WESTERN ASSET INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
| Schedule of investments (unaudited) | August 31, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
| MUNICIPAL BONDS - 90.8% | ||||||||||||||||
Education - 9.9% | ||||||||||||||||
Buffalo & Erie County, NY, Industrial Land Development Corp. Revenue, Tapestry Charter School Project, Series A | 5.000 | % | 8/1/37 | $ | 825,000 | $ | 786,769 | |||||||||
Build NYC Resource Corp., NY, Revenue: | ||||||||||||||||
Academic Leadership Charter School Project, Series 2021 | 4.000 | % | 6/15/27 | 100,000 | 98,084 | |||||||||||
Academic Leadership Charter School Project, Series 2021 | 4.000 | % | 6/15/28 | 100,000 | 97,924 | |||||||||||
Academic Leadership Charter School Project, Series 2021 | 4.000 | % | 6/15/29 | 110,000 | 107,142 | |||||||||||
Academic Leadership Charter School Project, Series 2021 | 4.000 | % | 6/15/30 | 100,000 | 96,811 | |||||||||||
Academic Leadership Charter School Project, Series 2021 | 4.000 | % | 6/15/36 | 360,000 | 328,869 | |||||||||||
East Harlem Scholars Academy Charter School Project | 5.750 | % | 6/1/52 | 300,000 | 302,468 | (a) | ||||||||||
Manhattan College Project, Refunding | 5.000 | % | 8/1/35 | 400,000 | 413,232 | |||||||||||
Manhattan College Project, Refunding | 5.000 | % | 8/1/36 | 500,000 | 513,946 | |||||||||||
New York State Dormitory Authority Revenue: | ||||||||||||||||
New York University, Series C, Refunding | 4.000 | % | 7/1/36 | 1,802,000 | 1,800,125 | |||||||||||
Non-State Supported Debt School District Program, Series A, AGM | 5.000 | % | 10/1/30 | 1,995,000 | 2,169,975 | |||||||||||
Non-State Supported Debt, School District Program AGM, State Aid Withholding | 5.000 | % | 10/1/35 | 5,000,000 | 5,587,439 | |||||||||||
Troy, NY, Capital Resource Corp. Revenue: | ||||||||||||||||
Rensselaer Polytechnic Institute Project, Series A, Refunding | 5.000 | % | 9/1/27 | 2,000,000 | 2,100,604 | |||||||||||
Rensselaer Polytechnic Institute Project, Series A, Refunding | 5.000 | % | 9/1/36 | 900,000 | 950,538 | |||||||||||
|
| |||||||||||||||
Total Education | 15,353,926 | |||||||||||||||
|
| |||||||||||||||
Health Care - 4.8% | ||||||||||||||||
Brookhaven, NY, Local Development Corp., Long Island Community Hospital Project, Series A | 5.000 | % | 10/1/34 | 750,000 | 799,772 | |||||||||||
Build NYC Resource Corp., NY, Revenue, The Children’s Aid Society Project | 4.000 | % | 7/1/44 | 480,000 | 439,310 | |||||||||||
See Notes to Schedule of Investments.
