
Series B-1, Refunding |
5.000 | % | 1/1/37 | 1,000,000 | 1,101,815 | |||||||||||
Massachusetts State DFA Revenue: |
||||||||||||||||
Boston Medical Center, Series G, Refunding |
5.250 | % | 7/1/48 | 4,200,000 | 4,599,134 | |||||||||||
Brandeis University, Series S-1, Refunding |
5.000 | % | 10/1/34 | 1,740,000 | 1,937,863 | |||||||||||
Brandeis University, Series S-1, Refunding |
5.000 | % | 10/1/38 | 1,210,000 | 1,318,261 | |||||||||||
Dana-Farber Cancer Institute, Series N |
5.000 | % | 12/1/34 | 2,000,000 | 2,121,429 | |||||||||||
Foxborough Regional Charter School, Series B, Refunding |
5.000 | % | 7/1/37 | 1,000,000 | 1,016,641 | |||||||||||
Northeastern University Issue, Refunding |
5.000 | % | 10/1/44 | 2,000,000 | 2,248,422 | |||||||||||
Northeastern University Issue, Series 2022, Refunding |
5.000 | % | 10/1/42 | 12,500,000 | 14,154,938 | |||||||||||
Partners Healthcare System, Refunding |
5.000 | % | 7/1/37 | 1,500,000 | 1,608,913 | |||||||||||
Seven Hills Foundation and Affiliates Issue, Refunding |
4.000 | % | 9/1/39 | 580,000 | 519,828 | |||||||||||
Sterling and Francine Clark Art Institute, Refunding |
5.000 | % | 7/1/36 | 3,035,000 | 3,116,673 | |||||||||||
UMass Boston Student Housing Project |
5.000 | % | 10/1/28 | 2,900,000 | 2,983,616 | |||||||||||
Massachusetts State Port Authority Revenue: |
||||||||||||||||
Series A |
5.000 | % | 7/1/33 | 4,880,000 | 5,361,522 | (c) | ||||||||||
Series E |
5.000 | % | 7/1/51 | 4,000,000 | 4,194,600 | (c) | ||||||||||
Massachusetts State Transportation Fund Revenue, Series A, Refunding |
5.000 | % | 6/1/41 | 5,200,000 | 5,516,353 | |||||||||||
Massachusetts State Water Resources Authority Revenue, General, Series C, Green Bond, Refunding |
4.000 | % | 8/1/36 | 7,000,000 | 7,175,379 | |||||||||||
|
|
|||||||||||||||
Total Massachusetts |
62,303,401 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
16 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Michigan - 2.9% |
||||||||||||||||
Detroit, MI, Downtown Development Authority, Tax Increment Revenue: |
||||||||||||||||
Series A, Refunding, AGM |
5.000 | % | 7/1/36 | $ | 2,000,000 | $ | 2,010,925 | |||||||||
Series A, Refunding, AGM |
5.000 | % | 7/1/38 | 1,350,000 | 1,355,664 | |||||||||||
Great Lakes, MI, Water Authority Sewage Disposal System Revenue: |
||||||||||||||||
Second Lien, Series B |
5.000 | % | 7/1/34 | 1,250,000 | 1,484,024 | |||||||||||
Senior Lien, Series A |
5.000 | % | 7/1/37 | 5,000,000 | 5,929,145 | |||||||||||
Great Lakes, MI, Water Authority, Water Supply System Revenue: |
||||||||||||||||
Senior Lien, Series A |
5.000 | % | 7/1/36 | 1,100,000 | 1,325,408 | |||||||||||
Senior Lien, Series A |
5.000 | % | 7/1/37 | 1,000,000 | 1,193,508 | |||||||||||
Senior Lien, Series B |
5.000 | % | 7/1/37 | 1,000,000 | 1,193,508 | |||||||||||
Senior Lien, Series C, Refunding |
5.000 | % | 7/1/33 | 7,700,000 | 8,049,205 | |||||||||||
Senior Lien, Series C, Refunding |
5.000 | % | 7/1/35 | 4,500,000 | 4,698,677 | |||||||||||
Kent County, MI, Gerald R. Ford International Airport, GO, Authority Revenue, County GTD |
5.000 | % | 1/1/51 | 1,000,000 | 1,059,034 | (c) | ||||||||||
Michigan State Finance Authority Revenue: |
||||||||||||||||
Detroit School District, Series A, Refunding, Q-SBLF |
5.000 | % | 5/1/24 | 2,000,000 | 2,013,351 | |||||||||||
Detroit School District, Series A, Refunding, Q-SBLF |
5.000 | % | 5/1/25 | 1,500,000 | 1,543,608 | |||||||||||
Hospital Revenue, Trinity Health Credit Group, Series A, Refunding |
5.000 | % | 12/1/42 | 2,250,000 | 2,339,931 | |||||||||||
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding |
5.000 | % | 7/1/33 | 1,500,000 | 1,528,091 | |||||||||||
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D2, Refunding, AGM |
5.000 | % | 7/1/24 | 11,500,000 | 11,588,688 | |||||||||||
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D2, Refunding, AGM |
5.000 | % | 7/1/28 | 3,660,000 | 3,685,537 | |||||||||||
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D-2, Refunding |
5.000 | % | 7/1/34 | 700,000 | 712,803 | |||||||||||
Tobacco Settlement Asset-Backed, Series A-1, Refunding |
4.000 | % | 6/1/39 | 1,850,000 | 1,845,644 | |||||||||||
Michigan State Strategic Fund Limited Obligation Revenue: |
||||||||||||||||
Consumers Energy Company Project |
1.800 | % | 10/1/24 | 6,500,000 | 6,399,154 | (a)(b)(c) |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
17 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Michigan - (continued) |
||||||||||||||||
Graphic Packaging International, LLC Coated Recycled Machine Project, Green Bonds |
4.000 | % | 10/1/26 | $ | 2,750,000 | $ | 2,714,718 | (a)(b)(c) | ||||||||
I-75 Improvement Project |
5.000 | % | 12/31/43 | 4,000,000 | 4,117,504 | (c) | ||||||||||
Michigan Senate Offices Project, Series A |
5.000 | % | 10/15/28 | 1,190,000 | 1,235,872 | |||||||||||
Michigan Senate Offices Project, Series A |
5.000 | % | 10/15/31 | 1,640,000 | 1,701,184 | |||||||||||
Michigan Senate Offices Project, Series A |
5.000 | % | 10/15/33 | 1,985,000 | 2,058,001 | |||||||||||
Michigan Senate Offices Project, Series A |
5.000 | % | 10/15/35 | 1,000,000 | 1,034,656 | |||||||||||
Walled Lake Consolidated School District, MI, GO, Q-SBLF |
5.000 | % | 5/1/45 | 2,300,000 | 2,491,332 | |||||||||||
|
|
|||||||||||||||
Total Michigan |
75,309,172 | |||||||||||||||
|
|
|||||||||||||||
Mississippi - 0.4% |
||||||||||||||||
Mississippi Hospital Equipment & Facilities Authority Revenue, North Mississippi Health Services, Series II, Refunding |
5.000 | % | 3/1/27 | 6,000,000 | 6,311,014 | (a)(b) | ||||||||||
Mississippi State Development Bank Special Obligation: |
||||||||||||||||
Jackson, Mississippi Sales Tax Revenue Infrastructure Project |
5.000 | % | 9/1/27 | 1,325,000 | 1,376,250 | |||||||||||
Jackson, Mississippi Sales Tax Revenue Infrastructure Project |
5.000 | % | 9/1/29 | 1,750,000 | 1,850,308 | |||||||||||
|
|
|||||||||||||||
Total Mississippi |
9,537,572 | |||||||||||||||
|
|
|||||||||||||||
Missouri - 0.5% |
||||||||||||||||
Cape Girardeau County, MO, IDA, Healthcare Facilities Revenue, Southeast Health |
4.000 | % | 3/1/41 | 1,250,000 | 1,255,565 | |||||||||||
Kansas City, MO, IDA, Airport System Revenue: |
||||||||||||||||
Kansas City International Airport Terminal Modernization Project, Series B |
5.000 | % | 3/1/35 | 3,250,000 | 3,455,786 | (c) | ||||||||||
Kansas City International Airport Terminal Modernization Project, Series B |
5.000 | % | 3/1/36 | 4,000,000 | 4,235,660 | (c) | ||||||||||
Kansas City International Airport Terminal Modernization Project, Series B |
5.000 | % | 3/1/37 | 1,500,000 | 1,579,667 | (c) | ||||||||||
Missouri State Environmental Improvement & Energy Resources Authority Revenue, Kansas City Power & Light Co. Project |
3.500 | % | 7/1/25 | 750,000 | 745,364 | (a)(b)(c) | ||||||||||
Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services Projects, Series A |
5.000 | % | 2/1/34 | 1,350,000 | 1,361,829 | |||||||||||
|
|
|||||||||||||||
Total Missouri |
12,633,871 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
18 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Nebraska - 0.5% |
||||||||||||||||
Central Plains, NE, Energy Project, Gas Project Revenue, Project No 3, Series A, Refunding |
5.000 | % | 9/1/37 | $ | 4,500,000 | $ | 4,874,452 | |||||||||
Douglas County, NE, Hospital Authority No 2 Revenue, Childrens Hospital Obligated Group |
5.000 | % | 11/15/25 | 2,100,000 | 2,152,815 | (a)(b) | ||||||||||
Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding |
4.000 | % | 2/1/46 | 6,000,000 | 6,053,921 | |||||||||||
|
|
|||||||||||||||
Total Nebraska |
13,081,188 | |||||||||||||||
|
|
|||||||||||||||
Nevada - 0.2% |
||||||||||||||||
