NPORT-EX 2 LMF3900LM022924.htm HTML

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

SECURITY

    RATE     MATURITY
DATE		      FACE

AMOUNT

      VALUE  
Municipal Bonds - 132.9%           

Alabama - 5.0%

           

Alabama State Corrections Institution Finance Authority Revenue, Series A

      5.000 %      7/1/42      $ 750,000      $ 820,875  

Black Belt Energy Gas District, AL, Gas Project Revenue Bonds:

           

Series D-1, Refunding

      5.500 %      2/1/29        200,000        213,052 (a)(b) 

Series F

      5.500 %      12/1/28        2,000,000        2,125,812 (a)(b) 

Energy Southeast, A Cooperative District Energy, AL, Supply Revenue, Series B-1

      5.750 %      11/1/31        1,000,000        1,112,128 (a)(b) 

Jefferson County, AL, Sewer Revenue, Warrants, Series 2024, Refunding

      5.250 %      10/1/45        1,500,000        1,643,446  

Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, Series A, Refunding

      5.000 %      4/1/31        400,000        423,479  
          

 

 

  

Total Alabama

              6,338,792  
          

 

 

  

Alaska - 0.2%

           

Alaska State Housing Finance Corp. Revenue, State Capital Project, Series B, Refunding

      4.000 %      12/1/36        250,000        254,616  
          

 

 

  

Arizona - 2.3%

           

Chandler, AZ, IDA Revenue:

           

Intel Corp. Project

      5.000 %      9/1/27        500,000        517,317 (a)(b)(c) 

Intel Corp. Project

      3.800 %      6/15/28        500,000        508,931 (a)(b) 

Intel Corp. Project

      4.100 %      6/15/28        250,000        252,520 (a)(b)(c) 

La Paz County, AZ, IDA, Lease Revenue, Charter School Solutions Harmony Public Schools Project

      5.000 %      2/15/38        500,000        506,489  

Navajo Nation, AZ, Revenue, Series A, Refunding

      5.000 %      12/1/25        165,000        166,977 (d) 

Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Junior Lien, Refunding

      5.000 %      7/1/27        1,000,000        1,005,059  
          

 

 

  

Total Arizona

              2,957,293  
          

 

 

  

Arkansas - 0.3%

           

Arkansas State Development Finance Authority, Environmental Improvement Revenue, United States Steel Corporation Project, Green Bonds

      5.700 %      5/1/53        350,000        362,860 (c) 
          

 

 

  

California - 11.3%

           

Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding

      5.000 %      10/1/34        500,000        513,753  

 

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report 

  

 

 

1

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - continued

           

Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1 (SIFMA Municipal Swap Index Yield + 1.100%)

      4.400 %      4/1/24      $ 2,000,000      $  2,000,207 (a)(b) 

California State Community Choice Financing Authority Revenue:

           

Clean Energy Project, Green Bonds, Series B-1

      5.000 %      8/1/29        600,000        632,830 (a)(b) 

Clean Energy Project, Green Bonds, Series B-1

      4.000 %      8/1/31        500,000        502,856 (a)(b) 

California State MFA Revenue:

           

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/34        350,000        360,316 (c) 

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43        400,000        400,032 (c) 

Waste Management, Inc. Project, Series B

      4.800 %      6/2/25        2,000,000        2,011,600 (a)(b)(c) 

California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project

      4.000 %      7/15/29        250,000        246,728 (c) 

California State PCFA Water Furnishing Revenue, Poseidon Resources

      5.000 %      7/1/27        1,250,000        1,255,780 (c)(d) 

California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A

      5.600 %      1/15/36        550,000        550,134 (d) 

Los Angeles, CA, Department of Water & Power, Power System Revenue, Series C

      5.000 %      7/1/37        750,000        801,909  

M-S-R Energy Authority, CA, Natural Gas Revenue, Series B

      6.125 %      11/1/29        2,480,000        2,665,015  

River Islands, CA, Public Financing Authority,

           

Special Tax Revenue:

           

Community Facilities District No 2003-1

      5.500 %      9/1/37        350,000        366,346  

Community Facilities District No 2023-1

      5.500 %      9/1/43        250,000        260,580  

Riverside, CA, Electric Revenue:

           

Series A, Refunding

      5.000 %      10/1/36        750,000        836,836  

Series A, Refunding

      5.000 %      10/1/43        250,000        271,408  

San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Co. LLC, Series A, Refunding

      5.000 %      1/1/33        645,000        693,408 (c) 
          

 

 

  

Total California

              14,369,738  
          

 

 

  

Colorado - 1.7%

           

Base Village Metropolitan District No 2, CO, GO, Series A, Refunding

      5.500 %      12/1/36        500,000        502,148  

Colorado State Health Facilities Authority Revenue, Commonspirit Health Initiatives, Series B-2

      5.000 %      8/1/26        250,000        257,141 (a)(b) 

 

 

 

See Notes to Schedule of Investments.

