NPORT-EX 2 LMF3900WAInterMuniFd.htm

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
MUNICIPAL BONDS - 133.2%                    
Alabama - 1.8%                    
Jefferson County, AL, Sewer Revenue, Subordinated Lien Warrants, Series D   5.000%   10/1/21   $1,500,000   $1,589,565 
Lower Alabama Gas District, Natural Gas Revenue, Project #2   4.000%   12/1/25    500,000    573,710 (a)(b)
Tuscaloosa County, AL, IDA Revenue, Hunt Refining Project, Series A, Refunding   4.500%   5/1/32    500,000    580,520(c)
Total Alabama                  2,743,795 
Alaska - 0.2%                    
Alaska State Housing Finance Corp., State Capital Project, Series B   4.000%   12/1/36    250,000    301,655 
Arizona - 3.1%                    
Chandler, AZ, IDA Revenue, Intel Corp. Project   5.000%   6/3/24    1,300,000    1,510,379 (a)(b)(d)
La Paz County, AZ, IDA, Lease Revenue, Charter School Solutions Harmony Public Schools Project   5.000%   2/15/38    500,000    593,490 
Navajo Nation, AZ, Series A, Refunding   5.000%   12/1/25    250,000    281,937(c)
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Junior Lien, Refunding   5.000%   7/1/27    1,000,000    1,175,610 
Pinal County, AZ, Electrical District #3, Electric System Revenue, Refunding   4.000%   7/1/23    1,000,000    1,040,420 
Total Arizona                  4,601,836 
California - 22.9%                    
Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding   5.000%   10/1/34    500,000    613,610 
Anaheim, CA, Public Financing Authority Lease, Refunding, Series A   5.000%   5/1/26    2,000,000    2,349,160 
Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1, (SIFMA                    
Municipal Swap Index Yield + 1.100%)   2.250%   4/1/24    2,000,000    2,068,800 (a)(b)
California State MFA Revenue:                    
Senior Lien, LINXS APM Project, Series A   5.000%   12/31/34    350,000    438,343(d)
Senior Lien, LINXS APM Project, Series A   5.000%   12/31/43    400,000    490,876(d)
California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project   4.000%   7/15/29    250,000    300,313(d)
California State PCFA Water Furnishing Revenue, Poseidon Resources   5.000%   7/1/27    2,000,000    2,198,700 (c)(d)
California State, GO, Bid Group C, Refunding   5.000%   8/1/33    1,000,000    1,250,960 
California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A   5.600%   1/15/36    555,000    603,901(c)

 

See Notes to Schedule of Investments.

 

1

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
California - continued                    
Golden State, CA, Tobacco Securitization Corp. Revenue, Tobacco Settlement Funded, Series A-1, Refunding   5.000%   6/1/34   $1,500,000   $1,915,185 
Long Beach, CA, Bond Finance Authority Lease Revenue, Series A, Refunding   5.000%   8/1/31    1,855,000    2,038,905 
Los Angeles County, CA, MTA, Sales Tax Revenue, Senior Proposition C, Series B   5.000%   7/1/35    1,000,000    1,325,860 
Los Angeles County, CA, Public Works Financing Authority, Lease Revenue, Multiple Capital Projects II   5.000%   8/1/22    1,000,000    1,104,680 
Los Angeles, CA, Department of Airports Revenue, Subordinated, Los Angeles International Airport, Series D   5.000%   5/15/36    1,200,000    1,547,916(d)
Los Angeles, CA, Department of Water & Power, Power System Revenue, Series C   5.000%   7/1/37    750,000    959,527 
Modesto, CA, Irrigation District, Electric System Revenue:                    
Series A, Refunding   5.000%   7/1/24    4,130,000    4,362,023 
Series A, Refunding   5.000%   7/1/25    2,000,000    2,112,080 
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A   5.000%   10/1/42    100,000    119,960(c)
M-S-R Energy Authority, CA, Natural Gas Revenue, Series B   6.125%   11/1/29    2,980,000    3,891,969 
River Islands, CA, Public Financing Authority Special Tax, Community Facilities District No. 2003-1, Refunding   5.250%   9/1/34    430,000    470,992 
Riverside, CA, Electric Revenue:                    
Series A, Refunding   5.000%   10/1/36    750,000    1,004,880 
Series A, Refunding   5.000%   10/1/43    250,000    325,142 
Riverside, CA, Sewer Revenue, Series A, Refunding   5.000%   8/1/35    750,000    990,165 
San Bernardino City, CA, Unified School District, COP, School Financing Project, AGM   5.000%   10/1/35    250,000    321,503 
San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Company LLC, Series A, Refunding   5.000%   1/1/33    645,000    834,811(d)