Western Asset Intermediate Maturity New York Municipals Fund 2023 Quarterly Report |
1 |
WESTERN ASSET INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
| Schedule of investments (unaudited) (cont’d) | August 31, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Health Care - (continued) | ||||||||||||||||
New York State Dormitory Authority Revenue, Northwell Health Obligated Group, Series B-3 | 5.000 | % | 5/1/26 | $ | 5,000,000 | $ | 5,124,400 | (b)(c) | ||||||||
Oneida County, NY, Local Development Corp., Mohawk Valley Health System Project, Series A, Refunding, AGM | 4.000 | % | 12/1/32 | 1,000,000 | 1,005,251 | |||||||||||
|
| |||||||||||||||
Total Health Care | 7,368,733 | |||||||||||||||
|
| |||||||||||||||
Housing - 1.7% | ||||||||||||||||
New York City, NY, HDC Impact Revenue, Sustainable Development Bonds, Series A | 4.450 | % | 8/1/43 | 2,770,000 | 2,704,325 | |||||||||||
|
| |||||||||||||||
Industrial Revenue - 2.4% | ||||||||||||||||
Build NYC Resource Corp., NY, Solid Waste Disposal Revenue, Pratt Paper NY Inc. Project, Refunding | 4.500 | % | 1/1/25 | 400,000 | 401,389 | (a)(d) | ||||||||||
New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Series A, Refunding, AGM | 5.000 | % | 3/1/28 | 1,000,000 | 1,064,481 | |||||||||||
New York State Transportation Development Corp., Special Facilities Revenue: | ||||||||||||||||
American Airlines Inc., John F. Kennedy International Airport Project 2021, Refunding | 3.000 | % | 8/1/31 | 600,000 | 532,216 | (d) | ||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000 | % | 1/1/30 | 500,000 | 514,728 | (d) | ||||||||||
Niagara Area Development Corp., NY, Solid Waste Disposal Facility Revenue, Covanta Project, Series B, Refunding | 3.500 | % | 11/1/24 | 1,250,000 | 1,230,513 | (a) | ||||||||||
|
| |||||||||||||||
Total Industrial Revenue | 3,743,327 | |||||||||||||||
|
| |||||||||||||||
Local General Obligation - 8.2% | ||||||||||||||||
Nassau County, NY, Health Care Corp. Revenue, Nassau County GTD, Refunding | 5.000 | % | 8/1/28 | 5,250,000 | 5,718,720 | |||||||||||
New York City, NY, GO: | ||||||||||||||||
Series 1 | 5.000 | % | 8/1/35 | 1,000,000 | 1,133,201 | |||||||||||
Subseries B-1 | 5.250 | % | 10/1/43 | 1,500,000 | 1,643,185 | |||||||||||
Subseries F-1, Refunding | 5.000 | % | 8/1/35 | 2,000,000 | 2,266,403 | |||||||||||
Suffolk County, NY, GO, Series A, Refunding | 5.000 | % | 6/15/34 | 1,720,000 | 1,957,497 | |||||||||||
|
| |||||||||||||||
Total Local General Obligation | 12,719,006 | |||||||||||||||
|
| |||||||||||||||
Power - 2.9% | ||||||||||||||||
Long Island, NY, Power Authority Electric System Revenue: | ||||||||||||||||
Series B, Refunding | 1.650 | % | 9/1/24 | 1,750,000 | 1,710,010 | (b)(c) | ||||||||||
Series B, Refunding | 0.850 | % | 9/1/25 | 2,500,000 | 2,344,086 | (b)(c) | ||||||||||
See Notes to Schedule of Investments.
2 | Western Asset Intermediate Maturity New York Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
| Schedule of investments (unaudited) (cont’d) | August 31, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Power - (continued) | ||||||||||||||||
Puerto Rico Electric Power Authority Revenue: | ||||||||||||||||
Series A | 5.000 | % | 7/1/42 | $ | 215,000 | $ | 59,125 | *(e) | ||||||||
Series A | 5.050 | % | 7/1/42 | 70,000 | 19,250 | *(e) | ||||||||||
Series DDD, Refunding | — | 7/1/21 | 370,000 | 100,825 | *(f) | |||||||||||