Clark County, NV, GO, Pledged Revenue, Stadium Improvements, Series A |
5.000 | % | 6/1/38 | 5,000,000 | 5,365,839 | |||||||||||
|
|
|||||||||||||||
New Hampshire - 0.1% |
||||||||||||||||
National Finance Authority, NH, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A2, Refunding |
2.150 | % | 7/1/24 | 1,500,000 | 1,486,037 | (a)(b)(c) | ||||||||||
|
|
|||||||||||||||
New Jersey - 7.0% |
||||||||||||||||
Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue: |
||||||||||||||||
Refunding, AGM |
5.000 | % | 11/1/26 | 1,000,000 | 1,017,808 | |||||||||||
Refunding, AGM |
5.000 | % | 11/1/27 | 1,500,000 | 1,527,761 | |||||||||||
Refunding, AGM |
5.000 | % | 11/1/29 | 1,500,000 | 1,527,259 | |||||||||||
Refunding, AGM |
5.000 | % | 11/1/31 | 1,000,000 | 1,016,399 | |||||||||||
New Brunswick, NJ, Parking Authority Revenue, City GTD, Series A, Refunding, BAM |
5.000 | % | 9/1/35 | 2,000,000 | 2,102,454 | |||||||||||
New Jersey State EDA Revenue: |
||||||||||||||||
Motor Vehicle Surcharges Revenue, Subordinated, Series A, Refunding |
5.000 | % | 7/1/33 | 3,000,000 | 3,127,041 | |||||||||||
Provident Group - Rowan Properties LLC, Rowan University Housing Project |
5.000 | % | 1/1/30 | 2,400,000 | 2,402,525 | |||||||||||
Provident Group - Rowan Properties LLC, Rowan University Housing Project, Series A |
5.000 | % | 1/1/35 | 1,750,000 | 1,750,665 | |||||||||||
School Facilities Construction, Series BBB, Refunding |
5.500 | % | 6/15/31 | 2,000,000 | 2,173,604 | (e) | ||||||||||
School Facilities Construction, Series DDD |
5.000 | % | 6/15/32 | 3,000,000 | 3,247,910 | (e) | ||||||||||
School Facilities Construction, Series DDD |
5.000 | % | 6/15/33 | 2,450,000 | 2,652,460 | (e) | ||||||||||
School Facilities Construction, Series DDD |
5.000 | % | 6/15/35 | 1,000,000 | 1,082,637 | (e) | ||||||||||
School Facilities Construction, Series DDD |
5.000 | % | 6/15/42 | 4,380,000 | 4,741,949 | (e) | ||||||||||
School Facilities Construction, Series QQQ |
4.000 | % | 6/15/39 | 1,000,000 | 1,017,379 | |||||||||||
School Facilities Construction, Series S |
5.000 | % | 6/15/32 | 1,700,000 | 1,947,461 | |||||||||||
School Facilities Construction, Series S |
4.000 | % | 6/15/37 | 1,250,000 | 1,291,592 | |||||||||||
School Facilities Construction, Series S |
4.000 | % | 6/15/38 | 1,200,000 | 1,227,879 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
19 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
New Jersey - (continued) |
||||||||||||||||
School Facilities Construction, Series S |
4.000 | % | 6/15/41 | $ | 1,750,000 | $ | 1,773,629 | |||||||||
School Facilities Construction, Series WW |
5.250 | % | 6/15/29 | 11,390,000 | 11,790,886 | (e) | ||||||||||
School Facilities Construction, Series WW |
5.250 | % | 6/15/30 | 10,685,000 | 11,061,072 | (e) | ||||||||||
Special Facility, Port Newark Container Terminal LLC Project, Refunding |
5.000 | % | 10/1/37 | 4,900,000 | 4,996,760 | (c) | ||||||||||
Transit Transportation Project, Series A |
5.000 | % | 11/1/33 | 4,750,000 | 5,302,779 | |||||||||||
New Jersey State Health Care Facilities Financing Authority Revenue: |
||||||||||||||||
University Hospital, Series A, AGM |
5.000 | % | 7/1/25 | 2,350,000 | 2,404,684 | |||||||||||
University Hospital, Series A, AGM |
5.000 | % | 7/1/28 | 2,000,000 | 2,053,593 | |||||||||||
University Hospital, Series A, AGM |
5.000 | % | 7/1/30 | 1,200,000 | 1,230,764 | |||||||||||
New Jersey State Transportation Trust Fund Authority Revenue: |
||||||||||||||||
Federal Highway Reimbursement, Series A, Refunding |
5.000 | % | 6/15/24 | 1,500,000 | 1,512,057 | |||||||||||
Federal Highway Reimbursement, Series A, Refunding |
5.000 | % | 6/15/29 | 6,500,000 | 6,835,167 | |||||||||||
Transportation Program, Series AA |
5.000 | % | 6/15/36 | 2,000,000 | 2,254,648 | |||||||||||
Transportation Program, Series AA, Refunding |
5.000 | % | 6/15/36 | 8,200,000 | 9,442,788 | |||||||||||
Transportation Program, Series AA, Refunding |
5.000 | % | 6/15/37 | 4,000,000 | 4,637,184 | |||||||||||
Transportation Program, Series BB |
4.000 | % | 6/15/36 | 3,500,000 | 3,609,476 | |||||||||||
Transportation Program, Series BB |
5.000 | % | 6/15/36 | 3,000,000 | 3,430,798 | |||||||||||
Transportation Program, Series BB |
4.000 | % | 6/15/38 | 3,000,000 | 3,045,933 | |||||||||||
Transportation Program, Series CC |
5.000 | % | 6/15/40 | 3,000,000 | 3,382,990 | |||||||||||
Transportation Program, Series CC |
5.250 | % | 6/15/46 | 6,500,000 | 7,229,768 | |||||||||||
Transportation System, Series A, Refunding |
5.000 | % | 12/15/28 | 11,375,000 | 12,668,918 | |||||||||||
Transportation System, Series A, Refunding |
4.000 | % | 6/15/36 | 2,500,000 | 2,613,133 | |||||||||||
New Jersey State Turnpike Authority Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 1/1/32 | 9,000,000 | 9,377,814 | |||||||||||
Series A, Refunding |
5.000 | % | 1/1/33 | 10,230,000 | 10,631,299 | |||||||||||
New Jersey State, GO, COVID-19 Emergency, Series A |
5.000 | % | 6/1/25 | 18,600,000 | 19,194,248 | |||||||||||
Tobacco Settlement Financing Corp., NJ, Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 6/1/35 | 3,250,000 | 3,469,944 | |||||||||||
Series A, Refunding |
5.000 | % | 6/1/36 | 3,000,000 | 3,187,973 | |||||||||||
|
|
|||||||||||||||
Total New Jersey |
180,993,088 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
20 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
New York - 12.5% |
||||||||||||||||
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding |
5.000 | % | 2/15/35 | $ | 10,000,000 | $ | 10,639,998 | |||||||||
Long Island, NY, Power Authority: |
||||||||||||||||
Electric System Revenue, Series A, Refunding |
5.000 | % | 9/1/38 | 1,400,000 | 1,583,159 | |||||||||||
Electric System Revenue, Series B, Refunding |
1.500 | % | 9/1/26 | 5,500,000 | 5,197,788 | (a)(b) | ||||||||||
Electric System Revenue, Series B, Refunding |
5.000 | % | 9/1/27 | 1,750,000 | 1,860,705 | (a)(b) | ||||||||||
Electric System Revenue, Series B, Refunding |
5.000 | % | 9/1/32 | 5,820,000 | 6,136,275 | |||||||||||
MTA, NY, Transportation Revenue: |
||||||||||||||||
Green Bonds, Series C-1, Refunding |
4.000 | % | 11/15/37 | 1,750,000 | 1,764,585 | |||||||||||
Green Bonds, Series E |
5.000 | % | 11/15/29 | 1,000,000 | 1,111,059 | |||||||||||
Green Bonds, Series E, Refunding |
4.000 | % | 11/15/26 | 2,250,000 | 2,319,515 | |||||||||||
Green Bonds, Series E, Refunding |
5.000 | % | 11/15/27 | 3,750,000 | 4,046,678 | |||||||||||
Green Bonds, Series E, Refunding |
5.000 | % | 11/15/28 | 3,000,000 | 3,292,728 | |||||||||||
Series A-2 |
5.000 | % | 5/15/30 | 5,250,000 | 5,696,192 | (a)(b) | ||||||||||
Series B, Refunding |
5.000 | % | 11/15/37 | 1,660,000 | 1,705,630 | |||||||||||
Nassau County, NY, Industrial Development Agency, Step bond, Continuing Care Retirement Community Revenue Project (5.000% to 9/8/41 then 5.250%) |
5.000 | % | 1/1/58 | 551,102 | 132,016 | (b) | ||||||||||
New York City, NY, GO: |
||||||||||||||||
Series A |
5.000 | % | 8/1/43 | 3,750,000 | 4,276,579 | |||||||||||
Step bond, Subseries F-4 (5.000% to 12/1/25 then 9.000%) |
5.000 | % | 12/1/25 | 1,750,000 | 1,798,481 | (a)(b) | ||||||||||
Subseries B-1 |
5.250 | % | 10/1/43 | 3,250,000 | 3,735,972 | |||||||||||
Subseries D-1 |
5.000 | % | 3/1/43 | 3,500,000 | 3,833,334 | |||||||||||
Subseries E-1 |
5.000 | % | 3/1/37 | 7,000,000 | 7,576,558 | |||||||||||
Subseries F-1 |
4.000 | % | 3/1/38 | 1,000,000 | 1,044,902 | |||||||||||
Subseries F-1 |
4.000 | % | 3/1/40 | 1,500,000 | 1,541,545 | |||||||||||
New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Series A, Refunding, AGM |
5.000 | % | 3/1/28 | 500,000 | 541,456 | |||||||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Subordinated, Series BB-2, Refunding |