 

 

 

2

  

 Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Colorado - continued

           

Denver, CO, City & County Airport System Revenue, Subordinated, Series B, Refunding

      5.000 %      11/15/32      $ 1,000,000      $ 1,127,376 (c) 

Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. Project, Refunding

      5.000 %      10/1/32        100,000        99,993 (c) 

Vauxmont Metropolitan District, CO, GO, Subordinate Limited Tax, Series 2019, Refunding, AGM

      5.000 %      12/15/28        125,000        130,376  
          

 

 

  

Total Colorado

              2,117,034  
          

 

 

  

Connecticut - 1.9%

           

Connecticut State HEFA Revenue, Sacred Heart University Issue, Series I-1, Refunding

      5.000 %      7/1/36        250,000        260,672  

Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A

      5.000 %      1/1/37        500,000        535,026  

Connecticut State, GO:

           

Series A

      5.000 %      4/15/39        1,290,000        1,398,518  

Series B

      4.000 %      1/15/41        250,000        257,097  
          

 

 

  

Total Connecticut

              2,451,313  
          

 

 

  

Florida - 6.4%

           

Broward County, FL, Airport System Revenue, Series 2017

      5.000 %      10/1/36        250,000        260,250 (c) 

Broward County, FL, Port Facilities Revenue, Series 2022

      5.000 %      9/1/37        450,000        498,750 (c) 

Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A

      6.000 %      6/15/35        150,000        151,955 (d) 

Florida State Insurance Assistance Interlocal Agency Inc. Revenue, Series A-1

      5.000 %      9/1/26        1,100,000        1,141,346  

Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding

      5.000 %      10/1/27        545,000        553,978  

Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series E

      5.000 %      10/1/43        250,000        258,911 (c) 

Miami-Dade County, FL, Expressway Authority Toll System Revenue, Series B, Refunding

      5.000 %      7/1/26        1,500,000        1,504,953  

Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children’s Hospital, Refunding

      5.000 %      8/1/36        250,000        259,372  

Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding

      5.000 %      10/1/47        1,000,000        1,048,980 (c) 

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report 

  

 

 

3

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Florida - continued

           

Orange County, FL, Health Facilities Authority Revenue, Orlando Health Obligated Group, Series A

      5.000 %      10/1/42      $ 250,000      $ 274,059  

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        143,343  

Pasco County, FL, Capital Improvement, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series A, AGM

      5.750 %      9/1/54        1,825,000        2,051,767  
          

 

 

  

Total Florida

              8,147,664  
          

 

 

  

Georgia - 1.6%

           

Georgia State Municipal Electric Authority, Power Revenue:

           

Plant Vogtle Units 3&4, Project M, Series A

      5.250 %      7/1/64        200,000        211,487  

Plant Vogtle Units 3&4, Project P, Series A

      5.500 %      7/1/64        200,000        211,363  

Main Street Natural Gas Inc., GA, Gas Project Revenue:

           

Series A

      5.000 %      5/15/33        250,000        264,775  

Series B

      5.000 %      6/1/29        1,000,000        1,051,385 (a)(b) 

Series C

      5.000 %      9/1/30        300,000        319,411 (a)(b) 
          

 

 

  

Total Georgia

              2,058,421  
          

 

 

  

Guam - 0.2%

           

Guam Government, Business Privilege Tax

           

Revenue, Series F, Refunding

      4.000 %      1/1/36        200,000        202,098  
          

 

 

  

Illinois - 22.1%

           

Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018

      5.000 %      4/1/38        500,000        516,815  

Chicago, IL, Board of Education, GO:

           

Dedicated, Series A

      5.000 %      12/1/43        1,000,000        1,016,170  

Dedicated, Series G, Refunding

      5.000 %      12/1/34        270,000        275,698  

Series C, Refunding

      5.000 %      12/1/24        250,000        251,320  

Series C, Refunding, AGM

      5.000 %      12/1/32        2,000,000        2,121,593  

Series D

      5.000 %      12/1/46        1,500,000        1,503,021  

Chicago, IL, GO:

           

Chicago Works, Series A

      5.500 %      1/1/39        250,000        273,656  

Series A

      5.500 %      1/1/35        250,000        270,239  

Series A

      5.000 %      1/1/40        610,000        632,424  

Series A, Refunding

      5.625 %      1/1/29        500,000        523,785  

 

 

See Notes to Schedule of Investments.

