NPORT-EX 2 LMF3900LM103122.htm HTML

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS - 132.0%           

Alabama - 0.6%

           

Alabama State Corrections Institution Finance Authority Revenue, Series A

      5.000 %      7/1/42      $ 750,000      $ 802,097  
          

 

 

  

Alaska - 0.6%

           

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

      4.000 %      12/1/36        250,000        253,282  

Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset Backed Senior Bonds, Class 1, Series A, Refunding

      4.000 %      6/1/39        500,000        486,274  
          

 

 

  

Total Alaska

              739,556  
          

 

 

  

Arizona - 2.6%

           

Arizona State IDA, Education Revenue, Lincoln South Beltway Project

      5.000 %      2/1/25        500,000        526,771  

Chandler, AZ, IDA Revenue, Intel Corp. Project

      5.000 %      6/3/24        1,000,000        1,032,549 (a)(b)(c) 

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

      5.000 %      2/15/38        500,000        506,131  

Navajo Nation, AZ, Revenue, Series A, Refunding

      5.000 %      12/1/25        250,000        261,269 (d)  

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

      5.000 %      7/1/27        1,000,000        1,045,729  
          

 

 

  

Total Arizona

              3,372,449  
          

 

 

  

California - 16.8%

           

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

      5.000 %      10/1/34        500,000        524,161  

Anaheim, CA, Public Financing Authority Lease, Series A, Refunding

      5.000 %      5/1/26        2,000,000        2,085,218 (e) 

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

      2.770 %      4/1/24        2,000,000        2,010,526 (b)(c) 

California State MFA Revenue:

           

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/34        350,000        362,464 (a)  

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43        400,000        407,715 (a)  

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

      4.000 %      7/15/29        250,000        247,763 (a)  

California State PCFA Water Furnishing Revenue, Poseidon Resources

      5.000 %      7/1/27        1,500,000        1,506,909 (a)(d) 

California State, GO:

           

Various Purpose

      5.000 %      3/1/35        500,000        564,983  

Various Purpose, Refunding

      5.000 %      10/1/41        750,000        835,420  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report    

  

 

 

1

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - (continued)

           

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

      5.600 %      1/15/36      $ 555,000      $ 556,825 (d)  

Golden State, CA, Tobacco Securitization Corp. Revenue, Tobacco Settlement Funded, Series A-1, Refunding

      5.000 %      6/1/34        1,500,000        1,702,808 (e) 

Los Angeles, CA, Department of Airports Revenue:

           

Subordinated, Los Angeles International Airport, Series C, Refunding

      4.000 %      5/15/35        700,000        686,594 (a)  

Subordinated, Los Angeles International Airport, Series D

      5.000 %      5/15/36        1,200,000        1,272,789 (a) 

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

      5.000 %      7/1/37        750,000        818,061  

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

      6.125 %      11/1/29        2,840,000        3,153,860  

Northern California Energy Authority, Commodity Supply Revenue, Series A

      4.000 %      7/1/24        500,000        507,908 (b)(c)  

River Islands, CA, Public Financing Authority, Special Tax Revenue:

           

Community Facilities District No. 2003-1

      5.500 %      9/1/37        350,000        337,248  

Community Facilities District No. 2003-1, Refunding

      5.250 %      9/1/34        430,000        438,600  

Riverside, CA, Electric Revenue:

           

Series A, Refunding

      5.000 %      10/1/36        750,000        837,929  

Series A, Refunding

      5.000 %      10/1/43        250,000        273,595  

Riverside, CA, Sewer Revenue, Series A, Refunding

      5.000 %      8/1/35        750,000        832,712  

San Bernardino City, CA, Unified School District, COP, School Financing Project, AGM

      5.000 %      10/1/35        250,000        274,692  

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

      5.000 %      1/1/33        645,000        690,339 (a)  

Sanger, CA, USD Revenue, COP, Capital Projects, Refunding, AGM

      5.000 %      6/1/49        250,000        261,951  

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        262,737  
          

 

 

  

Total California

              21,453,807  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

2

  

    Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Colorado - 2.0%

           

Base Village Metropolitan District #2, CO, GO, Series A, Refunding

      5.500 %      12/1/36      $ 500,000      $ 506,481  

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

      5.000 %      10/1/32        100,000        99,996 (a)  

Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008

      6.125 %      11/15/23        1,800,000        1,838,245  

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

      5.000 %      12/15/28        125,000        135,326  
          

 

 

  

Total Colorado

              2,580,048  
          

 

 

  