5.000 | % | 6/15/32 | 3,000,000 | 3,254,187 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
21 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
New York - (continued) |
||||||||||||||||
New York City, NY, TFA, Building Aid Revenue: |
||||||||||||||||
Fiscal 2015, Series S-1, State Aid Withholding |
5.000 | % | 7/15/29 | $ | 2,500,000 | $ | 2,552,000 | |||||||||
Fiscal 2015, Series S-1, State Aid Withholding |
5.000 | % | 7/15/30 | 4,000,000 | 4,079,096 | |||||||||||
New York City, NY, TFA, Future Tax Secured Revenue: |
||||||||||||||||
Subseries A-1 |
5.000 | % | 5/1/44 | 2,000,000 | 2,267,244 | |||||||||||
Subseries C-1 |
4.000 | % | 11/1/38 | 8,055,000 | 8,387,144 | |||||||||||
Subseries C-1 |
4.000 | % | 5/1/39 | 3,500,000 | 3,668,153 | |||||||||||
Subseries C-1 |
5.000 | % | 2/1/47 | 7,000,000 | 7,722,891 | |||||||||||
Subseries F-1 |
5.000 | % | 2/1/45 | 4,000,000 | 4,499,886 | |||||||||||
New York State Dormitory Authority Revenue, Non-State Supported Debt, SD, Series A, AGM |
5.000 | % | 10/1/29 | 20,000 | 22,326 | (e) | ||||||||||
New York State Dormitory Authority, Sales Tax Revenue: |
||||||||||||||||
Bidding Group 3, Series E, Refunding |
5.000 | % | 3/15/38 | 7,620,000 | 8,241,238 | |||||||||||
State Supported, Series A |
5.000 | % | 3/15/40 | 6,000,000 | 6,274,019 | |||||||||||
New York State Dormitory Authority, State Personal Income Tax Revenue: |
||||||||||||||||
Bidding Group 4, Series A, Refunding |
5.000 | % | 3/15/45 | 8,950,000 | 9,605,274 | |||||||||||
Series A, Refunding |
5.000 | % | 3/15/40 | 7,500,000 | 8,157,435 | |||||||||||
Series A, Unrefunded |
5.000 | % | 2/15/43 | 5,810,000 | 6,008,781 | |||||||||||
Series D, Refunding |
5.000 | % | 2/15/41 | 9,435,000 | 10,356,300 | |||||||||||
New York State Liberty Development Corp., Revenue, 3 World Trade Center Project, Class 1, Refunding |
5.000 | % | 11/15/44 | 10,000,000 | 9,948,118 | (d) | ||||||||||
New York State Thruway Authority General Revenue: |
||||||||||||||||
Junior Indebtedness Obligations, Junior Lien, Series A |
5.000 | % | 1/1/33 | 4,500,000 | 4,633,925 | |||||||||||
Junior Indebtedness Obligations, Junior Lien, Series A |
5.000 | % | 1/1/34 | 2,100,000 | 2,160,454 | |||||||||||
Junior Indebtedness Obligations, Junior Lien, Series A |
5.000 | % | 1/1/41 | 2,630,000 | 2,687,372 | |||||||||||
New York State Transportation Development Corp., Special Facilities Revenue: |
||||||||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
5.000 | % | 1/1/30 | 4,750,000 | 4,880,285 | (c) |
See Notes to Schedule of Investments.
22 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
New York - (continued) |
||||||||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
5.000 | % | 1/1/32 | $ | 6,480,000 | $ | 6,633,760 | (c) | ||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
6.000 | % | 4/1/35 | 8,000,000 | 8,927,859 | (c) | ||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
5.625 | % | 4/1/40 | 6,300,000 | 6,789,843 | (c) | ||||||||||
John F. Kennedy International Airport New Terminal One Project, Green Bonds |
6.000 | % | 6/30/54 | 14,000,000 | 15,468,697 | (c) | ||||||||||
John F. Kennedy International Airport New Terminal One Project, Green Bonds |
5.375 | % | 6/30/60 | 1,600,000 | 1,660,947 | (c) | ||||||||||
John F. Kennedy International Airport New Terminal One Project, Green Bonds, AGM |
5.500 | % | 6/30/43 | 1,750,000 | 1,937,643 | (c) | ||||||||||
John F. Kennedy International Airport New Terminal One Project, Green Bonds, AGM |
5.500 | % | 6/30/44 | 1,500,000 | 1,655,459 | (c) | ||||||||||
John F. Kennedy International Airport New Terminal One Project, Green Bonds, AGM |
5.000 | % | 6/30/49 | 10,750,000 | 11,236,775 | (c) | ||||||||||
LaGuardia Airport Terminal B Redevelopment Project, AGM |
4.000 | % | 7/1/36 | 21,335,000 | 21,342,937 | (c) | ||||||||||
LaGuardia Airport Terminal B Redevelopment Project, Series A |
5.000 | % | 7/1/34 | 1,000,000 | 1,003,478 | (c) | ||||||||||
Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding |
5.000 | % | 12/1/27 | 1,000,000 | 1,073,810 | |||||||||||
Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding |
5.000 | % | 12/1/29 | 2,500,000 | 2,762,756 | |||||||||||
New York State Urban Development Corp., Revenue, State Personal Income Tax, Series C, Refunding |
4.000 | % | 3/15/45 | 7,750,000 | 7,785,690 | |||||||||||
Port Authority of New York & New Jersey Revenue: |
||||||||||||||||
Consolidated Series 226, Refunding |
5.000 | % | 10/15/40 | 3,165,000 | 3,433,868 | (c) | ||||||||||
Consolidated Series One Hundred Eighty |
5.000 | % | 9/1/27 | 5,000,000 | 5,031,772 | (c) | ||||||||||
Consolidated Series One Hundred Eighty |
5.000 | % | 9/1/28 | 5,000,000 | 5,031,121 | (c) | ||||||||||
Series 194, Refunding |
5.000 | % | 10/15/33 | 10,000,000 | 10,350,092 | |||||||||||
Triborough Bridge & Tunnel Authority, NY, Revenue: |
||||||||||||||||
General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/45 | 2,465,000 | 2,609,443 | |||||||||||
General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/49 | 10,500,000 | 11,355,732 | |||||||||||
MTA Bridges & Tunnels, Senior Lien, Series A-1, Refunding |
5.000 | % | 5/15/51 | 9,900,000 | 10,732,418 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
23 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
New York - (continued) |
||||||||||||||||
MTA Bridges & Tunnels, Senior Lien, Series C |
5.000 | % | 5/15/47 | $ | 4,650,000 | $ | 5,123,683 | |||||||||
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute Project, Series A, Refunding |
5.000 | % | 9/1/36 | 1,855,000 | 2,034,505 | |||||||||||
|
|
|||||||||||||||
Total New York |
323,223,571 | |||||||||||||||
|
|
|||||||||||||||
North Carolina - 0.5% |
||||||||||||||||
Charlotte, NC, COP, Series P, Refunding |
5.000 | % | 6/1/44 | 2,380,000 | 2,561,606 | |||||||||||
Charlotte, NC, Airport Revenue: |
||||||||||||||||
Charlotte Douglas International Airport |
5.000 | % | 7/1/38 | 1,500,000 | 1,656,480 | |||||||||||
Charlotte Douglas International Airport |
5.000 | % | 7/1/39 | 1,000,000 | 1,099,676 | |||||||||||
Charlotte Douglas International Airport |
4.000 | % | 7/1/44 | 1,500,000 | 1,525,042 | |||||||||||
North Carolina State Turnpike Authority: |
||||||||||||||||
Triangle Expressway System Revenue, Senior Lien, Refunding |
5.000 | % | 1/1/43 | 4,000,000 | 4,209,278 | |||||||||||
Triangle Expressway System Revenue, Senior Lien, Refunding, AGM |
5.000 | % | 1/1/31 | 500,000 | 532,793 | |||||||||||
|
|
|||||||||||||||
Total North Carolina |
11,584,875 | |||||||||||||||
|
|
|||||||||||||||
Ohio - 1.3% |
||||||||||||||||
American Municipal Power Inc., OH, Revenue: |
||||||||||||||||
AMP Fremont Energy Center Project, Series A, Refunding |
5.000 | % | 2/15/28 | 2,250,000 | 2,451,853 | |||||||||||
AMP Fremont Energy Center Project, Series A, Refunding |
5.000 | % | 2/15/29 | 1,250,000 | 1,364,083 | |||||||||||
AMP Fremont Energy Center Project, Series A, Refunding |
5.000 | % | 2/15/35 | 1,500,000 | 1,712,301 | |||||||||||
Buckeye, OH, Tobacco Settlement Financing Authority Revenue: |
||||||||||||||||
Senior Bonds, Series A-2, Refunding |
5.000 | % | 6/1/33 | 2,750,000 | 3,010,889 | |||||||||||
Senior Bonds, Series B-2, Refunding |
5.000 | % | 6/1/55 | 7,100,000 | 6,682,470 | |||||||||||
Ohio State Air Quality Development Authority Revenue: |
||||||||||||||||
American Electric Co. Project, Series B, Refunding |
2.500 | % | 10/1/29 | 3,000,000 | 2,674,839 | (a)(b)(c) | ||||||||||
AMG Vanadium Project, Series 2019 |
5.000 | % | 7/1/49 | 7,120,000 | 6,525,773 | (c) | ||||||||||
Duke Energy Corp. Project, Series B, Refunding |
4.250 | % | 6/1/27 | 3,100,000 | 3,163,524 | (a)(b)(c) |
See Notes to Schedule of Investments.