 

See Notes to Schedule of Investments.

 

2

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
California - continued                    
Stockton, CA, PFA Wastewater Revenue, Bond Anticipation Notes, Series 2019   1.400%   6/1/22   $150,000   $150,501 
Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A   5.000%   6/1/25    250,000    300,678 
Total California                  34,091,440 
Colorado - 4.8%                    
Base Village Metropolitan District #2, CO, GO, Series A, Refunding   5.500%   12/1/36    500,000    532,640 
Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-2   5.000%   8/1/44    500,000    622,500 
Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. Project, Refunding   5.000%   10/1/32    100,000    110,562(d)
E-470 Public Highway Authority Revenue, CO, Series C, Refunding   5.250%   9/1/25    2,000,000    2,043,660 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008   6.125%   11/15/23    3,290,000    3,648,873 
Vauxmont Metropolitan District, CO, GO, Subordinate Limited Tax, Series 2019, Refunding, AGM   5.000%   12/15/28    125,000    146,948 
Total Colorado                  7,105,183 
Connecticut - 1.2%                    
Connecticut State HEFA Revenue, Sacred Heart University Issue, Series I-1, Refunding   5.000%   7/1/36    250,000    310,000 
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A   5.000%   1/1/37    500,000    621,265 
Connecticut State, GO:                    
Series A   5.000%   4/15/30    400,000    525,344 
Series E   5.000%   10/15/34    210,000    257,078 
Total Connecticut                  1,713,687 
District of Columbia - 1.0%                    
District of Columbia Revenue:                    
Ingleside Rock Creek Project, Series A   4.125%   7/1/27    140,000    149,113 
Series A   5.000%   3/1/38    750,000    1,002,622(e)
District of Columbia Water & Sewer Authority Revenue, Subordinated Lien, Series C   1.750%   10/1/24    350,000    360,903 (a)(b)
Total District of Columbia                  1,512,638 

 

See Notes to Schedule of Investments.

 

3

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
Florida - 7.1%                
Broward County, FL, Airport System Revenue, Series 2017   5.000%   10/1/36   $250,000   $311,177(d)
Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A   6.000%   6/15/35    150,000    168,861(c)
Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding   5.000%   10/1/27    545,000    651,804 
Jacksonville, FL, Sales Tax Revenue, Better Jacksonville, Refunding   5.000%   10/1/30    1,500,000    1,654,980 
Miami-Dade County, FL, Aviation Revenue:                    
Series A, Refunding   5.000%   10/1/31    4,000,000    4,408,280 (d)(f)
Series A, Refunding   5.000%   10/1/32    1,000,000    1,102,070 (d)(f)
Miami-Dade County, FL, Expressway Authority Toll System Revenue, Series B, Refunding   5.000%   7/1/26    1,500,000    1,754,715 
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children’s Hospital, Refunding   5.000%   8/1/36    250,000    308,232 
Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding   5.000%   8/1/36    250,000    284,323 
Total Florida                  10,644,442 
Georgia - 0.6%                    
Main Street Natural Gas Inc., GA, Gas Supply Revenue, Series A   5.000%   5/15/33    250,000    319,023 
Private Colleges & Universities Authority, GA, Revenue, Savannah College of Art & Design Inc. Project   5.000%   4/1/28    500,000    580,840 
Total Georgia                  899,863 
Illinois - 17.3%                    
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax, Series 2018   5.000%   4/1/38    500,000    597,870 
Chicago, IL, Board of Education, GO:                    
Dedicated, Series G, Refunding   5.000%   12/1/34    270,000    330,164 
Series C, Refunding   5.000%   12/1/24    250,000    290,215 
Chicago, IL, GO:                    
Series A   5.000%   1/1/40    600,000    730,608 
Series A, Refunding   5.000%   1/1/26    500,000    590,200 
Series B, Refunding   5.500%   1/1/30    1,000,000    1,177,240 
Series C, Refunding   5.000%   1/1/25    500,000    576,225 