Connecticut - 1.9%

           

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

      5.000 %      7/1/36        250,000        263,644  

Connecticut State Special Tax Revenue:

           

Transportation Infrastructure, Series A

      5.000 %      5/1/34        600,000        675,602  

Transportation Infrastructure, Series A

      5.000 %      1/1/37        500,000        544,566  

Connecticut State, GO:

           

Series A

      5.000 %      4/15/30        400,000        454,599  

Series C

      4.000 %      6/1/38        250,000        249,823  

Series E

      5.000 %      10/15/34        210,000        225,871  
          

 

 

  

Total Connecticut

              2,414,105  
          

 

 

  

Florida - 7.9%

           

Broward County, FL, Airport System Revenue, Series 2017

      5.000 %      10/1/36        250,000        261,248 (a)  

Broward County, FL, Port Facilities Revenue, Series 2022

      5.000 %      9/1/37        450,000        479,952 (a)  

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

      6.000 %      6/15/35        150,000        155,977 (d)  

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

      5.000 %      10/1/27        545,000        570,121  

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

      5.000 %      10/1/43        250,000        259,980 (a)  

Jacksonville, FL, Sales Tax Revenue, Better Jacksonville, Refunding

      5.000 %      10/1/30        1,500,000        1,503,285  

Miami-Dade County, FL, Aviation Revenue:

           

Series A, Refunding

      5.000 %      10/1/31        3,000,000        3,006,446 (a)(e) 

Series A, Refunding

      4.000 %      10/1/36        1,000,000        980,793  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report    

  

 

 

3

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Florida - (continued)

           

Miami-Dade County, FL, Expressway Authority

           

Toll System Revenue, Series B, Refunding

      5.000 %      7/1/26      $ 1,500,000      $ 1,562,830  

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

      5.000 %      8/1/36        250,000        263,260  

Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding

      5.000 %      8/1/36        250,000        261,277  

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        139,568  

Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series B

      2.625 %      6/1/25        350,000        350,000  

Tampa, FL, Hospital Revenue, H. Lee Moffit Cancer Center Project,
Series B

      5.000 %      7/1/40        250,000        266,291  
          

 

 

  

Total Florida

              10,061,028  
          

 

 

  

Georgia - 0.8%

           

Georgia State Municipal Electric Authority Power Revenue, Series A, Refunding

      5.000 %      1/1/37        250,000        265,029  

Main Street Natural Gas Inc., GA, Gas Project Revenue, Series A

      5.000 %      5/15/33        250,000        262,155  

Private Colleges & Universities Authority, GA, Revenue, Savannah College of Art & Design Inc. Project

      5.000 %      4/1/28        500,000        520,056 (e)  
          

 

 

  

Total Georgia

              1,047,240  
          

 

 

  

Guam - 0.1%

           

Guam Government, Business Privilege Tax Revenue, Series F, Refunding

      4.000 %      1/1/36        200,000        188,186  
          

 

 

  

Illinois - 19.7%

           

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

      5.000 %      4/1/38        500,000        519,565  

Chicago, IL, Board of Education, GO:

           

Dedicated, Series A

      5.000 %      12/1/43        1,000,000        1,029,023  

Dedicated, Series G, Refunding

      5.000 %      12/1/34        270,000        280,601  

Series C, Refunding

      5.000 %      12/1/24        250,000        258,788  

Series D

      5.000 %      12/1/46        1,500,000        1,539,002  

 

See Notes to Schedule of Investments.

 

 

 

4

  

    Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

Chicago, IL, GO:

           

Series A

      5.000 %      1/1/40      $ 610,000      $ 631,028  

Series A, Refunding

      5.625 %      1/1/29        500,000        541,698  

Series C, Refunding

      5.000 %      1/1/25        500,000        521,118  

Chicago, IL, Metropolitan Water Reclamation District Greater Chicago, GO, Green Bond, Series B

      5.000 %      12/1/29        850,000        898,626 (e)  

Chicago, IL, O’Hare International Airport Revenue:

           

Senior Lien, Series D

      5.250 %      1/1/36        500,000        538,037  

Senior Lien, Series D

      5.250 %      1/1/37        400,000        429,402  

Series A, Refunding

      5.000 %      1/1/31        1,750,000        1,805,445 (a) 

Series C, Refunding

      5.000 %      1/1/43        600,000        622,554 (f)  

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

      5.000 %      12/1/45        550,000        585,386  

Chicago, IL, Wastewater Transmission Revenue:

           