24 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Ohio - (continued) |
||||||||||||||||
Ohio State Higher Educational Facility Revenue: |
||||||||||||||||
University of Dayton 2018 Project, Series B, Refunding |
5.000 | % | 12/1/32 | $ | 1,000,000 | $ | 1,082,606 | |||||||||
Xavier University 2020 Project, Series F, Refunding |
5.000 | % | 5/1/36 | 925,000 | 1,026,383 | |||||||||||
Xavier University 2020 Project, Series F, Refunding |
4.000 | % | 5/1/38 | 745,000 | 754,831 | |||||||||||
Xavier University 2020 Project, Series F, Refunding |
4.000 | % | 5/1/40 | 600,000 | 602,258 | |||||||||||
Ohio State Hospital Revenue: |
||||||||||||||||
University Hospitals Health Systems Inc., Series E, Refunding |
5.000 | % | 1/15/35 | 1,000,000 | 1,081,481 | |||||||||||
University Hospitals Health Systems Inc., Series E, Refunding |
5.000 | % | 1/15/36 | 1,200,000 | 1,291,608 | |||||||||||
Ohio State Private Activity Revenue, Portsmouth Bypass Project |
5.000 | % | 12/31/39 | 800,000 | 804,443 | (c) | ||||||||||
|
|
|||||||||||||||
Total Ohio |
34,229,342 | |||||||||||||||
|
|
|||||||||||||||
Oregon - 1.0% |
||||||||||||||||
Lane & Douglas Counties, OR, School District No 28J Fern Ridge, GO: |
||||||||||||||||
Convertible Deferred Interest, Series A, School Board Guaranty |
5.000 | % | 6/15/30 | 2,480,000 | 2,622,182 | (e) | ||||||||||
Convertible Deferred Interest, Series A, School Board Guaranty |
5.000 | % | 6/15/30 | 690,000 | 726,331 | |||||||||||
Convertible Deferred Interest, Series A, School Board Guaranty |
5.000 | % | 6/15/36 | 2,000,000 | 2,117,108 | (e) | ||||||||||
Medford, OR, Hospital Facilities Authority Revenue, Asante Project, Series A, Refunding |
5.000 | % | 8/15/45 | 2,000,000 | 2,113,822 | |||||||||||
Multnomah County, OR, School District No 7, Reynolds, GO, Deferred Interest, Series B, School Board Guaranty |
0.000 | % | 6/15/31 | 2,000,000 | 1,485,630 | |||||||||||
Multnomah County, OR, School District No 40, David Douglas, GO, Deferred Interest, Series A, School Board Guaranty |
0.000 | % | 6/15/33 | 2,070,000 | 1,557,066 | |||||||||||
Oregon State Business Development Commission Revenue, Recovery Zone Facility Bonds, Intel Corp. Project, Series 232 |
3.800 | % | 6/15/28 | 3,000,000 | 3,064,204 | (a)(b) | ||||||||||
Oregon State Health & Science University, Revenue, Series B, Refunding |
5.000 | % | 7/1/35 | 4,650,000 | 4,858,749 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
25 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Oregon - (continued) |
||||||||||||||||
Port of Portland, OR, Airport Revenue: |
||||||||||||||||
Portland International Airport, Series 24B |
5.000 | % | 7/1/42 | $ | 1,530,000 | $ | 1,569,110 | (c) | ||||||||
Portland International Airport, Series 26C, Refunding |
5.000 | % | 7/1/27 | 1,000,000 | 1,058,428 | (c) | ||||||||||
Washington Clackamas & Yamhill Counties, OR, School District No 88J, GO, Sherwood, School Board Guaranty |
5.000 | % | 6/15/32 | 1,250,000 | 1,348,510 | |||||||||||
Washington Multnomah & Yamhill Counties, OR, School District No 1J West Union, GO, Hillsboro, School Board Guaranty |
5.000 | % | 6/15/34 | 2,500,000 | 2,684,186 | |||||||||||
|
|
|||||||||||||||
Total Oregon |
25,205,326 | |||||||||||||||
|
|
|||||||||||||||
Pennsylvania - 4.3% |
||||||||||||||||
Berks County, PA, IDA, Healthcare Facilities Revenue: |
||||||||||||||||
Highlands at Wyomissing, Refunding |
5.000 | % | 5/15/32 | 400,000 | 405,788 | |||||||||||
Highlands at Wyomissing, Refunding |
5.000 | % | 5/15/37 | 375,000 | 376,475 | |||||||||||
Bucks County, PA, Water and Sewer Authority, Sewer System Revenue: |
||||||||||||||||
Series A, AGM |
4.000 | % | 12/1/42 | 1,750,000 | 1,791,164 | |||||||||||
Series A, AGM |
5.250 | % | 12/1/47 | 2,175,000 | 2,431,170 | |||||||||||
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue |
5.000 | % | 6/1/30 | 2,290,000 | 2,480,967 | |||||||||||
Cumberland County, PA, Municipal Authority Revenue: |
||||||||||||||||
Diakon Lutheran Social Ministries Project |
5.000 | % | 1/1/25 | 265,000 | 270,057 | (g) | ||||||||||
Diakon Lutheran Social Ministries Project |
5.000 | % | 1/1/26 | 285,000 | 290,439 | (e) | ||||||||||
Diakon Lutheran Social Ministries, Refunding |
5.000 | % | 1/1/25 | 660,000 | 672,596 | (g) | ||||||||||
Diakon Lutheran Social Ministries, Refunding |
5.000 | % | 1/1/25 | 1,075,000 | 1,082,559 | |||||||||||
Diakon Lutheran Social Ministries, Refunding |
5.000 | % | 1/1/26 | 715,000 | 728,646 | (e) | ||||||||||
Diakon Lutheran Social Ministries, Refunding |
5.000 | % | 1/1/26 | 1,500,000 | 1,509,821 | |||||||||||
Diakon Lutheran Social Ministries, Refunding |
5.000 | % | 1/1/27 | 300,000 | 305,725 | (e) | ||||||||||
Diakon Lutheran Social Ministries, Refunding |
5.000 | % | 1/1/27 | 575,000 | 578,764 | |||||||||||
Penn State Health |
4.000 | % | 11/1/35 | 2,000,000 | 2,028,719 |
See Notes to Schedule of Investments.
