Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| MUNICIPAL BONDS - 133.2% | ||||||||||||||||
| Alabama - 1.8% | ||||||||||||||||
| Jefferson County, AL, Sewer Revenue, Subordinated Lien Warrants, Series D | 5.000 | % | 10/1/21 | $ | 1,500,000 | $ | 1,589,565 | |||||||||
| Lower Alabama Gas District, Natural Gas Revenue, Project #2 | 4.000 | % | 12/1/25 | 500,000 | 573,710 | (a)(b) | ||||||||||
| Tuscaloosa County, AL, IDA Revenue, Hunt Refining Project, Series A, Refunding | 4.500 | % | 5/1/32 | 500,000 | 580,520 | (c) | ||||||||||
| Total Alabama | 2,743,795 | |||||||||||||||
| Alaska - 0.2% | ||||||||||||||||
| Alaska State Housing Finance Corp., State Capital Project, Series B | 4.000 | % | 12/1/36 | 250,000 | 301,655 | |||||||||||
| Arizona - 3.1% | ||||||||||||||||
| Chandler, AZ, IDA Revenue, Intel Corp. Project | 5.000 | % | 6/3/24 | 1,300,000 | 1,510,379 | (a)(b)(d) | ||||||||||
| La Paz County, AZ, IDA, Lease Revenue, Charter School Solutions Harmony Public Schools Project | 5.000 | % | 2/15/38 | 500,000 | 593,490 | |||||||||||
| Navajo Nation, AZ, Series A, Refunding | 5.000 | % | 12/1/25 | 250,000 | 281,937 | (c) | ||||||||||
| Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Junior Lien, Refunding | 5.000 | % | 7/1/27 | 1,000,000 | 1,175,610 | |||||||||||
| Pinal County, AZ, Electrical District #3, Electric System Revenue, Refunding | 4.000 | % | 7/1/23 | 1,000,000 | 1,040,420 | |||||||||||
| Total Arizona | 4,601,836 | |||||||||||||||
| California - 22.9% | ||||||||||||||||
| Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding | 5.000 | % | 10/1/34 | 500,000 | 613,610 | |||||||||||
| Anaheim, CA, Public Financing Authority Lease, Refunding, Series A | 5.000 | % | 5/1/26 | 2,000,000 | 2,349,160 | |||||||||||
| Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1, (SIFMA | ||||||||||||||||
| Municipal Swap Index Yield + 1.100%) | 2.250 | % | 4/1/24 | 2,000,000 | 2,068,800 | (a)(b) | ||||||||||
| California State MFA Revenue: | ||||||||||||||||
| Senior Lien, LINXS APM Project, Series A | 5.000 | % | 12/31/34 | 350,000 | 438,343 | (d) | ||||||||||
| Senior Lien, LINXS APM Project, Series A | 5.000 | % | 12/31/43 | 400,000 | 490,876 | (d) | ||||||||||
| California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project | 4.000 | % | 7/15/29 | 250,000 | 300,313 | (d) | ||||||||||
| California State PCFA Water Furnishing Revenue, Poseidon Resources | 5.000 | % | 7/1/27 | 2,000,000 | 2,198,700 | (c)(d) | ||||||||||
| California State, GO, Bid Group C, Refunding | 5.000 | % | 8/1/33 | 1,000,000 | 1,250,960 | |||||||||||
| California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A | 5.600 | % | 1/15/36 | 555,000 | 603,901 | (c) | ||||||||||
See Notes to Schedule of Investments.
1
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| California - continued | ||||||||||||||||
| Golden State, CA, Tobacco Securitization Corp. Revenue, Tobacco Settlement Funded, Series A-1, Refunding | 5.000 | % | 6/1/34 | $ | 1,500,000 | $ | 1,915,185 | |||||||||
| Long Beach, CA, Bond Finance Authority Lease Revenue, Series A, Refunding | 5.000 | % | 8/1/31 | 1,855,000 | 2,038,905 | |||||||||||
| Los Angeles County, CA, MTA, Sales Tax Revenue, Senior Proposition C, Series B | 5.000 | % | 7/1/35 | 1,000,000 | 1,325,860 | |||||||||||
| Los Angeles County, CA, Public Works Financing Authority, Lease Revenue, Multiple Capital Projects II | 5.000 | % | 8/1/22 | 1,000,000 | 1,104,680 | |||||||||||
| Los Angeles, CA, Department of Airports Revenue, Subordinated, Los Angeles International Airport, Series D | 5.000 | % | 5/15/36 | 1,200,000 | 1,547,916 | (d) | ||||||||||
| Los Angeles, CA, Department of Water & Power, Power System Revenue, Series C | 5.000 | % | 7/1/37 | 750,000 | 959,527 | |||||||||||
| Modesto, CA, Irrigation District, Electric System Revenue: | ||||||||||||||||
| Series A, Refunding | 5.000 | % | 7/1/24 | 4,130,000 | 4,362,023 | |||||||||||
| Series A, Refunding | 5.000 | % | 7/1/25 | 2,000,000 | 2,112,080 | |||||||||||
| Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A | 5.000 | % | 10/1/42 | 100,000 | 119,960 | (c) | ||||||||||
| M-S-R Energy Authority, CA, Natural Gas Revenue, Series B | 6.125 | % | 11/1/29 | 2,980,000 | 3,891,969 | |||||||||||
| River Islands, CA, Public Financing Authority Special Tax, Community Facilities District No. 2003-1, Refunding | 5.250 | % | 9/1/34 | 430,000 | 470,992 | |||||||||||
| Riverside, CA, Electric Revenue: | ||||||||||||||||
| Series A, Refunding | 5.000 | % | 10/1/36 | 750,000 | 1,004,880 | |||||||||||
| Series A, Refunding | 5.000 | % | 10/1/43 | 250,000 | 325,142 | |||||||||||
| Riverside, CA, Sewer Revenue, Series A, Refunding | 5.000 | % | 8/1/35 | 750,000 | 990,165 | |||||||||||
| San Bernardino City, CA, Unified School District, COP, School Financing Project, AGM | 5.000 | % | 10/1/35 | 250,000 | 321,503 | |||||||||||
| San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Company LLC, Series A, Refunding | 5.000 | % | 1/1/33 | 645,000 | 834,811 | (d) | ||||||||||
See Notes to Schedule of Investments.
