NPORT-EX 2 LMF3900WAInterMuniFdInc.htm HTML

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS - 128.6%           

Alabama - 1.0%

           

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

      5.000 %      10/1/21      $ 1,500,000      $ 1,505,982  
          

 

 

  

Alaska - 0.6%

           

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

      4.000 %      12/1/36        250,000        296,999  

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

      4.000 %      6/1/39        500,000        600,410  
          

 

 

  

Total Alaska

              897,409  
          

 

 

  

Arizona - 2.5%

           

Arizona State IDA, Education Revenue, Lincoln South Beltway Project

      5.000 %      2/1/25        500,000        577,604  

Chandler, AZ, IDA Revenue, Intel Corp. Project

      5.000 %      6/3/24        1,000,000        1,123,802 (a)(b)(c) 

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

      5.000 %      2/15/38        500,000        591,004  

Navajo Nation, AZ, Series A, Refunding

      5.000 %      12/1/25        250,000        275,788 (d)  

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

      5.000 %      7/1/27        1,000,000        1,131,077  
          

 

 

  

Total Arizona

              3,699,275  
          

 

 

  

California - 17.6%

           

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

      5.000 %      10/1/34        500,000        594,520  

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

      5.000 %      5/1/26        2,000,000        2,215,836  

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

      1.120 %      4/1/24        2,000,000        2,034,293 (b)(c) 

California State, GO, Various Purpose

      5.000 %      3/1/35        500,000        653,636  

California State MFA Revenue:

           

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/34        350,000        430,905 (a)  

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43        400,000        486,600 (a)  

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

      4.000 %      7/15/29        250,000        291,981 (a)  

California State PCFA Water Furnishing Revenue, Poseidon Resources

      5.000 %      7/1/27        1,750,000        1,879,400 (a)(d) 

California State, GO, Various Purpose, Refunding

      5.000 %      9/1/41        750,000        999,374 (e)  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report    

  

 

 

1

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - (continued)

           

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

      5.600 %      1/15/36      $ 555,000      $ 583,309 (d)  

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

      5.000 %      6/1/34        1,500,000        1,855,192  

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

      5.000 %      8/1/31        1,855,000        1,931,742  

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

      5.000 %      7/1/35        1,000,000        1,274,397  

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

      5.000 %      5/15/36        1,200,000        1,513,938 (a) 

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

      5.000 %      7/1/37        750,000        925,325  

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

      6.125 %      11/1/29        2,955,000        3,745,432  

Northern California Energy Authority, Commodity Supply Revenue, Series A

      4.000 %      7/1/24        500,000        548,438 (b)(c) 

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

      5.250 %      9/1/34        430,000        454,082  

Riverside, CA, Electric Revenue:

           

Series A, Refunding

      5.000 %      10/1/36        750,000        959,801  

Series A, Refunding

      5.000 %      10/1/43        250,000        315,220  

Riverside, CA, Sewer Revenue, Series A, Refunding

      5.000 %      8/1/35        750,000        948,918  

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

      5.000 %      10/1/35        250,000        309,462  

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

      5.000 %      1/1/33        645,000        809,844 (a)  

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        292,018  
          

 

 

  

Total California

              26,053,663  
          

 

 

  

Colorado - 2.4%

           

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

      5.500 %      12/1/36        500,000        518,434  

 

See Notes to Schedule of Investments.

 

 

 

2

  

    Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Colorado - (continued)

           

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

      5.000 %      10/1/32      $ 100,000      $ 106,479 (a) 

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

      6.125 %      11/15/23        2,580,000        2,768,561  

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

      5.000 %      12/15/28        125,000        145,695  
          

 

 

  

Total Colorado

              3,539,169  
          

 

 

  

Connecticut - 1.9%

           

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

      5.000 %      7/1/36        250,000        300,406  

Connecticut State Special Tax Revenue:

           

Transportation Infrastructure, Series A

      5.000 %      5/1/34        600,000        786,468  

Transportation Infrastructure, Series A

      5.000 %      1/1/37        500,000        619,332  

Connecticut State, GO:

           

Series A

      5.000 %      4/15/30        400,000        518,870  

Series C

      4.000 %      6/1/38        250,000        301,936  

Series E

      5.000 %      10/15/34        210,000        253,231  
          

 

 

  

Total Connecticut

              2,780,243  
          

 

 

  

Florida - 6.7%

           

Broward County, FL, Airport System Revenue, Series 2017

      5.000 %      10/1/36        250,000        305,089 (a)  

