NPORT-EX 2 LMF3900LM043023.htm

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
MUNICIPAL BONDS - 134.1%
Alabama - 0.6%
Alabama Corrections Institution Finance Authority Revenue, Series A			5.000	%			7/1/42			$	750,000			$	805,534
Alaska - 0.6%
Alaska State Housing Finance Corp. Revenue, State Capital Project, Series B			4.000	%			12/1/36				250,000				252,030
Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset Backed Senior Bonds, Class 1, Series A, Refunding			4.000	%			6/1/39				500,000				475,262
Total Alaska															727,292
Arizona - 3.1%
Arizona State IDA, Education Revenue, Lincoln South Beltway Project			5.000	%			2/1/25				500,000				517,488
Chandler, AZ, IDA Revenue:
Intel Corp. Project			5.000	%			6/3/24				1,000,000				1,005,401	(a)(b)(c)
Intel Corp. Project			5.000	%			9/1/27				500,000				517,263	(a)(b)(c)
La Paz County, AZ, IDA, Lease Revenue, Charter School Solutions Harmony Public Schools Project			5.000	%			2/15/38				500,000				502,804
Navajo Nation, AZ, Revenue, Series A, Refunding			5.000	%			12/1/25				250,000				254,988	(d)
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Junior Lien, Refunding			5.000	%			7/1/27				1,000,000				1,024,429
Total Arizona															3,822,373
California - 15.0%
Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding			5.000	%			10/1/34				500,000				516,490
Anaheim, CA, Public Financing Authority Lease, Series A, Refunding			5.000	%			5/1/26				2,000,000				2,044,992	(e)
Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1 (SIFMA Municipal Swap Index Yield + 1.100%)			4.520	%			4/1/24				2,000,000				2,009,715	(b)(c)
California State Community Choice Financing Authority Revenue, Clean Energy Project, Green Bonds, Series B-1			5.000	%			8/1/29				600,000				631,242	(b)(c)
California State MFA Revenue:
Senior Lien, LINXS APM Project, Series A			5.000	%			12/31/34				350,000				363,900	(a)
Senior Lien, LINXS APM Project, Series A			5.000	%			12/31/43				400,000				401,202	(a)
California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project			4.000	%			7/15/29				250,000				239,519	(a)

See Notes to Schedule of Investments.

Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report         1

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
California - (continued)
California State PCFA Water Furnishing Revenue, Poseidon Resources			5.000	%			7/1/27			$	1,500,000			$	1,507,307	(a)(d)
California State, GO, Various Purpose			5.000	%			3/1/35				500,000				563,718
California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A			5.600	%			1/15/36				555,000				554,967	(d)
Los Angeles, CA, Department of Airports Revenue:
Subordinated, Los Angeles International Airport, Series C, Refunding			4.000	%			5/15/35				700,000				699,264	(a)
Subordinated, Los Angeles International Airport, Series D			5.000	%			5/15/36				1,200,000				1,264,362	(a)
Los Angeles, CA, Department of Water & Power, Power System Revenue, Series C			5.000	%			7/1/37				750,000				804,159
M-S-R Energy Authority, CA, Natural Gas Revenue, Series B			6.125	%			11/1/29				2,675,000				2,949,411
Northern California Energy Authority, Commodity Supply Revenue, Series A			4.000	%			7/1/24				500,000				500,482	(b)(c)
River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1			5.500	%			9/1/37				350,000				341,801
Riverside, CA, Electric Revenue:
Series A, Refunding			5.000	%			10/1/36				750,000				830,261
Series A, Refunding			5.000	%			10/1/43				250,000				269,752
Riverside, CA, Sewer Revenue, Series A, Refunding			5.000	%			8/1/35				750,000				828,297
San Bernardino City, CA, Unified School District, COP, School Financing Project, AGM			5.000	%			10/1/35				250,000				274,476
San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Co. LLC, Series A, Refunding			5.000	%			1/1/33				645,000				689,647	(a)
Sanger, CA, USD Revenue, COP, Capital Projects, Refunding, AGM			5.000	%			6/1/49				250,000				257,361
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				258,654
Total California															18,800,979

See Notes to Schedule of Investments.