2
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| California - continued | ||||||||||||||||
| Stockton, CA, PFA Wastewater Revenue, Bond Anticipation Notes, Series 2019 | 1.400 | % | 6/1/22 | $ | 150,000 | $ | 150,501 | |||||||||
| Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A | 5.000 | % | 6/1/25 | 250,000 | 300,678 | |||||||||||
| Total California | 34,091,440 | |||||||||||||||
| Colorado - 4.8% | ||||||||||||||||
| Base Village Metropolitan District #2, CO, GO, Series A, Refunding | 5.500 | % | 12/1/36 | 500,000 | 532,640 | |||||||||||
| Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-2 | 5.000 | % | 8/1/44 | 500,000 | 622,500 | |||||||||||
| Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. Project, Refunding | 5.000 | % | 10/1/32 | 100,000 | 110,562 | (d) | ||||||||||
| E-470 Public Highway Authority Revenue, CO, Series C, Refunding | 5.250 | % | 9/1/25 | 2,000,000 | 2,043,660 | |||||||||||
| Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008 | 6.125 | % | 11/15/23 | 3,290,000 | 3,648,873 | |||||||||||
| Vauxmont Metropolitan District, CO, GO, Subordinate Limited Tax, Series 2019, Refunding, AGM | 5.000 | % | 12/15/28 | 125,000 | 146,948 | |||||||||||
| Total Colorado | 7,105,183 | |||||||||||||||
| Connecticut - 1.2% | ||||||||||||||||
| Connecticut State HEFA Revenue, Sacred Heart University Issue, Series I-1, Refunding | 5.000 | % | 7/1/36 | 250,000 | 310,000 | |||||||||||
| Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A | 5.000 | % | 1/1/37 | 500,000 | 621,265 | |||||||||||
| Connecticut State, GO: | ||||||||||||||||
| Series A | 5.000 | % | 4/15/30 | 400,000 | 525,344 | |||||||||||
| Series E | 5.000 | % | 10/15/34 | 210,000 | 257,078 | |||||||||||
| Total Connecticut | 1,713,687 | |||||||||||||||
| District of Columbia - 1.0% | ||||||||||||||||
| District of Columbia Revenue: | ||||||||||||||||
| Ingleside Rock Creek Project, Series A | 4.125 | % | 7/1/27 | 140,000 | 149,113 | |||||||||||
| Series A | 5.000 | % | 3/1/38 | 750,000 | 1,002,622 | (e) | ||||||||||
| District of Columbia Water & Sewer Authority Revenue, Subordinated Lien, Series C | 1.750 | % | 10/1/24 | 350,000 | 360,903 | (a)(b) | ||||||||||
| Total District of Columbia | 1,512,638 | |||||||||||||||
See Notes to Schedule of Investments.
3
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| Florida - 7.1% | ||||||||||||||||
| Broward County, FL, Airport System Revenue, Series 2017 | 5.000 | % | 10/1/36 | $ | 250,000 | $ | 311,177 | (d) | ||||||||
| Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A | 6.000 | % | 6/15/35 | 150,000 | 168,861 | (c) | ||||||||||
| Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding | 5.000 | % | 10/1/27 | 545,000 | 651,804 | |||||||||||
| Jacksonville, FL, Sales Tax Revenue, Better Jacksonville, Refunding | 5.000 | % | 10/1/30 | 1,500,000 | 1,654,980 | |||||||||||
| Miami-Dade County, FL, Aviation Revenue: | ||||||||||||||||
| Series A, Refunding | 5.000 | % | 10/1/31 | 4,000,000 | 4,408,280 | (d)(f) | ||||||||||
| Series A, Refunding | 5.000 | % | 10/1/32 | 1,000,000 | 1,102,070 | (d)(f) | ||||||||||
| Miami-Dade County, FL, Expressway Authority Toll System Revenue, Series B, Refunding | 5.000 | % | 7/1/26 | 1,500,000 | 1,754,715 | |||||||||||
| Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children’s Hospital, Refunding | 5.000 | % | 8/1/36 | 250,000 | 308,232 | |||||||||||
| Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding | 5.000 | % | 8/1/36 | 250,000 | 284,323 | |||||||||||
| Total Florida | 10,644,442 | |||||||||||||||
| Georgia - 0.6% | ||||||||||||||||
| Main Street Natural Gas Inc., GA, Gas Supply Revenue, Series A | 5.000 | % | 5/15/33 | 250,000 | 319,023 | |||||||||||
| Private Colleges & Universities Authority, GA, Revenue, Savannah College of Art & Design Inc. Project | 5.000 | % | 4/1/28 | 500,000 | 580,840 | |||||||||||
| Total Georgia | 899,863 | |||||||||||||||
| Illinois - 17.3% | ||||||||||||||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax, Series 2018 | 5.000 | % | 4/1/38 | 500,000 | 597,870 | |||||||||||
| Chicago, IL, Board of Education, GO: | ||||||||||||||||
| Dedicated, Series G, Refunding | 5.000 | % | 12/1/34 | 270,000 | 330,164 | |||||||||||
| Series C, Refunding | 5.000 | % | 12/1/24 | 250,000 | 290,215 | |||||||||||
| Chicago, IL, GO: | ||||||||||||||||
| Series A | 5.000 | % | 1/1/40 | 600,000 | 730,608 | |||||||||||
| Series A, Refunding | 5.000 | % | 1/1/26 | 500,000 | 590,200 | |||||||||||
| Series B, Refunding | 5.500 | % | 1/1/30 | 1,000,000 | 1,177,240 | |||||||||||
| Series C, Refunding | 5.000 | % | 1/1/25 | 500,000 | 576,225 | |||||||||||
See Notes to Schedule of Investments.