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

      6.000 %      6/15/35        150,000        171,061 (d) 

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

      5.000 %      10/1/27        545,000        634,351  

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

      5.000 %      10/1/30        1,500,000        1,577,821  

Miami-Dade County, FL, Aviation Revenue:

           

Series A, Refunding

      5.000 %      10/1/31        3,000,000        3,155,013 (a)(f) 

Series A, Refunding

      4.000 %      10/1/36        1,000,000        1,201,350  

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

      5.000 %      7/1/26        1,500,000        1,695,252  

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

      5.000 %      8/1/36        250,000        303,156  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report    

  

 

 

3

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Florida - (continued)

           

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

      5.000 %      8/1/36      $ 250,000      $ 276,124  

Palm Beach County, FL, Health Facilities Authority Revenue, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series B

      2.625 %      6/1/25        350,000        360,927  

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

      5.000 %      7/1/40        250,000        317,734  
          

 

 

  

Total Florida

              9,997,878  
          

 

 

  

Georgia - 1.0%

           

Georgia State Municipal Electric Authority Power Revenue:

           

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

      4.000 %      1/1/46        250,000        286,220  

Subordinated, Project One, Series A, Refunding

      5.000 %      1/1/37        250,000        324,197  

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

      5.000 %      5/15/33        250,000        314,739  

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

      5.000 %      4/1/28        500,000        555,177  
          

 

 

  

Total Georgia

              1,480,333  
          

 

 

  

Guam - 0.2%

           

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

      4.000 %      1/1/42        230,000        262,809 (e)  
          

 

 

  

Illinois - 18.6%

           

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

      5.000 %      4/1/38        500,000        609,102  

Chicago, IL, Board of Education, GO:

           

Dedicated, Series G, Refunding

      5.000 %      12/1/34        270,000        328,485  

Series C, Refunding

      5.000 %      12/1/24        250,000        285,194  

Series D

      5.000 %      12/1/46        1,500,000        1,832,575  

Chicago, IL, GO:

           

Series A

      5.000 %      1/1/40        600,000        732,478  

Series A, Refunding

      5.000 %      1/1/26        500,000        589,304  

Series B, Refunding

      5.500 %      1/1/30        1,000,000        1,145,797  

Series C, Refunding

      5.000 %      1/1/25        500,000        571,529  

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

      5.000 %      12/1/29        850,000        978,392  

 

See Notes to Schedule of Investments.

 

 

 

4

  

    Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

Chicago, IL, O’Hare International Airport Revenue:

           

Senior Lien, Series D

      5.250 %      1/1/36      $ 500,000      $ 610,388  

Senior Lien, Series D

      5.250 %      1/1/37        400,000        487,373  

Series A, Refunding

      5.000 %      1/1/31        1,750,000        2,001,678 (a) 

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

      5.000 %      12/1/45        550,000        685,321  

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

      5.000 %      1/1/36        600,000        720,548  

Chicago, IL, Waterworks Revenue:

           

Second Lien, Series 2017, Refunding

      5.000 %      11/1/29        500,000        626,440  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/32        630,000        781,907  

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

      5.000 %      11/15/38        315,000        404,713  

Illinois State Finance Authority Revenue:

           

NorthShore University HealthSystem, Refunding, Series A

      5.000 %      8/15/33        250,000        329,222  

Southern Illinois Healthcare Enterprises Inc., Refunding

      5.000 %      3/1/34        500,000        596,295  

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

      5.250 %      6/15/30        3,000,000        3,324,889  

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

      5.000 %      4/1/28        100,000        124,486  

Illinois State, GO:

           

Series 2016, Refunding

      5.000 %      2/1/29        500,000        597,261  

Series A

      5.000 %      3/1/35        400,000        512,894  

Series A

      5.000 %      5/1/36        770,000        929,144  

Series A

      5.000 %      5/1/39        300,000        359,618  

Series A, Refunding

      5.000 %      10/1/29        1,300,000        1,617,650  

Series B, Refunding

      5.000 %      9/1/27        600,000        736,709  

Series D

      5.000 %      11/1/27        300,000        369,588  

Metropolitan Pier & Exposition Authority, IL, Revenue:

           

McCormick Place Expansion Project, Series A, Refunding

      4.000 %      12/15/42        600,000        692,093 (e)  

McCormick Place Expansion Project, Series A, Refunding

      5.000 %      6/15/50        1,200,000        1,472,381  

McCormick Place Expansion Project, Series B, Refunding

      5.000 %      12/15/31        250,000        306,099  

McCormick Place Expansion Project, Series B, Refunding

      5.000 %      6/15/42        500,000        631,716  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report    