Series TT | 5.000 | % | 7/1/37 | 450,000 | 123,750 | *(e) | ||||||||||
Series XX | 5.250 | % | 7/1/40 | 215,000 | 59,125 | *(e) | ||||||||||
Series ZZ, Refunding | — | 7/1/18 | 100,000 | 27,250 | *(f) | |||||||||||
|
| |||||||||||||||
Total Power | 4,443,421 | |||||||||||||||
|
| |||||||||||||||
Pre-Refunded/Escrowed to Maturity - 3.4% | ||||||||||||||||
Build NYC Resource Corp., NY, Revenue: | ||||||||||||||||
New York Methodist Hospital Project, Refunding | 5.000 | % | 7/1/26 | 600,000 | 607,463 | (g) | ||||||||||
New York Methodist Hospital Project, Refunding | 5.000 | % | 7/1/28 | 1,000,000 | 1,012,438 | (g) | ||||||||||
New York Methodist Hospital Project, Refunding | 5.000 | % | 7/1/29 | 400,000 | 404,975 | (g) | ||||||||||
New York State Dormitory Authority Revenue: | ||||||||||||||||
Non-State Supported Debt School District Program, Series A, AGM | 5.000 | % | 10/1/30 | 5,000 | 5,477 | (g) | ||||||||||
Pratt Institute, Series A, Refunding | 5.000 | % | 7/1/25 | 250,000 | 253,008 | (g) | ||||||||||
Pratt Institute, Series A, Refunding | 5.000 | % | 7/1/26 | 500,000 | 506,016 | (g) | ||||||||||
Pratt Institute, Series A, Refunding | 5.000 | % | 7/1/29 | 500,000 | 506,016 | (g) | ||||||||||
Western Nassau County, NY, Water Authority, Water System Revenue: | ||||||||||||||||
Series A | 5.000 | % | 4/1/31 | 250,000 | 256,380 | (g) | ||||||||||
Series A | 5.000 | % | 4/1/32 | 700,000 | 717,865 | (g) | ||||||||||
Series A | 5.000 | % | 4/1/34 | 1,040,000 | 1,066,542 | (g) | ||||||||||
|
| |||||||||||||||
Total Pre-Refunded/Escrowed to Maturity | 5,336,180 | |||||||||||||||
|
| |||||||||||||||
Solid Waste/Resource Recovery - 1.0% | ||||||||||||||||
Rockland County, NY, Solid Waste Management Authority Revenue: | ||||||||||||||||
Exempt Facility General Obligation, Green Bonds, Series A | 4.000 | % | 12/15/38 | 625,000 | 609,321 | (d) | ||||||||||
Exempt Facility General Obligation, Green Bonds, Series A | 4.000 | % | 12/15/39 | 1,040,000 | 1,007,267 | (d) | ||||||||||
|
| |||||||||||||||
Total Solid Waste/Resource Recovery | 1,616,588 | |||||||||||||||
|
| |||||||||||||||
See Notes to Schedule of Investments.
Western Asset Intermediate Maturity New York Municipals Fund 2023 Quarterly Report |
3 |
WESTERN ASSET INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
| Schedule of investments (unaudited) (cont’d) | August 31, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Special Tax Obligation - 18.9% | ||||||||||||||||
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding | 5.000 | % | 2/15/35 | $ | 3,000,000 | $ | 3,163,791 | |||||||||
New York City, NY, TFA Revenue Future Tax Secured, Subseries A-1 | 5.000 | % | 5/1/45 | 4,000,000 | 4,282,621 | |||||||||||
New York State Convention Center Development Corp. Revenue, CAB, Subordinated Lien, Hotel Unit Fee Secured, Series B | 0.000 | % | 11/15/31 | 3,925,000 | 2,774,930 | |||||||||||
New York State Dormitory Authority, Sales Tax Revenue: | ||||||||||||||||
Bidding Group 1, Series C, Refunding | 5.000 | % | 3/15/39 | 3,515,000 | 3,685,925 | |||||||||||
Group C, Series A | 5.000 | % | 3/15/42 | 3,060,000 | 3,167,871 | |||||||||||
New York State Dormitory Authority, State Personal Income Tax Revenue: | ||||||||||||||||
Series D, Refunding | 5.000 | % | 2/15/41 | 4,000,000 | 4,223,249 | |||||||||||
Transportation, Series A | 5.000 | % | 3/15/25 | 1,000,000 | 1,002,854 | |||||||||||
