UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-06740
Legg Mason Partners Institutional Trust
(Exact name of registrant as specified in charter)
620 Eighth Avenue, 47th Floor, New York, NY 10018
(Address of principal executive offices) (Zip code)
Marc A. De Oliveira
Franklin Templeton
100 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-877-721-1926
Date of fiscal year end: February 28
Date of reporting period: August 31, 2021
| ITEM 1. | REPORT TO STOCKHOLDERS. |
The Semi-Annual Report to Stockholders is filed herewith.
| Semi-Annual Report | August 31, 2021 |
WESTERN ASSET
SMASh SERIES TF FUND
| INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE |
Fund objective
The Fund seeks to maximize current interest income that is excluded from gross income for regular federal income tax purposes.
Dear Shareholder,
We are pleased to provide the semi-annual report of Western Asset SMASh Series TF Fund for the six-month reporting period ended August 31, 2021.
As always, thank you for your confidence in our stewardship of your assets.
Sincerely,
Jane Trust, CFA
President and Chief Executive Officer
September 30, 2021
| II | Western Asset SMASh Series TF Fund |
Investment breakdown (%) as a percent of total investments
| † | The bar graph above represents the composition of the Fund’s investments as of August 31, 2021 and February 28, 2021. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time. |
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 1 |
Example
As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested on March 1, 2021 and held for the six months ended August 31, 2021.
Actual expenses
The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.
Hypothetical example for comparison purposes
The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
| Based on actual total return1 | Based on hypothetical total return1 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Actual Total Return2,3 |
Beginning Account Value |
Ending Account Value |
Annualized Expense Ratio3 |
Expenses Paid During the Period3,4 |
Hypothetical Annualized Total Return |
Beginning Account Value |
Ending Account Value |
Annualized Expense Ratio3 |
Expenses Paid During the Period3,4 | |||||||||||||||||||||||||||||||||||||||||
| 3.88% | $ | 1,000.00 | $ | 1,038.80 | 0.00 | % | $ | 0.00 | 5.00 | % | $1,000.00 | $ | 1,025.21 | 0.00 | % | $ | 0.00 | |||||||||||||||||||||||||||||||||
| 1 | For the six months ended August 31, 2021. |
| 2 | Total return is not annualized, as it may not be representative of the total return for the year. Past performance is no guarantee of future results. Performance figures do not reflect any fees stated below in Note 3. If such fees were included, the return shown would have been lower. |
| 3 | All figures do not reflect the effect of fees and expenses associated with a separately managed account, nor a management fee or other operating expenses of the Fund. Such management fees are paid directly or indirectly by the separately managed account sponsor to the Fund’s manager or subadviser. All operating expenses of the Fund were reimbursed by the manager, pursuant to an expense reimbursement arrangement between the Fund and the manager. The expense reimbursement arrangement does not cover interest, brokerage, taxes and extraordinary expenses. |
| 4 | Expenses (net of compensating balance arrangements, fee waivers and/or expense reimbursements) are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365. |
| 2 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Schedule of investments (unaudited)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Municipal Bonds — 92.8% | ||||||||||||||||
| Alabama — 3.5% |
||||||||||||||||
| Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019 |
5.750 | % | 10/1/49 | $ | 100,000 | $ | 120,317 | (a) | ||||||||
| Jefferson County, AL, Sewer Revenue: |
||||||||||||||||
| Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F, Refunding, (0.000% to 10/1/23 then 7.900%) |
0.000 | % | 10/1/50 | 470,000 | 484,643 | |||||||||||
| Senior Lien, Warrants, Series A, Refunding, AGM |
5.500 | % | 10/1/53 | 75,000 | 83,917 | |||||||||||
| Subordinated Lien, Warrants, Series D, Refunding |
6.000 | % | 10/1/42 | 105,000 | 121,291 | |||||||||||
| Lower Alabama Gas District, Natural Gas Revenue: |
||||||||||||||||
| Series 2020 |
4.000 | % | 12/1/21 | 200,000 | 201,851 | |||||||||||
| Series 2020 |
4.000 | % | 12/1/23 | 1,000,000 | 1,082,148 | |||||||||||
| Southeast Alabama Gas Supply District, Gas Supply Revenue, Series 2018A |
4.000 | % | 6/1/24 | 645,000 | 705,111 | (b)(c) | ||||||||||
| Total Alabama |
2,799,278 | |||||||||||||||
| Alaska — 1.1% |
||||||||||||||||
| Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B |
5.000 | % | 12/1/37 | 75,000 | 94,956 | |||||||||||
| Anchorage, AK, Port Revenue, Series A |
5.000 | % | 12/1/50 | 150,000 | 180,203 | (a) | ||||||||||
| Northern Tobacco Securitization Corp., AK, Revenue, Asset Backed Senior Bonds, Class 1, Series A, Refunding |
4.000 | % | 6/1/50 | 500,000 | 589,604 | |||||||||||
| Total Alaska |
864,763 | |||||||||||||||
| Arizona — 3.9% |
||||||||||||||||
| Arizona State IDA, Education Revenue: |
||||||||||||||||
| Academies Math & Science Project, Refunding, SD Credit Program |
5.000 | % | 7/1/37 | 45,000 | 52,696 | |||||||||||
| Academies Math & Science Project, Refunding, SD Credit Program |
5.000 | % | 7/1/38 | 500,000 | 591,990 | |||||||||||
| Academies Math & Science Project, Series S, Refunding, SD Credit Program |
5.000 | % | 7/1/47 | 50,000 | 57,598 | |||||||||||
| Chandler, AZ, IDA Revenue, Intel Corp. Project |
5.000 | % | 6/3/24 | 500,000 | 561,901 | (a)(b)(c) | ||||||||||
| Maricopa County, AZ, IDA, Legacy Traditional School Projects, Series A, SD Credit Program |
4.000 | % | 7/1/34 | 400,000 | 468,197 | |||||||||||
| Phoenix, AZ, IDA, Great Hearts Academies, Refunding |
5.000 | % | 7/1/36 | 75,000 | 84,175 | |||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 3 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Arizona — continued |
||||||||||||||||
| Queen Creek, AZ, Excise Tax & State Shared Revenue, Series A |
5.000 | % | 8/1/47 | $ | 585,000 | $ | 718,653 | |||||||||
| Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007 |
5.000 | % | 12/1/32 | 495,000 | 663,653 | |||||||||||
| Total Arizona |
3,198,863 | |||||||||||||||
| California — 10.3% |
||||||||||||||||
| Alameda, CA, Corridor Transportation Authority Revenue: |
||||||||||||||||
| Second Subordinated Lien, Series B, Refunding |
5.000 | % | 10/1/34 | 50,000 | 59,452 | |||||||||||
| Second Subordinated Lien, Series B, Refunding |
5.000 | % | 10/1/36 | 50,000 | 59,316 | |||||||||||
| Second Subordinated Lien, Series B, Refunding |
5.000 | % | 10/1/37 | 200,000 | 236,718 | |||||||||||
| Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1, (SIFMA Municipal Swap Index Yield + 1.100%) |
1.120 | % | 4/1/24 | 160,000 | 162,743 | (b)(c) | ||||||||||
| California State Community Housing Agency, Essential Housing Revenue, Fountains at Emerald Park, Series A |
3.000 | % | 8/1/56 | 175,000 | 181,391 | |||||||||||
| California State Health Facilities Financing Authority Revenue, Memorial Health Services, Series A, Refunding |
5.000 | % | 10/1/33 | 115,000 | 120,850 | |||||||||||
| California State MFA Revenue: |
||||||||||||||||
| Senior Lien, LINXS APM Project, Series A |
5.000 | % | 12/31/34 | 100,000 | 123,116 | (a) | ||||||||||
| Senior Lien, LINXS APM Project, Series A |
5.000 | % | 12/31/43 | 100,000 | 121,650 | (a) | ||||||||||
| California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project |
4.000 | % | 7/15/29 | 75,000 | 87,594 | (a) | ||||||||||
| California State, GO: |
||||||||||||||||
| Various Purpose, Refunding |
4.000 | % | 11/1/36 | 15,000 | 17,735 | |||||||||||
| Various Purpose, Refunding |
5.000 | % | 9/1/41 | 500,000 | 666,250 | (d) | ||||||||||
| California Statewide CDA, Student Housing Revenue, University of CA, Irvine Campus Apartments, Phase IV |
5.000 | % | 5/15/33 | 50,000 | 60,997 | |||||||||||
| Eastern Municipal Water District Financing Authority, CA, Water & Wastewater Revenue, Series D |
5.000 | % | 7/1/47 | 50,000 | 61,594 | |||||||||||
| Golden State, CA, Tobacco Securitization Corp. Revenue, Tobacco Settlement Funded, Series A-1, Refunding |
5.250 | % | 6/1/47 | 275,000 | 284,788 | |||||||||||
| Long Beach, CA, Bond Finance Authority Revenue, Natural Gas Purchase, Series A |
5.500 | % | 11/15/37 | 50,000 | 75,106 | |||||||||||
See Notes to Financial Statements.
