NPORT-EX 2 LMF3900WAInterMuniFdInc.htm HTML

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS - 132.1%           

Alabama - 1.5%

           

Jefferson County, AL, Sewer Revenue, Subordinated Lien Warrants, Series D

      5.000 %      10/1/21      $ 1,500,000      $ 1,567,620  

Tuscaloosa County, AL, IDA Revenue, Hunt Refining Project,
Series A, Refunding

      4.500 %      5/1/32        500,000        548,430 (a)  
          

 

 

  

Total Alabama

              2,116,050  
          

 

 

  

Alaska - 0.2%

           

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

      4.000 %      12/1/36        250,000        290,048  
          

 

 

  

Arizona - 3.3%

           

Arizona State IDA, Education Revenue, Lincoln South Beltway Project

      5.000 %      2/1/25        500,000        593,435  

Chandler, AZ, IDA Revenue, Intel Corp. Project

      5.000 %      6/3/24        1,000,000        1,155,880 (b)(c)(d) 

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

      5.000 %      2/15/38        500,000        560,770  

Navajo Nation, AZ, Series A, Refunding

      5.000 %      12/1/25        250,000        276,070 (a)  

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

      5.000 %      7/1/27        1,000,000        1,175,970  

Pinal County, AZ, Electrical District #3, Electric System Revenue, Refunding

      4.000 %      7/1/23        1,000,000        1,028,730  
          

 

 

  

Total Arizona

              4,790,855  
          

 

 

  

California - 23.5%

           

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

      5.000 %      10/1/34        500,000        584,425  

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

      5.000 %      5/1/26        2,000,000        2,280,820  

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

      1.190 %      4/1/24        2,000,000        2,012,680 (c)(d) 

California State:

           

GO, Various Purpose

      5.000 %      3/1/35        500,000        663,325  

GO, Various Purpose, Refunding

      4.000 %      3/1/37        750,000        908,318  

California State MFA Revenue:

           

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/34        350,000        412,990 (b)  

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43        400,000        459,632 (b)  

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

      4.000 %      7/15/29        250,000        250,175 (b)  

California State PCFA Water Furnishing Revenue, Poseidon Resources

      5.000 %      7/1/27        1,750,000        1,852,305 (a)(b) 

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report    

  

 

 

1

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

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      $ 566,045 (a) 

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

      5.000 %      6/1/34        1,500,000        1,822,275  

Long Beach, CA, Bond Finance Authority Lease Revenue, Series A, Refunding

      5.000 %      8/1/31        1,855,000        2,009,670  

Los Angeles County, CA, MTA, Sales Tax Revenue, Senior Proposition C, Series B

      5.000 %      7/1/35        1,000,000        1,299,030  

Los Angeles County, CA, Public Works Financing Authority, Lease Revenue, Multiple Capital Projects II

      5.000 %      8/1/22        1,000,000        1,087,810  

Los Angeles, CA, Department of Airports Revenue, Subordinated, Los Angeles International Airport, Series D

      5.000 %      5/15/36        1,200,000        1,477,476 (b) 

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

      5.000 %      7/1/37        750,000        938,557  

Modesto, CA, Irrigation District, Electric System Revenue:

           

Series A, Refunding

      5.000 %      7/1/24        4,130,000        4,296,893  

Series A, Refunding

      5.000 %      7/1/25        2,000,000        2,080,820  

Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A

      5.000 %      10/1/42        100,000        109,738 (a)  

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

      6.125 %      11/1/29        2,980,000        3,798,904  

Northern California Energy Authority, Commodity Supply Revenue, Series A

      4.000 %      7/1/24        500,000        558,160 (c)(d) 

River Islands, CA, Public Financing Authority Special Tax, Community Facilities District No. 2003-1, Refunding

      5.250 %      9/1/34        430,000        461,622  

Riverside, CA, Electric Revenue:

           

Series A, Refunding

      5.000 %      10/1/36        750,000        968,452  

Series A, Refunding

      5.000 %      10/1/43        250,000        316,685  

Riverside, CA, Sewer Revenue, Series A, Refunding

      5.000 %      8/1/35        750,000        957,900  

San Bernardino City, CA, USD, COP, School Financing Project, AGM

      5.000 %      10/1/35        250,000        316,530  

 

See Notes to Schedule of Investments.