 

See Notes to Schedule of Investments.

 

4

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
Illinois - continued                    
Chicago, IL, Metropolitan Water Reclamation District Greater Chicago, GO, Green Bond, Series B   5.000%   12/1/29   $850,000   $1,010,879 
Chicago, IL, O’Hare International Airport Revenue:                    
Senior Lien, Series D   5.250%   1/1/36    500,000    626,010 
Senior Lien, Series D   5.250%   1/1/37    400,000    500,228 
Series A, Refunding   5.000%   1/1/31    1,750,000    2,038,417(d)
Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding   5.000%   1/1/36    600,000    721,518 
Chicago, IL, Waterworks Revenue:                    
Second Lien, Series 2017, Refunding   5.000%   11/1/29    500,000    628,305 
Second Lien, Series 2017-2, Refunding, AGM   5.000%   11/1/32    630,000    786,278 
Illinois State Finance Authority Revenue:                    
Southern Illinois Healthcare Enterprises Inc., Refunding   5.000%   3/1/32    200,000    242,302 
Southern Illinois Healthcare Enterprises Inc., Refunding   5.000%   3/1/34    500,000    602,480 
Illinois State Sports Facilities Authority Revenue, State Tax Supported, Refunding, AGM   5.250%   6/15/30    3,000,000    3,480,270 
Illinois State Toll Highway Authority Revenue:                    
Series C, Refunding   5.000%   1/1/25    650,000    774,183 
Series C, Refunding   5.000%   1/1/26    925,000    1,134,485 
Illinois State University, Auxiliary Facilities System Revenue, Series A, Refunding, AGM   5.000%   4/1/28    100,000    124,396 
Illinois State, GO:                    
Series 2016   5.000%   1/1/35    770,000    905,682 
Series 2016, Refunding   5.000%   2/1/26    600,000    720,930 
Series 2016, Refunding   5.000%   2/1/29    500,000    611,080 
Series A   5.000%   12/1/42    300,000    362,358 
Series A, Refunding   5.000%   10/1/29    1,300,000    1,646,580 
Series C   5.000%   11/1/29    250,000    308,238 
Series D   5.000%   11/1/26    250,000    305,560 
Series D   5.000%   11/1/27    500,000    622,665 
Metropolitan Pier & Exposition Authority, IL, Dedicated State Revenue:                    
McCormick Place Expansion Project, Series A, Refunding   5.000%   6/15/50    1,100,000    1,349,909(e)
McCormick Place Expansion Project, Series B, Refunding   5.000%   12/15/31    250,000    306,790 

 

See Notes to Schedule of Investments.

 