Second Lien, Series A

      5.000 %      1/1/47        300,000        309,604  

Second Lien, Series B, Refunding

      5.000 %      1/1/36        600,000        634,929  

Chicago, IL, Waterworks Revenue:

           

Second Lien, Series 2017, Refunding

      5.000 %      11/1/29        500,000        535,193  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/32        630,000        685,152  

Cook County, IL, Sales Tax Revenue, Series A, Refunding

      5.000 %      11/15/38        315,000        340,679  

Illinois State Finance Authority Revenue:

           

NorthShore University HealthSystem, Refunding, Series A

      5.000 %      8/15/33        250,000        276,391  

Southern Illinois Healthcare Enterprises Inc., Refunding

      5.000 %      3/1/34        500,000        521,945  

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

      5.250 %      6/15/30        3,000,000        3,112,308  

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

      5.000 %      4/1/28        100,000        111,051  

Illinois State, GO:

           

Series 2016, Refunding

      5.000 %      2/1/29        500,000        528,526  

Series A

      5.000 %      3/1/35        400,000        425,796  

Series A

      5.000 %      5/1/36        770,000        802,956  

Series A

      5.000 %      5/1/39        300,000        311,111  

Series A, Refunding

      5.000 %      10/1/29        1,300,000        1,394,890  

Series B, Refunding

      5.000 %      9/1/27        600,000        641,360  

Series D

      5.000 %      11/1/27        300,000        321,150  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report    

  

 

 

5

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(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      $ 548,104  

McCormick Place Expansion Project, Series A, Refunding

      5.000 %      6/15/50        1,200,000        1,225,066  

McCormick Place Expansion Project, Series B, Refunding

      5.000 %      12/15/31        250,000        261,894  

McCormick Place Expansion Project, Series B, Refunding

      5.000 %      6/15/42        500,000        516,328  

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

      6.000 %      7/1/29        1,020,000        1,166,152  

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

      5.000 %      1/1/28        250,000        274,555  
          

 

 

  

Total Illinois

              25,145,413  
          

 

 

  

Indiana - 5.2%

           

Hammond, IN, Multi-School Building Corp.:

           

First Mortgage Bond, State Intercept Program

      5.000 %      7/15/34        750,000        810,681  

First Mortgage Bond, State Intercept Program

      5.000 %      7/15/35        1,035,000        1,116,569  

Indiana State Finance Authority Revenue:

           

Marion General Hospital, Series A

      4.000 %      7/1/45        250,000        228,982  

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

      4.250 %      11/1/30        200,000        201,169  

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

      5.250 %      8/15/29        4,000,000        4,110,722  

Valparaiso, IN, Exempt Facility Revenue, Pratt Paper LLC Project

      5.875 %      1/1/24        100,000        102,426 (a)  
          

 

 

  

Total Indiana

              6,570,549  
          

 

 

  

Iowa - 0.6%

           

Iowa State Finance Authority Revenue, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding

      5.000 %      12/1/42        750,000        769,306 (b)(c) 
          

 

 

  

Kentucky - 2.2%

           

Kentucky State PEA, Gas Supply Revenue:

           

Series A

      4.000 %      6/1/26        1,200,000        1,208,947 (b)(c) 

Series C

      4.000 %      6/1/25        1,600,000        1,614,331 (b)(c) 
          

 

 

  

Total Kentucky

              2,823,278  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

6

  

    Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Louisiana - 5.1%

           

New Orleans, LA, Aviation Board, General Airport Revenue:

           

Series B

      5.000 %      1/1/29      $ 2,000,000      $ 2,079,034 (a) 

Series B

      5.000 %      1/1/30        2,000,000        2,076,048 (a) 

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

      5.000 %      4/1/38        1,625,000        1,712,850 (a) 

St. John the Baptist Parish, LA, State Revenue:

           

Marathon Oil Corp. Project, Series B-1, Refunding

      2.125 %      7/1/24        400,000        394,716 (b)(c) 

Marathon Oil Corp. Project, Series B-2, Refunding

      2.375 %      7/1/26        300,000        287,161 (b)(c) 
          

 

 

  

Total Louisiana

              6,549,809  
          

 

 

  

Maryland - 0.5%

           

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

      4.000 %      7/1/40        500,000        454,648  

Maryland State Stadium Authority Built to Learn Revenue, Series 2021

      4.000 %      6/1/46        250,000        239,944  
          

 

 

  

Total Maryland

              694,592  
          

 

 

  

Massachusetts - 2.8%

           