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: | ||||||||||||||||
CAB, Restructured, Series A-1 | 0.000 | % | 7/1/27 | 210,000 | 179,757 | |||||||||||
Restructured, Series A-1 | 4.550 | % | 7/1/40 | 40,000 | 39,001 | |||||||||||
Restructured, Series A-1 | 4.750 | % | 7/1/53 | 1,600,000 | 1,499,967 | |||||||||||
Restructured, Series A-2 | 4.329 | % | 7/1/40 | 70,000 | 66,472 | |||||||||||
Restructured, Series A-2A | 4.550 | % | 7/1/40 | 1,270,000 | 1,238,282 | |||||||||||
Triborough Bridge & Tunnel Authority, NY, Revenue: | ||||||||||||||||
Sales Tax-MTA Bridges & Tunnels, Series A | 4.000 | % | 5/15/48 | 3,000,000 | 2,857,924 | |||||||||||
Senior Lien-MTA Bridges & Tunnels, Series C-1A | 5.000 | % | 5/15/51 | 1,000,000 | 1,054,530 | |||||||||||
|
| |||||||||||||||
Total Special Tax Obligation | 29,237,174 | |||||||||||||||
|
| |||||||||||||||
State General Obligation - 0.6% | ||||||||||||||||
Puerto Rico Commonwealth, GO: | ||||||||||||||||
CAB, Restructured, Series A-1 | 0.000 | % | 7/1/24 | 1,525 | 1,470 | |||||||||||
CAB, Restructured, Series A-1 | 0.000 | % | 7/1/33 | 12,094 | 7,369 | |||||||||||
Restructured, Series A-1 | 5.375 | % | 7/1/25 | 10,466 | 10,665 | |||||||||||
Restructured, Series A-1 | 5.625 | % | 7/1/27 | 10,372 | 10,818 | |||||||||||
Restructured, Series A-1 | 5.625 | % | 7/1/29 | 10,203 | 10,795 | |||||||||||
Restructured, Series A-1 | 5.750 | % | 7/1/31 | 9,910 | 10,718 | |||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/33 | 9,398 | 8,800 | |||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/35 | 228,447 | 209,956 | |||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/37 | 685,000 | 616,298 | |||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/41 | 104,857 | 90,676 | |||||||||||
See Notes to Schedule of Investments.
4 | Western Asset Intermediate Maturity New York Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
| Schedule of investments (unaudited) (cont’d) | August 31, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
State General Obligation - (continued) | ||||||||||||||||
Restructured, Series A-1 | 4.000 | % | 7/1/46 | $ | 10,251 | $ | 8,534 | |||||||||
Subseries CW | 0.000 | % | 11/1/43 | 44,382 | 22,912 | (c) | ||||||||||
|
| |||||||||||||||
Total State General Obligation | 1,009,011 | |||||||||||||||
|
| |||||||||||||||
Transportation - 29.7% | ||||||||||||||||
MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Series A | 5.000 | % | 11/15/34 | 5,000,000 | 5,310,029 | |||||||||||
MTA, NY, Transportation Revenue: | ||||||||||||||||
Green Bonds, Series B, Refunding | 5.000 | % | 11/15/26 | 1,000,000 | 1,039,062 | |||||||||||
Green Bonds, Series C-1, Refunding | 5.000 | % | 11/15/24 | 370,000 | 375,633 | |||||||||||
Green Bonds, Series E, Refunding | 4.000 | % | 11/15/26 | 2,000,000 | 2,017,196 | |||||||||||
Series A-2 | 5.000 | % | 5/15/30 | 1,250,000 | 1,327,815 | (b)(c) | ||||||||||
Series B, Refunding | 5.000 | % | 11/15/37 | 1,000,000 | 1,018,531 | |||||||||||
New York State Bridge Authority Revenue, Series A | 4.000 | % | 1/1/46 | 725,000 | 689,472 | |||||||||||
New York State Thruway Authority Revenue: | ||||||||||||||||
Series L, Refunding | 5.000 | % | 1/1/31 | 1,750,000 | 1,879,592 | |||||||||||
Series L, Refunding | 5.000 | % | 1/1/32 | 1,250,000 | 1,342,244 | |||||||||||
New York State Transportation Development Corp., Special Facilities Revenue: | ||||||||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000 | % | 1/1/32 | 1,200,000 | 1,236,789 | (d) | ||||||||||