    2     Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Colorado - 1.5%
Base Village Metropolitan District #2, CO, GO, Series A, Refunding			5.500	%			12/1/36			$	500,000			$	501,851
Colorado State Health Facilities Authority Revenue, Commonspirit Health Initiatives, Series B-2			5.000	%			8/1/26				250,000				258,610	(b)(c)
Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. Project, Refunding			5.000	%			10/1/32				100,000				97,744	(a)
Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008			6.125	%			11/15/23				940,000				952,748
Vauxmont Metropolitan District, CO, GO, Subordinate Limited Tax, Series 2019, Refunding, AGM			5.000	%			12/15/28				125,000				133,274
Total Colorado															1,944,227
Connecticut - 2.7%
Connecticut State HEFA Revenue, Sacred Heart University Issue, Series I-1, Refunding			5.000	%			7/1/36				250,000				261,737
Connecticut State Special Tax Revenue:
Transportation Infrastructure, Series A			5.000	%			5/1/34				600,000				679,170
Transportation Infrastructure, Series A			5.000	%			1/1/37				500,000				536,426
Connecticut State, GO:
Series A			5.000	%			4/15/39				1,290,000				1,388,075
Series C			4.000	%			6/1/38				250,000				250,954
Series E			5.000	%			10/15/34				210,000				222,994
Total Connecticut															3,339,356
Florida - 5.1%
Broward County, FL, Airport System Revenue, Series 2017			5.000	%			10/1/36				250,000				258,378	(a)
Broward County, FL, Port Facilities Revenue, Series 2022			5.000	%			9/1/37				450,000				481,953	(a)
Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A			6.000	%			6/15/35				150,000				151,480	(d)
Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding			5.000	%			10/1/27				545,000				559,492
Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series E			5.000	%			10/1/43				250,000				256,425	(a)
Miami-Dade County, FL, Aviation Revenue, Series A, Refunding			4.000	%			10/1/36				1,000,000				995,043
Miami-Dade County, FL, Expressway Authority Toll System Revenue, Series B, Refunding			5.000	%			7/1/26				1,500,000				1,525,440

See Notes to Schedule of Investments.

Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report         3

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Florida - (continued)
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children’s Hospital, Refunding			5.000	%			8/1/36			$	250,000			$	259,905
Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding			5.000	%			10/1/47				1,000,000				1,030,095	(a)
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Obligated Group, Series A			5.000	%			10/1/42				250,000				266,314
Presbyterian Retirement Communities, Refunding			5.000	%			8/1/36				250,000				258,650
Palm Beach County, FL, Health Facilities Authority Revenue, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series 2022, Refunding			4.000	%			6/1/31				150,000				138,232
Tampa, FL, Hospital Revenue, H. Lee Moffit Cancer Center Project, Series B			5.000	%			7/1/40				250,000				257,790
Total Florida															6,439,197
Georgia - 1.2%
Georgia State Municipal Electric Authority Power Revenue:
Plant Vogtle Units 3&4, Project M, Series A			5.250	%			7/1/64				200,000				206,993
Plant Vogtle Units 3&4, Project P, Series A			5.500	%			7/1/64				200,000				202,883
Series A, Refunding			5.000	%			1/1/37				250,000				266,430
Main Street Natural Gas Inc., GA, Gas Project Revenue, Series A			5.000	%			5/15/33				250,000				259,216
Private Colleges & Universities Authority, GA, Revenue, Savannah College of Art & Design Inc. Project			5.000	%			4/1/28				500,000				509,507	(e)
Total Georgia															1,445,029
Guam - 0.2%
Guam Government, Business Privilege Tax Revenue, Series F, Refunding			4.000	%			1/1/36				200,000				192,132
Illinois - 19.8%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018			5.000	%			4/1/38				500,000				502,767
Chicago, IL, Board of Education, GO:
Dedicated, Series A			5.000	%			12/1/43				1,000,000				963,654
Dedicated, Series G, Refunding			5.000	%			12/1/34				270,000				275,473
Series C, Refunding			5.000	%			12/1/24				250,000				253,484
Series D			5.000	%			12/1/46				1,500,000				1,427,819

See Notes to Schedule of Investments.