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

      5.000 %      1/1/35        350,000        388,550  

Massachusetts State DFA Revenue:

           

Mass General Brigham Issue, Series A-1

      5.000 %      1/31/30        1,000,000        1,130,201 (b)(c) 

Northeasterm University Issue, Series 2022, Refunding

      5.000 %      10/1/41        500,000        547,015  

Partners Healthcare System, Refunding

      5.000 %      7/1/37        250,000        269,990  

UMass Boston Student Housing Project

      5.000 %      10/1/28        200,000        203,608  

Massachusetts State Port Authority Revenue:

           

Series A, Refunding

      5.000 %      7/1/36        500,000        535,682 (a)  

Series E

      5.000 %      7/1/46        500,000        529,577 (a)  
          

 

 

  

Total Massachusetts

              3,604,623  
          

 

 

  

Michigan - 2.8%

           

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

      5.000 %      7/1/38        250,000        259,062  

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

           

Senior Lien, Series C, Refunding

      5.000 %      7/1/33        800,000        858,660  

Senior Lien, Series C, Refunding

      5.000 %      7/1/35        350,000        373,957  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report    

  

 

 

7

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Michigan - (continued)

           

Michigan State Finance Authority Revenue:

           

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

      5.000 %      12/1/42      $ 250,000      $ 265,574  

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

      5.000 %      7/1/33        275,000        290,534  

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

      5.000 %      7/1/24        1,000,000        1,045,179  

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

      4.000 %      6/1/39        150,000        148,034  

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

      5.000 %      12/31/43        300,000        296,973 (a)  
          

 

 

  

Total Michigan

              3,537,973  
          

 

 

  

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        794,399 (a)  

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

      5.000 %      2/1/34        150,000        155,899  

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

      5.000 %      9/1/38        300,000        283,870  
          

 

 

  

Total Missouri

              1,234,168  
          

 

 

  

Nebraska - 0.4%

           

Central Plains, NE, Energy Project, Gas Project Revenue, Project #3,
Series A, Refunding

      5.000 %      9/1/36        500,000        533,901  
          

 

 

  

New Jersey - 10.1%

           

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

      5.000 %      11/1/28        1,000,000        1,046,614  

New Jersey State EDA Revenue:

           

School Facilities Construction, Series NN, Refunding

      5.000 %      3/1/28        2,825,000        2,861,707 (e) 

School Facilities Construction, Series NN, Refunding

      5.000 %      3/1/29        2,175,000        2,203,261 (e) 

School Facilities Construction, Series QQQ

      5.000 %      6/15/31        500,000        552,623  

Transit Transportation Project, Series A

      5.000 %      11/1/32        750,000        812,884  

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

      5.000 %      10/1/37        150,000        155,712 (a)  

 

See Notes to Schedule of Investments.

 

 

 

8

  

    Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New Jersey - (continued)

           

New Jersey State Transportation Trust Fund Authority Revenue:

           

Transportation Program, Series AA

      5.000 %      6/15/36      $ 1,000,000      $ 1,067,704  

Transportation System, Series A, Refunding

      5.000 %      12/15/25        425,000        452,686  

Transportation System, Series A, Refunding

      5.000 %      12/15/28        575,000        630,897  

New Jersey State Turnpike Authority Revenue, Series G, Refunding

      5.000 %      1/1/35        1,000,000        1,085,919  

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

      5.000 %      6/1/26        1,400,000        1,517,951  

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

      5.000 %      6/1/35        500,000        531,684  
          

 

 

  

Total New Jersey

              12,919,642  
          

 

 

  

New York - 18.0%

           

Brookhaven, NY, Local Development Corp. Revenue, Long Island Community Hospital Project, Series A, Refunding

      5.000 %      10/1/32        575,000        617,942  

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

      5.000 %      2/15/35        1,000,000        1,079,898  

MTA, NY, Transportation Revenue:

           

Green Bonds, Series A-2, Refunding

      5.000 %      11/15/24        125,000        130,639  

Green Bonds, Series D-1

      5.000 %      11/15/43        250,000        257,869  

Green Bonds, Series E, Refunding

      5.000 %      11/15/28        1,000,000        1,079,271  

Series A-2

      5.000 %      5/15/30        400,000        439,670 (b)(c) 

New York City, NY, GO, Subseries F-1

      5.000 %      3/1/37        1,500,000        1,644,661  

New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Series A, Refunding, AGM

      5.000 %      3/1/29        250,000        280,502  

New York City, NY, TFA Revenue Future Tax Secured, Series C

      4.000 %      5/1/39        2,200,000        2,148,625  

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

      5.000 %      3/15/38        1,500,000        1,623,860  

New York State Dormitory Authority, School Districts Revenue Financing Program, Series A, AGM