| 4 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| California — continued |
||||||||||||||||
| Los Angeles County, CA, MTA, Sales Tax Revenue, Senior Proposition C, Series B |
5.000 | % | 7/1/32 | $ | 500,000 | $ | 641,364 | |||||||||
| Los Angeles, CA, Department of Airports Revenue: |
||||||||||||||||
| Los Angeles International Airport, Subordinated, Series C |
5.000 | % | 5/15/44 | 415,000 | 510,509 | (a) | ||||||||||
| Los Angeles International Airport, Subordinated, Series D |
5.000 | % | 5/15/49 | 400,000 | 495,498 | (a) | ||||||||||
| Subordinated, Los Angeles International Airport, Series C |
5.000 | % | 5/15/37 | 95,000 | 117,359 | (a) | ||||||||||
| Los Angeles, CA, Department of Water & Power Waterworks Revenue, Series A |
5.000 | % | 7/1/48 | 500,000 | 613,500 | |||||||||||
| Los Angeles, CA, Wastewater System Revenue, Green Bonds, Subordinated, Series A |
5.000 | % | 6/1/48 | 100,000 | 123,549 | |||||||||||
| M-S-R Energy Authority, CA, Natural Gas Revenue: |
||||||||||||||||
| Series A |
6.125 | % | 11/1/29 | 50,000 | 63,381 | |||||||||||
| Series B |
6.125 | % | 11/1/29 | 150,000 | 190,123 | |||||||||||
| Northern California Energy Authority, Commodity Supply Revenue, Series A |
4.000 | % | 7/1/24 | 250,000 | 274,219 | (b)(c) | ||||||||||
| Port of Oakland, CA, Intermediate Lien Revenue: |
||||||||||||||||
| Series H, Refunding |
5.000 | % | 5/1/29 | 150,000 | 192,712 | (a) | ||||||||||
| Series H, Refunding |
5.000 | % | 11/1/29 | 300,000 | 389,247 | (a) | ||||||||||
| Riverside County, CA, Transportation Commission Sales Tax Revenue, Series B, Refunding |
5.000 | % | 6/1/37 | 100,000 | 125,486 | |||||||||||
| Riverside, CA, Electric Revenue, Series A, Refunding |
5.000 | % | 10/1/48 | 100,000 | 125,250 | |||||||||||
| Riverside, CA, Sewer Revenue, Series A, Refunding |
5.000 | % | 8/1/34 | 100,000 | 126,717 | |||||||||||
| San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM |
5.000 | % | 10/1/36 | 100,000 | 123,443 | |||||||||||
| San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A |
5.000 | % | 4/1/48 | 300,000 | 355,200 | |||||||||||
| San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Company LLC, Series A, Refunding |
5.000 | % | 1/1/33 | 100,000 | 125,557 | (a) | ||||||||||
| San Mateo County, CA, Joint Powers Financing Authority Lease Revenue, Capital Project, Series A |
5.000 | % | 7/15/43 | 50,000 | 62,621 | |||||||||||
| Southern California Water Replenishment District, Financing Authority, Replenishment Revenue, Series 2018 |
5.000 | % | 8/1/48 | 500,000 | 617,920 | |||||||||||
| Stockton, CA, PFA Parking Revenue, Refunding |
5.000 | % | 3/1/35 | 430,000 | 528,174 | |||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 5 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| California — continued |
||||||||||||||||
| Stockton, CA, PFA Wastewater Revenue, BAN, Series 2019 |
1.400 | % | 6/1/22 | $ | 100,000 | $ | 100,191 | |||||||||
| Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A |
5.000 | % | 6/1/48 | 100,000 | 125,905 | |||||||||||
| Total California |
8,347,225 | |||||||||||||||
| Colorado — 1.3% |
||||||||||||||||
| Arvada, CO, Vauxmont Metropolitan District, GO, Refunding, AGM |
5.000 | % | 12/15/24 | 130,000 | 148,532 | |||||||||||
| Colorado State Educational & Cultural Facilities Authority Revenue, University of Denver Project, Series A |
5.000 | % | 3/1/43 | 50,000 | 60,566 | |||||||||||
| Colorado State Health Facilities Authority Revenue: |
||||||||||||||||
| Commonspirit Health Project, Series A-2 |
5.000 | % | 8/1/44 | 200,000 | 248,249 | |||||||||||
| Improvement and Refunding Revenue, Bethesda Project, Series A |
5.000 | % | 9/15/48 | 50,000 | 58,546 | |||||||||||
| Colorado State High Performance Transportation Enterprise Revenue: |
||||||||||||||||
| C-470 Express Lanes |
5.000 | % | 12/31/47 | 100,000 | 114,262 | |||||||||||
| C-470 Express Lanes |
5.000 | % | 12/31/51 | 230,000 | 262,394 | |||||||||||
| Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. Project, Refunding |
5.000 | % | 10/1/32 | 100,000 | 106,479 | (a) | ||||||||||
| University of Colorado Enterprise Revenue: |
||||||||||||||||
| Series B, Refunding |
5.000 | % | 6/1/37 | 15,000 | 15,549 | (e) | ||||||||||
| Series B, Refunding |
5.000 | % | 6/1/37 | 60,000 | 62,195 | (e) | ||||||||||
| Total Colorado |
1,076,772 | |||||||||||||||
| Connecticut — 1.6% |
||||||||||||||||
| Connecticut State HEFA Revenue, Sacred Heart University Issue, Series I-1, Refunding |
5.000 | % | 7/1/36 | 50,000 | 60,081 | |||||||||||
| Connecticut State Special Tax Revenue: |
||||||||||||||||
| Transportation Infrastructure, Series A |
5.000 | % | 1/1/37 | 500,000 | 619,332 | |||||||||||
| Transportation Infrastructure, Series A |
5.000 | % | 5/1/38 | 200,000 | 259,284 | |||||||||||
| Connecticut State, GO: |
||||||||||||||||
| Series A |
4.000 | % | 4/15/37 | 125,000 | 148,726 | |||||||||||
See Notes to Financial Statements.