5

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
Illinois - continued                    
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL   6.000%   7/1/29   $1,020,000   $1,357,946 
Sales Tax Securitization Corp., IL, Series A, Refunding   5.000%   1/1/28    250,000    318,420 
Total Illinois                  25,778,431 
Indiana - 5.1%                    
Hammond, IN, Multi-School Building Corp.:                    
First Mortgage Bond, State Intercept Program   5.000%   7/15/34    750,000    937,140 
First Mortgage Bond, State Intercept Program   5.000%   7/15/35    1,035,000    1,289,237 
Indiana State Finance Authority Health System Revenue, Indiana University Health, Series B   2.250%   7/1/25    250,000    267,080 (a)(b)
Indiana State Finance Authority Hospital Revenue, Indiana University Health Obligated Group, Series B, Refunding   1.650%   7/1/22    200,000    202,280 (a)(b)
Indianapolis, IN, Department of Public Utilities Gas Utility Revenue, Second Lien, Series A, Refunding   5.250%   8/15/29    4,000,000    4,597,800 
Valparaiso, IN, Exempt Facility Revenue, Pratt Paper LLC Project   5.875%   1/1/24    295,000    324,512(d)
Total Indiana                  7,618,049 
Iowa - 0.1%                    
Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding   3.125%   12/1/22    150,000    156,116 
Kentucky - 2.1%                    
Kentucky State PEA, Gas Supply Revenue:                    
Series A   4.000%   4/1/24    1,600,000    1,779,664 (a)(b)
Series B   4.000%   1/1/25    1,200,000    1,355,640 (a)(b)
Total Kentucky                  3,135,304 
Louisiana - 4.7%                    
New Orleans, LA, Aviation Board, General Airport Revenue:                    
Series B   5.000%   1/1/29    2,000,000    2,335,720(d)
Series B   5.000%   1/1/30    2,000,000    2,330,620(d)
Port New Orleans Board of Commissioners, Series B, Refunding, AGM   5.000%   4/1/38    1,625,000    1,994,216(d)
St. John the Baptist Parish, LA, State Revenue, Marathon Oil Corp. Project, Refunding   2.200%   7/1/26    300,000    315,648 (a)(b)
Total Louisiana                  6,976,204 

 

See Notes to Schedule of Investments.

 

6

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
Massachusetts - 2.0%                
Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series B-1, Refunding   5.000%   1/1/35   $350,000   $459,683 
Massachusetts State DFA Revenue:                    
Mass General Brigham Issue, Series A-1   5.000%   1/31/30    1,000,000    1,362,440(a)(b)
Partners Healthcare System, Refunding   5.000%   7/1/37    250,000    315,835 
UMass Boston Student Housing Project   5.000%   10/1/28    200,000    244,828 
Massachusetts State Port Authority Revenue, Series A, Refunding   5.000%   7/1/36    500,000    645,470(d)
Total Massachusetts                  3,028,256 
Michigan - 3.0%                    
Detroit, MI, Downtown Development Authority, Tax Increment Revenue, Series A, Refunding, AGM   5.000%   7/1/38    250,000    283,005 
Great Lakes, MI, Water Authority Water Supply System Revenue:                    
Senior Lien, Series C, Refunding   5.000%   7/1/33    800,000    982,352 
Senior Lien, Series C, Refunding   5.000%   7/1/35    350,000    428,529 
Michigan State Finance Authority Ltd. Authority Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding   6.250%   7/1/29    600,000    643,266(c)
Michigan State Finance Authority Revenue:                    
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding   5.000%   7/1/33    275,000    325,297 
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D2, Refunding, AGM   5.000%   7/1/24    1,000,000    1,175,380 
Michigan State Finance Authority, Hospital Revenue, Trinity Health Credit Group, Series A, Refunding   5.000%   12/1/42    250,000    312,508 
Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project   5.000%   12/31/43    300,000    370,554(d)
Total Michigan                  4,520,891 
Missouri - 1.0%                    
Kansas City, MO, Industrial Development Authority, Kansas City International Airport Terminal Modernization Project, Series B   5.000%   3/1/35    750,000    955,267(d)

 

 

See Notes to Schedule of Investments.