      5.000 %      10/1/29        750,000        846,070  

New York State Dormitory Authority, State Personal Income Tax Revenue, Series D, Refunding

      5.000 %      2/15/41        750,000        805,683  

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

      5.000 %      1/1/36        1,000,000        1,058,022  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report    

  

 

 

9

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - (continued)

           

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

      5.000 %      3/15/26      $ 200,000      $ 202,708  

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        887,593 (a)  

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

      5.000 %      1/1/32        1,200,000        1,241,878 (a) 

LaGuardia Airport Terminal B Redevelopment Project

      5.000 %      7/1/30        1,225,000        1,267,899 (a) 

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

      5.000 %      12/1/27        500,000        542,426  

New York State Urban Development Corp. Revenue:

           

State Personal Income Tax, Series A

      5.000 %      3/15/41        750,000        811,030  

State Personal Income Tax, Series C

      4.000 %      3/15/45        550,000        521,096  

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

      3.500 %      11/1/24        750,000        743,191 (d)  

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

      5.000 %      10/15/30        1,500,000        1,565,976 (a)  

Triborough Bridge & Tunnel Authority, NY, Revenue:

           

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/49        1,000,000        1,072,651  

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

      5.000 %      5/15/51        1,000,000        1,076,067  

Utility Debt Securitization Authority, NY, Revenue, Restructuring,
Series TE, Refunding

      5.000 %      12/15/27        1,000,000        1,033,168  
          

 

 

  

Total New York

              22,978,395  
          

 

 

  

North Carolina - 1.2%

           

Charlotte, NC, COP, Series P, Refunding

      5.000 %      6/1/44        250,000        273,668  

Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Refunding

      5.000 %      7/1/36        400,000        437,350  

North Carolina State Limited Obligation Revenue, Series A

      5.000 %      5/1/32        750,000        848,986  
          

 

 

  

Total North Carolina

              1,560,004  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

10

  

    Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Ohio - 2.2%

           

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

      5.000 %      2/15/29      $ 500,000      $ 558,423  

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

           

Senior Bonds, Series A-2, Refunding

      5.000 %      6/1/33        500,000        541,633  

Senior Bonds, Series B-2, Refunding

      5.000 %      6/1/55        550,000        523,863  

Ohio State Air Quality Development Authority Revenue:

           

American Electric Co. Project, Series B, Refunding

      2.500 %      10/1/29        350,000        318,282 (a)(b)(c) 

Duke Energy Corp. Project, Series B, Refunding

      4.250 %      6/1/27        250,000        255,231 (a)(b)(c) 

Ohio State Higher Educational Facility Revenue, Xavier University Project, Refunding

      5.000 %      5/1/34        525,000        571,366  
          

 

 

  

Total Ohio

              2,768,798  
          

 

 

  

Oregon - 1.2%

           

Port of Portland, OR, Airport Revenue, Portland International Airport, Series 26C, Refunding

      5.000 %      7/1/26        250,000        266,145 (a)  

Washington Multnomah & Yamhill Counties, OR, School District #1J West Union, GO, Hillsboro, School Board Guaranty

      5.000 %      6/15/34        500,000        544,396  

Yamhill County, OR, Hospital Authority Revenue:

           

Friendsview Retirement Community, Refunding

      5.000 %      11/15/31        350,000        344,905  

Friendsview Retirement Community, Refunding

      5.000 %      11/15/36        325,000        312,506  
          

 

 

  

Total Oregon

              1,467,952  
          

 

 

  

Pennsylvania - 3.8%

           

Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue

      5.000 %      6/1/30        200,000        219,737  

Cumberland County, PA, Municipal Authority Revenue:

           

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/27        150,000        158,888 (e)  

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/27        290,000        300,497  

Lancaster County, PA, Hospital Authority Revenue, Penn State Health, Series 2021

      5.000 %      11/1/46        600,000        628,987  

Montgomery County, PA, Higher Education and Health Authority Revenue, Thomas Jefferson University, Series B, Refunding

      4.000 %      5/1/35        500,000        491,969  

Pennsylvania State Turnpike Commission Revenue:

           

Series A, Refunding

      5.000 %      12/1/47        500,000        527,775  

Series B

      5.000 %      12/1/40        750,000        810,361  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report    

  

 

 