 

 

 

2

  

    Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - (continued)

           

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

      5.000 %      1/1/33      $ 645,000      $ 807,101 (b)  

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        299,588  
          

 

 

  

Total California

              33,597,926  
          

 

 

  

Colorado - 4.1%

           

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

      5.500 %      12/1/36        500,000        518,510  

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

      5.000 %      10/1/32        100,000        101,196 (b)  

E-470 Public Highway Authority Revenue, CO, Series C, Refunding

      5.250 %      9/1/25        1,500,000        1,500,000  

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

      6.125 %      11/15/23        3,290,000        3,594,588  

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

      5.000 %      12/15/28        125,000        148,058  
          

 

 

  

Total Colorado

              5,862,352  
          

 

 

  

Connecticut - 1.9%

           

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

      5.000 %      7/1/36        250,000        292,702  

Connecticut State Special Tax Revenue:

           

Transportation Infrastructure, Series A

      5.000 %      5/1/34        600,000        775,974  

Transportation Infrastructure, Series A

      5.000 %      1/1/37        500,000        611,385  

Connecticut State, GO:

           

Series A

      5.000 %      4/15/30        400,000        521,352  

Series C

      4.000 %      6/1/38        250,000        293,865  

Series E

      5.000 %      10/15/34        210,000        253,149  
          

 

 

  

Total Connecticut

              2,748,427  
          

 

 

  

District of Columbia - 1.0%

           

District of Columbia Revenue:

           

Ingleside Rock Creek Project, Series A

      4.125 %      7/1/27        140,000        136,935  

Series A

      5.000 %      3/1/38        750,000        984,000  

District of Columbia Water & Sewer Authority Revenue, Subordinated Lien, Series C

      1.750 %      10/1/24        350,000        363,741 (c)(d)  
          

 

 

  

Total District of Columbia

              1,484,676  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report    

  

 

 

3

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Florida - 7.6%

           

Broward County, FL, Airport System Revenue, Series 2017

      5.000 %      10/1/36      $ 250,000      $ 298,055 (b)  

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

      6.000 %      6/15/35        150,000        166,803 (a)  

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

      5.000 %      10/1/27        545,000        637,105  

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

      5.000 %      10/1/30        1,500,000        1,627,620  

Miami-Dade County, FL, Aviation Revenue:

           

Series A, Refunding

      5.000 %      10/1/31        4,000,000        4,385,240 (b)(e) 

Series A, Refunding

      5.000 %      10/1/32        1,000,000        1,096,310 (b)(e) 

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

      5.000 %      7/1/26        1,500,000        1,744,635  

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

      5.000 %      8/1/36        250,000        298,572  

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

      5.000 %      8/1/36        250,000        274,730  

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

      5.000 %      7/1/40        250,000        309,650  
          

 

 

  

Total Florida

              10,838,720  
          

 

 

  

Georgia - 0.6%

           

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

      5.000 %      5/15/33        250,000        306,013  

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

      5.000 %      4/1/28        500,000        561,305  
          

 

 

  

Total Georgia

              867,318  
          

 

 

  

Illinois - 19.0%

           

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

      5.000 %      4/1/38        500,000        554,625  

Chicago, IL, Board of Education, GO:

           

Dedicated, Series G, Refunding

      5.000 %      12/1/34        270,000        301,676  

Series C, Refunding

      5.000 %      12/1/24        250,000        277,780  

Series D

      5.000 %      12/1/46        1,500,000        1,647,450  

Chicago, IL, GO:

           

Series A

      5.000 %      1/1/40        600,000        661,350  

Series A, Refunding

      5.000 %      1/1/26        500,000        562,200  

 

See Notes to Schedule of Investments.