    4     Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Illinois - (continued)
Chicago, IL, GO:
Chicago Works, Series A			5.500	%			1/1/39			$	250,000			$	265,601
Series A			5.000	%			1/1/40				610,000				601,759
Series A, Refunding			5.625	%			1/1/29				500,000				522,463
Series C, Refunding			5.000	%			1/1/25				500,000				507,125
Chicago, IL, Metropolitan Water Reclamation District Greater Chicago, GO, Green Bond, Series B			5.000	%			12/1/29				850,000				878,298	(e)
Chicago, IL, O’Hare International Airport Revenue:
Senior Lien, Series D			5.250	%			1/1/36				500,000				528,256
Senior Lien, Series D			5.250	%			1/1/37				400,000				420,287
Series A, Refunding			5.000	%			1/1/31				1,750,000				1,778,382	(a)
Series C, Refunding			5.000	%			1/1/43				600,000				623,236	(a)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A, Refunding			5.000	%			12/1/45				550,000				567,176
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A			5.000	%			1/1/47				300,000				300,420
Second Lien, Series B, Refunding			5.000	%			1/1/36				600,000				613,927
Chicago, IL, Waterworks Revenue:
Second Lien, Series 2017, Refunding			5.000	%			11/1/29				500,000				523,681
Second Lien, Series 2017-2, Refunding, AGM			5.000	%			11/1/32				630,000				673,197
Cook County, IL, Sales Tax Revenue, Series A, Refunding			5.000	%			11/15/38				315,000				336,536
Illinois State Finance Authority Revenue:
NorthShore University HealthSystem, Refunding, Series A			5.000	%			8/15/33				250,000				282,626
Southern Illinois Healthcare Enterprises Inc., Refunding			5.000	%			3/1/34				500,000				522,551
Illinois State Sports Facilities Authority Revenue,
State Tax Supported, Refunding, AGM			5.250	%			6/15/30				3,000,000				3,046,276
Illinois State University, Auxiliary Facilities
System Revenue, Series A, Refunding, AGM			5.000	%			4/1/28				100,000				108,809
Illinois State, GO:
Series 2016, Refunding			5.000	%			2/1/29				500,000				520,119
Series A			5.000	%			3/1/35				400,000				420,579
Series A			5.000	%			5/1/36				770,000				794,078
Series A			5.000	%			5/1/39				300,000				306,686
Series A, Refunding			5.000	%			10/1/29				1,300,000				1,370,371
Series B, Refunding			5.000	%			9/1/27				600,000				627,979
Series D			5.000	%			11/1/27				300,000				314,439

See Notes to Schedule of Investments.

Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report         5

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Illinois - (continued)
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A, Refunding			4.000	%			12/15/42			$	600,000			$	516,983
McCormick Place Expansion Project, Series A, Refunding			5.000	%			6/15/50				1,200,000				1,171,964
McCormick Place Expansion Project, Series B, Refunding			5.000	%			12/15/31				250,000				258,093
McCormick Place Expansion Project, Series B, Refunding			5.000	%			6/15/42				500,000				500,712
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL			6.000	%			7/1/29				1,020,000				1,148,688
Sales Tax Securitization Corp., IL, Revenue, Series A, Refunding			5.000	%			1/1/28				250,000				269,490
Total Illinois															24,743,984
Indiana - 5.2%
Hammond, IN, Multi-School Building Corp.:
First Mortgage Bond, State Intercept Program			5.000	%			7/15/34				750,000				804,905
First Mortgage Bond, State Intercept Program			5.000	%			7/15/35				1,035,000				1,103,177
Indiana State Finance Authority Revenue:
Marion General Hospital, Series A			4.000	%			7/1/45				250,000				233,401
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A			4.250	%			11/1/30				200,000				194,135
Indianapolis, IN, Department of Public Utilities Gas Utility Revenue, Second Lien, Series A, Refunding			5.250	%			8/15/29				4,000,000				4,038,016
Valparaiso, IN, Exempt Facility Revenue, Pratt Paper LLC Project			5.875	%			1/1/24				100,000				101,483	(a)
Total Indiana															6,475,117
Iowa - 1.0%
Iowa State Finance Authority Revenue:
Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding			5.000	%			12/1/42				750,000				752,815	(b)(c)
Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding			5.000	%			12/1/50				500,000				488,949
Total Iowa															1,241,764

See Notes to Schedule of Investments.

    6     Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Kentucky - 2.2%
Kentucky State PEA, Gas Supply Revenue:
Series A			4.000	%			6/1/26			$	1,200,000			$	1,188,900	(b)(c)
Series C			4.000	%			6/1/25				1,600,000				1,601,230	(b)(c)
Total Kentucky															2,790,130
Louisiana - 5.5%
Lafayette Parish, LA, School Board Sales Tax Revenue, Series 2023			4.000	%			4/1/48				500,000				478,793
New Orleans, LA, Aviation Board, General Airport Revenue:
Series B			5.000	%			1/1/29				2,000,000				2,036,611	(a)
Series B			5.000	%			1/1/30				2,000,000				2,033,931	(a)
Port New Orleans, LA, Board of Commissioners, Revenue, Series B, Refunding, AGM			5.000	%			4/1/38				1,625,000				1,665,881	(a)
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series B-1, Refunding			2.125	%			7/1/24				400,000				388,905	(b)(c)
Marathon Oil Corp. Project, Series B-2, Refunding			2.375	%			7/1/26				300,000				281,006	(b)(c)
Total Louisiana															6,885,127
Maryland - 0.5%
Maryland State EDC, Senior Student Housing Revenue, Morgan State University Project			4.000	%			7/1/40				500,000				451,626
Maryland State Stadium Authority Built to Learn Revenue, Series 2021			4.000	%			6/1/46				250,000				230,541
Total Maryland															682,167
Massachusetts - 3.4%
Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series B-1, Refunding			5.000	%			1/1/35				350,000				386,977
Massachusetts State DFA Revenue:
Boston Medical Center, Series G, Refunding			5.250	%			7/1/48				500,000				523,637
Mass General Brigham Issue, Series A-1			5.000	%			1/31/30				1,000,000				1,113,134	(b)(c)
Northeastern University Issue, Series 2022, Refunding			5.000	%			10/1/42				605,000				671,605
Partners Healthcare System, Refunding			5.000	%			7/1/37				250,000				262,214
UMass Boston Student Housing Project			5.000	%			10/1/28				200,000				204,127
Massachusetts State Port Authority Revenue:
Series A, Refunding			5.000	%			7/1/36				500,000				530,210	(a)
Series E			5.000	%			7/1/46				500,000				518,804	(a)
Total Massachusetts															4,210,708