4
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| Illinois - continued | ||||||||||||||||
| Chicago, IL, Metropolitan Water Reclamation District Greater Chicago, GO, Green Bond, Series B | 5.000 | % | 12/1/29 | $ | 850,000 | $ | 1,010,879 | |||||||||
| Chicago, IL, O’Hare International Airport Revenue: | ||||||||||||||||
| Senior Lien, Series D | 5.250 | % | 1/1/36 | 500,000 | 626,010 | |||||||||||
| Senior Lien, Series D | 5.250 | % | 1/1/37 | 400,000 | 500,228 | |||||||||||
| Series A, Refunding | 5.000 | % | 1/1/31 | 1,750,000 | 2,038,417 | (d) | ||||||||||
| Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding | 5.000 | % | 1/1/36 | 600,000 | 721,518 | |||||||||||
| Chicago, IL, Waterworks Revenue: | ||||||||||||||||
| Second Lien, Series 2017, Refunding | 5.000 | % | 11/1/29 | 500,000 | 628,305 | |||||||||||
| Second Lien, Series 2017-2, Refunding, AGM | 5.000 | % | 11/1/32 | 630,000 | 786,278 | |||||||||||
| Illinois State Finance Authority Revenue: | ||||||||||||||||
| Southern Illinois Healthcare Enterprises Inc., Refunding | 5.000 | % | 3/1/32 | 200,000 | 242,302 | |||||||||||
| Southern Illinois Healthcare Enterprises Inc., Refunding | 5.000 | % | 3/1/34 | 500,000 | 602,480 | |||||||||||
| Illinois State Sports Facilities Authority Revenue, State Tax Supported, Refunding, AGM | 5.250 | % | 6/15/30 | 3,000,000 | 3,480,270 | |||||||||||
| Illinois State Toll Highway Authority Revenue: | ||||||||||||||||
| Series C, Refunding | 5.000 | % | 1/1/25 | 650,000 | 774,183 | |||||||||||
| Series C, Refunding | 5.000 | % | 1/1/26 | 925,000 | 1,134,485 | |||||||||||
| Illinois State University, Auxiliary Facilities System Revenue, Series A, Refunding, AGM | 5.000 | % | 4/1/28 | 100,000 | 124,396 | |||||||||||
| Illinois State, GO: | ||||||||||||||||
| Series 2016 | 5.000 | % | 1/1/35 | 770,000 | 905,682 | |||||||||||
| Series 2016, Refunding | 5.000 | % | 2/1/26 | 600,000 | 720,930 | |||||||||||
| Series 2016, Refunding | 5.000 | % | 2/1/29 | 500,000 | 611,080 | |||||||||||
| Series A | 5.000 | % | 12/1/42 | 300,000 | 362,358 | |||||||||||
| Series A, Refunding | 5.000 | % | 10/1/29 | 1,300,000 | 1,646,580 | |||||||||||
| Series C | 5.000 | % | 11/1/29 | 250,000 | 308,238 | |||||||||||
| Series D | 5.000 | % | 11/1/26 | 250,000 | 305,560 | |||||||||||
| Series D | 5.000 | % | 11/1/27 | 500,000 | 622,665 | |||||||||||
| Metropolitan Pier & Exposition Authority, IL, Dedicated State Revenue: | ||||||||||||||||
| McCormick Place Expansion Project, Series A, Refunding | 5.000 | % | 6/15/50 | 1,100,000 | 1,349,909 | (e) | ||||||||||
| McCormick Place Expansion Project, Series B, Refunding | 5.000 | % | 12/15/31 | 250,000 | 306,790 | |||||||||||
See Notes to Schedule of Investments.