 

 

 

4

  

    Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

Series B, Refunding

      5.500 %      1/1/30      $ 1,000,000      $ 1,106,600  

Series C, Refunding

      5.000 %      1/1/25        500,000        553,350  

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

      5.000 %      12/1/29        850,000        990,862  

Chicago, IL, O’Hare International Airport Revenue:

           

Senior Lien, Series D

      5.250 %      1/1/36        500,000        596,950  

Senior Lien, Series D

      5.250 %      1/1/37        400,000        476,180  

Series A, Refunding

      5.000 %      1/1/31        1,750,000        2,018,520 (b) 

Chicago, IL, Transit Authority Revenue, Series A, Refunding

      5.000 %      12/1/45        550,000        663,118 (f)  

Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding

      5.000 %      1/1/36        600,000        700,842  

Chicago, IL, Waterworks Revenue:

           

Second Lien, Series 2017, Refunding

      5.000 %      11/1/29        500,000        614,170  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/32        630,000        751,678  

Illinois State Finance Authority Revenue:

           

NorthShore University HealthSystem, Refunding, Series A

      5.000 %      8/15/33        250,000        329,013  

Southern Illinois Healthcare Enterprises Inc., Refunding

      5.000 %      3/1/32        200,000        241,622  

Southern Illinois Healthcare Enterprises Inc., Refunding

      5.000 %      3/1/34        500,000        599,375  

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

      5.250 %      6/15/30        3,000,000        3,357,450  

Illinois State Toll Highway Authority Revenue:

           

Series C, Refunding

      5.000 %      1/1/25        650,000        772,973  

Series C, Refunding

      5.000 %      1/1/26        925,000        1,134,559  

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

      5.000 %      4/1/28        100,000        125,058  

Illinois State, GO:

           

Series 2006

      5.500 %      1/1/30        50,000        60,435  

Series 2016, Refunding

      5.000 %      2/1/29        500,000        562,435  

Series A

      5.000 %      5/1/36        770,000        854,338  

Series A

      5.000 %      5/1/39        300,000        330,114  

Series A, Refunding

      5.000 %      10/1/29        1,300,000        1,494,844  

Series A, Refunding

      5.000 %      10/1/30        100,000        114,309  

Series B, Refunding

      5.000 %      9/1/27        600,000        687,408  

Series D

      5.000 %      11/1/27        850,000        960,576  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report    

  

 

 

5

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

Metropolitan Pier & Exposition Authority, IL, Dedicated State Revenue:

           

McCormick Place Expansion Project, Series A, Refunding

      5.000 %      6/15/50      $ 1,100,000      $ 1,239,909  

McCormick Place Expansion Project, Series B, Refunding

      5.000 %      12/15/31        250,000        287,233  

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

      6.000 %      7/1/29        1,020,000        1,320,890  

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

      5.000 %      1/1/28        250,000        303,258  
          

 

 

  

Total Illinois

              27,253,150  
          

 

 

  

Indiana - 4.8%

           

Hammond, IN, Multi-School Building Corp.:

           

First Mortgage Bond, State Intercept Program

      5.000 %      7/15/34        750,000        914,123  

First Mortgage Bond, State Intercept Program

      5.000 %      7/15/35        1,035,000        1,257,059  

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

      5.250 %      8/15/29        4,000,000        4,514,160  

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

      5.875 %      1/1/24        195,000        207,287 (b)  
          

 

 

  

Total Indiana

              6,892,629  
          

 

 

  

Iowa - 0.1%

           

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

      3.125 %      12/1/22        125,000        126,585  
          

 

 

  

Kentucky - 2.2%

           

Kentucky State PEA, Gas Supply Revenue:

           

Series A

      4.000 %      6/1/26        1,200,000        1,394,208 (c)(d) 

Series C

      4.000 %      6/1/25        1,600,000        1,810,896 (c)(d) 
          

 

 

  

Total Kentucky

              3,205,104  
          

 

 

  

Louisiana - 5.1%

           

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

           

Series B

      5.000 %      1/1/29        2,000,000        2,300,500 (b)  

Series B

      5.000 %      1/1/30        2,000,000        2,294,160 (b)  

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

      5.000 %      4/1/38        1,625,000        1,964,787 (b)  

 

See Notes to Schedule of Investments.