 

 

 

4

  

 Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report

  

Western Asset Intermediate Muni Fund Inc.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

Security

    Rate     Maturity
Date		      Face
Amount		      Value  

Illinois - continued

           

Series C, Refunding

      5.000 %      1/1/25      $ 500,000      $ 504,964  

Chicago, IL, O’Hare International Airport Revenue:

           

Senior Lien, Series D

      5.250 %      1/1/36        500,000        528,519  

Senior Lien, Series D

      5.250 %      1/1/37        400,000        421,467  

Series A, Refunding

      5.000 %      1/1/31        1,750,000        1,764,172 (c) 

Series C, Refunding

      5.000 %      1/1/43        600,000        635,139 (c) 

Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A, Refunding

      5.000 %      12/1/45        550,000        572,815  

Chicago, IL, Wastewater Transmission Revenue:

           

Second Lien, Series A, AGM

      5.250 %      1/1/58        500,000        541,945  

Second Lien, Series A, Refunding

      5.000 %      1/1/47        300,000        304,941  

Second Lien, Series B, Refunding

      5.000 %      1/1/36        600,000        622,833  

Chicago, IL, Waterworks Revenue, Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/32        630,000        672,673  

Illinois State Finance Authority Revenue, Southern Illinois Healthcare Enterprises Inc., Refunding

      5.000 %      3/1/34        500,000        518,448  

Illinois State Sports Facilities Authority Revenue, State Tax Supported, Refunding, AGM

      5.250 %      6/15/30        3,000,000        3,010,631  

Illinois State Toll Highway Authority Revenue, Series A, Refunding

      5.000 %      1/1/37        500,000        593,348  

Illinois State University, Auxiliary Facilities System Revenue, Series A, Refunding, AGM

      5.000 %      4/1/28        100,000        107,535  

Illinois State, GO:

           

Series 2016, Refunding

      5.000 %      2/1/29        500,000        525,611  

Series A

      5.000 %      5/1/36        770,000        811,806  

Series A

      5.000 %      5/1/39        300,000        313,071  

Series A, Refunding

      5.000 %      10/1/29        1,300,000        1,406,671  

Series B, Refunding

      5.000 %      9/1/27        600,000        635,823  

Series C

      5.000 %      12/1/41        1,250,000        1,366,963  

Series D

      5.000 %      11/1/27        300,000        319,131  

Series D, Refunding

      5.000 %      7/1/34        400,000        453,194  

Metropolitan Pier & Exposition Authority, IL, Revenue:

           

McCormick Place Expansion Project, Series A, Refunding

      4.000 %      12/15/42        600,000        592,821  

McCormick Place Expansion Project, Series A,

           

Refunding

      5.000 %      6/15/50        1,200,000        1,234,047  

McCormick Place Expansion Project, Series B, Refunding

      5.000 %      12/15/31        250,000        264,116  

 

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report 

  

 

 

5

Western Asset Intermediate Muni Fund Inc.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - continued

           

McCormick Place Expansion Project, Series B, Refunding

      5.000 %      6/15/42      $ 500,000      $ 526,630  

McCormick Place Expansion Project, Series B, Refunding, AGM

      0.000 %      12/15/56        500,000        103,107  

Regional Transportation Authority, IL, GO, Series A, Refunding, NATL

      6.000 %      7/1/29        1,020,000        1,135,628  

Sales Tax Securitization Corp., IL, Revenue, Series A, Refunding

      5.000 %      1/1/28        250,000        269,636  
          

 

 

  

Total Illinois

              28,142,406  
          

 

 

  

Indiana - 5.0%

           

Hammond, IN, Multi-School Building Corp.:

           

First Mortgage Bond, State Intercept Program

      5.000 %      7/15/34        750,000        795,794  

First Mortgage Bond, State Intercept Program

      5.000 %      7/15/35        1,035,000        1,095,706  

Indiana State Finance Authority Revenue:

           

Marion General Hospital, Series A

      4.000 %      7/1/45        250,000        232,956  

Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A

      4.250 %      11/1/30        200,000        201,209  

Indianapolis, IN, Department of Public Utilities Gas Utility Revenue, Second Lien, Series A, Refunding