| 6 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Connecticut — continued |
||||||||||||||||
| Series E |
5.000 | % | 10/15/34 | $ | 50,000 | $ | 60,293 | |||||||||
| University of Connecticut, Student Fee Revenue, Series A |
5.000 | % | 11/15/43 | 100,000 | 123,229 | |||||||||||
| Total Connecticut |
1,270,945 | |||||||||||||||
| Delaware — 0.1% |
||||||||||||||||
| Sustainable Energy Utility Inc., DE, Energy Efficiency Revenue |
5.000 | % | 9/15/34 | 75,000 | 75,133 | (e) | ||||||||||
| District of Columbia — 0.1% |
||||||||||||||||
| District of Columbia Revenue, KIPP DC Project, Series B, Refunding |
5.000 | % | 7/1/42 | 75,000 | 88,815 | |||||||||||
| Florida — 3.2% |
||||||||||||||||
| Broward County, FL, Airport System Revenue: |
||||||||||||||||
| Series 2017 |
5.000 | % | 10/1/47 | 50,000 | 60,367 | (a) | ||||||||||
| Series A |
5.000 | % | 10/1/45 | 250,000 | 291,053 | (a) | ||||||||||
| Broward County, FL, Port Facilities Revenue, Series B |
5.000 | % | 9/1/31 | 200,000 | 259,374 | (a) | ||||||||||
| Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A |
5.000 | % | 10/1/47 | 25,000 | 30,183 | (a) | ||||||||||
| Miami-Dade County, FL, Aviation Revenue: |
||||||||||||||||
| Series A, Refunding |
4.000 | % | 10/1/41 | 250,000 | 296,330 | |||||||||||
| Series A, Refunding |
5.000 | % | 10/1/49 | 300,000 | 371,598 | (a) | ||||||||||
| Series B, Refunding |
5.000 | % | 10/1/40 | 200,000 | 242,283 | (a) | ||||||||||
| Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding |
5.000 | % | 8/1/36 | 5,000 | 5,523 | |||||||||||
| Palm Beach County, FL, Health Facilities Authority Revenue: |
||||||||||||||||
| ACTS Retirement-Life Communities, Series B |
5.000 | % | 11/15/42 | 500,000 | 612,240 | |||||||||||
| Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series B-1 |
3.000 | % | 6/1/27 | 250,000 | 262,394 | |||||||||||
| Tampa, FL, Hospital Revenue, H. Lee Moffitt Cancer Center Project, Series B |
5.000 | % | 7/1/50 | 100,000 | 124,791 | |||||||||||
| Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle Aeronautical University Inc. Project, Refunding |
5.000 | % | 10/15/42 | 50,000 | 60,202 | |||||||||||
| Total Florida |
2,616,338 | |||||||||||||||
| Georgia — 1.4% |
||||||||||||||||
| Dahlonega, GA, Downtown Development Authority Revenue, North Georgia MAC LLC Project, Refunding |
5.000 | % | 7/1/39 | 100,000 | 120,487 | |||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 7 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Georgia — continued |
||||||||||||||||
| Fulton County, GA, Development Authority Revenue, Georgia Institute of Technology |
5.000 | % | 6/15/44 | $ | 100,000 | $ | 125,415 | |||||||||
| Georgia State Higher Education Facilities Authority Revenue, USG Real Estate, Refunding |
5.000 | % | 6/15/33 | 50,000 | 63,612 | |||||||||||
| Georgia State Municipal Electric Authority Power Revenue: |
||||||||||||||||
| Plant Vogtle Units 3&4, Project J, Series A |
5.000 | % | 1/1/56 | 200,000 | 245,818 | |||||||||||
| Plant Vogtle Units 3&4, Project P, Series A |
4.000 | % | 1/1/46 | 80,000 | 91,591 | |||||||||||
| Project One Subordinated, Series A |
5.000 | % | 1/1/45 | 100,000 | 126,889 | |||||||||||
| Main Street Natural Gas Inc., GA, Gas Project Revenue: |
||||||||||||||||
| Series A |
5.000 | % | 5/15/43 | 200,000 | 244,459 | |||||||||||
| Series C |
4.000 | % | 9/1/26 | 80,000 | 92,396 | (b)(c) | ||||||||||
| Total Georgia |
1,110,667 | |||||||||||||||
| Idaho — 0.1% |
||||||||||||||||
| Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, Series A |
5.000 | % | 12/1/47 | 100,000 | 122,549 | |||||||||||
| Illinois — 10.6% |
||||||||||||||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018 |
5.000 | % | 4/1/42 | 100,000 | 121,414 | |||||||||||
| Chicago, IL, Board of Education, GO: |
||||||||||||||||
| Dedicated, Series H |
5.000 | % | 12/1/46 | 100,000 | 119,743 | |||||||||||
| Series A |
5.000 | % | 12/1/41 | 500,000 | 633,036 | |||||||||||
| Series C, Refunding |
5.000 | % | 12/1/25 | 100,000 | 117,850 | |||||||||||
| Chicago, IL, GO: |
||||||||||||||||
| Series A |
5.000 | % | 1/1/44 | 125,000 | 151,396 | |||||||||||
| Series A, Refunding |
5.000 | % | 1/1/26 | 250,000 | 294,652 | |||||||||||
| Series A, Refunding |
5.250 | % | 1/1/33 | 30,000 | 32,732 | |||||||||||
| Series A, Refunding |
5.000 | % | 1/1/35 | 185,000 | 200,453 | |||||||||||
| Series B |
5.500 | % | 1/1/32 | 150,000 | 171,290 | |||||||||||
| Series C, Refunding |
5.000 | % | 1/1/25 | 30,000 | 34,292 | |||||||||||
| Series D, Refunding |
5.500 | % | 1/1/34 | 10,000 | 11,410 | |||||||||||
| Chicago, IL, O’Hare International Airport Revenue: |
||||||||||||||||
| Series D, Refunding |
5.000 | % | 1/1/46 | 10,000 | 11,428 | |||||||||||
| TrIPS Obligated Group |
5.000 | % | 7/1/48 | 50,000 | 59,573 | (a) | ||||||||||
| Chicago, IL, Transit Authority Revenue, Series A, Refunding |
5.000 | % | 12/1/45 | 50,000 | 62,302 | |||||||||||
| Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Series 2011 |
5.250 | % | 12/1/40 | 100,000 | 101,275 | (e) | ||||||||||
See Notes to Financial Statements.
| 8 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Illinois — continued |
||||||||||||||||
| Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series A |
5.000 | % | 1/1/47 | $ | 35,000 | $ | 41,198 | |||||||||
| Chicago, IL, Waterworks Revenue: |
||||||||||||||||
| Second Lien, Series 2017, Refunding |
5.000 | % | 11/1/29 | 30,000 | 37,586 | |||||||||||
| Second Lien, Series 2017-2, Refunding, AGM |
5.000 | % | 11/1/32 | 60,000 | 74,467 | |||||||||||
| Cook County, IL, Sales Tax Revenue, Series A, Refunding |
4.000 | % | 11/15/40 | 250,000 | 296,336 | |||||||||||
| Elk Grove Village, IL, GO, Cook and DuPage Counties, Refunding |
5.000 | % | 1/1/36 | 35,000 | 42,213 | |||||||||||
| Illinois State Finance Authority Revenue: |
||||||||||||||||
| Benedictine University, Refunding |
4.000 | % | 10/1/33 | 100,000 | 116,092 | |||||||||||
| Northshore University Health System, Refunding |
5.000 | % | 8/15/32 | 100,000 | 132,345 | |||||||||||
| University of Illinois at Urbana, Academic Facilities Lease Revenue Bonds |
5.000 | % | 10/1/49 | 50,000 | 61,385 | |||||||||||
| University of Illinois, Health Services Facility Lease Revenue Bonds |
5.000 | % | 10/1/30 | 250,000 | 326,906 | |||||||||||
| Illinois State Sales Tax Revenue, Subordinated, Series D, Refunding |
5.000 | % | 6/15/23 | 205,000 | 222,422 | |||||||||||
| Illinois State Sports Facilities Authority Revenue, Sport Facilities Project, Series 2019, Refunding, BAM |
5.000 | % | 6/15/29 | 50,000 | 63,456 | |||||||||||
| Illinois State, GO: |
||||||||||||||||
| Series 2016 |
5.000 | % | 1/1/33 | 25,000 | 28,574 | |||||||||||
| Series 2016, Refunding |
5.000 | % | 2/1/27 | 25,000 | 30,339 | |||||||||||
| Series 2016, Refunding |
5.000 | % | 2/1/29 | 20,000 | 23,890 | |||||||||||
| Series A |
5.000 | % | 5/1/36 | 250,000 | 301,670 | |||||||||||
| Series A |
5.000 | % | 3/1/46 | 400,000 | 499,133 | |||||||||||
| Series A, Refunding |
5.000 | % | 10/1/29 | 150,000 | 186,652 | |||||||||||
| Series A, Refunding |
5.000 | % | 10/1/30 | 350,000 | 434,220 | |||||||||||
| Series D |
5.000 | % | 11/1/27 | 225,000 | 277,191 | |||||||||||
| Kane County, IL, School District No 131 Aurora East Side, GO, Series A, AGM |
4.000 | % | 12/1/34 | 725,000 | 851,100 | |||||||||||
| Metropolitan Pier & Exposition Authority, IL, Revenue: |
||||||||||||||||
| McCormick Place Expansion Project, Series A, Refunding |