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000 | % | 1/1/33 | 5,100,000 | 5,251,429 | (d) | ||||||||||
Terminal 4 John F. Kennedy International Airport Project, Series A | 5.000 | % | 12/1/25 | 1,120,000 | 1,144,112 | (d) | ||||||||||
Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding | 5.000 | % | 12/1/37 | 2,500,000 | 2,628,917 | |||||||||||
Port Authority of New York & New Jersey Revenue: | ||||||||||||||||
Consolidated Series 185 | 5.000 | % | 9/1/25 | 2,000,000 | 2,019,983 | (d) | ||||||||||
Consolidated Series 185 | 5.000 | % | 9/1/26 | 5,935,000 | 5,981,623 | (d) | ||||||||||
Consolidated Series 193, Refunding | 5.000 | % | 10/15/30 | 8,000,000 | 8,140,436 | (d) | ||||||||||
Consolidated Series 226, Refunding | 5.000 | % | 10/15/37 | 1,250,000 | 1,342,387 | (d) | ||||||||||
Puerto Rico Commonwealth Highway & Transportation Authority Revenue: | ||||||||||||||||
CAB, Restructured, Series B | 0.000 | % | 7/1/32 | 70,000 | 45,062 | |||||||||||
Restructured, Series A | 5.000 | % | 7/1/62 | 80,000 | 78,900 | |||||||||||
See Notes to Schedule of Investments.
Western Asset Intermediate Maturity New York Municipals Fund 2023 Quarterly Report |
5 |
WESTERN ASSET INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
| Schedule of investments (unaudited) (cont’d) | August 31, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Transportation - (continued) | ||||||||||||||||
Triborough Bridge & Tunnel Authority, NY, Revenue, General-MTA Bridges & Tunnels, Series A | 5.000 | % | 11/15/49 | $ | 3,000,000 | $ | 3,142,425 | |||||||||
|
| |||||||||||||||
Total Transportation | 46,011,637 | |||||||||||||||
|
| |||||||||||||||
Water & Sewer - 7.3% | ||||||||||||||||
Buffalo, NY, Municipal Water Finance Authority, Water System Revenue: | ||||||||||||||||
Series A, Refunding | 5.000 | % | 7/1/26 | 900,000 | 925,817 | |||||||||||
Series A, Refunding | 5.000 | % | 7/1/27 | 1,000,000 | 1,028,864 | |||||||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: | ||||||||||||||||
Second General Resolution Fiscal 2023, Series DD, Refunding | 4.125 | % | 6/15/46 | 2,000,000 | 1,955,825 | |||||||||||
Second General Resolution Fiscal 2023, Series DD, Refunding | 4.125 | % | 6/15/47 | 3,000,000 | 2,925,537 | |||||||||||
Second General Resolution, Series CC-1, Refunding | 5.000 | % | 6/15/46 | 2,500,000 | 2,570,734 | |||||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A, Refunding | 5.000 | % | 7/1/47 | 500,000 | 480,454 | (a) | ||||||||||
Western Nassau County, NY, Water Authority, Water System Revenue: | ||||||||||||||||
Green Bonds, Series A | 4.000 | % | 4/1/41 | 450,000 | 437,713 | |||||||||||
Green Bonds, Series A | 4.000 | % | 4/1/46 | 1,000,000 | 955,291 | |||||||||||
|
| |||||||||||||||
Total Water & Sewer | 11,280,235 | |||||||||||||||
|
| |||||||||||||||
TOTAL MUNICIPAL BONDS | 140,823,563 | |||||||||||||||
|
| |||||||||||||||
| MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST(h) - 1.0% |
| |||||||||||||||
Water & Sewer - 1.0% | ||||||||||||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2023, Subseries AA-3, Refunding (Cost - $1,514,742) | 5.000 | % | 6/15/47 | 1,435,000 | 1,527,124 | |||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS |
| 142,350,687 | ||||||||||||||
|
| |||||||||||||||
See Notes to Schedule of Investments.