      5.250 %      8/15/29        4,000,000        4,005,822  
          

 

 

  

Total Indiana

              6,331,487  
          

 

 

  

Iowa - 1.0%

           

Iowa State Finance Authority Revenue:

           

Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding

      5.000 %      12/1/42        750,000        792,911 (a)(b) 

Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding

      5.000 %      12/1/50        500,000        526,737  
          

 

 

  

Total Iowa

              1,319,648  
          

 

 

  

Kentucky - 3.0%

           

Kentucky State PEA, Gas Supply Revenue:

           

Series A

      4.000 %      6/1/26        1,200,000        1,199,257 (a)(b) 

Series C

      4.000 %      6/1/25        1,600,000        1,602,446 (a)(b) 

Trimble County, KY, Environmental Facility Revenue, Louisville Gas and Electric Company Project, Series A

      4.700 %      6/1/27        1,000,000        1,011,279 (a)(b)(c) 
          

 

 

  

Total Kentucky

              3,812,982  
          

 

 

  

Louisiana - 5.6%

           

Lafayette Parish, LA, School Board Sales Tax Revenue, Series 2023

      4.000 %      4/1/48        500,000        494,830  

 

 

See Notes to Schedule of Investments.

 

 

 

6

  

 Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Louisiana - continued

           

New Orleans, LA, Aviation Board, General Airport

           

Revenue:

           

Series B

      5.000 %      1/1/29      $ 2,000,000      $  2,019,010 (c) 

Series B

      5.000 %      1/1/30        2,000,000        2,019,471 (c) 

Port New Orleans, LA, Board of Commissioners, Revenue, Series B, Refunding, AGM

      5.000 %      4/1/38        1,625,000        1,683,213 (c) 

St. John the Baptist Parish, LA, State Revenue, Marathon Oil Corp. Project, Series B-2, Refunding

      2.375 %      7/1/26        900,000        860,302 (a)(b) 
          

 

 

  

Total Louisiana

              7,076,826  
          

 

 

  

Maryland - 0.6%

           

Maryland State EDC, Senior Student Housing Revenue, Morgan State University Project

      4.000 %      7/1/40        500,000        480,307  

Maryland State Stadium Authority, Built to Learn Revenue, Series 2021

      4.000 %      6/1/46        250,000        247,812  
          

 

 

  

Total Maryland

              728,119  
          

 

 

  

Massachusetts - 2.0%

           

Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series B-1, Refunding

      5.000 %      1/1/35        350,000        385,428  

Massachusetts State DFA Revenue:

           

Boston Medical Center, Series G, Refunding

      5.250 %      7/1/48        500,000        543,971  

Northeastern University Issue, Series 2022, Refunding

      5.000 %      10/1/42        605,000        682,253  

Partners Healthcare System, Refunding

      5.000 %      7/1/37        250,000        265,938  

UMass Boston Student Housing Project

      5.000 %      10/1/28        200,000        205,829  

Massachusetts State Port Authority Revenue, Series E

      5.000 %      7/1/51        500,000        520,822 (c) 
          

 

 

  

Total Massachusetts

              2,604,241  
          

 

 

  

Michigan - 3.6%

           

Detroit, MI, Downtown Development Authority, Tax Increment Revenue, Series A, Refunding, AGM

      5.000 %      7/1/38        250,000        250,404  

Great Lakes, MI, Water Authority, Water Supply System Revenue:

           

Senior Lien, Series B

      5.000 %      7/1/42        1,000,000        1,133,401  

Senior Lien, Series C, Refunding

      5.000 %      7/1/33        800,000        832,982  

Senior Lien, Series C, Refunding

      5.000 %      7/1/35        350,000        363,806  

Michigan State Finance Authority Revenue:

           

Hospital Revenue, Trinity Health Credit Group, Series A, Refunding

      5.000 %      12/1/42        250,000        259,582  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report 

  

 

 

7

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Michigan - continued

           

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding

      5.000 %      7/1/33      $
 		  
275,000		  
 		    $ 278,636  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D2, Refunding, AGM

      5.000 %      7/1/24        1,000,000        1,004,733  

Tobacco Settlement Asset-Backed, Series A-1, Refunding

      4.000 %      6/1/39        150,000        150,080  

Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project

      5.000 %      12/31/43        300,000        306,212 (c) 
          

 

 

  

Total Michigan

              4,579,836  
          

 

 

  

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        794,376 (c) 

Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services Projects, Series A

      5.000 %      2/1/34        150,000        151,797  

St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A

      5.000 %      9/1/38        300,000        297,557  
          

 

 

  

Total Missouri

              1,243,730  
          

 

 

  

Nebraska - 0.8%

           

Central Plains, NE, Energy Project, Gas Project Revenue, Project No 3, Series A, Refunding

      5.000 %      9/1/37        500,000        534,322  

Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding

      4.000 %      2/1/46        500,000        503,171  
          

 

 

  

Total Nebraska

              1,037,493  
          

 

 

  

New Jersey - 6.3%

           

Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, AGM

      5.000 %      11/1/28        1,000,000        1,013,221  

New Jersey State EDA Revenue, Special Facility, Port Newark Container Terminal LLC Project, Refunding

      5.000 %      10/1/37        1,000,000        1,030,957 (c) 

New Jersey State Transportation Trust Fund Authority Revenue:

           

Transportation Program, Series AA

      5.000 %      6/15/36        1,000,000        1,117,357  

Transportation Program, Series CC

      5.000 %      6/15/40        2,000,000        2,236,621  

Transportation System, Series A, Refunding

      5.000 %      12/15/28        575,000        631,637  

 

See Notes to Schedule of Investments.

 

 

 

8

  

 Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New Jersey - continued

           

New Jersey State, GO, COVID-19 Emergency, Series A

      5.000 %      6/1/25      $ 1,400,000      $  1,432,967  

Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding

      5.000 %      6/1/35        500,000        534,658  
          

 

 

  

Total New Jersey

              7,997,418  
          

 

 

  

New York - 20.5%

           

Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter School Project

      5.750 %      6/1/52        350,000        360,305 (d) 

Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding

      5.000 %      2/15/35        1,000,000        1,059,197  

MTA, NY, Transportation Revenue:

           

Green Bonds, Series E, Refunding

      5.000 %      11/15/28        1,000,000        1,090,835  

Series A-2

      5.000 %      5/15/30        400,000        435,576 (a)(b) 

New York City, NY, GO:

           

Series A

      5.000 %      8/1/43        250,000        278,008  

Subseries B-1

      5.250 %      10/1/43        1,000,000        1,125,798  

New York City, NY, TFA, Future Tax Secured Revenue:

           

Subseries A-1

      5.000 %      5/1/44        2,000,000        2,230,459  

Subseries C-1

      4.000 %      5/1/39        2,200,000        2,244,518  

New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 3, Series E, Refunding

      5.000 %      3/15/38        1,500,000        1,611,485  

New York State Dormitory Authority, State Personal Income Tax Revenue:

           

Series A, Refunding

      5.000 %      3/15/40        750,000        811,943  

Series D, Refunding

      5.000 %      2/15/41        750,000        818,490 (e) 

New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Junior Lien, Series A

      5.000 %      1/1/41        1,250,000        1,276,104  

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        879,824 (c) 

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

      5.000 %      1/1/32        1,200,000        1,240,868 (c) 

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project, Series 2023

      6.000 %      4/1/35        250,000        282,337 (c) 

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report 

  

 

 

9

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - continued

           

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project, Series 2023

      5.625 %      4/1/40      $ 250,000      $ 271,635  (c) 

John F. Kennedy International Airport New Terminal One Project, Green Bonds

      6.000 %      6/30/54        2,000,000        2,202,938  (c) 

LaGuardia Airport Terminal B Redevelopment Project

      5.000 %      7/1/30        1,225,000        1,227,671  (c) 

Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding

      5.000 %      12/1/27        500,000        531,924  

New York State Urban Development Corp., Revenue, State Personal Income Tax, Series C, Refunding

      4.000 %      3/15/45        550,000        539,495  

Niagara Area Development Corp., NY, Solid Waste Disposal Facility Revenue, Covanta Project, Series B, Refunding

      3.500 %      11/1/24        750,000        742,672 (d) 

Port Authority of New York & New Jersey Revenue, Consolidated Series 193, Refunding

      5.000 %      10/15/30        1,500,000        1,522,144  (c) 

Triborough Bridge & Tunnel Authority, NY, Revenue:

           

MTA Bridges & Tunnels, Senior Lien, Series A-1, Refunding

      5.000 %      5/15/51        1,040,000        1,114,924  

MTA Bridges & Tunnels, Senior Lien, Series C, Refunding

      5.000 %      5/15/47        2,000,000        2,180,827  
          

 

 