 

 

 

6

  

    Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Louisiana - (continued)

           

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

           

Marathon Oil Corp. Project, Refunding

      2.125 %      7/1/24      $ 400,000      $ 402,568 (c)(d) 

Marathon Oil Corp. Project, Refunding

      2.200 %      7/1/26        300,000        301,470 (c)(d) 
          

 

 

  

Total Louisiana

              7,263,485  
          

 

 

  

Massachusetts - 2.0%

           

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

      5.000 %      1/1/35        350,000        452,627  

Massachusetts State DFA Revenue:

           

Mass General Brigham Issue, Series A-1

      5.000 %      1/31/30        1,000,000        1,309,940 (c)(d) 

Partners Healthcare System, Refunding

      5.000 %      7/1/37        250,000        306,233  

UMass Boston Student Housing Project

      5.000 %      10/1/28        200,000        197,500  

Massachusetts State Port Authority Revenue, Series A, Refunding

      5.000 %      7/1/36        500,000        624,785 (b)  
          

 

 

  

Total Massachusetts

              2,891,085  
          

 

 

  

Michigan - 3.1%

           

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

      5.000 %      7/1/38        250,000        281,860  

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

           

Senior Lien, Series C, Refunding

      5.000 %      7/1/33        800,000        965,552  

Senior Lien, Series C, Refunding

      5.000 %      7/1/35        350,000        420,903  

Michigan State Finance Authority Ltd. Authority Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding

      6.250 %      7/1/29        600,000        624,528 (a)  

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        323,757  

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

      5.000 %      7/1/24        1,000,000        1,177,220  

Trinity Health Credit Group, Series A, Refunding

      5.000 %      12/1/42        250,000        301,725  

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

      5.000 %      12/31/43        300,000        336,630 (b)  
          

 

 

  

Total Michigan

              4,432,175  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report    

  

 

 

7

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

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      $ 920,565 (b)  

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

      5.000 %      2/1/34        150,000        164,201  

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

      5.000 %      9/1/38        300,000        322,842  
          

 

 

  

Total Missouri

              1,407,608  
          

 

 

  

Nebraska - 0.5%

           

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

      5.000 %      9/1/36        500,000        680,330  
          

 

 

  

New Jersey - 8.8%

           

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

      5.000 %      11/1/28        1,000,000        1,101,220  

New Jersey State EDA Revenue:

           

School Facilities Construction, Series NN, Refunding

      5.000 %      3/1/28        2,825,000        3,043,175  

School Facilities Construction, Series NN, Refunding

      5.000 %      3/1/29        2,175,000        2,338,147  

Transit Transportation Project, Series A

      5.000 %      11/1/32        750,000        900,495  

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

      5.000 %      10/1/37        150,000        165,781 (b)  

New Jersey State Transportation Trust Fund Authority Revenue:

           

Transportation System, Series A, Refunding

      5.000 %      12/15/25        425,000        496,319  

Transportation System, Series A, Refunding

      5.000 %      12/15/28        575,000        700,666  

Transportation System, Series B

      5.250 %      6/15/23        2,000,000        2,080,100 (e) 

New Jersey State Turnpike Authority Revenue, Series G, Refunding

      5.000 %      1/1/35        1,000,000        1,218,200  

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

      5.000 %      6/1/35        500,000        615,660  
          

 

 

  

Total New Jersey

              12,659,763  
          

 

 

  

New York - 12.3%

           

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

      5.000 %      2/15/35        1,000,000        1,210,000 (g)  

MTA, NY, Transportation Revenue, Green Bond, Series A-2

      5.000 %      5/15/30        400,000        463,732 (c)(d) 

New York City, NY, GO, Series D-1

      5.000 %      3/1/39        1,000,000        1,265,430  

 

See Notes to Schedule of Investments.

 

 

 

8

  

    Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - (continued)

           

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

      5.000 %      3/15/38      $ 1,500,000      $ 1,878,000  

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

      5.000 %      10/1/29        750,000        971,887  

New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding

      5.000 %      3/15/44        750,000        921,360  

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

      5.000 %      1/1/36        1,000,000        1,167,140  

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

      5.000 %      3/15/26        200,000        222,872  

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        940,874 (b) 

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

      5.000 %      1/1/32        1,200,000        1,315,596 (b) 

LaGuardia Airport Terminal B Redevelopment Project

      5.000 %      7/1/30        1,225,000        1,350,268 (b) 

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

      5.000 %      3/15/41        750,000        960,202  

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

      3.500 %      11/1/24        750,000        770,768 (a) 

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

      5.000 %      10/15/30        1,500,000        1,780,605 (b) 