11

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Pennsylvania - (continued)

           

Philadelphia, PA, Authority for IDR:

           

City Service Agreement Revenue, Rebuild Project

      5.000 %      5/1/35      $ 500,000      $ 546,697  

Lease Revenue, Refunding

      5.000 %      10/1/30        250,000        283,780  

Philadelphia, PA, GO, Series B

      5.000 %      2/1/35        250,000        273,896  

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        161,140  

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

      5.000 %      6/1/33        450,000        480,832  
          

 

 

  

Total Pennsylvania

              4,884,559  
          

 

 

  

Puerto Rico - 5.2%

           

Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:

           

Senior Lien, Series A, Refunding

      5.000 %      7/1/47        400,000        401,258 (d)  

Series B, Refunding

      5.000 %      7/1/33        750,000        774,963 (d)  

Puerto Rico Commonwealth, GO:

           

CAB, Restructured, Series A-1

      0.000 %      7/1/24        3,689        3,409  

CAB, Restructured, Series A-1

      0.000 %      7/1/33        14,271        8,122  

Restructured, Series A-1

      5.250 %      7/1/23        6,192        6,286  

Restructured, Series A-1

      5.375 %      7/1/25        12,350        12,746  

Restructured, Series A-1

      5.625 %      7/1/27        12,238        12,987  

Restructured, Series A-1

      5.625 %      7/1/29        12,040        12,967  

Restructured, Series A-1

      5.750 %      7/1/31        11,694        12,829  

Restructured, Series A-1

      4.000 %      7/1/33        11,089        10,391  

Restructured, Series A-1

      4.000 %      7/1/35        9,968        9,165  

Restructured, Series A-1

      4.000 %      7/1/37        8,555        7,666  

Restructured, Series A-1

      4.000 %      7/1/41        11,631        10,157  

Restructured, Series A-1

      4.000 %      7/1/46        12,097        10,273  

Subseries CW

      0.000 %      11/1/43        55,229        28,512 (c)  

Puerto Rico Electric Power Authority Revenue:

           

Series A

      5.000 %      7/1/42        220,000        178,750 *(g) 

Series A

      5.050 %      7/1/42        75,000        60,750 *(g)  

Series DDD, Refunding

      5.000 %      7/1/21        280,000        226,100 *(h) 

Series TT

      5.000 %      7/1/37        450,000        365,625 *(g) 

Series XX

      5.250 %      7/1/40        400,000        325,000 *(g) 

Series ZZ, Refunding

      5.250 %      7/1/18        250,000        201,875 *(h) 

 

See Notes to Schedule of Investments.

 

 

 

12

  

    Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Puerto Rico - (continued)

           

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

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27      $ 220,000      $ 184,514  

Restructured, Series A-1

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

Restructured, Series A-2

      4.329 %      7/1/40        1,340,000        1,304,182  

Restructured, Series A-2A

      4.550 %      7/1/40        2,380,000        2,379,984  
          

 

 

  

Total Puerto Rico

              6,598,511  
          

 

 

  

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        484,468  

South Carolina State Ports Authority Revenue, Series 2018

      5.000 %      7/1/36        400,000        421,599 (a)  
          

 

 

  

Total South Carolina

              906,067  
          

 

 

  

Tennessee - 0.7%

           

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

      5.000 %      7/1/42        300,000        324,225  

Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018

      4.000 %      11/1/25        500,000        505,275 (b)(c) 
          

 

 

  

Total Tennessee

              829,500  
          

 

 

  

Texas - 7.7%

           

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

      5.000 %      2/15/41        250,000        258,472  

Austin, TX, Airport System Revenue:

           

Series 2014

      5.000 %      11/15/27        1,000,000        1,040,412 (a) 

Series 2022

      5.000 %      11/15/38        350,000        374,773 (a)  

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

      5.000 %      1/1/45        500,000        526,315  

Forney, TX, ISD, GO, Unlimited Tax School Building Bonds, Series B, PSF - GTD

      4.000 %      8/15/47        300,000        292,459  

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

      5.000 %      11/15/25        1,000,000        1,047,978  

Houston, TX, Airport System Revenue:

           

Special Facilities, United Airlines Inc., Airport Improvements Project

      5.000 %      7/15/28        500,000        515,605 (a)  

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

      4.000 %      7/15/41        500,000        452,426 (a)  

Subordinated, Series A

      5.000 %      7/1/36        1,055,000        1,111,967 (a) 

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report    

  

 

 

13

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Texas - (continued)

           