6 | Western Asset Intermediate Maturity New York Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
| Schedule of investments (unaudited) (cont’d) | August 31, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
| SHORT-TERM INVESTMENTS - 7.9% | ||||||||||||||||
| MUNICIPAL BONDS - 7.9% | ||||||||||||||||
Education - 1.0% | ||||||||||||||||
New York State Dormitory Authority Revenue: | ||||||||||||||||
Cornell University, Series B, SPA - Bank of New York Mellon | 3.990 | % | 7/1/33 | $ | 905,000 | $ | 905,000 | (i)(j) | ||||||||
Non-State Supported Debt, Rockefeller University, Series A2, SPA - JPMorgan Chase & Co. | 4.000 | % | 7/1/32 | 600,000 | 600,000 | (i)(j) | ||||||||||
|
| |||||||||||||||
Total Education | 1,505,000 | |||||||||||||||
|
| |||||||||||||||
General Obligations - 3.5% | ||||||||||||||||
New York City, NY, GO: | ||||||||||||||||
Subseries D-4, LOC - TD Bank N.A. | 3.900 | % | 8/1/40 | 5,200,000 | 5,200,000 | (i)(j) | ||||||||||
Subseries G-6, LOC - Mizuho Bank Ltd. | 3.890 | % | 4/1/42 | 150,000 | 150,000 | (i)(j) | ||||||||||
|
| |||||||||||||||
Total General Obligations | 5,350,000 | |||||||||||||||
|
| |||||||||||||||
Housing: Multi-Family - 1.2% | ||||||||||||||||
New York City, NY, HDC: | ||||||||||||||||
MFH Revenue, Beacon Mews Development, Series A, LOC - Citibank N.A. | 3.950 | % | 4/1/39 | 700,000 | 700,000 | (d)(i)(j) | ||||||||||
Multi-Family Mortgage Revenue, The Dorado Apartments, Series A, LOC - Citibank N.A. | 4.000 | % | 6/1/40 | 700,000 | 700,000 | (d)(i)(j) | ||||||||||
New York State HFA Revenue, East 39th Street, Series A, LIQ - FNMA, LOC - FNMA | 3.950 | % | 11/15/31 | 500,000 | 500,000 | (d)(i)(j) | ||||||||||
|
| |||||||||||||||
Total Housing: Multi-Family | 1,900,000 | |||||||||||||||
|
| |||||||||||||||
Power - 0.1% | ||||||||||||||||
New York State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co. of New York Inc. Project, Subseries C-2, LOC - Mizuho Bank Ltd. | 4.080 | % | 11/1/39 | 200,000 | 200,000 | (d)(i)(j) | ||||||||||
|
| |||||||||||||||
State General Obligation - 0.3% | ||||||||||||||||
New York City, NY, GO, Subseries F-6, SPA - JPMorgan Chase & Co. | 4.000 | % | 6/1/44 | 400,000 | 400,000 | (i)(j) | ||||||||||
|
| |||||||||||||||
Tax Allocation - 0.4% | ||||||||||||||||
New York City, NY, TFA, Future Tax Secured Revenue: | ||||||||||||||||
Subseries A-3, SPA - Mizuho Bank Ltd. | 3.980 | % | 8/1/43 | 300,000 | 300,000 | (i)(j) | ||||||||||
Subseries A-4, Refunding, SPA - TD Bank N.A. | 3.900 | % | 11/1/29 | 350,000 | 350,000 | (i)(j) | ||||||||||
|
| |||||||||||||||
Total Tax Allocation | 650,000 | |||||||||||||||
|
| |||||||||||||||
See Notes to Schedule of Investments.