 

7

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
Missouri - continued                    
Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services Projects, Series A   5.000%   2/1/34   $150,000   $172,838 
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A   5.000%   9/1/38    300,000    344,451 
Total Missouri                  1,472,556 
Nebraska - 0.5%                    
Central Plains, NE, Energy Project, Gas Project Revenue, Project #3, Series A, Refunding   5.000%   9/1/36    500,000    704,650 
New Jersey - 10.2%                    
Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, AGM   5.000%   11/1/28    1,000,000    1,139,450 
New Jersey State EDA Revenue:                    
School Facilities Construction, Series NN, Refunding   5.000%   3/1/28    2,825,000    3,127,925 
School Facilities Construction, Series NN, Refunding   5.000%   3/1/29    2,175,000    2,405,463 
Transit Transportation Project, Series A   5.000%   11/1/32    750,000    959,422 
New Jersey State EDA, Special Facility Revenue, Port Newark Container Terminal LLC Project, Refunding   5.000%   10/1/37    150,000    179,700(d)
New Jersey State Transportation Trust Fund Authority Revenue:                    
Transportation System, Series A, Refunding   5.000%   12/15/25    1,000,000    1,201,740 
Transportation System, Series B   5.250%   6/15/23    4,000,000    4,228,360(f)
New Jersey State Turnpike Authority Revenue, Series G, Refunding   5.000%   1/1/35    1,000,000    1,274,440 
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding   5.000%   6/1/35    500,000    627,545 
Total New Jersey                  15,144,045 
New York - 12.5%                    
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding   5.000%   2/15/35    1,000,000    1,256,910 
New York State Dormitory Authority, Sales Tax Revenue:                    
Group 2, Series E, Refunding   5.000%   3/15/36    3,500,000    4,566,800 
Group 3, Series E, Refunding   5.000%   3/15/38    1,500,000    1,943,370 
New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding   5.000%   3/15/44    750,000    963,195 

 

See Notes to Schedule of Investments.

 

8

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
New York - continued                    
New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Junior Lien, Series A   5.000%   1/1/36   $1,000,000   $1,215,100 
New York State Thruway Authority, State Personal Income Tax Revenue, Series A   5.000%   3/15/26    200,000    224,928 
New York State Transportation Development Corp., Special Facilities Revenue:                    
American Airlines Inc., John F. Kennedy International Airport Project, Refunding   5.000%   8/1/31    600,000    628,278(d)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project   5.000%   1/1/31    2,050,000    2,552,619(d)
LaGuardia Airport Terminal B Redevelopment Project   5.000%   7/1/30    1,225,000    1,426,953(d)
Niagara Area Development Corp., NY, Solid Waste Disposal Facility Revenue, Covanta Project, Series B, Refunding   3.500%   11/1/24    750,000    791,985(c)
Port Authority of New York & New Jersey Revenue, Consolidated Series 193, Refunding   5.000%   10/15/30    1,500,000    1,810,845(d)
Utility Debt Securitization Authority, NY, Revenue, Restructuring, Series TE   5.000%   12/15/27    1,000,000    1,157,740 
Total New York                  18,538,723 
North Carolina - 1.3%                    
Charlotte, NC, COP, Series P   5.000%   6/1/44    250,000    322,485 
Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport   5.000%   7/1/36    400,000    526,912 
North Carolina State Limited Obligation Revenue, Series A   5.000%   5/1/32    750,000    999,855 
North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding   5.000%   1/1/30    100,000    123,366 
Total North Carolina                  1,972,618 
Ohio - 1.4%                    
American Municipal Power-Ohio Inc., OH, Revenue, AMP Fremont Energy Center Project, Series A, Refunding   5.000%   2/15/29    500,000    648,300 
Buckeye, OH, Tobacco Settlement Financing Authority:                    
Series A-2, Refunding   5.000%   6/1/36    250,000    327,978(e)
Series B-2, Refunding   5.000%   6/1/55    400,000    452,352(e)

 

See Notes to Schedule of Investments.