4.000 | % | 12/15/42 | 500,000 | 576,744 | (d) | ||||||||||
| McCormick Place Expansion Project, Series A, Refunding |
5.000 | % | 12/15/45 | 500,000 | 616,084 | |||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 9 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Illinois — continued |
||||||||||||||||
| McCormick Place Expansion Project, Series A, Refunding |
4.000 | % | 6/15/50 | $ | 500,000 | $ | 569,369 | |||||||||
| McCormick Place Expansion Project, Series B, Refunding |
5.000 | % | 6/15/42 | 60,000 | 75,806 | |||||||||||
| Regional Transportation Authority, IL, GO, Series A, Refunding, NATL |
6.000 | % | 7/1/29 | 415,000 | 533,412 | |||||||||||
| Total Illinois |
8,541,436 | |||||||||||||||
| Indiana — 1.3% |
||||||||||||||||
| Indiana State Finance Authority Revenue, Marion General Hospital, Series A |
4.000 | % | 7/1/45 | 100,000 | 115,772 | |||||||||||
| Indiana State Finance Authority Wastewater Utility Revenue, Green Bonds, CWA Authority Project, Series A |
5.000 | % | 10/1/41 | 100,000 | 119,927 | |||||||||||
| Indianapolis, IN, Local Public Improvement Bond Bank: |
||||||||||||||||
| Courthouse and Jail Project, Series A |
4.000 | % | 2/1/44 | 100,000 | 117,284 | |||||||||||
| Courthouse and Jail Project, Series A |
5.000 | % | 2/1/54 | 300,000 | 370,083 | |||||||||||
| Indianapolis Airport Authority Project, Revenue, Series D, Refunding |
5.000 | % | 1/1/26 | 300,000 | 357,305 | (a) | ||||||||||
| Total Indiana |
1,080,371 | |||||||||||||||
| Iowa — 0.3% |
||||||||||||||||
| Iowa State Finance Authority, Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding |
3.125 | % | 12/1/22 | 25,000 | 25,490 | |||||||||||
| Iowa State Tobacco Settlement Authority Revenue: |
||||||||||||||||
| Asset Backed Senior Bonds, Class 1, Series A-2, Refunding |
4.000 | % | 6/1/49 | 100,000 | 116,379 | |||||||||||
| Asset Backed Senior Bonds, Class 2, Series B-1, Refunding |
4.000 | % | 6/1/49 | 100,000 | 115,902 | |||||||||||
| Total Iowa |
257,771 | |||||||||||||||
| Kansas — 0.6% |
||||||||||||||||
| Wyandotte County, KS, USD #202 Turner, GO, Series A, AGM |
4.000 | % | 9/1/37 | 400,000 | 451,802 | |||||||||||
| Kentucky — 3.5% |
||||||||||||||||
| Ashland, KY, Medical Center Refunding Revenue Bonds: |
||||||||||||||||
| Ashland Hospital Corporation, King’s Daughters Medical Center, Refunding |
5.000 | % | 2/1/25 | 625,000 | 717,359 | |||||||||||
| Ashland Hospital Corporation, King’s Daughters Medical Center, Refunding |
5.000 | % | 2/1/26 | 550,000 | 651,774 | |||||||||||
See Notes to Financial Statements.
| 10 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Kentucky — continued |
||||||||||||||||
| Kentucky State Economic Development Finance Authority Revenue: |
||||||||||||||||
| Catholic Health Initiatives, Series B, Refunding |
2.700 | % | 11/10/21 | $ | 175,000 | $ | 175,782 | (b)(c) | ||||||||
| Louisville Arena, Louisville Arena Authority Inc., Refunding, AGM |
5.000 | % | 12/1/45 | 100,000 | 123,217 | |||||||||||
| Kentucky State PEA, Gas Supply Revenue: |
||||||||||||||||
| Series A |
4.000 | % | 6/1/26 | 300,000 | 344,699 | (b)(c) | ||||||||||
| Series C |
4.000 | % | 6/1/25 | 200,000 | 224,739 | (b)(c) | ||||||||||
| Louisville/Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare Inc., Series A |
4.000 | % | 10/1/40 | 500,000 | 579,326 | |||||||||||
| Total Kentucky |
2,816,896 | |||||||||||||||
| Louisiana — 0.4% |
||||||||||||||||
| Louisiana State PFA, Lease Revenue, Provident Group, Flagship Properties |
5.000 | % | 7/1/42 | 50,000 | 59,121 | |||||||||||
| Shreveport, LA, Water & Sewer Revenue, Series A, AGM |
5.000 | % | 12/1/41 | 10,000 | 12,233 | |||||||||||
| St. John the Baptist Parish, LA, State Revenue: |
||||||||||||||||
| Marathon Oil Corp. Project, Refunding |
2.200 | % | 7/1/26 | 125,000 | 132,177 | (b)(c) | ||||||||||
| Marathon Oil Corp. Project, Series B-2, Refunding |
2.375 | % | 7/1/26 | 150,000 | 159,848 | (b)(c) | ||||||||||
| Total Louisiana |
363,379 | |||||||||||||||
| Massachusetts — 1.4% |
||||||||||||||||
| Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series A, Refunding |
5.000 | % | 1/1/34 | 250,000 | 314,967 | |||||||||||
| Massachusetts State DFA Revenue: |
||||||||||||||||
| Broad Institute Inc., Refunding |
5.000 | % | 4/1/36 | 85,000 | 104,233 | |||||||||||
| UMass Boston Student Housing Project |
5.000 | % | 10/1/28 | 10,000 | 11,685 | |||||||||||
| Wellforce Issue, Series A, Refunding |
5.000 | % | 7/1/39 | 50,000 | 61,459 | |||||||||||
| Worcester Polytechnic Institute, Series B, Refunding |
5.000 | % | 9/1/42 | 75,000 | 91,698 | |||||||||||
| Massachusetts State Port Authority Revenue: |
||||||||||||||||
| Series A, Refunding |
5.000 | % | 7/1/36 | 160,000 | 200,985 | (a) | ||||||||||
| Series E |
5.000 | % | 7/1/46 | 250,000 | 319,311 | (a) | ||||||||||
| Massachusetts State Water Resources Authority Revenue, Series B, Refunding |
5.000 | % | 8/1/40 | 50,000 | 60,220 | |||||||||||
| Total Massachusetts |
1,164,558 | |||||||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 11 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Michigan — 2.8% |
||||||||||||||||
| Detroit, MI, Downtown Development Authority Revenue, Catalyst Development, Series A, Refunding, AGM |
5.000 | % | 7/1/43 | $ | 100,000 | $ | 111,723 | |||||||||
| Great Lakes Water Authority, MI, Water Supply System Revenue: |
||||||||||||||||
| Senior Lien, Series A |
5.000 | % | 7/1/45 | 750,000 | 952,909 | |||||||||||
| Senior Lien, Series A |
5.000 | % | 7/1/49 | 650,000 | 822,652 | |||||||||||
| Michigan State Finance Authority Revenue: |
||||||||||||||||
| Henry Ford Health System, Series A |
4.000 | % | 11/15/50 | 100,000 | 115,223 | |||||||||||
| Tobacco Settlement Asset Backed Senior Bonds, Series A, Refunding |
4.000 | % | 6/1/49 | 50,000 | 58,265 | |||||||||||
| Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding |
5.000 | % | 6/1/49 | 50,000 | 61,186 | |||||||||||
| Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project |
5.000 | % | 12/31/43 | 100,000 | 121,228 | (a) | ||||||||||
| Total Michigan |
2,243,186 | |||||||||||||||
| Missouri — 0.1% |
||||||||||||||||
| Missouri State HEFA Revenue, Lutheran Senior Service Projects, Series A |
5.000 | % | 2/1/42 | 50,000 | 55,895 | |||||||||||
| Nebraska — 0.6% |
||||||||||||||||
| Douglas County, NE, Hospital Authority No. 2 Revenue, Children’s Hospital Obligated Group, Series A, Refunding |
4.000 | % | 11/15/36 | 425,000 | 511,639 | |||||||||||
| Nevada — 0.3% |
||||||||||||||||
| Sparks, NV, Tourism Improvement, Senior Sales Tax Anticipation Revenue, Series A, Refunding |
2.750 | % | 6/15/28 | 250,000 | 260,903 | (f) | ||||||||||
| New Jersey — 7.1% |
||||||||||||||||
| Essex County, NJ, Improvement Authority, GO: |
||||||||||||||||
| CHF-Newark LLC, New Jersey Institute of Technology Lease Revenue Bonds, Series A, BAM |
5.000 | % | 8/1/35 | 180,000 | 238,270 | |||||||||||
| CHF-Newark LLC, New Jersey Institute of Technology Lease Revenue Bonds, Series A, BAM |
5.000 | % | 8/1/36 | 215,000 | 283,664 | |||||||||||
| New Brunswick, NJ, Guaranteed Parking Revenue, Series 2017, AGM |
5.000 | % | 9/1/21 | 220,000 | 220,000 | |||||||||||
| New Jersey State EDA Revenue: |
||||||||||||||||
| Private Activity-The Goethals Bridge Replacement Project, AGM |
5.125 | % | 1/1/39 | 85,000 | 94,538 | (a) | ||||||||||
| Private Activity-The Goethals Bridge Replacement Project, AGM |
5.125 | % | 7/1/42 | 150,000 | 166,647 | (a) | ||||||||||
See Notes to Financial Statements.