5
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| Illinois - continued | ||||||||||||||||
| Regional Transportation Authority, IL, GO, Series A, Refunding, NATL | 6.000 | % | 7/1/29 | $ | 1,020,000 | $ | 1,357,946 | |||||||||
| Sales Tax Securitization Corp., IL, Series A, Refunding | 5.000 | % | 1/1/28 | 250,000 | 318,420 | |||||||||||
| Total Illinois | 25,778,431 | |||||||||||||||
| Indiana - 5.1% | ||||||||||||||||
| Hammond, IN, Multi-School Building Corp.: | ||||||||||||||||
| First Mortgage Bond, State Intercept Program | 5.000 | % | 7/15/34 | 750,000 | 937,140 | |||||||||||
| First Mortgage Bond, State Intercept Program | 5.000 | % | 7/15/35 | 1,035,000 | 1,289,237 | |||||||||||
| Indiana State Finance Authority Health System Revenue, Indiana University Health, Series B | 2.250 | % | 7/1/25 | 250,000 | 267,080 | (a)(b) | ||||||||||
| Indiana State Finance Authority Hospital Revenue, Indiana University Health Obligated Group, Series B, Refunding | 1.650 | % | 7/1/22 | 200,000 | 202,280 | (a)(b) | ||||||||||
| Indianapolis, IN, Department of Public Utilities Gas Utility Revenue, Second Lien, Series A, Refunding | 5.250 | % | 8/15/29 | 4,000,000 | 4,597,800 | |||||||||||
| Valparaiso, IN, Exempt Facility Revenue, Pratt Paper LLC Project | 5.875 | % | 1/1/24 | 295,000 | 324,512 | (d) | ||||||||||
| Total Indiana | 7,618,049 | |||||||||||||||
| Iowa - 0.1% | ||||||||||||||||
| Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding | 3.125 | % | 12/1/22 | 150,000 | 156,116 | |||||||||||
| Kentucky - 2.1% | ||||||||||||||||
| Kentucky State PEA, Gas Supply Revenue: | ||||||||||||||||
| Series A | 4.000 | % | 4/1/24 | 1,600,000 | 1,779,664 | (a)(b) | ||||||||||
| Series B | 4.000 | % | 1/1/25 | 1,200,000 | 1,355,640 | (a)(b) | ||||||||||
| Total Kentucky | 3,135,304 | |||||||||||||||
| Louisiana - 4.7% | ||||||||||||||||
| New Orleans, LA, Aviation Board, General Airport Revenue: | ||||||||||||||||
| Series B | 5.000 | % | 1/1/29 | 2,000,000 | 2,335,720 | (d) | ||||||||||
| Series B | 5.000 | % | 1/1/30 | 2,000,000 | 2,330,620 | (d) | ||||||||||
| Port New Orleans Board of Commissioners, Series B, Refunding, AGM | 5.000 | % | 4/1/38 | 1,625,000 | 1,994,216 | (d) | ||||||||||
| St. John the Baptist Parish, LA, State Revenue, Marathon Oil Corp. Project, Refunding | 2.200 | % | 7/1/26 | 300,000 | 315,648 | (a)(b) | ||||||||||
| Total Louisiana | 6,976,204 | |||||||||||||||
See Notes to Schedule of Investments.
6
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| Massachusetts - 2.0% | ||||||||||||||||
| Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series B-1, Refunding | 5.000 | % | 1/1/35 | $ | 350,000 | $ | 459,683 | |||||||||
| Massachusetts State DFA Revenue: | ||||||||||||||||
| Mass General Brigham Issue, Series A-1 | 5.000 | % | 1/31/30 | 1,000,000 | 1,362,440 | (a)(b) | ||||||||||
| Partners Healthcare System, Refunding | 5.000 | % | 7/1/37 | 250,000 | 315,835 | |||||||||||
| UMass Boston Student Housing Project | 5.000 | % | 10/1/28 | 200,000 | 244,828 | |||||||||||
| Massachusetts State Port Authority Revenue, Series A, Refunding | 5.000 | % | 7/1/36 | 500,000 | 645,470 | (d) | ||||||||||
| Total Massachusetts | 3,028,256 | |||||||||||||||
| Michigan - 3.0% | ||||||||||||||||
| Detroit, MI, Downtown Development Authority, Tax Increment Revenue, Series A, Refunding, AGM | 5.000 | % | 7/1/38 | 250,000 | 283,005 | |||||||||||
| Great Lakes, MI, Water Authority Water Supply System Revenue: | ||||||||||||||||
| Senior Lien, Series C, Refunding | 5.000 | % | 7/1/33 | 800,000 | 982,352 | |||||||||||
| Senior Lien, Series C, Refunding | 5.000 | % | 7/1/35 | 350,000 | 428,529 | |||||||||||
| Michigan State Finance Authority Ltd. Authority Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding | 6.250 | % | 7/1/29 | 600,000 | 643,266 | (c) | ||||||||||
| Michigan State Finance Authority Revenue: | ||||||||||||||||
| Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding | 5.000 | % | 7/1/33 | 275,000 | 325,297 | |||||||||||
| Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D2, Refunding, AGM | 5.000 | % | 7/1/24 | 1,000,000 | 1,175,380 | |||||||||||
| Michigan State Finance Authority, Hospital Revenue, Trinity Health Credit Group, Series A, Refunding | 5.000 | % | 12/1/42 | 250,000 | 312,508 | |||||||||||
| Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project | 5.000 | % | 12/31/43 | 300,000 | 370,554 | (d) | ||||||||||
| Total Michigan | 4,520,891 | |||||||||||||||
| Missouri - 1.0% | ||||||||||||||||
| Kansas City, MO, Industrial Development Authority, Kansas City International Airport Terminal Modernization Project, Series B | 5.000 | % | 3/1/35 | 750,000 | 955,267 | (d) | ||||||||||
See Notes to Schedule of Investments.