  

Total New York

              26,079,977  
          

 

 

  

North Carolina - 0.2%

           
          

Charlotte, NC, COP, Series P, Refunding

      5.000 %      6/1/44        250,000        267,225  
          

 

 

  
          

North Dakota - 0.4%

           
          

Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, AGM

      3.000 %      12/1/46        700,000        536,459  
          

 

 

  
          

Ohio - 2.1%

           

American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center Project, Series A, Refunding

      5.000 %      2/15/29        500,000        538,995  

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

           

Senior Bonds, Series A-2, Refunding

      5.000 %      6/1/33        500,000        547,579  

Senior Bonds, Series B-2, Refunding

      5.000 %      6/1/55        550,000        524,897  

Ohio State Air Quality Development Authority Revenue:

           

American Electric Co. Project, Series B, Refunding

      2.500 %      10/1/29        350,000        311,345  (a)(b)(c) 

 

See Notes to Schedule of Investments.

 

 

 

10

  

 Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Ohio - continued

           

AMG Vanadium Project, Series 2019

      5.000 %      7/1/49      $ 500,000      $ 456,468 (c) 

Duke Energy Corp. Project, Series B, Refunding

      4.250 %      6/1/27        250,000        252,574 (a)(b)(c) 
          

 

 

  

Total Ohio

              2,631,858  
          

 

 

  

Pennsylvania - 4.0%

           

Bucks County, PA, Water and Sewer Authority, Sewer System Revenue, Series A, AGM

      4.000 %      12/1/42        250,000        251,728  

Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue

      5.000 %      6/1/30        200,000        215,137  

Cumberland County, PA, Municipal Authority Revenue:

           

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/27        150,000        151,962 (f) 

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/27        290,000        291,845  

Pennsylvania State Economic Development Financing Authority Revenue:

           

Presbyterian Senior Living Project, Series B-2, Refunding

      5.000 %      7/1/42        250,000        257,010  

Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project

      5.500 %      6/30/41        1,500,000        1,681,072 (c) 

Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project

      5.250 %      6/30/53        200,000        213,819 (c) 

Pennsylvania State Turnpike Commission Revenue:

           

Series B

      5.000 %      12/1/45        500,000        540,729  

Series B, Refunding

      5.250 %      12/1/47        250,000        279,423  

Philadelphia, PA, Authority for IDR, City Service Agreement Revenue, Rebuild Project

      5.000 %      5/1/35        500,000        534,579  

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        156,475  

Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding

      5.000 %      6/1/33        450,000        468,945  
          

 

 

  

Total Pennsylvania

              5,042,724  
          

 

 

  

Puerto Rico - 6.0%

           

Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:

           

Senior Lien, Series A, Refunding

      5.000 %      7/1/37        1,500,000        1,550,420 (d) 

Senior Lien, Series A, Refunding

      5.000 %      7/1/47        400,000        403,858 (d) 

Puerto Rico Commonwealth, GO:

           

CAB, Restructured, Series A-1

      0.000 %      7/1/24        1,799        1,775  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report 

  

 

 

11

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Puerto Rico - continued

           

CAB, Restructured, Series A-1

      0.000 %      7/1/33      $ 14,271      $ 9,198  

Restructured, Series A-1

      5.375 %      7/1/25        12,350        12,539  

Restructured, Series A-1

      5.625 %      7/1/27        12,238        12,929  

Restructured, Series A-1

      5.625 %      7/1/29        12,040        13,059  

Restructured, Series A-1

      5.750 %      7/1/31        11,694        13,060  

Restructured, Series A-1

      4.000 %      7/1/33        11,089        10,894  

Restructured, Series A-1

      4.000 %      7/1/35        229,968        223,220  

Restructured, Series A-1

      4.000 %      7/1/37        740,000        706,760  

Restructured, Series A-1

      4.000 %      7/1/41        111,631        103,687  

Restructured, Series A-1

      4.000 %      7/1/46        12,097        10,933  

Subseries CW

      0.000 %      11/1/43        49,029        28,743 (b) 

Puerto Rico Electric Power Authority Revenue:

           

Series A

      5.000 %      7/1/42        220,000        58,300 *(g) 

Series A

      5.050 %      7/1/42        75,000        19,875 *(g) 

Series DDD, Refunding

      —       7/1/21        280,000        73,500 *(h) 

Series TT

      5.000 %      7/1/37        450,000        119,250 *(g) 

Series XX

      5.250 %      7/1/40        400,000        106,000 *(g) 