  

 

 

5

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

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

      6.000 %      7/1/29      $ 1,020,000      $ 1,311,036  

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

      5.000 %      1/1/28        250,000        313,480  
          

 

 

  

Total Illinois

              27,615,785  
          

 

 

  

Indiana - 4.8%

           

Hammond, IN, Multi-School Building Corp.:

           

First Mortgage Bond, State Intercept Program

      5.000 %      7/15/34        750,000        925,288  

First Mortgage Bond, State Intercept Program

      5.000 %      7/15/35        1,035,000        1,272,153  

Indiana State Finance Authority Revenue, Marion General Hospital, Series A

      4.000 %      7/1/45        250,000        289,431  

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

      5.250 %      8/15/29        4,000,000        4,389,698  

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

      5.875 %      1/1/24        190,000        204,512 (a)  
          

 

 

  

Total Indiana

              7,081,082  
          

 

 

  

Iowa - 0.2%

           

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

      3.125 %      12/1/22        75,000        76,471  

Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds, Class 2, Series B-1, Refunding

      4.000 %      6/1/49        250,000        289,754  
          

 

 

  

Total Iowa

              366,225  
          

 

 

  

Kentucky - 2.1%

           

Kentucky State PEA, Gas Supply Revenue:

           

Series A

      4.000 %      6/1/26        1,200,000        1,378,794 (b)(c) 

Series C

      4.000 %      6/1/25        1,600,000        1,797,909 (b)(c) 
          

 

 

  

Total Kentucky

              3,176,703  
          

 

 

  

Louisiana - 4.9%

           

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

           

Series B

      5.000 %      1/1/29        2,000,000        2,284,070 (a) 

Series B

      5.000 %      1/1/30        2,000,000        2,281,935 (a) 

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

      5.000 %      4/1/38        1,625,000        1,948,417 (a) 

 

See Notes to Schedule of Investments.

 

 

 

6

  

    Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

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      $ 416,405 (b)(c) 

Marathon Oil Corp. Project, Refunding

      2.200 %      7/1/26        300,000        317,225 (b)(c) 
          

 

 

  

Total Louisiana

              7,248,052  
          

 

 

  

Maryland - 0.4%

           

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

      4.000 %      7/1/40        500,000        579,253  
          

 

 

  

Massachusetts - 2.4%

           

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

      5.000 %      1/1/35        350,000        444,362  

Massachusetts State DFA Revenue:

           

Mass General Brigham Issue, Series A-1

      5.000 %      1/31/30        1,000,000        1,305,136 (b)(c) 

Partners Healthcare System, Refunding

      5.000 %      7/1/37        250,000        308,976  

UMass Boston Student Housing Project

      5.000 %      10/1/28        200,000        233,690  

Massachusetts State Port Authority Revenue:

           

Series A, Refunding

      5.000 %      7/1/36        500,000        628,080 (a)  

Series E

      5.000 %      7/1/46        500,000        638,623 (a)  
          

 

 

  

Total Massachusetts

              3,558,867  
          

 

 

  

Michigan - 3.0%

           

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

      5.000 %      7/1/38        250,000        279,382  

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

           

Senior Lien, Series C, Refunding

      5.000 %      7/1/33        800,000        965,194  

Senior Lien, Series C, Refunding

      5.000 %      7/1/35        350,000        422,087  

Michigan Finance Authority Revenue, Tobacco Settlement Asset-Backed, Series A-1, Refunding

      4.000 %      6/1/39        150,000        182,302  

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

      6.250 %      7/1/29        400,000        425,045 (d)  

Michigan State Finance Authority Revenue:

           

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

      5.000 %      12/1/42        250,000        307,893  

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

      5.000 %      7/1/33        275,000        320,016  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report    

  

 

 

7

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Michigan - (continued)

           

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

      5.000 %      7/1/24      $ 1,000,000      $ 1,130,168  

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

      5.000 %      12/31/43        300,000        363,683 (a)  
          

 

 

  

Total Michigan

              4,395,770  
          

 

 

  

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        939,250 (a)  

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

      5.000 %      2/1/34        150,000        168,883  

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

      5.000 %      9/1/38        300,000        341,593  
          

 

 

  

Total Missouri

              1,449,726  
          

 

 

  

Nebraska - 0.5%

           

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

      5.000 %      9/1/36        500,000        706,427  
          

 

 

  

New Jersey - 9.7%

           