Triborough Bridge & Tunnel Authority, NY, Revenue, General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/49        1,000,000        1,265,810  

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

      5.000 %      12/15/27        1,000,000        1,150,980  
          

 

 

  

Total New York

              17,635,524  
          

 

 

  

North Carolina - 1.4%

           

Charlotte, NC, COP, Series P

      5.000 %      6/1/44        250,000        311,658  

Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport

      5.000 %      7/1/36        400,000        506,512  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report    

  

 

 

9

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

North Carolina - (continued)

           

North Carolina State Limited Obligation Revenue, Series A

      5.000 %      5/1/32      $ 750,000      $ 996,225  

North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding

      5.000 %      1/1/30        100,000        119,217  
          

 

 

  

Total North Carolina

              1,933,612  
          

 

 

  

Ohio - 1.8%

           

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

      5.000 %      2/15/29        500,000        641,930  

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

           

Senior Bonds, Series A-2, Refunding

      5.000 %      6/1/36        250,000        319,508  

Senior Bonds, Series B-2, Refunding

      5.000 %      6/1/55        500,000        550,000  

Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding

      2.500 %      10/1/29        350,000        370,608 (b)(c)(d) 

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

      5.000 %      5/1/34        525,000        671,443  
          

 

 

  

Total Ohio

              2,553,489  
          

 

 

  

Oklahoma - 0.0%††

           

Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A

      6.250 %      11/1/31        86,511        216 *(h)  
          

 

 

  

Oregon - 1.6%

           

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

      5.000 %      7/1/26        250,000        303,300 (b)  

Portland, OR, River District Urban Renewal & Redevelopment, Series C

      5.000 %      6/15/28        570,000        615,555  

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

      5.000 %      6/15/34        500,000        626,760  

Yamhill County, OR, Hospital Authority Revenue:

           

Friendsview Retirement Community, Refunding

      5.000 %      11/15/31        350,000        369,236  

Friendsview Retirement Community, Refunding

      5.000 %      11/15/36        325,000        339,771  
          

 

 

  

Total Oregon

              2,254,622  
          

 

 

  

Pennsylvania - 2.1%

           

Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue

      5.000 %      6/1/30        200,000        253,970  

Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social Ministries Project, Refunding

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

 

See Notes to Schedule of Investments.

 

 

 

10

  

    Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Pennsylvania - (continued)

           

Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project

      2.150 %      7/1/24      $ 250,000      $ 260,200 (b)(c)(d) 

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

      5.000 %      5/1/35        500,000        605,385  

Philadelphia, PA, Authority for IDR, Lease Revenue, Refunding

      5.000 %      10/1/30        250,000        323,657  

Philadelphia, PA, GO, Series B

      5.000 %      2/1/35        250,000        317,663  

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        182,232  

Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding

      5.000 %      6/1/33        450,000        541,615  
          

 

 

  

Total Pennsylvania

              3,026,722  
          

 

 

  

Puerto Rico - 4.0%

           

Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A

      5.250 %      7/1/42        900,000        925,875  

Puerto Rico Electric Power Authority Revenue:

           

Series A

      5.050 %      7/1/42        75,000        51,750 *(h)  

Series DDD, Refunding

      5.000 %      7/1/21        280,000        193,200 *(h) 

Series TT

      5.000 %      7/1/37        450,000        310,500 *(h) 

Series XX

      5.250 %      7/1/40        270,000        186,638 *(h) 

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

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27        220,000        186,910  

Restructured, Series A-1

      4.550 %      7/1/40        50,000        53,249  

Restructured, Series A-1

      5.000 %      7/1/58        1,050,000        1,121,085  

Restructured, Series A-2

      4.329 %      7/1/40        1,340,000        1,407,013  

Restructured, Series A-2A

      4.550 %      7/1/40        1,230,000        1,309,925  
          

 

 

  

Total Puerto Rico

              5,746,145  
          

 

 

  

South Carolina - 0.3%

           

South Carolina State Ports Authority Revenue, Series 2018

      5.000 %      7/1/36        400,000        488,696 (b)  
          

 

 

  

Tennessee - 0.9%

           

Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A

      5.000 %      9/1/30        250,000        309,493  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report    

  

 

 