See Notes to Schedule of Investments.

Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report         7

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Michigan - 2.8%
Detroit, MI, Downtown Development Authority, Tax Increment Revenue, Series A, Refunding, AGM			5.000	%			7/1/38			$	250,000			$	251,427
Great Lakes, MI, Water Authority Water Supply System Revenue:
Senior Lien, Series C, Refunding			5.000	%			7/1/33				800,000				849,727
Senior Lien, Series C, Refunding			5.000	%			7/1/35				350,000				369,405
Michigan State Finance Authority Revenue:
Hospital Revenue, Trinity Health Credit Group, Series A, Refunding			5.000	%			12/1/42				250,000				257,005
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding			5.000	%			7/1/33				275,000				282,775
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D2, Refunding, AGM			5.000	%			7/1/24				1,000,000				1,020,750
Tobacco Settlement Asset-Backed, Series A-1, Refunding			4.000	%			6/1/39				150,000				140,918
Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project			5.000	%			12/31/43				300,000				299,068	(a)
Total Michigan															3,471,075
Missouri - 1.0%
Kansas City, MO, IDA, Airport System Revenue, Kansas City International Airport Terminal Modernization Project, Series B			5.000	%			3/1/35				750,000				790,477	(a)
Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services Projects, Series A			5.000	%			2/1/34				150,000				148,009
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A			5.000	%			9/1/38				300,000				282,997
Total Missouri															1,221,483
Nebraska - 0.8%
Central Plains, NE, Energy Project, Gas Project Revenue, Project #3, Series A, Refunding			5.000	%			9/1/37				500,000				513,508
Omaha Public Power District, NE, Electric System Revenue, Series B, Refunding			4.000	%			2/1/46				500,000				474,636
Total Nebraska															988,144

See Notes to Schedule of Investments.

    8     Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
New Jersey - 11.9%
Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, AGM			5.000	%			11/1/28			$	1,000,000			$	1,029,853
New Jersey State EDA Revenue:
School Facilities Construction, Series NN, Refunding			5.000	%			3/1/28				2,825,000				2,825,000	(e)
School Facilities Construction, Series NN, Refunding			5.000	%			3/1/29				2,175,000				2,175,000	(e)
School Facilities Construction, Series QQQ			5.000	%			6/15/31				500,000				556,358
Special Facility, Port Newark Container Terminal LLC Project, Refunding			5.000	%			10/1/37				150,000				151,092	(a)
Transit Transportation Project, Series A			5.000	%			11/1/32				750,000				821,133
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA			5.000	%			6/15/36				1,000,000				1,072,636
Transportation Program, Series CC			5.000	%			6/15/40				2,000,000				2,108,236
Transportation System, Series A, Refunding			5.000	%			12/15/25				425,000				441,650
Transportation System, Series A, Refunding			5.000	%			12/15/28				575,000				627,552
New Jersey State Turnpike Authority Revenue, Series G, Refunding			5.000	%			1/1/35				1,000,000				1,079,463
New Jersey State, GO, COVID-19 Emergency, Series A			5.000	%			6/1/25				1,400,000				1,457,470
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding			5.000	%			6/1/35				500,000				528,691
Total New Jersey															14,874,134
New York - 17.1%
Brookhaven, NY, Local Development Corp. Revenue, Long Island Community Hospital Project, Series A, Refunding			5.000	%			10/1/32				575,000				624,181
Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter School Project			5.750	%			6/1/52				350,000				354,512	(d)
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding			5.000	%			2/15/35				1,000,000				1,064,984
MTA, NY, Transportation Revenue:
Green Bonds, Series E, Refunding			5.000	%			11/15/28				1,000,000				1,058,207
Series A-2			5.000	%			5/15/30				400,000				424,231	(b)(c)
New York City, NY, GO, Subseries B-1			5.250	%			10/1/43				1,000,000				1,112,637
New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Series A, Refunding, AGM			5.000	%			3/1/29				250,000				274,100
New York City, NY, TFA Revenue Future Tax Secured, Series C			4.000	%			5/1/39				2,200,000				2,178,260

See Notes to Schedule of Investments.

Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report         9

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
New York - (continued)
New York State Dormitory Authority Revenue, Non-State Supported Debt, School District, Series A, AGM			5.000	%			10/1/29			$	750,000			$	835,495
New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 3, Series E, Refunding			5.000	%			3/15/38				1,500,000				1,616,194
New York State Dormitory Authority, State Personal Income Tax Revenue, Series D, Refunding			5.000	%			2/15/41				750,000				805,604
New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Junior Lien, Series A			5.000	%			1/1/41				1,250,000				1,281,957
New York State Thruway Authority, State Personal Income Tax Revenue, Series A			5.000	%			3/15/26				200,000				200,257
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				850,000				880,249	(a)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project			5.000	%			1/1/32				1,200,000				1,238,525	(a)
LaGuardia Airport Terminal B Redevelopment Project			5.000	%			7/1/30				1,225,000				1,240,947	(a)
Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding			5.000	%			12/1/27				500,000				531,389
New York State Urban Development Corp. Revenue:
State Personal Income Tax, Series A			5.000	%			3/15/41				750,000				810,670
State Personal Income Tax, Series C			4.000	%			3/15/45				550,000				521,554
Niagara Area Development Corp., NY, Solid Waste Disposal Facility Revenue, Covanta Project, Series B, Refunding			3.500	%			11/1/24				750,000				731,633	(d)
Port Authority of New York & New Jersey Revenue, Consolidated Series 193, Refunding			5.000	%			10/15/30				1,500,000				1,537,062	(a)
Triborough Bridge & Tunnel Authority, NY, Revenue:
General-MTA Bridges & Tunnels, Series A			5.000	%			11/15/49				1,000,000				1,055,428
Senior Lien-MTA Bridges & Tunnels, Series C-1A			5.000	%			5/15/51				1,000,000				1,071,246
Total New York															21,449,322

See Notes to Schedule of Investments.

    10     Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
North Carolina - 1.2%
Charlotte, NC, COP, Series P, Refunding			5.000	%			6/1/44			$	250,000			$	267,094
Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Refunding			5.000	%			7/1/36				400,000				437,295
North Carolina State Limited Obligation Revenue, Series A			5.000	%			5/1/32				750,000				843,294
Total North Carolina															1,547,683
North Dakota - 0.4%
Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, AGM			3.000	%			12/1/46				700,000				520,774
Ohio - 2.3%
American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center Project, Series A, Refunding			5.000	%			2/15/29				500,000				545,892
Buckeye, OH, Tobacco Settlement Financing Authority Revenue:
Senior Bonds, Series A-2, Refunding			5.000	%			6/1/33				500,000				537,660
Senior Bonds, Series B-2, Refunding			5.000	%			6/1/55				550,000				500,192
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B, Refunding			2.500	%			10/1/29				350,000				306,111	(a)(b)(c)
AMG Vanadium Project, Series 2019			5.000	%			7/1/49				140,000				122,075	(a)
Duke Energy Corp. Project, Series B, Refunding			4.250	%			6/1/27				250,000				248,584	(a)(b)(c)
Ohio State Higher Educational Facility Revenue, Xavier University Project, Refunding			5.000	%			5/1/34				525,000				577,530
Total Ohio															2,838,044
Oregon - 0.6%
Port of Portland, OR, Airport Revenue, Portland International Airport, Series 26C, Refunding			5.000	%			7/1/26				250,000				259,171	(a)
Washington Multnomah & Yamhill Counties, OR, School District #1J West Union, GO, Hillsboro, School Board Guaranty			5.000	%			6/15/34				500,000				538,617
Total Oregon															797,788
Pennsylvania - 5.1%
Bucks County, PA, Water and Sewer Authority, Sewer System Revenue, Series A, AGM			4.000	%			12/1/42				250,000				242,969
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue			5.000	%			6/1/30				200,000				215,329

See Notes to Schedule of Investments.

Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report         11

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Pennsylvania - (continued)
Cumberland County, PA, Municipal Authority Revenue:
Diakon Lutheran Social Ministries, Refunding			5.000	%			1/1/27			$	150,000			$	154,843	(e)
Diakon Lutheran Social Ministries, Refunding			5.000	%			1/1/27				290,000				294,542
Lancaster County, PA, Hospital Authority Revenue, Penn State Health, Series 2021			5.000	%			11/1/46				600,000				622,184
Pennsylvania State Economic Development Financing Authority, Tax-Exempt Private Activity Revenue, The Penndot Major Bridges Package One Project			5.500	%			6/30/41				1,500,000				1,583,101	(a)
Pennsylvania State Turnpike Commission Revenue:
Series A, Refunding			5.000	%			12/1/47				500,000				529,487
Series B			5.000	%			12/1/40				750,000				803,348
Series B, Refunding			5.250	%			12/1/47				250,000				272,948
Philadelphia, PA, Authority for IDR:
City Service Agreement Revenue, Rebuild Project			5.000	%			5/1/35				500,000				536,974
Lease Revenue, Refunding			5.000	%			10/1/30				250,000				282,045
Philadelphia, PA, GO, Series B			5.000	%			2/1/35				250,000				270,628
State Public School Building Authority, PA, Lease Revenue:
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding			5.000	%			6/1/31				150,000				157,004
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding			5.000	%			6/1/33				450,000				469,568
Total Pennsylvania															6,434,970
Puerto Rico - 5.8%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:
Senior Lien, Series A, Refunding			5.000	%			7/1/47				400,000				386,322	(d)
Series B, Refunding			5.000	%			7/1/33				750,000				751,976	(d)
Puerto Rico Commonwealth Highway & Transportation Authority Revenue:
CAB, Restructured, Series B			0.000	%			7/1/32				75,000				46,875
Restructured, Series A			5.000	%			7/1/62				90,000				83,475
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1			0.000	%			7/1/24				3,689				3,462
CAB, Restructured, Series A-1			0.000	%			7/1/33				14,271				8,131
Restructured, Series A-1			5.250	%			7/1/23				6,192				6,210
Restructured, Series A-1			5.375	%			7/1/25				12,350				12,539
Restructured, Series A-1			5.625	%			7/1/27				12,238				12,642
Restructured, Series A-1			5.625	%			7/1/29				12,040				12,563

See Notes to Schedule of Investments.

    12     Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Puerto Rico - (continued)
Restructured, Series A-1			5.750	%			7/1/31			$	11,694			$	12,309
Restructured, Series A-1			4.000	%			7/1/33				11,089				9,936
Restructured, Series A-1			4.000	%			7/1/35				229,968				201,429
Restructured, Series A-1			4.000	%			7/1/37				740,000				632,858
Restructured, Series A-1			4.000	%			7/1/41				111,631				92,215
Restructured, Series A-1			4.000	%			7/1/46				12,097				9,633
Subseries CW			0.000	%			11/1/43				52,371				22,585	(c)
Puerto Rico Electric Power Authority Revenue:
Series A			5.000	%			7/1/42				220,000				153,450	*(f)
Series A			5.050	%			7/1/42				75,000				52,313	*(f)
Series DDD, Refunding			—				7/1/21				280,000				190,750	*(g)
Series TT			5.000	%			7/1/37				450,000				313,875	*(f)
Series XX			5.250	%			7/1/40				400,000				281,000	*(f)
Series ZZ, Refunding			—				7/1/18				250,000				170,938	*(g)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1			0.000	%			7/1/27				220,000				180,338
Restructured, Series A-1			4.550	%			7/1/40				50,000				46,694
Restructured, Series A-2			4.329	%			7/1/40				1,490,000				1,353,966
Restructured, Series A-2A			4.550	%			7/1/40				2,380,000				2,222,615
Total Puerto Rico															7,271,099
South Carolina - 0.7%
South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy Health Inc., Series A, Refunding			4.000	%			12/1/44				500,000				465,480
South Carolina State Ports Authority Revenue, Series 2018			5.000	%			7/1/36				400,000				417,209	(a)
Total South Carolina															882,689
Tennessee - 1.2%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A			4.000	%			2/1/51				750,000				700,789
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue, Subordinated, Green Bonds, Series A			5.000	%			7/1/42				300,000				315,472
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018			4.000	%			11/1/25				500,000				499,708	(b)(c)
Total Tennessee															1,515,969

See Notes to Schedule of Investments.

Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report         13

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Texas - 8.0%
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM			5.000	%			2/15/41			$	250,000			$	256,267
Austin, TX, Airport System Revenue:
Series 2014			5.000	%			11/15/27				1,000,000				1,016,509	(a)
Series 2022			5.000	%			11/15/39				350,000				370,851	(a)
Central Texas Regional Mobility Authority
Revenue, Senior Lien, Series E			5.000	%			1/1/45				500,000				526,918
Harris County, TX, Cultural Education Facilities
Finance Corp., Hospital Revenue, Texas Children’s
Hospital, Series B, Refunding			5.000	%			10/1/31				300,000				338,827	(b)(c)
Harris County, TX, Houston Sports Authority
Revenue, Senior Lien, Series A, Refunding, AGM			5.000	%			11/15/25				1,000,000				1,028,005
Hays, TX, ISD, GO, Unlimited Tax School Building
Bonds, PSF - GTD			4.000	%			2/15/47				300,000				283,673
Houston, TX, Airport System Revenue:
Special Facilities, United Airlines Inc., Airport Improvements Project			5.000	%			7/15/28				500,000				499,688	(a)
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1			4.000	%			7/15/41				500,000				430,992	(a)
Subordinated, Series A			5.000	%			7/1/36				1,055,000				1,096,802	(a)
Laredo, TX, Waterworks & Sewer System
Revenue, Series 2019			5.000	%			3/1/33				1,000,000				1,080,000
Love Field, TX, Airport Modernization Corp.,
General Airport Revenue, Series 2017			5.000	%			11/1/31				90,000				93,719	(a)
Newark, TX, Higher Education Finance Corp.,
Education Revenue, TLC Academy, Series A			4.000	%			8/15/31				250,000				231,952
North Texas Tollway Authority Revenue:
First Tier, Series A, Refunding			5.000	%			1/1/36				500,000				528,775
First Tier, Series B, Refunding			5.000	%			1/1/34				1,300,000				1,345,376
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas			5.000	%			10/1/37				500,000				541,093
Texas State Public Finance Authority, Lease Revenue, Refunding			4.000	%			2/1/36				350,000				355,959
Total Texas															10,025,406

See Notes to Schedule of Investments.

    14     Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Utah - 0.6%
Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE			5.000	%			4/15/37			$	250,000			$	255,874
Utah State Infrastructure Agency, Telecommunications Revenue:
Series 2019			5.000	%			10/15/25				470,000				469,799
Series 2021			4.000	%			10/15/36				100,000				86,428
Total Utah															812,101
Virginia - 2.6%
Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding			5.000	%			7/1/35				200,000				218,842
Virginia Beach, VA, Development Authority, Residential Care Facility Revenue, Westminster- Canterbury on Chesapeake Bay, Refunding			5.000	%			9/1/40				1,250,000				1,180,338
Virginia State Small Business Financing Authority Revenue:
Senior Lien, 95 Express Lanes LLC Project, Refunding			5.000	%			1/1/38				1,250,000				1,283,079	(a)
Senior Lien, I-495 Hot Lanes Project, Refunding			5.000	%			6/30/42				250,000				255,460	(a)
The Obligated Group of National Senior Campuses Inc., Series A, Refunding			5.000	%			1/1/31				250,000				269,193
Total Virginia															3,206,912
Washington - 1.7%
Port of Seattle, WA, Intermediate Lien Revenue:
Series 2019			5.000	%			4/1/33				500,000				539,109	(a)
Series B, Refunding			5.000	%			8/1/37				1,000,000				1,077,360	(a)
Washington State Health Care Facilities Authority Revenue:
Seattle Cancer Care Alliance, Refunding			5.000	%			12/1/29				170,000				185,118
Seattle Cancer Care Alliance, Refunding			5.000	%			9/1/38				300,000				314,109
Total Washington															2,115,696
Wisconsin - 2.7%
Central Brown County, WI, Water Authority System Revenue, Series A, Refunding			5.000	%			11/1/35				2,105,000				2,159,115
Public Finance Authority, WI, Revenue, Carmelite System Inc., Obligated Group, Series 2020, Refunding			5.000	%			1/1/40				150,000				146,816
Village of Mount Pleasant, WI, Tax Increment Revenue, Series A			5.000	%			4/1/43				500,000				525,260
Wisconsin State HEFA Revenue, Bellin Memorial Hospital, Inc., Series A			5.000	%			12/1/43				500,000				518,970
Total Wisconsin															3,350,161
TOTAL MUNICIPAL BONDS (Cost - $171,983,005)															167,868,566

See Notes to Schedule of Investments.

Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report         15

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

(Percentages shown based on Fund net assets)

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST(h) - 2.9%
New York - 2.9%
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2023, Subseries AA-3, Refunding			5.000	%			6/15/47			$	1,625,000			$	1,752,844
New York State Dormitory Authority, State Personal Income Tax Revenue, General Purpose Bonds, Series A			4.000	%			3/15/45				1,925,000				1,833,539
TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST (Cost - $3,643,876)															3,586,383
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $175,626,881)															171,454,949
SHORT-TERM INVESTMENTS - 1.2%
MUNICIPAL BONDS - 1.2%
California - 0.1%
San Francisco, CA, City & County Airport Commission, International Airport Revenue, Second Series A, Refunding, LOC - Bank of America N.A.			2.550	%			5/1/30				100,000				100,000	(a)(i)(j)
Nevada - 0.9%
Nevada State Housing Division, Multi Unit Housing Revenue, Series A, LIQ - FNMA, LOC - FNMA			3.450	%			4/15/33				1,200,000				1,200,000	(a)(i)(j)
North Carolina - 0.2%
North Carolina Educational Facilities Finance Agency Revenue, Duke University, Series A			3.350	%			6/1/27				200,000				200,000	(i)(j)
TOTAL MUNICIPAL BONDS (Cost - $1,500,000)															1,500,000
										SHARES
MONEY MARKET FUNDS - 0.0%††
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $13,028)							4.513	%			13,028				13,028	(k)(l)
TOTAL SHORT-TERM INVESTMENTS (Cost - $1,513,028)															1,513,028
TOTAL INVESTMENTS - 138.2% (Cost - $177,139,909)															172,967,977
Auction Rate Cumulative Preferred Stock, at Liquidation Value - (0.4)%															(500,000	)
Variable Rate Demand Preferred Stock, at Liquidation Value - (37.9)%															(47,400,000	)
TOB Floating Rate Notes - (1.6)%															(2,050,000	)
Other Assets in Excess of Other Liabilities - 1.7%															2,159,433
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%														$	125,177,410

See Notes to Schedule of Investments.

    16     Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

†† Represents less than 0.1%.

* Non-income producing security.

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

(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) 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.

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

(f) The coupon payment on this security is currently in default as of February 28, 2023.

(g) The maturity principal is currently in default as of February 28, 2023.

(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.

(k) Rate shown is one-day yield as of the end of the reporting period.

(l) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2023, the total market value of investments in Affiliated Companies was $13,028 and the cost was $13,028 (Note 2).

See Notes to Schedule of Investments.

Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report         17

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

Schedule of investments (unaudited) (cont’d) February 28, 2023

Abbreviation(s) used in this schedule:

AGM		— Assured Guaranty Municipal Corporation - Insured Bonds
BAM		— Build America Mutual - Insured Bonds
CAB		— Capital Appreciation Bonds
CDA		— Communities Development Authority
COP		— Certificates of Participation
CSCE		— Charter School Credit Enhancement
DFA		— Development Finance Agency
EDA		— Economic Development Authority
EDC		— Economic Development Corporation
FNMA		— Federal National Mortgage Association
GO		— General Obligation
GTD		— Guaranteed
HEFA		— Health & Educational Facilities Authority
IDA		— Industrial Development Authority
IDR		— Industrial Development Revenue
ISD		— Independent School District
LIQ		— Liquidity Facility
LOC		— Letter of Credit
MFA		— Municipal Finance Authority
MTA		— Metropolitan Transportation Authority
NATL		— National Public Finance Guarantee Corporation - Insured Bonds
PCFA		— Pollution Control Financing Authority
PEA		— Public Energy Authority
PSF		— Permanent School Fund
SD		— School District
SIFMA		— Securities Industry and Financial Markets Association
TFA		— Transitional Finance Authority
USD		— Unified School District

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

    18     Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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 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 Directors.

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Notes to Schedule of Investments (unaudited) (cont’d)

Pursuant to policies adopted by the Board of Directors, 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 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.

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Notes to Schedule of Investments (unaudited) (cont’d)

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

• Level 1 – unadjusted quoted prices in active markets for identical investments

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

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

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

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

ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Long-Term Investments†:
Municipal Bonds			—			$	167,868,566				—			$	167,868,566
Municipal Bonds Deposited in Tender Option Bond Trust			—				3,586,383				—				3,586,383
Total Long-Term Investments			—				171,454,949				—				171,454,949
Short-Term Investments†:
Municipal Bonds			—				1,500,000				—				1,500,000
Money Market Funds		$	13,028				—				—				13,028
Total Short-Term Investments			13,028				1,500,000				—				1,513,028
Total Investments		$	13,028			$	172,954,949				—			$	172,967,977

† See Schedule of Investments for additional detailed categorizations.

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Notes to Schedule of Investments (unaudited) (cont’d)

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended February 28, 2023. The following transactions were effected in such company for the period ended February 28, 2023.

		Affiliate Value at November 30, 2022				Purchased								Sold								Realized Gain (Loss)				Dividend Income				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at February 28, 2023
						Cost				Shares				Proceeds				Shares
Western Asset Premier Institutional Government Reserves, Premium Shares		$	7,792			$	512,690				512,690			$	507,454				507,454				—			$	458				—			$	13,028

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