Laredo, TX, Waterworks & Sewer System Revenue, Series 2019

      5.000 %      3/1/33      $ 1,000,000      $ 1,109,517  

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

      5.000 %      11/1/31        90,000        95,330 (a)  

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

      4.000 %      8/15/31        250,000        239,798  

North Texas Tollway Authority Revenue:

           

First Tier, Series A, Refunding

      5.000 %      1/1/36        500,000        535,747  

First Tier, Series B, Refunding

      5.000 %      1/1/34        1,300,000        1,361,198  

Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas

      5.000 %      10/1/37        500,000        551,226  

Texas State Public Finance Authority, Lease Revenue, Refunding

      4.000 %      2/1/36        350,000        350,389  
          

 

 

  

Total Texas

              9,863,612  
          

 

 

  

Utah - 0.5%

           

Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE

      5.000 %      4/15/37        250,000        262,875  

Utah State Infrastructure Agency, Telecommunications Revenue:

           

Series 2019

      5.000 %      10/15/26        250,000        258,371  

Series 2021

      4.000 %      10/15/36        100,000        89,830  
          

 

 

  

Total Utah

              611,076  
          

 

 

  

Virginia - 2.6%

           

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

      5.000 %      7/1/35        200,000        214,429  

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

      5.000 %      9/1/40        1,250,000        1,251,922  

Virginia State Small Business Financing Authority Revenue:

           

Senior Lien, 95 Express Lanes LLC Project, Refunding

      5.000 %      1/1/38        1,250,000        1,312,515 (a) 

Senior Lien, I-495 Hot Lanes Project, Refunding

      5.000 %      6/30/42        250,000        262,069 (a)  

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

      5.000 %      1/1/31        250,000        272,760  
          

 

 

  

Total Virginia

              3,313,695  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

14

  

    Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Washington - 1.9%

           

Port of Seattle, WA, Intermediate Lien Revenue:

           

Series 2019

      5.000 %      4/1/33      $ 500,000      $ 538,828 (a)  

Series B, Refunding

      5.000 %      8/1/38        1,000,000        1,079,310 (a) 

Washington State Health Care Facilities Authority Revenue:

           

Commonspirit Health, Series B, Refunding

      5.000 %      8/1/26        250,000        263,108 (b)(c) 

Seattle Cancer Care Alliance, Refunding

      5.000 %      12/1/29        170,000        187,868  

Seattle Cancer Care Alliance, Refunding

      5.000 %      9/1/38        300,000        317,798  
          

 

 

  

Total Washington

              2,386,912  
          

 

 

  

West Virginia - 0.3%

           

West Virginia University Revenue, West Virginia Projects,
Series B, Refunding

      5.000 %      10/1/29        300,000        331,823 (b)(c) 
          

 

 

  

Wisconsin - 2.3%

           

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

      5.000 %      11/1/35        2,105,000        2,208,820  

Public Finance Authority, WI, Revenue, Carmelite System Inc., Obligated Group, Series 2020, Refunding

      5.000 %      1/1/40        150,000        155,760  

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

      5.000 %      4/1/43        500,000        541,729  
          

 

 

  

Total Wisconsin

              2,906,309  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $171,614,280)

              168,448,983  
          

 

 

  
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST(i) - 1.4%

 

      

New York - 1.4%

           

New York State Dormitory Authority, State Personal Income Tax Revenue, General Obligations Bonds, Series A
(Cost - $1,924,924)

      4.000 %      3/15/45        1,925,000        1,834,699  
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $173,539,204)

 

      170,283,682  
          

 

 

  
SHORT-TERM INVESTMENTS - 4.1%           
MUNICIPAL BONDS - 4.1%           

Alabama - 0.1%

           

Mobile County, AL, IDA Revenue, ExxonMobil Project, Refunding

      1.000 %      7/15/32        100,000        100,000 (j)(k) 
          

 

 

  

California - 0.1%

           

California State MFA Revenue, Chevron USA Inc. Project,
Series A

      0.860 %      11/1/35        100,000        100,000 (j)(k)  
          

 

 

  

Florida - 0.1%

           

St. Lucie County, FL, Solid Waste Disposal Revenue, Florida Power & Light Co. Project, Refunding

      1.210 %      5/1/24        100,000        100,000 (a)(j)(k) 
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report    

  

 

 

15

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Massachusetts - 0.1%

           

Massachusetts State HEFA Revenue, Baystate Medical Center, Series K-1, LOC - TD Bank N.A.