26 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Pennsylvania - (continued) |
||||||||||||||||
Lancaster County, PA, Hospital Authority Revenue: |
||||||||||||||||
Penn State Health, Series 2021 |
5.000 | % | 11/1/38 | $ | 1,000,000 | $ | 1,071,653 | |||||||||
Penn State Health, Series 2021 |
5.000 | % | 11/1/39 | 1,100,000 | 1,174,673 | |||||||||||
Penn State Health, Series 2021 |
5.000 | % | 11/1/40 | 1,300,000 | 1,383,836 | |||||||||||
Penn State Health, Series 2021 |
5.000 | % | 11/1/41 | 1,725,000 | 1,832,417 | |||||||||||
Penn State Health, Series 2021 |
5.000 | % | 11/1/46 | 3,500,000 | 3,675,658 | |||||||||||
Luzerne County, PA, GO, Series A, Refunding, AGM |
5.000 | % | 11/15/29 | 3,000,000 | 3,085,798 | |||||||||||
Pennsylvania State Economic Development Financing Authority Revenue: |
||||||||||||||||
Presbyterian Senior Living Project, Series B-2, Refunding |
5.000 | % | 7/1/42 | 2,250,000 | 2,295,242 | |||||||||||
Series A-2 |
4.000 | % | 5/15/42 | 1,000,000 | 1,003,630 | |||||||||||
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project |
5.750 | % | 6/30/48 | 13,000,000 | 14,287,655 | (c) | ||||||||||
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project |
5.250 | % | 6/30/53 | 3,000,000 | 3,146,815 | (c) | ||||||||||
Pennsylvania State Economic Development Financing Authority Revenue, Tax-Exempt Private Activity: |
||||||||||||||||
The Penndot Major Bridges Package One Project |
5.500 | % | 6/30/40 | 5,000,000 | 5,497,503 | (c) | ||||||||||
The Penndot Major Bridges Package One Project |
5.500 | % | 6/30/41 | 3,750,000 | 4,105,763 | (c) | ||||||||||
Pennsylvania State Turnpike Commission Revenue: |
||||||||||||||||
Series B |
5.000 | % | 12/1/36 | 1,000,000 | 1,130,545 | |||||||||||
Series B |
5.000 | % | 12/1/37 | 1,750,000 | 1,958,052 | |||||||||||
Series B |
5.000 | % | 12/1/38 | 2,000,000 | 2,236,909 | |||||||||||
Series B |
5.000 | % | 12/1/45 | 5,060,000 | 5,472,370 | |||||||||||
Series B, Refunding |
5.000 | % | 12/1/46 | 2,000,000 | 2,182,296 | |||||||||||
Series B, Refunding |
5.000 | % | 12/1/47 | 5,000,000 | 5,506,668 | |||||||||||
Subordinated, Series B |
4.000 | % | 12/1/46 | 3,500,000 | 3,495,359 | |||||||||||
Philadelphia, PA, Airport Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 6/15/33 | 6,625,000 | 6,686,023 | (c) | ||||||||||
Series A, Refunding |
5.000 | % | 6/15/34 | 6,955,000 | 7,016,819 | (c) | ||||||||||
Philadelphia, PA, GO: |
||||||||||||||||
Series B |
5.000 | % | 2/1/35 | 2,100,000 | 2,341,871 | |||||||||||
Series B |
5.000 | % | 2/1/36 | 1,500,000 | 1,660,685 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
27 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Pennsylvania - (continued) |
||||||||||||||||
Philadelphia, PA, School District, GO, Series A, State Aid Withholding |
5.000 | % | 9/1/28 | $ | 2,285,000 | $ | 2,351,382 | |||||||||
Philadelphia, PA, Water & Wastewater Revenue, Series B |
5.000 | % | 11/1/49 | 6,155,000 | 6,540,270 | |||||||||||
State Public School Building Authority, PA, Lease Revenue: |
||||||||||||||||
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding |
5.000 | % | 6/1/31 | 1,380,000 | 1,451,201 | |||||||||||
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding |
5.000 | % | 6/1/33 | 4,150,000 | 4,365,302 | |||||||||||
|
|
|||||||||||||||
Total Pennsylvania |
111,909,285 | |||||||||||||||
|
|
|||||||||||||||
Puerto Rico - 2.6% |
||||||||||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue: |
||||||||||||||||
Senior Lien, Series A, Refunding |
5.000 | % | 7/1/47 | 8,155,000 | 8,044,048 | (d) | ||||||||||
Senior Lien, Series B, Refunding |
5.000 | % | 7/1/28 | 1,120,000 | 1,138,455 | (d) | ||||||||||
Puerto Rico Commonwealth, GO: |
||||||||||||||||
CAB, Restructured, Series A-1 |
0.000 | % | 7/1/24 | 24,976 | 24,489 | |||||||||||
CAB, Restructured, Series A-1 |
0.000 | % | 7/1/33 | 198,105 | 123,773 | |||||||||||
Restructured, Series A-1 |
5.375 | % | 7/1/25 | 171,446 | 175,308 | |||||||||||
Restructured, Series A-1 |
5.625 | % | 7/1/27 | 169,893 | 179,836 | |||||||||||
Restructured, Series A-1 |
5.625 | % | 7/1/29 | 167,137 | 181,530 | |||||||||||
Restructured, Series A-1 |
5.750 | % | 7/1/31 | 162,338 | 180,911 | |||||||||||
Restructured, Series A-1 |
4.000 | % | 7/1/33 | 153,940 | 151,077 | |||||||||||
Restructured, Series A-1 |
4.000 | % | 7/1/35 | 4,023,371 | 3,900,584 | |||||||||||
Restructured, Series A-1 |
4.000 | % | 7/1/37 | 10,768,000 | 10,311,984 | |||||||||||
Restructured, Series A-1 |
4.000 | % | 7/1/41 | 1,461,467 | 1,345,288 | |||||||||||
Restructured, Series A-1 |
4.000 | % | 7/1/46 | 167,923 | 150,203 | |||||||||||
Subseries CW |
0.000 | % | 11/1/43 | 680,590 | 371,772 | (b) | ||||||||||
Puerto Rico Electric Power Authority Revenue: |
||||||||||||||||
Series A |
5.000 | % | 7/1/29 | 2,750,000 | 721,875 | *(h) | ||||||||||
Series A |
5.000 | % | 7/1/42 | 3,370,000 | 884,625 | *(h) | ||||||||||
Series A |
5.050 | % | 7/1/42 | 950,000 | 249,375 | *(h) | ||||||||||
Series DDD, Refunding |
| 7/1/21 | 3,460,000 | 899,600 | *(i) | |||||||||||
Series TT |
5.000 | % | 7/1/37 | 4,775,000 | 1,253,438 | *(h) | ||||||||||
Series WW |
5.500 | % | 7/1/38 | 840,000 | 220,500 | *(h) | ||||||||||
Series XX |
5.250 | % | 7/1/40 | 7,730,000 | 2,029,125 | *(h) | ||||||||||
Series ZZ |
| 7/1/18 | 250,000 | 65,000 | *(i) | |||||||||||
Series ZZ |
| 7/1/18 | 850,000 | 221,000 | *(i) | |||||||||||
Series ZZ |
5.250 | % | 7/1/25 | 370,000 | 97,125 | *(h) |
See Notes to Schedule of Investments.
28 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Puerto Rico - (continued) |
||||||||||||||||
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |
||||||||||||||||
CAB, Restructured, Series A-1 |
0.000 | % | 7/1/27 | $ | 3,680,000 | $ | 3,207,662 | |||||||||
Restructured, Series A-1 |
4.550 | % | 7/1/40 | 680,000 | 684,999 | |||||||||||
Restructured, Series A-1 |
4.750 | % | 7/1/53 | 9,150,000 | 9,078,186 | |||||||||||
Restructured, Series A-1 |
5.000 | % | 7/1/58 | 8,180,000 | 8,228,993 | |||||||||||
Restructured, Series A-2 |
4.329 | % | 7/1/40 | 4,380,000 | 4,359,037 | |||||||||||
Restructured, Series A-2 |
4.329 | % | 7/1/40 | 2,170,000 | 2,159,614 | |||||||||||
Restructured, Series A-2A |
4.550 | % | 7/1/40 | 6,040,000 | 6,084,406 | |||||||||||
|
|
|||||||||||||||
Total Puerto Rico |
66,723,818 | |||||||||||||||
|
|
|||||||||||||||
Rhode Island - 0.2% |
||||||||||||||||
Rhode Island State Health & Educational Building Corp. Revenue: |
||||||||||||||||
Hospital Financing, Lifespan Obligated Group, Refunding |
5.000 | % | 5/15/28 | 2,500,000 | 2,557,486 | |||||||||||
Hospital Financing, Lifespan Obligated Group, Refunding |
5.000 | % | 5/15/29 | 2,000,000 | 2,042,798 | |||||||||||
Hospital Financing, Lifespan Obligated Group, Refunding |
5.000 | % | 5/15/30 | 1,570,000 | 1,600,139 | |||||||||||
|
|
|||||||||||||||
Total Rhode Island |
6,200,423 | |||||||||||||||
|
|
|||||||||||||||
South Carolina - 0.8% |
||||||||||||||||
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries B-2, Refunding (SOFR x 0.670 + 1.900%) |
5.464 | % | 3/1/31 | 3,000,000 | 3,035,874 | (a)(b) | ||||||||||
SCAGO, SC, Educational Facilities Corp. for Pickens School District Revenue: |
||||||||||||||||
Refunding |
5.000 | % | 12/1/29 | 3,500,000 | 3,584,040 | |||||||||||
Refunding |
5.000 | % | 12/1/30 | 2,250,000 | 2,303,688 | |||||||||||
South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy Health Inc., Series A, Refunding |
4.000 | % | 12/1/44 | 5,500,000 | 5,455,405 | |||||||||||
South Carolina State Ports Authority Revenue: |
||||||||||||||||
Series 2018 |
5.000 | % | 7/1/36 | 2,850,000 | 3,017,552 | (c) | ||||||||||
Series 2018 |
5.000 | % | 7/1/37 | 2,000,000 | 2,106,733 | (c) | ||||||||||
|
|
|||||||||||||||
Total South Carolina |
19,503,292 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
29 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Tennessee - 2.9% |
||||||||||||||||
Clarksville, TN, Water, Sewer & Gas Revenue, Series A |
4.000 | % | 2/1/51 | $ | 8,455,000 | $ | 8,447,078 | |||||||||
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue: |
||||||||||||||||
Subordinated, Green Bonds, Series A |
5.000 | % | 7/1/42 | 3,200,000 | 3,350,763 | |||||||||||
Subordinated, Series B |
5.000 | % | 7/1/42 | 1,500,000 | 1,570,670 | |||||||||||
Metropolitan Nashville, TN, Airport Authority Revenue: |
||||||||||||||||
Series B |
5.000 | % | 7/1/25 | 1,500,000 | 1,531,606 | (c) | ||||||||||
Series B |
5.000 | % | 7/1/26 | 1,750,000 | 1,817,046 | (c) | ||||||||||
Tennessee State Energy Acquisition Corp., Natural Gas Revenue: |
||||||||||||||||
Series 2018 |
4.000 | % | 11/1/25 | 9,000,000 | 9,036,348 | (a)(b) | ||||||||||
Series A |
5.250 | % | 9/1/24 | 6,885,000 | 6,937,704 | |||||||||||
Series A-1, Refunding |
5.000 | % | 5/1/28 | 17,310,000 | 18,077,430 | (a)(b) | ||||||||||
Series C |
5.000 | % | 2/1/24 | 25,000,000 | 25,012,240 | |||||||||||
|
|
|||||||||||||||
Total Tennessee |
75,780,885 | |||||||||||||||
|
|
|||||||||||||||
Texas - 8.2% |
||||||||||||||||
Arlington, TX, Higher Education Finance Corp., Education Revenue: |
||||||||||||||||
Uplift Education, Series A, Refunding, PSF - GTD |
5.000 | % | 12/1/34 | 650,000 | 693,258 | |||||||||||
Uplift Education, Series A, Refunding, PSF - GTD |
5.000 | % | 12/1/36 | 915,000 | 967,454 | |||||||||||
Uplift Education, Series A, Refunding, PSF - GTD |
5.000 | % | 12/1/37 | 700,000 | 736,264 | |||||||||||
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM |
5.000 | % | 2/15/41 | 3,750,000 | 3,789,800 | |||||||||||
Austin, TX, Airport System Revenue: |
||||||||||||||||
Series 2014 |
5.000 | % | 11/15/30 | 2,730,000 | 2,747,020 | (c) | ||||||||||
Series 2022 |
5.000 | % | 11/15/36 | 3,000,000 | 3,360,651 | (c) | ||||||||||
Series 2022 |
5.000 | % | 11/15/37 | 2,000,000 | 2,218,568 | (c) | ||||||||||
Series B |
5.000 | % | 11/15/30 | 5,640,000 | 6,161,986 | (c) | ||||||||||
Bexar County, TX, Hospital District: |
||||||||||||||||
GO |
5.000 | % | 2/15/29 | 1,500,000 | 1,642,668 | |||||||||||
GO |
5.000 | % | 2/15/30 | 2,000,000 | 2,187,187 | |||||||||||
GO |
5.000 | % | 2/15/31 | 2,250,000 | 2,455,022 | |||||||||||
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E |
5.000 | % | 1/1/45 | 7,500,000 | 8,003,746 | |||||||||||
Central Texas Turnpike System Revenue: |
||||||||||||||||
Second Tier, Series C, Refunding |
5.000 | % | 8/15/31 | 10,000,000 | 10,039,582 |
See Notes to Schedule of Investments.