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

      5.000 %      11/1/28        1,000,000        1,115,395  

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

      5.000 %      6/1/26        1,400,000        1,689,993  

New Jersey State EDA Revenue:

           

School Facilities Construction, Series NN, Refunding

      5.000 %      3/1/28        2,825,000        3,022,251  

School Facilities Construction, Series NN, Refunding

      5.000 %      3/1/29        2,175,000        2,325,955  

School Facilities Construction, Series QQQ

      5.000 %      6/15/31        500,000        656,597  

Transit Transportation Project, Series A

      5.000 %      11/1/32        750,000        957,665  

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

      5.000 %      10/1/37        150,000        177,053 (a) 

New Jersey State Transportation Trust Fund Authority Revenue:

           

Transportation Program, Series AA

      5.000 %      6/15/37        1,000,000        1,291,849  

Transportation System, Series A, Refunding

      5.000 %      12/15/25        425,000        505,586  

Transportation System, Series A, Refunding

      5.000 %      12/15/28        575,000        734,121  

 

See Notes to Schedule of Investments.

 

 

 

8

  

    Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New Jersey - (continued)

           

New Jersey State Turnpike Authority Revenue, Series G, Refunding

      5.000 %      1/1/35      $ 1,000,000      $ 1,248,688  

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

      5.000 %      6/1/35        500,000        619,939  
          

 

 

  

Total New Jersey

              14,345,092  
          

 

 

  

New York - 18.0%

           

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

      5.000 %      10/1/32        575,000        744,248  

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

      5.000 %      2/15/35        1,000,000        1,208,993  

MTA, NY, Transportation Revenue:

           

Green Bonds, Series A-2

      5.000 %      11/15/24        125,000        143,055  

Green Bonds, Series D-1

      5.000 %      11/15/43        250,000        313,012  

Green Bonds, Series E, Refunding

      5.000 %      11/15/28        1,000,000        1,269,826  

Series A-2

      5.000 %      5/15/30        400,000        522,489 (b)(c) 

New York City, NY, GO:

           

Series D-1

      5.000 %      3/1/39        1,000,000        1,277,736  

Subseries F-1

      5.000 %      3/1/37        500,000        655,496  

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

      5.000 %      3/1/29        250,000        323,426  

New York City, NY, TFA Revenue, Future Tax Secured, Subordinate, Series C-1

      4.000 %      5/1/40        2,300,000        2,746,068  

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

      5.000 %      3/15/38        1,500,000        1,894,902  

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

      5.000 %      10/1/29        750,000        964,647  

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

           

Bidding Group 4, Series A, Refunding

      5.000 %      3/15/44        750,000        936,059  

Bidding Group 4, Series A, Refunding

      4.000 %      3/15/46        550,000        647,715  

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

      5.000 %      1/1/36        1,000,000        1,179,914  

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

      5.000 %      3/15/26        200,000        214,694  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report    

  

 

 

9

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - (continued)

           

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      $ 1,043,392 (a) 

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

      5.000 %      1/1/32        1,200,000        1,462,981 (a) 

LaGuardia Airport Terminal B Redevelopment Project

      5.000 %      7/1/30        1,225,000        1,379,725 (a) 

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

      5.000 %      12/1/27        500,000        619,837  

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

      5.000 %      3/15/41        750,000        967,346  

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

      3.500 %      11/1/24        750,000        786,439 (d)  

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

      5.000 %      10/15/30        1,500,000        1,761,613 (a)  

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

      5.000 %      11/15/49        2,000,000        2,573,478  

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

      5.000 %      12/15/27        1,000,000        1,110,151  
          

 

 

  

Total New York

              26,747,242  
          

 

 

  

North Carolina - 1.2%

           

Charlotte, NC, COP, Series P

      5.000 %      6/1/44        250,000        316,369  

Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport

      5.000 %      7/1/36        400,000        513,004  

North Carolina State Limited Obligation Revenue, Series A

      5.000 %      5/1/32        750,000        971,473  
          

 

 

  

Total North Carolina

              1,800,846  
          

 

 

  

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        626,445  

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

           

Senior Bonds, Series A-2, Refunding

      5.000 %      6/1/36        250,000        320,059  

Senior Bonds, Series B-2, Refunding

      5.000 %      6/1/55        550,000        640,031  

 

See Notes to Schedule of Investments.