      0.980 %      7/1/39      $ 100,000      $ 100,000 (j)(k) 
          

 

 

  

Mississippi - 0.5%

           

Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR:

           

Chevron USA Inc. Project, Series G

      1.000 %      12/1/30        250,000        250,000 (j)(k) 

Chevron USA Inc. Project, Series G

      1.000 %      11/1/35        300,000        300,000 (j)(k) 

Chevron USA Inc. Project, Series K

      1.000 %      11/1/35        100,000        100,000 (j)(k) 
          

 

 

  

Total Mississippi

              650,000  
          

 

 

  

Nevada - 2.4%

           

Nevada State Housing Division, Multi Unit Housing Revenue,
Series A, LOC - FNMA, LIQ - FNMA

      1.670 %      4/15/33        3,000,000        3,000,000 (a)(j)(k) 
          

 

 

  

New York - 0.2%

           

Battery Park City Authority Revenue, NY, Subseries D-2, Refunding, SPA - TD Bank N.A.

      1.650 %      11/1/38        200,000        200,000 (j)(k) 

New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2008, Series BB-5, Refunding, SPA - Bank of America N.A.

      1.030 %      6/15/33        100,000        100,000 (j)(k) 
          

 

 

  

Total New York

              300,000  
          

 

 

  

Pennsylvania - 0.4%

           

Pennsylvania State Turnpike Commission Revenue, Series 2020, Refunding, LOC - TD Bank N.A.

      1.650 %      12/1/39        500,000        500,000 (j)(k) 
          

 

 

  

Utah - 0.2%

           

Murray City, UT, Hospital Revenue, IHC Health Services Inc., Series B, SPA - JPMorgan Chase & Co.

      1.020 %      5/15/37        200,000        200,000 (j)(k) 

Utah County, UT, Hospital Revenue, IHC Health Services Inc., Series C, SPA - TD Bank N.A.

      0.880 %      5/15/58        100,000        100,000 (j)(k) 
          

 

 

  

Total Utah

              300,000  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $5,150,000)

              5,150,000  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

16

  

    Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE            SHARES      VALUE  
MONEY MARKET FUNDS - 0.0%††           

Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $33,290)

      2.057 %         33,290      $ 33,290 (l) 
          

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Cost - $5,183,290)

 

           5,183,290  
          

 

 

  

TOTAL INVESTMENTS - 137.5%
(Cost - $178,722,494)

 

           175,466,972  

Auction Rate Cumulative Preferred Stock, at Liquidation Value - (0.5)%

 

           (600,000 ) 

Variable Rate Demand Preferred Stock, at Liquidation Value - (37.1)%

 

           (47,400,000 ) 

TOB Floating Rate Notes - (1.1)%

              (1,445,000 ) 

Other Assets in Excess of Other Liabilities - 1.2%

              1,621,913  
          

 

 

  

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

 

         $ 127,643,885  
          

 

 

  

 

††

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)

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

 

(g)

The coupon payment on this security is currently in default as of August 31, 2022.

 

(h)

The maturity principal is currently in default as of August 31, 2022.

 

(i)

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

 

(j)

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.

 

(k)

Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

 

(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 August 31, 2022, the total market value of investments in Affiliated Companies was $33,290 and the cost was $33,290 (Note 2).

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2022 Quarterly Report    

  

 

 

17

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2022

 

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
SPA    — Standby Bond Purchase Agreement - Insured Bonds
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. 2022 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 following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services 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.

 

   

 

 

19

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

 

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

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

 

 

 

20

    

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

      —        $ 168,448,983        —        $ 168,448,983  

Municipal Bonds Deposited in Tender Option Bond Trust

      —          1,834,699        —          1,834,699  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      —          170,283,682        —          170,283,682  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†:

            

Municipal Bonds

      —          5,150,000        —          5,150,000  

Money Market Funds

    $ 33,290        —          —          33,290  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      33,290        5,150,000        —          5,183,290  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 33,290      $ 175,433,682        —        $ 175,466,972  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

 

   

 

 

21

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 August 31, 2022. The following transactions were effected in such company for the period ended August 31, 2022.

 

     Affiliate
Value at
November 30,
2021		      Purchased      Sold      Realized
Gain (Loss)		      Dividend
Income		      Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)		      Affiliate
Value at
August 31,
2022		  
     Cost      Shares      Cost      Shares  
Western Asset Premier Institutional Government Reserves, Premium Shares    $ 39,783      $ 1,274,615        1,274,615      $ 1,281,108        1,281,108        —        $ 170        —        $ 33,290  

 

 

 

22