30 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Texas - (continued) |
||||||||||||||||
Second Tier, Series C, Refunding |
5.000 | % | 8/15/32 | $ | 10,000,000 | $ | 10,035,853 | |||||||||
Dallas, TX, Area Rapid Transit, Sales Tax Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 12/1/34 | 7,500,000 | 7,817,757 | (e) | ||||||||||
Series A, Refunding |
5.000 | % | 12/1/36 | 4,250,000 | 4,430,062 | (e) | ||||||||||
Dallas, TX, Hotel Occupancy Tax Revenue, Series 2021, Refunding |
4.000 | % | 8/15/37 | 2,600,000 | 2,617,682 | |||||||||||
Grand Parkway Transportation Corp., TX, System Toll Revenue, First Tier Toll Revenue, Series C, Refunding |
4.000 | % | 10/1/40 | 5,375,000 | 5,457,723 | |||||||||||
Gulf Coast, TX, IDA, Solid Waste Disposal Revenue, Citgo Petroleum Corp. Project |
4.875 | % | 5/1/25 | 3,000,000 | 2,999,229 | (c) | ||||||||||
Harris County, TX, Cultural Education Facilities Finance Corp.: |
||||||||||||||||
Hospital Revenue, Texas Childrens Hospital, Series B, Refunding |
5.000 | % | 10/1/31 | 2,700,000 | 3,119,709 | (a)(b) | ||||||||||
Thermal Utility Revenue, Teco Project, Refunding |
5.000 | % | 11/15/30 | 600,000 | 640,965 | |||||||||||
Harris County, TX, Houston Sports Authority Revenue, Senior Lien, Series A, Refunding, AGM |
5.000 | % | 11/15/25 | 9,000,000 | 9,161,305 | |||||||||||
Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD |
4.000 | % | 2/15/47 | 4,475,000 | 4,553,178 | |||||||||||
Houston, TX, Airport System Revenue: |
||||||||||||||||
Special Facilities, United Airlines Inc., Airport Improvements Project |
5.000 | % | 7/15/28 | 4,500,000 | 4,532,551 | (c) | ||||||||||
Special Facilities, United Airlines Inc., Technical Operations Center Project |
5.000 | % | 7/15/28 | 2,500,000 | 2,518,084 | (c) | ||||||||||
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1 |
4.000 | % | 7/15/41 | 6,000,000 | 5,362,953 | (c) | ||||||||||
Subordinated Lien, Series A, Refunding |
5.000 | % | 7/1/33 | 1,500,000 | 1,680,076 | (c) | ||||||||||
Subordinated Lien, Series A, Refunding |
5.000 | % | 7/1/34 | 1,750,000 | 1,957,132 | (c) | ||||||||||
Subordinated Lien, Series A, Refunding |
4.000 | % | 7/1/35 | 1,500,000 | 1,544,007 | (c) | ||||||||||
Subordinated Lien, Series A, Refunding |
4.000 | % | 7/1/36 | 1,500,000 | 1,533,909 | (c) | ||||||||||
Subordinated Lien, Series C, Refunding |
5.000 | % | 7/1/30 | 2,630,000 | 2,816,544 | (c) | ||||||||||
Subordinated Lien, Series C, Refunding |
5.000 | % | 7/1/32 | 2,250,000 | 2,410,978 | (c) | ||||||||||
Subordinated Lien, Series D, Refunding |
5.000 | % | 7/1/30 | 1,665,000 | 1,837,235 | |||||||||||
Subordinated Lien, Series D, Refunding |
5.000 | % | 7/1/31 | 1,800,000 | 1,981,911 | |||||||||||
Houston, TX, Utility System Revenue: |
||||||||||||||||
Combined First Lien, Series C, Refunding |
5.000 | % | 5/15/27 | 5,000,000 | 5,030,885 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
31 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Texas - (continued) |
||||||||||||||||
Combined First Lien, Series C, Refunding |
5.000 | % | 5/15/28 | $ | 5,000,000 | $ | 5,031,068 | |||||||||
Love Field, TX, Airport Modernization Corp., General Airport Revenue, Series 2017 |
5.000 | % | 11/1/31 | 1,250,000 | 1,290,884 | (c) | ||||||||||
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, Series A |
4.000 | % | 8/15/31 | 1,355,000 | 1,295,639 | |||||||||||
North Texas Tollway Authority Revenue: |
||||||||||||||||
First Tier, Series A, Refunding |
5.000 | % | 1/1/32 | 2,500,000 | 2,608,907 | |||||||||||
First Tier, Series A, Refunding |
5.000 | % | 1/1/37 | 1,305,000 | 1,374,571 | |||||||||||
First Tier, Series B, Refunding |
5.000 | % | 1/1/34 | 17,310,000 | 17,639,248 | |||||||||||
Second Tier, Series B, Refunding |
5.000 | % | 1/1/31 | 4,000,000 | 4,000,000 | |||||||||||
Port Authority of Houston of Harris County, TX, GO: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 10/1/36 | 3,500,000 | 3,694,292 | (c) | ||||||||||
Series A, Refunding |
5.000 | % | 10/1/37 | 3,425,000 | 3,596,076 | (c) | ||||||||||
Series A, Refunding |
5.000 | % | 10/1/38 | 3,500,000 | 3,657,306 | (c) | ||||||||||
Southwest Texas, Higher Education Authority Inc. Revenue, Southern Methodist University Project, Refunding |
5.000 | % | 10/1/41 | 1,750,000 | 1,836,088 | |||||||||||
Texas State: |
||||||||||||||||
Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D |
6.250 | % | 12/15/26 | 10,600,000 | 11,095,121 | |||||||||||
Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding |
5.000 | % | 12/15/26 | 5,500,000 | 5,680,019 | |||||||||||
Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Refunding |
5.000 | % | 12/15/30 | 7,000,000 | 7,475,865 | |||||||||||
Texas State Private Activity Bond Surface Transportation Corp. Revenue: |
||||||||||||||||
NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding |
5.000 | % | 12/31/33 | 2,000,000 | 2,146,316 | (c) | ||||||||||
NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding |
5.375 | % | 6/30/38 | 1,250,000 | 1,341,734 | (c) | ||||||||||
NTE Mobility Partners Segments 3 LLC, Senior Lien, Series 2023, Refunding |
5.375 | % | 6/30/39 | 1,000,000 | 1,072,531 | (c) | ||||||||||
Senior Lien, LBJ Infrastructure Group LLC |
4.000 | % | 12/31/34 | 1,500,000 | 1,546,381 | |||||||||||
Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series A, Refunding |
4.000 | % | 12/31/35 | 1,100,000 | 1,127,420 |
See Notes to Schedule of Investments.