| 12 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| New Jersey — continued |
||||||||||||||||
| School Facilities Construction, Series BBB, Refunding |
5.500 | % | 6/15/31 | $ | 100,000 | $ | 123,455 | |||||||||
| School Facilities Construction, Series DDD |
5.000 | % | 6/15/33 | 50,000 | 60,590 | |||||||||||
| School Facilities Construction, Series I, Refunding, State Appropriations, (SIFMA Municipal Swap Index Yield + 1.600%) |
1.620 | % | 3/1/28 | 325,000 | 329,713 | (c) | ||||||||||
| School Facilities Construction, Series QQQ |
5.000 | % | 6/15/31 | 500,000 | 656,596 | |||||||||||
| Transit Transportation Project, Series A |
5.000 | % | 11/1/32 | 150,000 | 191,533 | |||||||||||
| New Jersey State EDA, Lease Revenue, Health Department and Taxation Division Office Project, Series A |
5.000 | % | 6/15/33 | 105,000 | 129,089 | |||||||||||
| New Jersey State EDA, Special Facility Revenue, Port Newark Container Terminal LLC Project, Refunding |
5.000 | % | 10/1/37 | 100,000 | 118,035 | (a) | ||||||||||
| New Jersey State Health Care Facilities Financing Authority Revenue, Hackensack Meridian Health, Series A, Refunding |
5.000 | % | 7/1/38 | 50,000 | 60,727 | |||||||||||
| New Jersey State Transportation Trust Fund Authority Revenue: |
||||||||||||||||
| Highway Reimbursement, Refunding |
5.000 | % | 6/15/31 | 60,000 | 71,134 | |||||||||||
| Transportation Program, Series AA |
5.250 | % | 6/15/43 | 100,000 | 125,130 | |||||||||||
| Transportation Program, Series AA |
4.000 | % | 6/15/45 | 500,000 | 581,227 | |||||||||||
| Transportation Program, Series AA |
5.000 | % | 6/15/45 | 100,000 | 114,595 | |||||||||||
| Transportation Program, Series AA, Refunding |
5.000 | % | 6/15/36 | 300,000 | 381,912 | (d) | ||||||||||
| Transportation Program, Series BB |
4.000 | % | 6/15/36 | 500,000 | 579,410 | |||||||||||
| Transportation System, Series A, Refunding |
5.000 | % | 12/15/25 | 100,000 | 118,961 | |||||||||||
| Transportation System, Series A, Refunding |
5.000 | % | 12/15/28 | 150,000 | 191,510 | |||||||||||
| New Jersey State Turnpike Authority Revenue: |
||||||||||||||||
| Series A, Refunding |
5.000 | % | 1/1/35 | 100,000 | 118,300 | |||||||||||
| Series G, Refunding |
5.000 | % | 1/1/35 | 60,000 | 74,921 | |||||||||||
| New Jersey State, GO, COVID-19 Emergency, Series A |
5.000 | % | 6/1/29 | 500,000 | 651,216 | |||||||||||
| Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding |
5.250 | % | 6/1/46 | 30,000 | 36,740 | |||||||||||
| Total New Jersey |
5,717,913 | |||||||||||||||
| New Mexico — 0.0%†† |
||||||||||||||||
| Farmington, NM, PCR, Public Service Co. Project, Refunding |
2.125 | % | 6/1/22 | 35,000 | 35,469 | (b)(c) | ||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 13 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| New York — 13.4% |
||||||||||||||||
| Hempstead Town, NY, Local Development Corp. Revenue, Hofstra University Project, Refunding |
5.000 | % | 7/1/42 | $ | 100,000 | $ | 122,106 | |||||||||
| Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding |
5.000 | % | 2/15/35 | 140,000 | 169,259 | |||||||||||
| Long Island, NY, Power Authority Electric System Revenue, Series B, Refunding |
1.650 | % | 9/1/24 | 250,000 | 257,993 | (b)(c) | ||||||||||
| MTA, NY, Transportation Revenue: |
||||||||||||||||
| Green Bonds, Series A-2 |
5.000 | % | 11/15/24 | 50,000 | 57,222 | |||||||||||
| Green Bonds, Series D-1 |
5.000 | % | 11/15/43 | 100,000 | 125,205 | |||||||||||
| Green Bonds, Series D-3 |
4.000 | % | 11/15/49 | 100,000 | 114,816 | |||||||||||
| Green Bonds, Series E |
5.000 | % | 11/15/33 | 250,000 | 322,116 | |||||||||||
| Series A-2 |
5.000 | % | 5/15/30 | 335,000 | 437,584 | (b)(c) | ||||||||||
| Series F, Refunding |
5.000 | % | 11/15/27 | 500,000 | 589,998 | |||||||||||
| New York City, NY, GO: |
||||||||||||||||
| Subseries F-1 |
5.000 | % | 3/1/37 | 250,000 | 327,748 | |||||||||||
| Subseries F-1 |
5.000 | % | 3/1/50 | 250,000 | 317,244 | |||||||||||
| New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Refunding |
4.000 | % | 3/1/45 | 100,000 | 114,454 | |||||||||||
| New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: |
||||||||||||||||
| Second General Resolution Fiscal 2022, Series AA, Subseries AA-1 |
4.000 | % | 6/15/51 | 500,000 | 587,961 | |||||||||||
| Subordinated, Series BB-1 |
5.000 | % | 6/15/46 | 30,000 | 36,456 | |||||||||||
| New York City, NY, TFA Future Tax Secured Revenue, Subordinated, Series B-1 |
5.000 | % | 8/1/45 | 700,000 | 855,039 | |||||||||||
| New York City, NY, TFA Revenue, Future Tax Secured, Subordinate, Series C-1 |
4.000 | % | 5/1/40 | 700,000 | 835,760 | |||||||||||
| New York State Dormitory Authority Revenue: |
||||||||||||||||
| New York University, Series A, Refunding |
5.000 | % | 7/1/43 | 50,000 | 61,314 | |||||||||||
| Series B, Refunding |
5.000 | % | 2/15/43 | 100,000 | 122,506 | |||||||||||
| New York State Dormitory Authority, Sales Tax Revenue: |
||||||||||||||||
| Bidding Group 3, Series E, Refunding |
5.000 | % | 3/15/38 | 100,000 | 126,327 | |||||||||||
| Bidding Group 4, Series E, Refunding |
5.000 | % | 3/15/44 | 100,000 | 125,294 | |||||||||||
| New York State Liberty Development Corp., Liberty Revenue, 3 World Trade Center Project, Class 1, Refunding |
5.000 | % | 11/15/44 | 100,000 | 110,572 | (f) | ||||||||||
See Notes to Financial Statements.