Series ZZ, Refunding

      —       7/1/18        250,000        65,625 *(h) 

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27        220,000        195,070  

Restructured, Series A-1

      4.550 %      7/1/40        50,000        50,388  

Restructured, Series A-2

      4.329 %      7/1/40        1,490,000        1,483,188  

Restructured, Series A-2A

      4.550 %      7/1/40        2,380,000        2,398,451  
          

 

 

  

Total Puerto Rico

              7,670,722  
          

 

 

  

South Carolina - 0.9%

           

Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries B-2, Refunding (SOFR x 0.670 + 1.900%)

      5.458 %      3/1/31        250,000        257,567 (a)(b) 

South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy Health Inc., Series A, Refunding

      4.000 %      12/1/44        500,000        489,380  

South Carolina State Ports Authority Revenue, Series 2018

      5.000 %      7/1/36        400,000        421,723 (c) 
          

 

 

  

Total South Carolina

              1,168,670  
          

 

 

  

Tennessee - 3.6%

           

Clarksville, TN, Water, Sewer & Gas Revenue, Series A

      4.000 %      2/1/51        750,000        734,286  

 

See Notes to Schedule of Investments.

 

 

 

12

  

 Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Tennessee - continued

           

Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue, Subordinated, Green Bonds, Series A

      5.000 %      7/1/42      $ 300,000      $ 312,353  

Tennessee State Energy Acquisition Corp., Natural Gas Revenue:

           

Series 2018

      4.000 %      11/1/25        500,000        501,582 (a)(b) 

Series A-1, Refunding

      5.000 %      5/1/28        3,000,000        3,103,798 (a)(b) 
          

 

 

  

Total Tennessee

              4,652,019  
          

 

 

  

Texas - 6.2%

           

Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM

      5.000 %      2/15/41        250,000        251,940  

Austin, TX, Airport System Revenue:

           

Series 2014

      5.000 %      11/15/27        1,000,000        1,005,524 (c) 

Series 2022

      5.000 %      11/15/39        350,000        380,494 (c) 

Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E

      5.000 %      1/1/45        500,000        525,843  

Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Texas Children’s Hospital, Series B, Refunding

      5.000 %      10/1/31        300,000        341,853 (a)(b) 

Harris County, TX, Houston Sports Authority Revenue, Senior Lien, Series A, Refunding, AGM

      5.000 %      11/15/25        1,000,000        1,012,248  

Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD

      4.000 %      2/15/47        300,000        301,485  

Houston, TX, Airport System Revenue:

           

Special Facilities, United Airlines Inc., Airport Improvements Project

      5.000 %      7/15/28        500,000        509,977 (c) 

Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1

      4.000 %      7/15/41        500,000        456,370 (c) 

Subordinated, Series A

      5.000 %      7/1/36        1,055,000        1,110,566 (c) 

Love Field, TX, Airport Modernization Corp., General Airport Revenue, Series 2017

      5.000 %      11/1/31        90,000        92,947 (c) 

Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, Series A

      4.000 %      8/15/31        230,000        221,108  

North Texas Tollway Authority Revenue, First Tier, Series B, Refunding

      5.000 %      1/1/34        1,300,000        1,316,500  

Texas State Private Activity Bond Surface Transportation Corp. Revenue, NTE Mobility Partners Segments 3 LLC, Senior Lien, Refunding

      5.500 %      6/30/41        300,000        323,765 (c) 
          

 

 

  

Total Texas

              7,850,620  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report 

  

 

 

13

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

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      $ 256,180  

Utah State Infrastructure Agency, Telecommunications Revenue:

           

Series 2019

      5.000 %      10/15/25        470,000        475,930  

Series 2021

      4.000 %      10/15/36        100,000        96,552  
          

 

 

  

Total Utah

              828,662  
          

 

 

  

Virginia - 3.0%

           

Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding

      5.000 %      7/1/35        200,000        219,895  

Isle of Wight County, VA, EDA Revenue, Riverside Health System, Series 2023, AGM

      5.250 %      7/1/48        250,000        275,212  

Virginia Beach, VA, Development Authority, Residential Care Facility Revenue, Westminster- Canterbury on Chesapeake Bay, Refunding

      5.000 %      9/1/40        1,250,000        1,223,889  

Virginia State Small Business Financing Authority Revenue:

           

Senior Lien, 95 Express Lanes LLC Project, Refunding

      5.000 %      1/1/38        1,250,000        1,337,437 (c) 