32 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Texas - (continued) |
||||||||||||||||
Texas State Public Finance Authority, Lease Revenue, Refunding |
4.000 | % | 2/1/35 | $ | 2,000,000 | $ | 2,103,463 | |||||||||
West Harris County, TX, Regional Water Authority Revenue, Series W |
4.000 | % | 12/15/45 | 2,100,000 | 2,061,793 | |||||||||||
|
|
|||||||||||||||
Total Texas |
210,717,656 | |||||||||||||||
|
|
|||||||||||||||
Utah - 0.6% |
||||||||||||||||
Salt Lake City, UT, Airport Revenue, Series A |
5.000 | % | 7/1/34 | 3,000,000 | 3,160,893 | (c) | ||||||||||
Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE |
5.000 | % | 4/15/37 | 1,285,000 | 1,321,711 | |||||||||||
Utah State Infrastructure Agency, Telecommunications Revenue: |
||||||||||||||||
Series 2019 |
5.000 | % | 10/15/28 | 1,845,000 | 1,915,607 | |||||||||||
Series 2019 |
4.000 | % | 10/15/33 | 600,000 | 581,496 | |||||||||||
Series 2019 |
4.000 | % | 10/15/39 | 925,000 | 828,752 | |||||||||||
Series 2021 |
4.000 | % | 10/15/32 | 500,000 | 485,966 | |||||||||||
Series 2021 |
4.000 | % | 10/15/35 | 400,000 | 381,645 | |||||||||||
Series 2021 |
4.000 | % | 10/15/36 | 200,000 | 188,183 | |||||||||||
Utah State Telecommunication Open Infrastructure Agency, Sales Tax & Telecommunications Revenue: |
||||||||||||||||
Series 2022, Refunding |
5.250 | % | 6/1/37 | 1,500,000 | 1,752,501 | |||||||||||
Series 2022, Refunding |
4.375 | % | 6/1/40 | 2,000,000 | 2,087,939 | |||||||||||
Series 2022, Refunding |
5.500 | % | 6/1/40 | 1,400,000 | 1,623,284 | |||||||||||
|
|
|||||||||||||||
Total Utah |
14,327,977 | |||||||||||||||
|
|
|||||||||||||||
Vermont - 0.0% |
||||||||||||||||
University of Vermont & State Agricultural College, GO, Series A |
5.000 | % | 10/1/44 | 1,000,000 | 1,068,050 | |||||||||||
|
|
|||||||||||||||
Virginia - 0.5% |
||||||||||||||||
Arlington County, VA, IDA Revenue, Virginia Hospital Center, Refunding |
5.000 | % | 7/1/28 | 1,150,000 | 1,252,907 | |||||||||||
Isle of Wight County, VA, EDA Revenue: |
||||||||||||||||
Riverside Health System, Series 2023, AGM |
5.250 | % | 7/1/43 | 1,000,000 | 1,118,294 | |||||||||||
Riverside Health System, Series 2023, AGM |
5.250 | % | 7/1/48 | 1,500,000 | 1,652,190 | |||||||||||
Virginia Beach, VA, Development Authority, Residential Care Facilities Revenue, Westminster - Canterbury on Chesapeake Bay, Refunding |
5.000 | % | 9/1/44 | 1,500,000 | 1,369,954 |
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
33 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Virginia - (continued) |
||||||||||||||||
Virginia State Small Business Financing Authority Revenue: |
||||||||||||||||
National Senior Campuses, Inc., Series A, Refunding |
5.000 | % | 1/1/32 | $ | 1,000,000 | $ | 1,068,969 | |||||||||
Senior Lien, I-495 HOT Lanes Project, Refunding |
5.000 | % | 12/31/47 | 4,120,000 | 4,339,632 | (c) | ||||||||||
The Obligated Group of National Senior Campuses Inc., Series A, Refunding |
5.000 | % | 1/1/31 | 1,000,000 | 1,069,494 | |||||||||||
|
|
|||||||||||||||
Total Virginia |
11,871,440 | |||||||||||||||
|
|
|||||||||||||||
Washington - 3.2% |
||||||||||||||||
Central Puget Sound, WA, Regional Transit Authority Revenue, Sales Tax & Motor Vehicle Excise Tax Improvement Bonds, Green Bonds, Series S-1 |
4.000 | % | 11/1/46 | 20,000,000 | 20,194,572 | |||||||||||
Energy Northwest, WA, Electric Revenue: |
||||||||||||||||
Columbia Generating System, Series A, Refunding |
5.000 | % | 7/1/29 | 5,000,000 | 5,161,008 | |||||||||||
Project One, Series A, Refunding |
5.000 | % | 7/1/27 | 8,500,000 | 8,774,976 | |||||||||||
Project One, Series A, Refunding |
5.000 | % | 7/1/28 | 10,000,000 | 10,323,501 | |||||||||||
Port of Seattle, WA, Intermediate Lien Revenue: |
||||||||||||||||
Series 2019 |
5.000 | % | 4/1/31 | 3,160,000 | 3,438,604 | (c) | ||||||||||
Series 2019 |
5.000 | % | 4/1/32 | 3,040,000 | 3,303,978 | (c) | ||||||||||
Series A |
5.000 | % | 5/1/36 | 4,000,000 | 4,179,665 | (c) | ||||||||||
Series B, Refunding |
5.000 | % | 8/1/37 | 13,185,000 | 14,580,027 | (c) | ||||||||||
Series B, Refunding |
5.000 | % | 8/1/39 | 5,000,000 | 5,436,427 | (c) | ||||||||||
Washington State Health Care Facilities Authority Revenue: |
||||||||||||||||
Commonspirit Health, Series A, Refunding |
5.000 | % | 8/1/44 | 5,375,000 | 5,600,176 | |||||||||||
Seattle Cancer Care Alliance, Refunding |
5.000 | % | 9/1/45 | 2,000,000 | 2,125,039 | |||||||||||
|
|
|||||||||||||||
Total Washington |
83,117,973 | |||||||||||||||
|
|
|||||||||||||||
Wisconsin - 1.1% |
||||||||||||||||
Central Brown County, WI, Water Authority System Revenue: |
||||||||||||||||
Series A, Refunding |
5.000 | % | 11/1/31 | 2,510,000 | 2,540,991 | |||||||||||
Series A, Refunding |
5.000 | % | 11/1/32 | 2,000,000 | 2,024,694 | |||||||||||
Series A, Refunding |
5.000 | % | 11/1/33 | 2,000,000 | 2,024,694 | |||||||||||
Series A, Refunding |
5.000 | % | 11/1/34 | 2,000,000 | 2,024,694 | |||||||||||
Public Finance Authority, WI, Revenue: |
||||||||||||||||
Bancroft Neurohealth Project, Series A |
5.000 | % | 6/1/36 | 1,540,000 | 1,438,444 | (d) |
See Notes to Schedule of Investments.
34 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Wisconsin - (continued) |
||||||||||||||||
Renown Regional Medical Center Project, Series A |
5.000 | % | 6/1/36 | $ | 2,250,000 | $ | 2,420,687 | |||||||||
The Carmelite System Inc. Obligated Group, Refunding |
5.000 | % | 1/1/45 | 1,700,000 | 1,637,940 | |||||||||||
Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral Obligations |
5.000 | % | 4/1/43 | 7,000,000 | 7,411,625 | |||||||||||
Wisconsin State HEFA Revenue: |
||||||||||||||||
Bellin Memorial Hospital, Inc., Series A |
5.000 | % | 12/1/41 | 1,000,000 | 1,074,093 | |||||||||||
Bellin Memorial Hospital, Inc., Series A |
5.000 | % | 12/1/42 | 1,500,000 | 1,610,402 | |||||||||||
Bellin Memorial Hospital, Inc., Series A |
5.000 | % | 12/1/43 | 2,500,000 | 2,680,752 | |||||||||||
Bellin Memorial Hospital, Inc., Series A |
5.000 | % | 12/1/45 | 2,000,000 | 2,141,617 | |||||||||||
|
|
|||||||||||||||
Total Wisconsin |
29,030,633 | |||||||||||||||
|
|
|||||||||||||||
TOTAL MUNICIPAL BONDS |
|
2,499,220,924 | ||||||||||||||
|
|
|||||||||||||||
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUSTS(j) - 3.2% |
|
|||||||||||||||
New York - 3.2% |
||||||||||||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2023, Subseries AA-3, Refunding |
5.000 | % | 6/15/47 | 24,245,000 | 26,951,014 | |||||||||||
New York State Dormitory Authority, State Personal Income Tax Revenue, General Purpose Bonds, Series A |
4.000 | % | 3/15/45 | 25,170,000 | 25,263,568 | |||||||||||
New York State Urban Development Corp., State Sales Tax Revenue Bonds, Series A |
5.000 | % | 3/15/47 | 27,300,000 | 30,489,239 | |||||||||||
|
|
|||||||||||||||
TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUSTS |
|
82,703,821 | ||||||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS |
|
2,581,924,745 | ||||||||||||||
|
|
|||||||||||||||
SHORT-TERM INVESTMENTS - 0.8% | ||||||||||||||||
MUNICIPAL BONDS - 0.8% | ||||||||||||||||
California - 0.0% |
||||||||||||||||
California State MFA Revenue, Chevron USA Inc. Project, Series A |
3.800 | % | 11/1/35 | 450,000 | 450,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Delaware - 0.1% |
||||||||||||||||
University of Delaware Revenue, Series 2005, Refunding, SPA - TD Bank N.A. |
4.000 | % | 11/1/35 | 1,500,000 | 1,500,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Florida - 0.0% |
||||||||||||||||
St. Lucie County, FL, Solid Waste Disposal Revenue, Florida Power & Light Co. Project, Refunding |
4.350 | % | 5/1/24 | 160,000 | 160,000 | (c)(k)(l) | ||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
35 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
Georgia - 0.0% |
||||||||||||||||
Bartow County, GA, Development Authority Revenue, Solid Waste Disposal Facility, Georgia Power Company Plant Bowen Project |
4.400 | % | 11/1/62 | $ | 1,300,000 | $ | 1,300,000 | (c)(k)(l) | ||||||||
|
|
|||||||||||||||
Maryland - 0.0% |
||||||||||||||||
Maryland State Health & Higher EFA Revenue, University of Maryland Medical System, Series D, LOC - TD Bank N.A. |
4.000 | % | 7/1/41 | 400,000 | 400,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Massachusetts - 0.0% |
||||||||||||||||
Massachusetts State DFA Revenue, Boston University, Series U-6C, Refunding, LOC - TD Bank N.A. |
4.000 | % | 10/1/42 | 100,000 | 100,000 | (k)(l) | ||||||||||
Massachusetts State HEFA Revenue, Baystate Medical Center, Series J-2, LOC - TD Bank N.A. |
4.000 | % | 7/1/44 | 600,000 | 600,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Total Massachusetts |
700,000 | |||||||||||||||
|
|
|||||||||||||||
Michigan - 0.0% |