| 14 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| New York — continued |
||||||||||||||||
| New York State Thruway Authority General Revenue: |
||||||||||||||||
| Junior Indebtedness Obligations, Junior Lien, Series A |
5.000 | % | 1/1/46 | $ | 50,000 | $ | 58,373 | |||||||||
| Junior Indebtedness Obligations, Subordinated, Series B, Refunding |
4.000 | % | 1/1/50 | 200,000 | 232,845 | |||||||||||
| 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 | 75,000 | 92,064 | (a) | ||||||||||
| Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
5.000 | % | 1/1/32 | 45,000 | 54,862 | (a) | ||||||||||
| Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
4.375 | % | 10/1/45 | 250,000 | 297,039 | (a) | ||||||||||
| LaGuardia Airport Terminal B Redevelopment Project |
5.000 | % | 7/1/30 | 50,000 | 56,315 | (a) | ||||||||||
| LaGuardia Airport Terminal B Redevelopment Project, Series A |
5.000 | % | 7/1/41 | 25,000 | 28,000 | (a) | ||||||||||
| LaGuardia Airport Terminal B Redevelopment Project, Series A |
5.250 | % | 1/1/50 | 750,000 | 843,612 | (a) | ||||||||||
| Terminal 4 John F. Kennedy International Airport Project, Series A |
4.000 | % | 12/1/40 | 300,000 | 347,815 | (a) | ||||||||||
| Port Authority of New York & New Jersey Revenue: |
||||||||||||||||
| Consolidated Series 185 |
5.000 | % | 9/1/25 | 10,000 | 11,410 | (a) | ||||||||||
| Consolidated Series 221 |
4.000 | % | 7/15/50 | 500,000 | 579,469 | (a) | ||||||||||
| Triborough Bridge & Tunnel Authority, NY, Revenue: |
||||||||||||||||
| General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/49 | 500,000 | 643,370 | |||||||||||
| General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/51 | 265,000 | 341,530 | |||||||||||
| General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/54 | 325,000 | 416,626 | |||||||||||
| General-MTA Bridges & Tunnels, Series A |
5.000 | % | 11/15/56 | 500,000 | 644,397 | |||||||||||
| Troy, NY, Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A, Refunding |
5.000 | % | 9/1/28 | 325,000 | 410,929 | |||||||||||
| Total New York |
10,875,630 | |||||||||||||||
| North Carolina — 0.6% |
||||||||||||||||
| Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A, Refunding |
4.000 | % | 6/1/49 | 70,000 | 82,241 | |||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 15 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| North Carolina — continued |
||||||||||||||||
| North Carolina State Medical Care Commission, Retirement Facilities Revenue, The Forest at Duke Project |
4.000 | % | 9/1/41 | $ | 330,000 | $ | 387,223 | |||||||||
| North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding |
5.000 | % | 7/1/42 | 5,000 | 5,730 | |||||||||||
| Total North Carolina |
475,194 | |||||||||||||||
| Ohio — 3.4% |
||||||||||||||||
| Buckeye, OH, Tobacco Settlement Financing Authority Revenue: |
||||||||||||||||
| Senior Bonds, Series A-2, Refunding |
4.000 | % | 6/1/48 | 100,000 | 114,935 | |||||||||||
| Senior Bonds, Series B-2, Refunding |
5.000 | % | 6/1/55 | 250,000 | 290,923 | |||||||||||
| Ohio State Air Quality Development Authority Revenue: |
||||||||||||||||
| American Electric Company Project, Series B, Refunding |
2.500 | % | 10/1/29 | 100,000 | 110,244 | (a)(b)(c) | ||||||||||
| American Electric Company Project, Series D, Refunding |
2.100 | % | 10/1/24 | 250,000 | 260,978 | (a)(b)(c) | ||||||||||
| Ohio State Higher Educational Facility Commission College & University Revenue: |
||||||||||||||||
| University of Dayton 2018 Project, Series B, Refunding |
5.000 | % | 12/1/34 | 500,000 | 621,622 | |||||||||||
| Xavier University 2020 Project |
5.000 | % | 5/1/33 | 495,000 | 642,506 | |||||||||||
| Warrensville Heights, OH, School District, GO: |
||||||||||||||||
| Refunding, BAM |
5.000 | % | 12/1/44 | 425,000 | 490,395 | (e) | ||||||||||
| Refunding, BAM |
5.000 | % | 12/1/44 | 175,000 | 198,027 | |||||||||||
| Total Ohio |
2,729,630 | |||||||||||||||
| Oklahoma — 0.6% |
||||||||||||||||
| Oklahoma State Development Finance Authority Revenue, Gilcrease Expressway West Project, Series A |
1.625 | % | 7/6/23 | 500,000 | 504,774 | (a) | ||||||||||
| Oregon — 0.4% |
||||||||||||||||
| Gilliam County, OR, Solid Waste Disposal Revenue, Waste Management Project, Series A |
2.400 | % | 5/2/22 | 125,000 | 125,232 | (a)(b)(c) | ||||||||||
| Port of Portland, OR, Airport Revenue, Portland International Airport, Series 26C, Refunding |
5.000 | % | 7/1/26 | 150,000 | 180,736 | (a) | ||||||||||
| Total Oregon |
305,968 | |||||||||||||||
| Pennsylvania — 2.7% |
||||||||||||||||
| Allegheny County, PA, HDA Revenue, University Pittsburgh Medical Center, Series A, Refunding |
4.000 | % | 7/15/38 | 150,000 | 176,868 | |||||||||||
See Notes to Financial Statements.