11

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Tennessee - (continued)

           

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

      5.000 %      7/1/42      $ 300,000      $ 366,531  

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

      4.000 %      11/1/25        500,000        571,975 (c)(d) 
          

 

 

  

Total Tennessee

              1,247,999  
          

 

 

  

Texas - 8.3%

           

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

      5.000 %      2/15/41        250,000        284,535  

Austin, TX, Airport System Revenue, Series 2014

      5.000 %      11/15/27        1,000,000        1,153,020 (b)  

El Paso, TX, GO, Series B, Refunding

      5.000 %      8/15/31        945,000        1,251,643  

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

      5.000 %      11/15/25        1,000,000        1,138,500  

Houston, TX, Airport System Revenue:

           

Special Facilities, United Airlines Inc., Airport Improvements Project

      5.000 %      7/15/28        500,000        532,060 (b)  

Subordinated, Series A

      5.000 %      7/1/36        1,055,000        1,273,606 (b)  

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

      5.000 %      3/1/33        1,000,000        1,241,150  

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

      5.000 %      11/1/31        90,000        105,690 (b)  

North Texas Tollway Authority Revenue:

           

First Tier, Series A, Refunding

      5.000 %      1/1/36        500,000        603,090  

First Tier, Series B, Refunding

      5.000 %      1/1/34        1,300,000        1,512,589  

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        141,816  

Texas Public Finance Authority, Lease Revenue, Refunding

      4.000 %      2/1/36        350,000        423,510  

Texas State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Series 2012

      5.000 %      12/15/22        2,000,000        2,174,580  
          

 

 

  

Total Texas

              11,835,789  
          

 

 

  

U.S. Virgin Islands - 0.5%

           

Virgin Islands Public Finance Authority Revenue:

           

Matching Fund Loan, Senior Lien, Series A

      5.000 %      10/1/29        300,000        295,263  

Subordinated, Matching Fund Loan, Cruzan Project, Series A

      6.000 %      10/1/39        335,000        320,320  

Subordinated, Matching Fund Loan, Diageo Project, Series A

      6.625 %      10/1/29        150,000        150,062  
          

 

 

  

Total U.S. Virgin Islands

              765,645  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

12

  

    Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Utah - 0.4%

           

Utah Infrastructure Agency, Telecommunications Revenue, Series 2019

      5.000 %      10/15/26      $ 250,000      $ 285,635  

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

      5.000 %      4/15/37        250,000        290,175  
          

 

 

  

Total Utah

              575,810  
          

 

 

  

Virginia - 3.3%

           

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

      5.000 %      7/1/35        200,000        260,202  

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

      5.000 %      9/1/40        1,250,000        1,383,300  

Virginia State Small Business Financing Authority Revenue:

           

Bon Secours Mercy Health, Series A, Refunding

      4.000 %      12/1/49        500,000        568,535  

Second Lien, Elizabeth River Crossings OpCo LLC Project

      5.000 %      1/1/27        2,000,000        2,113,000 (b) 

Senior Lien, 95 Express Lanes LLC

      5.000 %      7/1/34        350,000        364,171 (b)  
          

 

 

  

Total Virginia

              4,689,208  
          

 

 

  

Washington - 0.9%

           

Port of Seattle, WA, Intermediate Lien Revenue, Series 2019

      5.000 %      4/1/33        500,000        615,380 (b)  

Washington State Health Care Facilities Authority Revenue:

           

Commonspirit Health, Series B, Refunding

      5.000 %      8/1/26        250,000        294,918 (c)(d) 

Seattle Cancer Care Alliance, Refunding

      5.000 %      9/1/38        300,000        382,467  
          

 

 

  

Total Washington

              1,292,765  
          

 

 

  

West Virginia - 0.3%

           

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

      5.000 %      10/1/29        300,000        382,842 (c)(d) 
          

 

 

  

Wisconsin - 3.7%

           

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

      5.000 %      11/1/35        2,105,000        2,455,272  

La Crosse, WI, Resource Recovery Revenue, Northern States Power Co. Project, Refunding

      6.000 %      11/1/21        2,000,000        2,124,080 (b) 

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report    

  

 

 

13

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Wisconsin - (continued)

           