 

9

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
Ohio - continued                    
Northeast Ohio Regional Sewer District Revenue, Waste Water Improvement, Series 2019, Refunding   4.000%   11/15/36   $250,000   $305,300 
Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding   2.500%   10/1/29    350,000    372,498 (a)(b)(d)
Total Ohio                  2,106,428 
Oklahoma - 0.0%                    
Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A   6.250%   11/1/31    86,511    216*(g)
Oregon - 1.4%                    
Portland, OR, River District Urban Renewal & Redevelopment, Series C   5.000%   6/15/28    570,000    620,673 
Washington Multnomah & Yamhill Counties, OR, School District #1 West Union, GO, Hillsboro, School Board Guaranty   5.000%   6/15/34    500,000    633,390 
Yamhill County, OR, Hospital Authority Revenue:                    
Friendsview Retirement Community, Refunding   5.000%   11/15/31    350,000    399,669 
Friendsview Retirement Community, Refunding   5.000%   11/15/36    325,000    367,523 
Total Oregon                  2,021,255 
Pennsylvania - 2.8%                    
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue   5.000%   6/1/30    200,000    254,188 
Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social Ministries Project, Refunding   5.000%   1/1/27    500,000    575,630 
Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project   2.150%   7/1/24    250,000    260,233 (a)(b)(d)
Pennsylvania State, GO, Refunding   5.000%   7/15/29    750,000    1,010,445 
Philadelphia, PA, Authority for IDR:                    
City Service Agreement Revenue, Rebuild Project   5.000%   5/1/35    500,000    630,435 
Lease Revenue, Refunding   5.000%   10/1/30    250,000    337,502 
Philadelphia, PA, GO, Series B   5.000%   2/1/35    250,000    327,222 

 

See Notes to Schedule of Investments.

 

10

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
Pennsylvania - continued                    
State Public School Building Authority, PA, Lease Revenue:                    
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding   5.000%   6/1/31   $150,000   $184,272 
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding   5.000%   6/1/33    450,000    550,971 
Total Pennsylvania                  4,130,898 
Puerto Rico - 2.5%                    
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A   5.250%   7/1/42    900,000    974,250 
Puerto Rico Electric Power Authority Revenue:                    
Series A   5.050%   7/1/42    75,000    59,906*(g)
Series DDD, Refunding   5.000%   7/1/21    280,000    223,650*(g)
Series TT   5.000%   7/1/37    450,000    359,438*(g)
Series XX   5.250%   7/1/40    270,000    216,338*(g)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:                    
CAB, Restructured, Series A-1   0.000%   7/1/27    220,000    188,192 
CAB, Restructured, Series A-1   0.000%   7/1/46    300,000    89,256 
Restructured, Series A-1   4.750%   7/1/53    100,000    113,212 
Restructured, Series A-1   5.000%   7/1/58    1,275,000    1,462,259 
Total Puerto Rico                  3,686,501 
South Carolina - 0.3%                    
South Carolina State Ports Authority Revenue, Series 2018   5.000%   7/1/36    400,000    502,244(d)
Tennessee - 4.0%                    
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue, Subordinated, Green Bond, Series A   5.000%   7/1/42    300,000    375,468 
Tennessee State Energy Acquisition Corp., Gas Revenue, Series A   5.250%   9/1/23    4,940,000    5,611,494 
Total Tennessee                  5,986,962 
Texas - 10.0%                    
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM   5.000%   2/15/41    250,000    286,160 
Austin, TX, Airport System Revenue, Series 2014   5.000%   11/15/27    1,000,000    1,178,030(d)
El Paso, TX, GO, Series B, Refunding   5.000%   8/15/31    945,000    1,246,276(e)
Harris County, TX, Houston Sports Authority Revenue, Senior Lien, Series A, Refunding, AGM   5.000%   11/15/25    1,000,000    1,187,260 

 

See Notes to Schedule of Investments.

 