| 16 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Pennsylvania — continued |
||||||||||||||||
| Berks County, PA, IDA, Healthcare Facilities Revenue, Highlands at Wyomissing, Refunding |
5.000 | % | 5/15/32 | $ | 50,000 | $ | 59,259 | |||||||||
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue |
5.000 | % | 6/1/30 | 50,000 | 62,420 | |||||||||||
| Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project |
2.150 | % | 7/1/24 | 100,000 | 105,094 | (a)(b)(c) | ||||||||||
| Pennsylvania State Turnpike Commission Revenue: |
||||||||||||||||
| Series A |
5.000 | % | 12/1/44 | 175,000 | 221,330 | |||||||||||
| Series A-1 |
5.000 | % | 12/1/47 | 25,000 | 30,536 | |||||||||||
| Series B, Refunding |
5.000 | % | 12/1/46 | 250,000 | 322,635 | |||||||||||
| Subordinated, Series B |
5.000 | % | 12/1/48 | 100,000 | 123,037 | |||||||||||
| Subordinated, Series B |
5.000 | % | 12/1/50 | 250,000 | 320,995 | |||||||||||
| Philadelphia, PA, Authority for IDR, Charter School Revenue, Philadelphia Performing Arts: A String Theory Charter School Project, Series 2020, Refunding |
5.000 | % | 6/15/50 | 100,000 | 116,815 | |||||||||||
| Philadelphia, PA, Authority for IDR, City Service Agreement Revenue, Rebuild Project |
5.000 | % | 5/1/35 | 250,000 | 310,092 | |||||||||||
| Philadelphia, PA, Authority for IDR, Lease Revenue, Series 2019, Refunding |
5.000 | % | 10/1/30 | 100,000 | 130,862 | |||||||||||
| Philadelphia, PA, GO, Series B |
5.000 | % | 2/1/35 | 150,000 | 190,760 | |||||||||||
| State Public School Building Authority, PA, Lease Revenue, Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding |
5.000 | % | 6/1/31 | 20,000 | 24,340 | |||||||||||
| Total Pennsylvania |
2,195,043 | |||||||||||||||
| Puerto Rico — 4.3% |
||||||||||||||||
| Puerto Rico Commonwealth Public Improvement, GO, Series A, Refunding |
5.000 | % | 7/1/41 | 240,000 | 206,100 | *(g) | ||||||||||
| Puerto Rico Electric Power Authority Revenue: |
||||||||||||||||
| Series A |
5.000 | % | 7/1/29 | 195,000 | 191,100 | *(g) | ||||||||||
| Series A |
5.000 | % | 7/1/42 | 270,000 | 264,600 | *(g) | ||||||||||
| Series A |
5.050 | % | 7/1/42 | 100,000 | 98,000 | *(g) | ||||||||||
| Series XX |
5.250 | % | 7/1/40 | 360,000 | 354,150 | *(g) | ||||||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |
||||||||||||||||
| CAB, Restructured, Series A-1 |
0.000 | % | 7/1/27 | 60,000 | 55,388 | |||||||||||
| CAB, Restructured, Series A-1 |
0.000 | % | 7/1/46 | 160,000 | 53,462 | |||||||||||
| CAB, Restructured, Series A-1 |
0.000 | % | 7/1/51 | 850,000 | 206,563 | |||||||||||
| Restructured, Series A-1 |
4.550 | % | 7/1/40 | 10,000 | 11,507 | |||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 17 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Puerto Rico — continued |
||||||||||||||||
| Restructured, Series A-1 |
4.750 | % | 7/1/53 | $ | 250,000 | $ | 286,101 | |||||||||
| Restructured, Series A-1 |
5.000 | % | 7/1/58 | 1,360,000 | 1,574,688 | |||||||||||
| Restructured, Series A-2 |
4.329 | % | 7/1/40 | 130,000 | 147,782 | |||||||||||
| Total Puerto Rico |
3,449,441 | |||||||||||||||
| South Dakota — 0.0%†† |
||||||||||||||||
| South Dakota State HEFA Revenue, Regional Health |
5.000 | % | 9/1/40 | 25,000 | 30,009 | |||||||||||
| Tennessee — 1.0% |
||||||||||||||||
| Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A |
5.000 | % | 9/1/30 | 100,000 | 124,341 | |||||||||||
| Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue, Subordinated, Series B, Refunding |
5.000 | % | 7/1/46 | 50,000 | 61,442 | |||||||||||
| Tennessee State Energy Acquisition Corp., Natural Gas Revenue: |
||||||||||||||||
| Series 2018 |
4.000 | % | 11/1/25 | 100,000 | 113,386 | (b)(c) | ||||||||||
| Series A |
5.250 | % | 9/1/26 | 425,000 | 509,840 | |||||||||||
| Total Tennessee |
809,009 | |||||||||||||||
| Texas — 4.5% |
||||||||||||||||
| Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A, Refunding, PSF - GTD |
5.000 | % | 12/1/37 | 20,000 | 24,260 | |||||||||||
| Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM |
5.000 | % | 2/15/41 | 100,000 | 111,972 | |||||||||||
| Austin, TX, Airport System Revenue, Series 2019B |
5.000 | % | 11/15/44 | 250,000 | 313,228 | (a) | ||||||||||
| Central Texas Regional Mobility Authority Revenue: |
||||||||||||||||
| Senior Lien, Series B |
4.000 | % | 1/1/51 | 250,000 | 292,583 | |||||||||||
| Senior Lien, Series E |
4.000 | % | 1/1/50 | 250,000 | 290,219 | |||||||||||
| Forney, TX, ISD, GO, School Building, Series 2019, PSF - GTD |
5.000 | % | 2/15/49 | 100,000 | 120,107 | |||||||||||
| Grand Parkway Transportation Corp., TX, System Toll Revenue, First Tier Toll Revenue, Series C, Refunding |
4.000 | % | 10/1/40 | 500,000 | 592,556 | |||||||||||
| Harris County, TX, Cultural Education Facilities Finance Corp., Thermal Utility Revenue, Teco Project, Refunding |
5.000 | % | 11/15/33 | 200,000 | 247,595 | |||||||||||
See Notes to Financial Statements.
| 18 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Texas — continued |
||||||||||||||||
| Houston, TX, Airport System Revenue: |
||||||||||||||||
| Special Facilities, United Airlines Inc., Technical Operations Center Project |
5.000 | % | 7/15/28 | $ | 100,000 | $ | 120,717 | (a) | ||||||||
| Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B1 |
4.000 | % | 7/15/41 | 400,000 | 436,041 | (a) | ||||||||||
| Subordinated Lien, Series A, Refunding |
4.000 | % | 7/1/46 | 400,000 | 469,301 | (a) | ||||||||||
| New Hope Cultural Education Facilities Finance Corp., TX, Senior Living Revenue, Cardinal Bay Inc., Village on the Park/Carriage Inn Project, Series A1 |
5.000 | % | 7/1/31 | 15,000 | 16,005 | |||||||||||
| Southwest Texas, Higher Education Authority Inc. Revenue, Southern Methodist University Project, Refunding |
5.000 | % | 10/1/41 | 50,000 | 60,585 | |||||||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue: |
||||||||||||||||
| Buckner Retirement Services Inc. Project, Refunding |
5.000 | % | 11/15/37 | 50,000 | 60,202 | |||||||||||
| Buckner Retirement Services Inc. Project, Refunding |
5.000 | % | 11/15/46 | 50,000 | 59,268 | |||||||||||
| Texas State, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D |
6.250 | % | 12/15/26 | 155,000 | 181,828 | |||||||||||
| Texas State Private Activity Bond Surface Transportation Corp. Revenue: |
||||||||||||||||
| LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series L |
4.000 | % | 12/31/38 | 75,000 | 89,104 | |||||||||||
| Senior Lien, Blueridge Transportation Group LLC |
5.000 | % | 12/31/40 | 5,000 | 5,669 | (a) | ||||||||||
| West Harris County, TX, Regional Water Authority Revenue, Series 2019 |
4.000 | % | 12/15/49 | 100,000 | 116,766 | |||||||||||
| Total Texas |
3,608,006 | |||||||||||||||
| U.S. Virgin Islands — 0.4% |
||||||||||||||||
| Virgin Islands Public Finance Authority Revenue: |
||||||||||||||||
| Matching Fund Loan, Senior Lien, Series A |
5.000 | % | 10/1/29 | 155,000 | 155,390 | |||||||||||
| Matching Fund Loan, Subordinated Lien, Series B |
5.250 | % | 10/1/29 | 175,000 | 172,367 | |||||||||||
| Total U.S. Virgin Islands |
327,757 | |||||||||||||||
| Utah — 3.1% |
||||||||||||||||
| Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A |
5.000 | % | 7/1/43 | 250,000 | 305,230 | (a) | ||||||||||
| Utah State Charter School Finance Authority, Charter School Revenue: |
||||||||||||||||
| Syracuse Arts Academy Project, UT CSCE |
5.000 | % | 4/15/37 | 5,000 | 5,762 | |||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 19 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Utah — continued |
||||||||||||||||
| Utah Charter Academies Project, Series 2018, UT CSCE |
5.000 | % | 10/15/38 | $ | 220,000 | $ | 260,600 | |||||||||
| Utah State Infrastructure Agency, Telecommunications Revenue, Series A |
5.250 | % | 10/15/33 | 200,000 | 242,057 | |||||||||||
| Vineyard Redevelopment Agency, UT, Tax Increment Revenue: |
||||||||||||||||
| Series 2021, Refunding, AGM |
5.000 | % | 5/1/31 | 235,000 | 311,723 | |||||||||||
| Series 2021, Refunding, AGM |
4.000 | % | 5/1/37 | 275,000 | 329,838 | |||||||||||
| Series 2021, Refunding, AGM |
4.000 | % | 5/1/39 | 300,000 | 358,132 | |||||||||||
| Series 2021, Refunding, AGM |
4.000 | % | 5/1/41 | 290,000 | 344,076 | |||||||||||
| Series 2021, Refunding, AGM |
4.000 | % | 5/1/46 | 275,000 | 322,177 | |||||||||||
| Total Utah |
2,479,595 | |||||||||||||||
| Virginia — 0.9% |
||||||||||||||||
| Arlington County, VA, IDA Revenue: |
||||||||||||||||
| Refunding |
5.000 | % | 2/15/43 | 50,000 | 60,578 | |||||||||||
| Virginia Hospital Center, Refunding |
5.000 | % | 7/1/36 | 200,000 | 260,422 | |||||||||||
| Virginia State Small Business Financing Authority Revenue: |
||||||||||||||||
| Bon Secours Mercy Health, Series A, Refunding |
4.000 | % | 12/1/49 | 250,000 | 291,868 | |||||||||||
| National Senior Campuses, Inc., Series A, Refunding |
5.000 | % | 1/1/34 | 85,000 | 104,559 | |||||||||||
| Total Virginia |
717,427 | |||||||||||||||
| Washington — 0.5% |
||||||||||||||||
| Port of Seattle, WA, Intermediate Lien Revenue, Series 2019 |
5.000 | % | 4/1/34 | 250,000 | 313,559 | (a) | ||||||||||
| Washington State Health Care Facilities Authority Revenue, Seattle Cancer Care Alliance, Refunding |
5.000 | % | 9/1/55 | 100,000 | 126,847 | |||||||||||
| Total Washington |
440,406 | |||||||||||||||
| West Virginia — 1.2% |
||||||||||||||||
| West Virginia Parkways Authority, WV, Turnpike Toll Revenue, Senior Lien |
5.000 | % | 6/1/33 | 600,000 | 808,580 | |||||||||||
| West Virginia University Revenue, West Virginia Projects, Series B, Refunding |
5.000 | % | 10/1/29 | 100,000 | 128,474 | (b)(c) | ||||||||||
| Total West Virginia |
937,054 | |||||||||||||||
See Notes to Financial Statements.