Public Finance Authority, WI, Limited Obligation Pilot Revenue, American Dream @ Meadowlands Project

      6.500 %      12/1/37      $ 200,000      $ 173,334 (a)  

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

      5.000 %      4/1/43        500,000        614,200  
          

 

 

  

Total Wisconsin

              5,366,886  
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $176,759,672)

              189,204,256  
          

 

 

  
SHORT-TERM INVESTMENTS - 0.3%           
MUNICIPAL BONDS - 0.2%           

Florida - 0.1%

           

Hillsborough County, FL, IDA, Healthcare System Revenue, Baycare Health System, Series B, Refunding, LOC - TD Bank N.A.

      0.020 %      11/1/38        100,000        100,000 (i)(j)  
          

 

 

  

Massachusetts - 0.1%

           

Massachusetts State DFA Revenue, Boston University, Series U-6E, Refunding, LOC - TD Bank N.A.

      0.010 %      10/1/42        200,000        200,000 (i)(j)  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $300,000)

              300,000  
          

 

 

  
                  SHARES         
MONEY MARKET FUNDS - 0.1%           

Dreyfus Government Cash Management, Institutional Shares
(Cost - $55,975)

      0.038 %         55,975        55,975  
          

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Cost - $355,975)

              355,975  
          

 

 

  

TOTAL INVESTMENTS - 132.4%
(Cost - $177,115,647)

              189,560,231  

Auction Rate Cumulative Preferred Stock, at Liquidation Value - (0.4)%

              (600,000 ) 

Variable Rate Demand Preferred Stock, at Liquidation Value - (33.1)%

              (47,400,000 ) 

Other Assets in Excess of Liabilities - 1.1%

              1,632,361  
          

 

 

  

TOTAL NET ASSETS APPLICABLE TO COMMON

SHAREHOLDERS - 100.0%

 

 

       $ 143,192,592  
          

 

 

  

 

††

Represents less than 0.1%.

 

See Notes to Schedule of Investments.

 

 

 

14

  

    Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

*

Non-income producing security.

 

(a)

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.

 

(b)

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

 

(c)

Maturity date shown represents the mandatory tender date.

 

(d)

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.

 

(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)

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

 

(h)

The coupon payment on these securities is currently in default as of August 31, 2020.

 

(i)

Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the Remarketing Agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System.

 

(j)

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

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2020 Quarterly Report    

  

 

 

15

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2020

 

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
GO    —   General Obligation
HEFA    —   Health & Educational Facilities Authority
IDA    —   Industrial Development Authority
IDR    —   Industrial Development Revenue
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
SIFMA    —   Securities Industry and Financial Markets Association
USD    —   Unified School District

At August 31, 2020, the Fund had the following open futures contracts:

 

     Number of
Contracts		      Expiration
Date		      Notional
Amount		      Market
Value		      Unrealized
Appreciation		  
Contracts to Sell:               

U.S. Treasury Ultra Long-Term Bonds

      15        12/20      $ 3,357,663      $ 3,313,594      $ 44,069  

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

 

See Notes to Schedule of Investments.

 

 

 

16

  

    Western Asset Intermediate Muni Fund Inc. 2020 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. On April 1, 2020, the Board of Directors of the Fund approved amendments to the Fund’s bylaws. The amended and restated bylaws were subsequently filed on Form 8-K and are available on the Securities and Exchange Commission’s website at www.sec.gov.

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.

 

   

 

 

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Notes to Schedule of Investments (unaudited) (continued)

 

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 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.

 

 

 

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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 carried at fair value:

 

ASSETS

  

DESCRIPTION

    QUOTED PRICES
(LEVEL 1)		      OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)		      SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)		      TOTAL  

Municipal Bonds†

      —        $ 189,204,256        —        $ 189,204,256  

Short-Term Investments†:

            

Municipal Bonds

      —          300,000        —          300,000  

Money Market Funds

    $ 55,975        —          —          55,975  

Total Short-Term Investments

      55,975        300,000        —          355,975  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 55,975      $ 189,504,256        —        $ 189,560,231  
  

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments:

            

Futures Contracts

    $ 44,069        —          —        $ 44,069  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 100,044      $ 189,504,256        —        $ 189,604,300  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

 

   

 

 

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