Senior Lien, I-495 HOT Lanes Project, Refunding

      5.000 %      12/31/47        500,000        520,233 (c) 

The Obligated Group of National Senior Campuses Inc., Series A, Refunding

      5.000 %      1/1/31        250,000        265,442  
          

 

 

  

Total Virginia

              3,842,108  
          

 

 

  

Washington - 0.9%

           
          

 

 

  

Port of Seattle, WA, Intermediate Lien Revenue, Series B, Refunding

      5.000 %      8/1/37        1,000,000        1,091,385 (c) 
          

 

 

  

Wisconsin - 2.6%

           

Central Brown County, WI, Water Authority System Revenue, Series A, Refunding

      5.000 %      11/1/35        2,105,000        2,122,217  

Public Finance Authority, WI, Revenue, The Carmelite System Inc. Obligated Group, Refunding

      5.000 %      1/1/45        150,000        146,761  

Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral Obligations

      5.000 %      4/1/43        500,000        525,340  

Wisconsin State HEFA Revenue, Bellin Memorial Hospital, Inc., Series A

      5.000 %      12/1/43        500,000        538,203  
          

 

 

  

Total Wisconsin

              3,332,521  
          

 

 

  

Total Municipal Bonds (Cost — $167,090,384)

              169,128,965  
          

 

 

  
     

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

14

  

 Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
Municipal Bonds Deposited in Tender Option Bond Trusts (i) - 4.6%           

New York - 4.6%

           

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      $ 1,786,626  

New York State Dormitory Authority, State Personal Income Tax Revenue, Series A

      4.000 %      3/15/45        1,925,000        1,904,320  

New York State Urban Development Corp., State Sales Tax Revenue, Series A

      5.000 %      3/15/49        1,900,000        2,087,425  
          

 

 

  

Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost - $5,536,312)

              5,778,371  
          

 

 

  

Total Investments - 137.5% (Cost - $172,626,696)

              174,907,336  
          

 

 

  

Variable Rate Demand Preferred Stock, at Liquidation Value - (37.2)%

              (47,400,000 ) 

TOB Floating Rate Notes - (2.4)%

              (3,000,000 ) 

Other Assets in Excess of Other Liabilities - 2.1%

              2,733,656  
          

 

 

  

Total Net Assets Applicable to Common Shareholders - 100.0%

            $ 127,240,992  
          

 

 

  

 

*

Non-income producing security.

 

(a)

Maturity date shown represents the mandatory tender date.

 

(b)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

 

(c)

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

 

(d)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

 

(e)

All or a portion of this security is held at the broker as collateral for open futures contracts.

 

(f)

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

 

(g)

The coupon payment on this security is currently in default as of February 29, 2024.

 

(h)

The maturity principal is currently in default as of February 29, 2024.

 

(i)

Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust.

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report 

  

 

 

15

Western Asset Intermediate Muni Fund Inc.

 

Schedule of Investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   

February 29, 2024

 

 

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
GO    — General Obligation
GTD    — Guaranteed
HEFA    — Health & Educational Facilities Authority
IDA    — Industrial Development Authority
IDR    — Industrial Development Revenue
ISD    — Independent School District
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
SOFR    — Secured Overnight Financing Rate
TFA    — Transitional Finance Authority

At February 29, 2024, the Fund had the following open futures contracts:

 

 

    NUMBER OF
CONTRACTS		      EXPIRATION
DATE		      NOTIONAL
AMOUNT		      MARKET
VALUE		      UNREALIZED
APPRECIATION		  
Contracts to Buy:               

U.S. Treasury Ultra Long-Term

               
              

 

 

  

Bonds

      42        6/24      $ 5,306,733      $ 5,370,750      $ 64,017  
              

 

 

  

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

  

 Western Asset Intermediate Muni Fund Inc. 2024 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. 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.

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report 

 

  

 

 

17

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.

 

 

 

18

    Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report  

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

      —       $ 169,128,965        —       $ 169,128,965  

Municipal Bonds Deposited in

            

Tender Option Bond Trusts

      —         5,778,371        —         5,778,371  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

      —       $ 174,907,336        —       $ 174,907,336  
  

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments:

            

Futures Contracts††

    $ 64,017        —         —       $ 64,017  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 64,017      $ 174,907,336        —       $ 174,971,353  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

 

††

Reflects the unrealized appreciation (depreciation) of the instruments.

 

 

Western Asset Intermediate Muni Fund Inc. 2024 Quarterly Report

  

 

 

19