7
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| Missouri - continued | ||||||||||||||||
| Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services Projects, Series A | 5.000 | % | 2/1/34 | $ | 150,000 | $ | 172,838 | |||||||||
| St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A | 5.000 | % | 9/1/38 | 300,000 | 344,451 | |||||||||||
| Total Missouri | 1,472,556 | |||||||||||||||
| Nebraska - 0.5% | ||||||||||||||||
| Central Plains, NE, Energy Project, Gas Project Revenue, Project #3, Series A, Refunding | 5.000 | % | 9/1/36 | 500,000 | 704,650 | |||||||||||
| New Jersey - 10.2% | ||||||||||||||||
| Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, AGM | 5.000 | % | 11/1/28 | 1,000,000 | 1,139,450 | |||||||||||
| New Jersey State EDA Revenue: | ||||||||||||||||
| School Facilities Construction, Series NN, Refunding | 5.000 | % | 3/1/28 | 2,825,000 | 3,127,925 | |||||||||||
| School Facilities Construction, Series NN, Refunding | 5.000 | % | 3/1/29 | 2,175,000 | 2,405,463 | |||||||||||
| Transit Transportation Project, Series A | 5.000 | % | 11/1/32 | 750,000 | 959,422 | |||||||||||
| New Jersey State EDA, Special Facility Revenue, Port Newark Container Terminal LLC Project, Refunding | 5.000 | % | 10/1/37 | 150,000 | 179,700 | (d) | ||||||||||
| New Jersey State Transportation Trust Fund Authority Revenue: | ||||||||||||||||
| Transportation System, Series A, Refunding | 5.000 | % | 12/15/25 | 1,000,000 | 1,201,740 | |||||||||||
| Transportation System, Series B | 5.250 | % | 6/15/23 | 4,000,000 | 4,228,360 | (f) | ||||||||||
| New Jersey State Turnpike Authority Revenue, Series G, Refunding | 5.000 | % | 1/1/35 | 1,000,000 | 1,274,440 | |||||||||||
| Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding | 5.000 | % | 6/1/35 | 500,000 | 627,545 | |||||||||||
| Total New Jersey | 15,144,045 | |||||||||||||||
| New York - 12.5% | ||||||||||||||||
| Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding | 5.000 | % | 2/15/35 | 1,000,000 | 1,256,910 | |||||||||||
| New York State Dormitory Authority, Sales Tax Revenue: | ||||||||||||||||
| Group 2, Series E, Refunding | 5.000 | % | 3/15/36 | 3,500,000 | 4,566,800 | |||||||||||
| Group 3, Series E, Refunding | 5.000 | % | 3/15/38 | 1,500,000 | 1,943,370 | |||||||||||
| New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding | 5.000 | % | 3/15/44 | 750,000 | 963,195 | |||||||||||
See Notes to Schedule of Investments.
8
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| New York - continued | ||||||||||||||||
| New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Junior Lien, Series A | 5.000 | % | 1/1/36 | $ | 1,000,000 | $ | 1,215,100 | |||||||||
| New York State Thruway Authority, State Personal Income Tax Revenue, Series A | 5.000 | % | 3/15/26 | 200,000 | 224,928 | |||||||||||
| New York State Transportation Development Corp., Special Facilities Revenue: | ||||||||||||||||
| American Airlines Inc., John F. Kennedy International Airport Project, Refunding | 5.000 | % | 8/1/31 | 600,000 | 628,278 | (d) | ||||||||||
| Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project | 5.000 | % | 1/1/31 | 2,050,000 | 2,552,619 | (d) | ||||||||||
| LaGuardia Airport Terminal B Redevelopment Project | 5.000 | % | 7/1/30 | 1,225,000 | 1,426,953 | (d) | ||||||||||
| Niagara Area Development Corp., NY, Solid Waste Disposal Facility Revenue, Covanta Project, Series B, Refunding | 3.500 | % | 11/1/24 | 750,000 | 791,985 | (c) | ||||||||||
| Port Authority of New York & New Jersey Revenue, Consolidated Series 193, Refunding | 5.000 | % | 10/15/30 | 1,500,000 | 1,810,845 | (d) | ||||||||||
| Utility Debt Securitization Authority, NY, Revenue, Restructuring, Series TE | 5.000 | % | 12/15/27 | 1,000,000 | 1,157,740 | |||||||||||
| Total New York | 18,538,723 | |||||||||||||||
| North Carolina - 1.3% | ||||||||||||||||
| Charlotte, NC, COP, Series P | 5.000 | % | 6/1/44 | 250,000 | 322,485 | |||||||||||
| Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport | 5.000 | % | 7/1/36 | 400,000 | 526,912 | |||||||||||
| North Carolina State Limited Obligation Revenue, Series A | 5.000 | % | 5/1/32 | 750,000 | 999,855 | |||||||||||
| North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding | 5.000 | % | 1/1/30 | 100,000 | 123,366 | |||||||||||
| Total North Carolina | 1,972,618 | |||||||||||||||
| Ohio - 1.4% | ||||||||||||||||
| American Municipal Power-Ohio Inc., OH, Revenue, AMP Fremont Energy Center Project, Series A, Refunding | 5.000 | % | 2/15/29 | 500,000 | 648,300 | |||||||||||
| Buckeye, OH, Tobacco Settlement Financing Authority: | ||||||||||||||||
| Series A-2, Refunding | 5.000 | % | 6/1/36 | 250,000 | 327,978 | (e) | ||||||||||
| Series B-2, Refunding | 5.000 | % | 6/1/55 | 400,000 | 452,352 | (e) | ||||||||||
See Notes to Schedule of Investments.