11

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
Texas - continued                    
Houston, TX, Public Improvement Project, Series A, Refunding   5.000%   3/1/31   $800,000   $1,047,520 
Houston, TX, Airport System Revenue:                    
Special Facilities, United Airlines Inc., Airport Improvements Project   5.000%   7/15/28    500,000    620,235(d)
Subordinated, Series A   5.000%   7/1/36    1,055,000    1,321,883(d)
Laredo, TX, Waterworks & Sewer System Revenue, Series 2019   5.000%   3/1/33    1,000,000    1,248,790 
Love Field, TX, Airport Modernization Corp., General Airport Revenue, Series 2017   5.000%   11/1/31    90,000    109,810(d)
North Texas Tollway Authority Revenue:                    
First Tier, Series A, Refunding   5.000%   1/1/36    500,000    618,620 
First Tier, Series B, Refunding   5.000%   1/1/34    1,300,000    1,538,628 
Prosper, TX, ISD, Unlimited Tax School Building, PSF-GTD   5.000%   2/15/44    750,000    960,795 
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue, Buckner Senior Living Ventana Project, Series A   6.625%   11/15/37    130,000    158,610 
Texas Public Finance Authority, Lease Revenue, Refunding   4.000%   2/1/36    350,000    418,754 
Texas State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Series 2012   5.000%   12/15/22    2,000,000    2,213,780 
Texas State Water Development Board Revenue, State Water Implementation Fund, Series A   5.000%   10/15/43    600,000    761,238 
Total Texas                  14,916,389 
U.S. Virgin Islands - 0.6%                    
Virgin Islands Public Finance Authority Revenue:                    
Matching Fund Loan, Senior Lien, Series A   5.000%   10/1/29    300,000    301,314 
Subordinated, Matching Fund Loan, Cruzan Project, Series A   6.000%   10/1/39    335,000    335,000 
Subordinated, Matching Fund Loan, Diageo Project, Series A   6.625%   10/1/29    150,000    150,381 
Subordinated, Matching Fund Loan, Diageo Project, Series A   6.750%   10/1/37    100,000    100,192 
Total U.S. Virgin Islands                  886,887 

 

See Notes to Schedule of Investments.

 

12

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
Utah - 0.4%                
Utah Infrastructure Agency, Telecommunications Revenue, Series 2019   5.000%   10/15/26   $250,000   $299,835 
Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE   5.000%   4/15/37    250,000    299,315 
Total Utah                  599,150 
Virginia - 2.7%                    
Virginia Beach, VA, Development Authority, Residential Care Facility Revenue, Westminster-Canterbury on Chesapeake Bay, Refunding   5.000%   9/1/40    1,250,000    1,477,125 
Virginia State Small Business Financing Authority Revenue:                    
Second Lien, Elizabeth River Crossings OpCo LLC Project   5.000%   1/1/27    2,000,000    2,172,960(d)
Senior Lien, 95 Express Lanes LLC   5.000%   7/1/34    350,000    374,231(d)
Total Virginia                  4,024,316 
Washington - 0.6%                    
Port of Seattle, WA, Revenue, Intermediate Lien, Series 2019   5.000%   4/1/33    500,000    641,360(d)
Washington State Health Care Facilities Authority Revenue, Commonspirit Health, Series B, Refunding   5.000%   8/1/26    250,000    303,105 (a)(b)
Total Washington                  944,465 
West Virginia - 0.3%                    
West Virginia University Revenue, West Virginia Projects, Series B, Refunding   5.000%   10/1/29    300,000    398,271 (a)(b)
Wisconsin - 3.7%                    
Central Brown County, WI, Water Authority System Revenue, Series A, Refunding   5.000%   11/1/35    2,105,000    2,458,661 
La Crosse, WI, Resource Recovery Revenue, Northern States Power Co. Project, Refunding   6.000%   11/1/21    2,000,000    2,155,660(d)
Public Finance Authority, WI, Limited Obligation Pilot Revenue, American Dream @ Meadowlands Project   6.500%   12/1/37    200,000    244,328(c)
Village of Mount Pleasant, WI, Tax Increment Revenue, Series A   5.000%   4/1/43    500,000    621,530 
Total Wisconsin                  5,480,179 
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $181,342,288)		                  198,344,543 

 

See Notes to Schedule of Investments.