Western Asset Intermediate Maturity New York Municipals Fund 2023 Quarterly Report |
7 |
WESTERN ASSET INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
| Schedule of investments (unaudited) (cont’d) | August 31, 2023 |
(Percentages shown based on Fund net assets)
SECURITY | RATE | MATURITY DATE | FACE AMOUNT | VALUE | ||||||||||||
Water & Sewer - 1.4% | ||||||||||||||||
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. | 3.850 | % | 6/15/33 | $ | 1,555,000 | $ | 1,555,000 | (i)(j) | ||||||||
Second General Resolution Fiscal 2009, Series BB-2, Refunding, SPA - UBS AG | 4.050 | % | 6/15/39 | 100,000 | 100,000 | (i)(j) | ||||||||||
Second General Resolution Fiscal 2016, Series AA-1, Refunding, SPA - Bank of America N.A. | 3.920 | % | 6/15/48 | 155,000 | 155,000 | (i)(j) | ||||||||||
Second General Resolution Fiscal 2016, Series AA-2, Refunding, SPA - PNC Bank N.A. | 4.050 | % | 6/15/48 | 400,000 | 400,000 | (i)(j) | ||||||||||
|
| |||||||||||||||
Total Water & Sewer | 2,210,000 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 12,215,000 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 99.7% | 154,565,687 | |||||||||||||||
TOB Floating Rate Notes - (0.6)% | (955,000 | ) | ||||||||||||||
Other Assets in Excess of Other Liabilities - 0.9% | 1,446,894 | |||||||||||||||
|
| |||||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 155,057,581 | ||||||||||||||
|
| |||||||||||||||
| * | Non-income producing security. |
| (a) | 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. |
| (b) | Maturity date shown represents the mandatory tender date. |
| (c) | 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. |
| (d) | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”). |
| (e) | The coupon payment on this security is currently in default as of August 31, 2023. |
| (f) | The maturity principal is currently in default as of August 31, 2023. |
| (g) | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| (h) | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust. |
| (i) | Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System. |
| (j) | 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.
8 | Western Asset Intermediate Maturity New York Municipals Fund 2023 Quarterly Report |
WESTERN ASSET INTERMEDIATE MATURITY NEW YORK MUNICIPALS FUND
| Schedule of investments (unaudited) (cont’d) | August 31, 2023 |
(Percentages shown based on Fund net assets)
Abbreviation(s) used in this schedule:
| AGM | — Assured Guaranty Municipal Corporation — Insured Bonds | |
| CAB | — Capital Appreciation Bonds | |
| FNMA | — Federal National Mortgage Association | |
| GO | — General Obligation | |
| GTD | — Guaranteed | |
| HDC | — Housing Development Corporation | |
| HFA | — Housing Finance Agency | |
| LIQ | — Liquidity Facility | |
| LOC | — Letter of Credit | |
| MFH | — Multi-Family Housing | |
| MTA | — Metropolitan Transportation Authority | |
| SPA | — Standby Bond Purchase Agreement — Insured Bonds | |
| TFA | — Transitional Finance Authority | |
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
Western Asset Intermediate Maturity New York Municipals Fund 2023 Quarterly Report |
9 |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Intermediate Maturity New York Municipals Fund (the “Fund”) is a separate non-diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.
Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
10 |
Notes to Schedule of Investments (unaudited) (continued)
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board 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 Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
11 |
Notes to Schedule of Investments (unaudited) (continued)
The following is a summary of the inputs used in valuing the Fund’s 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 | — | $ | 140,823,563 | — | $ | 140,823,563 | ||||||||||
Municipal Bonds Deposited in Tender Option Bond Trust | — | 1,527,124 | — | 1,527,124 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | — | 142,350,687 | — | 142,350,687 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments† | — | 12,215,000 | — | 12,215,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | — | $ | 154,565,687 | — | $ | 154,565,687 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
12 |