9
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| Ohio - continued | ||||||||||||||||
| Northeast Ohio Regional Sewer District Revenue, Waste Water Improvement, Series 2019, Refunding | 4.000 | % | 11/15/36 | $ | 250,000 | $ | 305,300 | |||||||||
| Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding | 2.500 | % | 10/1/29 | 350,000 | 372,498 | (a)(b)(d) | ||||||||||
| Total Ohio | 2,106,428 | |||||||||||||||
| Oklahoma - 0.0% | ||||||||||||||||
| Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A | 6.250 | % | 11/1/31 | 86,511 | 216 | *(g) | ||||||||||
| Oregon - 1.4% | ||||||||||||||||
| Portland, OR, River District Urban Renewal & Redevelopment, Series C | 5.000 | % | 6/15/28 | 570,000 | 620,673 | |||||||||||
| Washington Multnomah & Yamhill Counties, OR, School District #1 West Union, GO, Hillsboro, School Board Guaranty | 5.000 | % | 6/15/34 | 500,000 | 633,390 | |||||||||||
| Yamhill County, OR, Hospital Authority Revenue: | ||||||||||||||||
| Friendsview Retirement Community, Refunding | 5.000 | % | 11/15/31 | 350,000 | 399,669 | |||||||||||
| Friendsview Retirement Community, Refunding | 5.000 | % | 11/15/36 | 325,000 | 367,523 | |||||||||||
| Total Oregon | 2,021,255 | |||||||||||||||
| Pennsylvania - 2.8% | ||||||||||||||||
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue | 5.000 | % | 6/1/30 | 200,000 | 254,188 | |||||||||||
| Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social Ministries Project, Refunding | 5.000 | % | 1/1/27 | 500,000 | 575,630 | |||||||||||
| Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project | 2.150 | % | 7/1/24 | 250,000 | 260,233 | (a)(b)(d) | ||||||||||
| Pennsylvania State, GO, Refunding | 5.000 | % | 7/15/29 | 750,000 | 1,010,445 | |||||||||||
| Philadelphia, PA, Authority for IDR: | ||||||||||||||||
| City Service Agreement Revenue, Rebuild Project | 5.000 | % | 5/1/35 | 500,000 | 630,435 | |||||||||||
| Lease Revenue, Refunding | 5.000 | % | 10/1/30 | 250,000 | 337,502 | |||||||||||
| Philadelphia, PA, GO, Series B | 5.000 | % | 2/1/35 | 250,000 | 327,222 | |||||||||||
See Notes to Schedule of Investments.
10
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| Pennsylvania - continued | ||||||||||||||||
| State Public School Building Authority, PA, Lease Revenue: | ||||||||||||||||
| Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding | 5.000 | % | 6/1/31 | $ | 150,000 | $ | 184,272 | |||||||||
| Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding | 5.000 | % | 6/1/33 | 450,000 | 550,971 | |||||||||||
| Total Pennsylvania | 4,130,898 | |||||||||||||||
| Puerto Rico - 2.5% | ||||||||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A | 5.250 | % | 7/1/42 | 900,000 | 974,250 | |||||||||||
| Puerto Rico Electric Power Authority Revenue: | ||||||||||||||||
| Series A | 5.050 | % | 7/1/42 | 75,000 | 59,906 | *(g) | ||||||||||
| Series DDD, Refunding | 5.000 | % | 7/1/21 | 280,000 | 223,650 | *(g) | ||||||||||
| Series TT | 5.000 | % | 7/1/37 | 450,000 | 359,438 | *(g) | ||||||||||
| Series XX | 5.250 | % | 7/1/40 | 270,000 | 216,338 | *(g) | ||||||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: | ||||||||||||||||
| CAB, Restructured, Series A-1 | 0.000 | % | 7/1/27 | 220,000 | 188,192 | |||||||||||
| CAB, Restructured, Series A-1 | 0.000 | % | 7/1/46 | 300,000 | 89,256 | |||||||||||
| Restructured, Series A-1 | 4.750 | % | 7/1/53 | 100,000 | 113,212 | |||||||||||
| Restructured, Series A-1 | 5.000 | % | 7/1/58 | 1,275,000 | 1,462,259 | |||||||||||
| Total Puerto Rico | 3,686,501 | |||||||||||||||
| South Carolina - 0.3% | ||||||||||||||||
| South Carolina State Ports Authority Revenue, Series 2018 | 5.000 | % | 7/1/36 | 400,000 | 502,244 | (d) | ||||||||||
| Tennessee - 4.0% | ||||||||||||||||
| Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue, Subordinated, Green Bond, Series A | 5.000 | % | 7/1/42 | 300,000 | 375,468 | |||||||||||
| Tennessee State Energy Acquisition Corp., Gas Revenue, Series A | 5.250 | % | 9/1/23 | 4,940,000 | 5,611,494 | |||||||||||
| Total Tennessee | 5,986,962 | |||||||||||||||
| Texas - 10.0% | ||||||||||||||||
| Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM | 5.000 | % | 2/15/41 | 250,000 | 286,160 | |||||||||||
| Austin, TX, Airport System Revenue, Series 2014 | 5.000 | % | 11/15/27 | 1,000,000 | 1,178,030 | (d) | ||||||||||
| El Paso, TX, GO, Series B, Refunding | 5.000 | % | 8/15/31 | 945,000 | 1,246,276 | (e) | ||||||||||
| Harris County, TX, Houston Sports Authority Revenue, Senior Lien, Series A, Refunding, AGM | 5.000 | % | 11/15/25 | 1,000,000 | 1,187,260 | |||||||||||
See Notes to Schedule of Investments.