 

13

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

       Maturity   Face     
Security  Rate   Date   Amount   Value 
SHORT-TERM INVESTMENTS - 0.3%                    
MUNICIPAL BONDS - 0.3%                    
New York - 0.2%                    
New York State HFA Revenue, 505 West 37th Street Housing, Series B, LOC - Landesbank Hessen-Thueringen   1.220%   5/1/42   $200,000   $200,000 (h)(i)
Pennsylvania - 0.1%                    
Philadelphia, PA, Authority for IDR, Series B, Refunding, LOC - TD Bank N.A.   1.120%   10/1/30    200,000    200,000 (h)(i)
TOTAL MUNICIPAL BONDS
(Cost - $400,000)		                  400,000 

 

       Shares     
MONEY MARKET FUNDS - 0.0%                    
Dreyfus Government Cash Management, Institutional Shares (Cost - $27,177)   1.491%        27,177    27,177 
TOTAL SHORT-TERM INVESTMENTS
(Cost - $427,177)		                  427,177 
TOTAL INVESTMENTS - 133.5%
(Cost - $181,769,465)		                  198,771,720 
Liabilities in Excess of Other Assets - (33.5)%                  (49,835,363)
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%                 $148,936,357 

 

See Notes to Schedule of Investments.

 

14

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

*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)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 Directors.

(d)Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).

(e)Securities traded on a when-issued or delayed delivery basis.

(f)Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.

(g)The coupon payment on these securities is currently in default as of February 29, 2020.

(h)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.

(i)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.

 

15

 

Western Asset Intermediate Muni Fund Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Abbreviations 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
GO — General Obligation
GTD — Guaranteed
HEFA — Health & Educational Facilities Authority
HFA — Housing Finance Agency
IDA — Industrial Development Authority
IDR — Industrial Development Revenue
ISD — Independent School District
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
PEA — Public Energy Authority
PFA — Public Facilities Authority
SIFMA — Securities Industry and Financial Markets Association

 

At February 29, 2020, the Fund had the following open futures contracts:

 

   Number of   Expiration   Notional   Market   Unrealized 
   Contracts   Date   Amount   Value   Depreciation 
Contracts to Sell:                         
U.S. Treasury Ultra Long-Term Bonds   19    6/20  $3,852,900   $3,942,500   $(89,600)

 

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.

 

16

 

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

 

Western Asset Intermediate Muni Fund Inc. (the “Fund”) was incorporated in Maryland on December 19, 1991 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s investment objective is to provide common shareholders a high level of current income exempt from regular federal income taxes consistent with prudent investing. Under normal market conditions, the Fund invests at least 80% of its total assets in municipal obligations. In addition, under normal market conditions, the Fund will invest at least 80% of its total assets in debt securities that are, at the time of investment, rated investment grade by a nationally recognized statistical rating organization or, if unrated, of equivalent quality as determined by the investment manager. For credit ratings purposes, pre-refunded bonds are deemed to be unrated. The subadviser determines the credit quality of prefunded bonds based on the quality of the escrowed collateral and such other factors as the subadviser deems appropriate.

 

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

 

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

 

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies

 

17

 

Notes to Schedule of Investments (unaudited) (continued)

 

adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

 

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

 

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, 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 Directors 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.

 

18

 

Notes to Schedule of Investments (unaudited) (continued)

 

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 – quoted prices in active markets for identical investments

 

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

 

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

 

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

 

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:

 

ASSETS 
           Significant     
       Other Significant   Unobservable     
   Quoted Prices   Observable Inputs   Inputs     

 Description

  (Level 1)   (Level 2)   (Level 3)   Total 
Municipal Bonds†   —   $198,344,543    —   $198,344,543 
Short-Term Investments†:                    
Municipal Bonds   —    400,000    —    400,000 
Money Market Funds  $27,177    —    —    27,177 
Total Short-Term Investments   27,177    400,000    —    427,177 
Total Investments  $27,177   $198,744,543    —   $198,771,720 

 

LIABILITIES 
              Significant     
         Other Significant    Unobservable     
   Quoted Prices     Observable Inputs    Inputs     
Description  (Level 1)     (Level 2)    (Level 3)   Total 
Other Financial Instruments:                      
Futures Contracts  $89,600     —     —   $89,600 

 

†See Schedule of Investments for additional detailed categorizations.

 

19