| 20 | Western Asset SMASh Series TF Fund 2021 Semi-Annual Report |
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Wisconsin — 0.2% |
||||||||||||||||
| Public Finance Authority, WI, Revenue, Carmelite System Inc., Obligated Group, Series 2020 |
5.000 | % | 1/1/40 | $ | 50,000 | $ | 60,836 | |||||||||
| Public Finance Authority, WI, Student Housing Revenue, CHF Wilmington LLC, University of North Carolina at Wilmington Project, AGM |
5.000 | % | 7/1/53 | 100,000 | 119,553 | |||||||||||
| Total Wisconsin |
180,389 | |||||||||||||||
| Total Investments before Short-Term Investments (Cost — $70,203,710) |
|
75,137,898 | ||||||||||||||
| Short-Term Investments — 8.2% | ||||||||||||||||
| Municipal Bonds — 8.2% | ||||||||||||||||
| Arizona — 0.1% |
||||||||||||||||
| Phoenix, AZ, IDA, Health Care Facilities Revenue, Mayo Clinic, Series B, SPA - Northern Trust Co. |
0.010 | % | 11/15/52 | 100,000 | 100,000 | (h)(i) | ||||||||||
| California — 0.6% |
||||||||||||||||
| San Francisco, CA, City & County Airport Commission, International Airport Revenue, Second Series A, Refunding, LOC - Bank of America N.A. |
0.030 | % | 5/1/30 | 500,000 | 500,000 | (a)(h)(i) | ||||||||||
| Florida — 0.4% |
||||||||||||||||
| St. Lucie County, FL, Solid Waste Disposal Revenue, Florida Power & Light Co. Project, Refunding |
0.020 | % | 5/1/24 | 300,000 | 300,000 | (a)(h)(i) | ||||||||||
| Maryland — 0.9% |
||||||||||||||||
| Maryland State HEFA Revenue, University of Maryland Medical System, Series D, LOC - TD Bank N.A. |
0.010 | % | 7/1/41 | 700,000 | 700,000 | (h)(i) | ||||||||||
| Massachusetts — 0.6% |
||||||||||||||||
| Massachusetts State DFA Revenue: |
||||||||||||||||
| Boston University, Series U-6C, Refunding, LOC - TD Bank N.A. |
0.010 | % | 10/1/42 | 100,000 | 100,000 | (h)(i) | ||||||||||
| Boston University, Series U-6E, Refunding, LOC - TD Bank N.A. |
0.010 | % | 10/1/42 | 355,000 | 355,000 | (h)(i) | ||||||||||
| Total Massachusetts |
455,000 | |||||||||||||||
| Mississippi — 2.4% |
||||||||||||||||
| Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR: |
||||||||||||||||
| Chevron USA Inc. Project, Series A |
0.010 | % | 11/1/35 | 100,000 | 100,000 | (h)(i) | ||||||||||
| Chevron USA Inc. Project, Series E |
0.010 | % | 12/1/30 | 500,000 | 500,000 | (h)(i) | ||||||||||
| Chevron USA Inc. Project, Series G |
0.010 | % | 11/1/35 | 700,000 | 700,000 | (h)(i) | ||||||||||
See Notes to Financial Statements.
| Western Asset SMASh Series TF Fund 2021 Semi-Annual Report | 21 |
Schedule of investments (unaudited) (cont’d)
August 31, 2021
Western Asset SMASh Series TF Fund
(Percentages shown based on Fund net assets)
| Security | Rate | Maturity Date |
Face Amount |
Value | ||||||||||||
| Mississippi — continued |
||||||||||||||||
| Chevron USA Inc. Project, Series I |
0.010 | % | 11/1/35 | $ | 100,000 | $ | 100,000 | (h)(i) | ||||||||
| Chevron USA Inc. Project, Series K |
0.010 | % | 11/1/35 | 500,000 | 500,000 | (h)(i) | ||||||||||
| Total Mississippi |
1,900,000 | |||||||||||||||
| New Jersey — 0.1% |
||||||||||||||||
| New Jersey State Health Care Facilities Financing Authority Revenue, Series D, LOC - TD Bank N.A. |
0.010 | % | 7/1/43 | 100,000 | 100,000 | (h)(i) | ||||||||||
| New York — 2.5% |
||||||||||||||||
| New York City, NY, GO, Subseries G-6, LOC - Mizuho Bank Ltd. |
0.010 | % | 4/1/42 | 525,000 | 525,000 | (h)(i) | ||||||||||
| 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. |
0.010 | % | 6/15/33 | 800,000 | 800,000 | (h)(i) | ||||||||||
| Second General Resolution Fiscal 2014, Series AA-5, Refunding, SPA - Mizuho Bank Ltd. |
0.010 | % | 6/15/48 | 600,000 | 600,000 | (h)(i) | ||||||||||
| New York City, NY, TFA Revenue Future Tax Secured, Subseries A, Refunding, SPA - TD Bank N.A. |
0.010 | % | 11/1/29 | 100,000 | 100,000 | (h)(i) | ||||||||||
| Total New York |
2,025,000 | |||||||||||||||
| Oregon — 0.1% |
||||||||||||||||
| Oregon State Facilities Authority Revenue, Peacehealth, Series A, Refunding, LOC - U.S. Bank N.A. |
0.010 | % | 8/1/34 | 100,000 | 100,000 | (h)(i) | ||||||||||
| Pennsylvania — 0.1% |
||||||||||||||||
| Lancaster County, PA, Hospital Authority Revenue, Series D, Refunding, LOC - JPMorgan Chase & Co. |
0.020 | % | 7/1/34 | 100,000 | 100,000 | (h)(i) | ||||||||||
| Texas — 0.4% |
||||||||||||||||
| Lower Neches Valley Authority, TX, Industrial Development Corp. Revenue, ExxonMobil Corp., Series B, Refunding |
0.020 | % | 11/1/29 | 300,000 | 300,000 | (a)(h)(i) | ||||||||||
| Total Municipal Bonds (Cost — $6,580,000) |
6,580,000 | |||||||||||||||
| Shares | ||||||||||||||||