11
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| Texas - continued | ||||||||||||||||
| Houston, TX, Public Improvement Project, Series A, Refunding | 5.000 | % | 3/1/31 | $ | 800,000 | $ | 1,047,520 | |||||||||
| Houston, TX, Airport System Revenue: | ||||||||||||||||
| Special Facilities, United Airlines Inc., Airport Improvements Project | 5.000 | % | 7/15/28 | 500,000 | 620,235 | (d) | ||||||||||
| Subordinated, Series A | 5.000 | % | 7/1/36 | 1,055,000 | 1,321,883 | (d) | ||||||||||
| Laredo, TX, Waterworks & Sewer System Revenue, Series 2019 | 5.000 | % | 3/1/33 | 1,000,000 | 1,248,790 | |||||||||||
| Love Field, TX, Airport Modernization Corp., General Airport Revenue, Series 2017 | 5.000 | % | 11/1/31 | 90,000 | 109,810 | (d) | ||||||||||
| North Texas Tollway Authority Revenue: | ||||||||||||||||
| First Tier, Series A, Refunding | 5.000 | % | 1/1/36 | 500,000 | 618,620 | |||||||||||
| First Tier, Series B, Refunding | 5.000 | % | 1/1/34 | 1,300,000 | 1,538,628 | |||||||||||
| Prosper, TX, ISD, Unlimited Tax School Building, PSF-GTD | 5.000 | % | 2/15/44 | 750,000 | 960,795 | |||||||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue, Buckner Senior Living Ventana Project, Series A | 6.625 | % | 11/15/37 | 130,000 | 158,610 | |||||||||||
| Texas Public Finance Authority, Lease Revenue, Refunding | 4.000 | % | 2/1/36 | 350,000 | 418,754 | |||||||||||
| Texas State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Series 2012 | 5.000 | % | 12/15/22 | 2,000,000 | 2,213,780 | |||||||||||
| Texas State Water Development Board Revenue, State Water Implementation Fund, Series A | 5.000 | % | 10/15/43 | 600,000 | 761,238 | |||||||||||
| Total Texas | 14,916,389 | |||||||||||||||
| U.S. Virgin Islands - 0.6% | ||||||||||||||||
| Virgin Islands Public Finance Authority Revenue: | ||||||||||||||||
| Matching Fund Loan, Senior Lien, Series A | 5.000 | % | 10/1/29 | 300,000 | 301,314 | |||||||||||
| Subordinated, Matching Fund Loan, Cruzan Project, Series A | 6.000 | % | 10/1/39 | 335,000 | 335,000 | |||||||||||
| Subordinated, Matching Fund Loan, Diageo Project, Series A | 6.625 | % | 10/1/29 | 150,000 | 150,381 | |||||||||||
| Subordinated, Matching Fund Loan, Diageo Project, Series A | 6.750 | % | 10/1/37 | 100,000 | 100,192 | |||||||||||
| Total U.S. Virgin Islands | 886,887 | |||||||||||||||
See Notes to Schedule of Investments.
12
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| Utah - 0.4% | ||||||||||||||||
| Utah Infrastructure Agency, Telecommunications Revenue, Series 2019 | 5.000 | % | 10/15/26 | $ | 250,000 | $ | 299,835 | |||||||||
| Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE | 5.000 | % | 4/15/37 | 250,000 | 299,315 | |||||||||||
| Total Utah | 599,150 | |||||||||||||||
| Virginia - 2.7% | ||||||||||||||||
| Virginia Beach, VA, Development Authority, Residential Care Facility Revenue, Westminster-Canterbury on Chesapeake Bay, Refunding | 5.000 | % | 9/1/40 | 1,250,000 | 1,477,125 | |||||||||||
| Virginia State Small Business Financing Authority Revenue: | ||||||||||||||||
| Second Lien, Elizabeth River Crossings OpCo LLC Project | 5.000 | % | 1/1/27 | 2,000,000 | 2,172,960 | (d) | ||||||||||
| Senior Lien, 95 Express Lanes LLC | 5.000 | % | 7/1/34 | 350,000 | 374,231 | (d) | ||||||||||
| Total Virginia | 4,024,316 | |||||||||||||||
| Washington - 0.6% | ||||||||||||||||
| Port of Seattle, WA, Revenue, Intermediate Lien, Series 2019 | 5.000 | % | 4/1/33 | 500,000 | 641,360 | (d) | ||||||||||
| Washington State Health Care Facilities Authority Revenue, Commonspirit Health, Series B, Refunding | 5.000 | % | 8/1/26 | 250,000 | 303,105 | (a)(b) | ||||||||||
| Total Washington | 944,465 | |||||||||||||||
| West Virginia - 0.3% | ||||||||||||||||
| West Virginia University Revenue, West Virginia Projects, Series B, Refunding | 5.000 | % | 10/1/29 | 300,000 | 398,271 | (a)(b) | ||||||||||
| Wisconsin - 3.7% | ||||||||||||||||
| Central Brown County, WI, Water Authority System Revenue, Series A, Refunding | 5.000 | % | 11/1/35 | 2,105,000 | 2,458,661 | |||||||||||
| La Crosse, WI, Resource Recovery Revenue, Northern States Power Co. Project, Refunding | 6.000 | % | 11/1/21 | 2,000,000 | 2,155,660 | (d) | ||||||||||
| Public Finance Authority, WI, Limited Obligation Pilot Revenue, American Dream @ Meadowlands Project | 6.500 | % | 12/1/37 | 200,000 | 244,328 | (c) | ||||||||||
| Village of Mount Pleasant, WI, Tax Increment Revenue, Series A | 5.000 | % | 4/1/43 | 500,000 | 621,530 | |||||||||||
| Total Wisconsin | 5,480,179 | |||||||||||||||
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $181,342,288) | 198,344,543 | |||||||||||||||
See Notes to Schedule of Investments.