||||||||||||||||
Regents of the University of Michigan General Revenue, Series D-1 |
3.950 | % | 12/1/24 | 1,100,000 | 1,100,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Missouri - 0.0% |
||||||||||||||||
Missouri State HEFA Revenue, BJC Health System, Series C, Refunding, LIQ - BJC Health System |
3.750 | % | 5/15/38 | 500,000 | 500,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
New Jersey - 0.1% |
||||||||||||||||
New Jersey State Health Care Facilities Financing Authority Revenue: |
||||||||||||||||
Hospital Capital Asset Financing Program, Series B, Refunding, LOC - TD Bank N.A. |
3.800 | % | 7/1/35 | 100,000 | 100,000 | (k)(l) | ||||||||||
Virtua-Memorial Hospital Burlington County, Inc., Series D, LOC - TD Bank N.A. |
3.500 | % | 7/1/43 | 1,900,000 | 1,900,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Total New Jersey |
2,000,000 | |||||||||||||||
|
|
|||||||||||||||
New York - 0.1% |
||||||||||||||||
New York City, NY, GO: |
||||||||||||||||
Subseries A-3, SPA - Bank of Montreal |
4.000 | % | 9/1/49 | 300,000 | 300,000 | (k)(l) | ||||||||||
Subseries E-5, LOC - TD Bank N.A. |
4.000 | % | 3/1/48 | 200,000 | 200,000 | (k)(l) | ||||||||||
Subseries F-6, SPA - JPMorgan Chase & Co. |
4.050 | % | 6/1/44 | 200,000 | 200,000 | (k)(l) | ||||||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2008, Series BB-5, Refunding, SPA - Bank of America N.A. |
4.100 | % | 6/15/33 | 350,000 | 350,000 | (k)(l) |
See Notes to Schedule of Investments.
36 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) (Percentages shown based on Fund net assets) |
December 31, 2023 |
SECURITY |
RATE | MATURITY DATE |
FACE AMOUNT |
VALUE | ||||||||||||
New York - (continued) |
||||||||||||||||
New York State HFA Revenue: |
||||||||||||||||
350 West 43rd Street, Series A, LOC - Landesbank Hessen-Thueringen |
4.040 | % | 11/1/34 | $ | 150,000 | $ | 150,000 | (c)(k)(l) | ||||||||
10 Liberty, Series A, LIQ - FHLMC, LOC - FHLMC |
3.860 | % | 5/1/35 | 165,000 | 165,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Total New York |
1,365,000 | |||||||||||||||
|
|
|||||||||||||||
Oregon - 0.0% |
||||||||||||||||
Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding, LOC - TD Bank N.A. |
4.000 | % | 8/1/34 | 300,000 | 300,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Pennsylvania - 0.1% |
||||||||||||||||
Pennsylvania State Turnpike Commission Revenue, Second Series, Refunding, LOC - TD Bank N.A. |
3.750 | % | 12/1/38 | 1,500,000 | 1,500,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Texas - 0.4% |
||||||||||||||||
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Houston Methodist Hospital, Series B, Refunding |
4.050 | % | 12/1/59 | 9,000,000 | 9,000,000 | (k)(l) | ||||||||||
Lower Neches Valley Authority, TX, Industrial Development Corp. Revenue, ExxonMobil Corp., Series A, Refunding |
4.050 | % | 11/1/29 | 670,000 | 670,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
Total Texas |
9,670,000 | |||||||||||||||
|
|
|||||||||||||||
Utah - 0.0% |
||||||||||||||||
Utah County, UT, Hospital Revenue, IHC Health Services Inc., Series C, SPA - TD Bank N.A. |
4.000 | % | 5/15/58 | 200,000 | 200,000 | (k)(l) | ||||||||||
|
|
|||||||||||||||
TOTAL SHORT-TERM INVESTMENTS |
|
21,145,000 | ||||||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS - 101.0% |
|
2,603,069,745 | ||||||||||||||
TOB Floating Rate Notes - (1.6)% |
(42,395,000 | ) | ||||||||||||||
Other Assets in Excess of Other Liabilities - 0.6% |
|
16,965,490 | ||||||||||||||
|
|
|||||||||||||||
TOTAL NET ASSETS - 100.0% |
$ | 2,577,640,235 | ||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
37 |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) | December 31, 2023 |
| Represents less than 0.1%. |
* | Non-income producing security. |
(a) | Maturity date shown represents the mandatory tender date. |
(b) | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(c) | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT). |
(d) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. |
(e) | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
(f) | Securities traded on a when-issued or delayed delivery basis. |
(g) | Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities. |
(h) | The coupon payment on this security is currently in default as of December 31, 2023. |
(i) | The maturity principal is currently in default as of December 31, 2023. |
(j) | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (TOB) trust. |
(k) | Variable rate demand obligations (VRDOs) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Boards Short-term Obligation Rate Transparency System. |
(l) | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |
See Notes to Schedule of Investments.
38 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE-TERM MUNICIPALS FUND
Schedule of investments (unaudited) (contd) | December 31, 2023 |
Abbreviation(s) used in this schedule: | ||
AGM | Assured Guaranty Municipal Corporation Insured Bonds | |
BAM | Build America Mutual Insured Bonds | |
CAB | Capital Appreciation Bonds | |
CDA | Communities Development Authority | |
COP | Certificates of Participation | |
CSCE | Charter School Credit Enhancement | |
DFA | Development Finance Agency | |
EDA | Economic Development Authority | |
EDC | Economic Development Corporation | |
EFA | Educational Facilities Authority | |
FHLMC | Federal Home Loan Mortgage Corporation | |
GO | General Obligation | |
GTD | Guaranteed | |
HEFA | Health & Educational Facilities Authority | |
HFA | Housing Finance Agency | |
IDA | Industrial Development Authority | |
ISD | Independent School District | |
LIQ | Liquidity Facility | |
LOC | Letter of Credit | |
MFA | Municipal Finance Authority | |
MTA | Metropolitan Transportation Authority | |
NATL | National Public Finance Guarantee Corporation Insured Bonds | |
PCFA | Pollution Control Financing Authority | |
PCR | Pollution Control Revenue | |
PEA | Public Energy Authority | |
PSF | Permanent School Fund | |
Q-SBLF | Qualified School Board Loan Fund | |
SCAGO | South Carolina Association of Government Organizations | |
SD | School District | |
SIFMA | Securities Industry and Financial Markets Association | |
SOFR | Secured Overnight Financing Rate | |
SPA | Standby Bond Purchase Agreement Insured Bonds | |
TFA | Transitional Finance Authority | |
USD | Unified School District |
This Schedule of Investments is unaudited and is intended to provide information about the Funds investments as of the date of the schedule. Other information regarding the Fund is available in the Funds most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
39 |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Intermediate-Term Municipals Fund (the Fund) is a separate diversified investment series of Legg Mason Partners Income Trust (the Trust). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services Investment Companies (ASC 946). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (GAAP), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Funds Board of Trustees.
Pursuant to policies adopted by the Board of Trustees, the Funds manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Funds 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 Funds pricing policies, and reporting to the Funds manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies
40 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
Notes to Schedule of Investments (unaudited) (continued)
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 issuers financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
| 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 Funds 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.
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |
41 |
Notes to Schedule of Investments (unaudited) (continued)
The following is a summary of the inputs used in valuing the Funds assets carried at fair value:
ASSETS |
||||||||||||||||
DESCRIPTION |
QUOTED PRICES (LEVEL 1) |
OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |
TOTAL | ||||||||||||
Long-Term Investments: |
||||||||||||||||
Municipal Bonds |
| $ | 2,499,220,924 | | $ | 2,499,220,924 | ||||||||||
Municipal Bonds Deposited in Tender Option Bond Trusts |
| 82,703,821 | | 82,703,821 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Long-Term Investments |
| 2,581,924,745 | | 2,581,924,745 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Short-Term Investments |
| 21,145,000 | | 21,145,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
| $ | 2,603,069,745 | | $ | 2,603,069,745 | ||||||||||
|
|
|
|
|
|
|
|
| See Schedule of Investments for additional detailed categorizations. |
42 |
Western Asset Intermediate-Term Municipals Fund 2023 Quarterly Report |