13
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Maturity | Face | |||||||||||||||
| Security | Rate | Date | Amount | Value | ||||||||||||
| SHORT-TERM INVESTMENTS - 0.3% | ||||||||||||||||
| MUNICIPAL BONDS - 0.3% | ||||||||||||||||
| New York - 0.2% | ||||||||||||||||
| New York State HFA Revenue, 505 West 37th Street Housing, Series B, LOC - Landesbank Hessen-Thueringen | 1.220 | % | 5/1/42 | $ | 200,000 | $ | 200,000 | (h)(i) | ||||||||
| Pennsylvania - 0.1% | ||||||||||||||||
| Philadelphia, PA, Authority for IDR, Series B, Refunding, LOC - TD Bank N.A. | 1.120 | % | 10/1/30 | 200,000 | 200,000 | (h)(i) | ||||||||||
| TOTAL MUNICIPAL BONDS (Cost - $400,000) | 400,000 | |||||||||||||||
| Shares | ||||||||||||||||
| MONEY MARKET FUNDS - 0.0% | ||||||||||||||||
| Dreyfus Government Cash Management, Institutional Shares (Cost - $27,177) | 1.491 | % | 27,177 | 27,177 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost - $427,177) | 427,177 | |||||||||||||||
| TOTAL INVESTMENTS - 133.5% (Cost - $181,769,465) | 198,771,720 | |||||||||||||||
| Liabilities in Excess of Other Assets - (33.5)% | (49,835,363 | ) | ||||||||||||||
| TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0% | $ | 148,936,357 | ||||||||||||||
See Notes to Schedule of Investments.
14
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| * | Non-income producing security. |
| (a) | Maturity date shown represents the mandatory tender date. |
| (b) | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (c) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
| (d) | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”). |
| (e) | Securities traded on a when-issued or delayed delivery basis. |
| (f) | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| (g) | The coupon payment on these securities is currently in default as of February 29, 2020. |
| (h) | Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the Remarketing Agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System. |
| (i) | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |
See Notes to Schedule of Investments.
15
Western Asset Intermediate Muni Fund Inc.
| Schedule of investments (unaudited) (cont’d) | February 29, 2020 |
| Abbreviations used in this schedule: |
| AGM | — | Assured Guaranty Municipal Corporation — Insured Bonds |
| BAM | — | Build America Mutual — Insured Bonds |
| CAB | — | Capital Appreciation Bonds |
| CDA | — | Communities Development Authority |
| COP | — | Certificates of Participation |
| CSCE | — | Charter School Credit Enhancement |
| DFA | — | Development Finance Agency |
| EDA | — | Economic Development Authority |
| GO | — | General Obligation |
| GTD | — | Guaranteed |
| HEFA | — | Health & Educational Facilities Authority |
| HFA | — | Housing Finance Agency |
| IDA | — | Industrial Development Authority |
| IDR | — | Industrial Development Revenue |
| ISD | — | Independent School District |
| LOC | — | Letter of Credit |
| MFA | — | Municipal Finance Authority |
| MTA | — | Metropolitan Transportation Authority |
| NATL | — | National Public Finance Guarantee Corporation — Insured Bonds |
| PCFA | — | Pollution Control Financing Authority |
| PEA | — | Public Energy Authority |
| PFA | — | Public Facilities Authority |
| SIFMA | — | Securities Industry and Financial Markets Association |
At February 29, 2020, the Fund had the following open futures contracts:
| Number of | Expiration | Notional | Market | Unrealized | ||||||||||||||||
| Contracts | Date | Amount | Value | Depreciation | ||||||||||||||||
| Contracts to Sell: | ||||||||||||||||||||
| U.S. Treasury Ultra Long-Term Bonds | 19 | 6 | /20 | $ | 3,852,900 | $ | 3,942,500 | $ | (89,600 | ) | ||||||||||
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
16
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Intermediate Muni Fund Inc. (the “Fund”) was incorporated in Maryland on December 19, 1991 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s investment objective is to provide common shareholders a high level of current income exempt from regular federal income taxes consistent with prudent investing. Under normal market conditions, the Fund invests at least 80% of its total assets in municipal obligations. In addition, under normal market conditions, the Fund will invest at least 80% of its total assets in debt securities that are, at the time of investment, rated investment grade by a nationally recognized statistical rating organization or, if unrated, of equivalent quality as determined by the investment manager. For credit ratings purposes, pre-refunded bonds are deemed to be unrated. The subadviser determines the credit quality of prefunded bonds based on the quality of the escrowed collateral and such other factors as the subadviser deems appropriate.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.
The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies
17
Notes to Schedule of Investments (unaudited) (continued)
adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
18
Notes to Schedule of Investments (unaudited) (continued)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
| ASSETS | ||||||||||||||||
| Significant | ||||||||||||||||
| Other Significant | Unobservable | |||||||||||||||
| Quoted Prices | Observable Inputs | Inputs | ||||||||||||||
|
Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
| Municipal Bonds† | — | $ | 198,344,543 | — | $ | 198,344,543 | ||||||||||
| Short-Term Investments†: | ||||||||||||||||
| Municipal Bonds | — | 400,000 | — | 400,000 | ||||||||||||
| Money Market Funds | $ | 27,177 | — | — | 27,177 | |||||||||||
| Total Short-Term Investments | 27,177 | 400,000 | — | 427,177 | ||||||||||||
| Total Investments | $ | 27,177 | $ | 198,744,543 | — | $ | 198,771,720 | |||||||||
| LIABILITIES | ||||||||||||||||
| Significant | ||||||||||||||||
| Other Significant | Unobservable | |||||||||||||||
| Quoted Prices | Observable Inputs | Inputs | ||||||||||||||
| Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
| Other Financial Instruments: | ||||||||||||||||
| Futures Contracts | $ | 89,600 | — | — | $ | 89,600 | ||||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
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