 

 

 

10

  

    Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Ohio - (continued)

           

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

      2.500 %      10/1/29      $ 350,000      $ 385,852 (a)(b)(c) 

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

      5.000 %      5/1/34        525,000        679,162  
          

 

 

  

Total Ohio

              2,651,549  
          

 

 

  

Oregon - 1.5%

           

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

      5.000 %      7/1/26        250,000        301,226 (a)  

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

      5.000 %      6/15/28        570,000        590,434  

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

      5.000 %      6/15/34        500,000        615,123  

Yamhill County, OR, Hospital Authority Revenue:

           

Friendsview Retirement Community, Refunding

      5.000 %      11/15/31        350,000        392,359  

Friendsview Retirement Community, Refunding

      5.000 %      11/15/36        325,000        361,839  
          

 

 

  

Total Oregon

              2,260,981  
          

 

 

  

Pennsylvania - 2.9%

           

Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue

      5.000 %      6/1/30        200,000        249,681  

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

      5.000 %      1/1/27        440,000        501,079  

Pennsylvania State Turnpike Commission Revenue:

           

Series B

      5.000 %      12/1/40        750,000        974,739  

Series B, Refunding

      5.000 %      12/1/46        500,000        645,270  

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

      5.000 %      5/1/35        500,000        620,185  

Philadelphia, PA, Authority for IDR, Lease Revenue, Series 2019, Refunding

      5.000 %      10/1/30        250,000        327,154  

Philadelphia, PA, GO, Series B

      5.000 %      2/1/35        250,000        317,934  

State Public School Building Authority, PA, Lease Revenue:

           

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

      5.000 %      6/1/31        150,000        182,547  

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

      5.000 %      6/1/33        450,000        545,831  
          

 

 

  

Total Pennsylvania

              4,364,420  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report    

  

 

 

11

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Puerto Rico - 4.7%

           

Puerto Rico Commonwealth Public Improvement, GO, Series A, Refunding

      5.000 %      7/1/41      $ 295,000      $ 253,331 *(g) 

Puerto Rico Electric Power Authority Revenue:

           

Series A

      5.000 %      7/1/42        200,000        196,000 *(g) 

Series A

      5.050 %      7/1/42        75,000        73,500 *(g)  

Series DDD, Refunding

      5.000 %      7/1/21        280,000        274,050 *(h) 

Series TT

      5.000 %      7/1/37        450,000        441,000 *(g) 

Series XX

      5.250 %      7/1/40        400,000        393,500 *(g)  

Series ZZ, Refunding

      5.250 %      7/1/18        250,000        242,187 *(h) 

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

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27        220,000        203,089  

Restructured, Series A-1

      4.550 %      7/1/40        50,000        57,536  

Restructured, Series A-1

      5.000 %      7/1/58        525,000        607,876  

Restructured, Series A-2

      4.329 %      7/1/40        1,340,000        1,523,290  

Restructured, Series A-2A

      4.550 %      7/1/40        2,380,000        2,738,717  
          

 

 

  

Total Puerto Rico

              7,004,076  
          

 

 

  

South Carolina - 0.3%

           

South Carolina State Ports Authority Revenue, Series 2018

      5.000 %      7/1/36        400,000        496,197 (a)  
          

 

 

  

Tennessee - 0.8%

           

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

      5.000 %      9/1/30        250,000        310,852  

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

      5.000 %      7/1/42        300,000        368,603  

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

      4.000 %      11/1/25        500,000        566,928 (b)(c) 
          

 

 

  

Total Tennessee

              1,246,383  
          

 

 

  

Texas - 6.5%

           

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

      5.000 %      2/15/41        250,000        279,929  

Austin, TX, Airport System Revenue, Series 2014

      5.000 %      11/15/27        1,000,000        1,139,168 (a) 

Central Texas, Regional Mobility Authority Revenue:

           

Senior Lien, Series B

      5.000 %      1/1/46        250,000        319,528  

Senior Lien, Series E

      5.000 %      1/1/45        250,000        313,186  

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

      5.000 %      11/15/25        1,000,000        1,133,984  

 

See Notes to Schedule of Investments.

 

 

 

12

  

    Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Texas - (continued)

           

Houston, TX, Airport System Revenue:

           

Special Facilities, United Airlines Inc., Airport Improvements Project

      5.000 %      7/15/28      $ 500,000      $ 607,950 (a) 

Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B1

      4.000 %      7/15/41        500,000        545,052 (a) 

Subordinated, Series A

      5.000 %      7/1/36        1,055,000        1,308,719 (a) 

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

      5.000 %      3/1/33        1,000,000        1,241,998  

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

      5.000 %      11/1/31        90,000        108,186 (a) 

North Texas Tollway Authority Revenue:

           

First Tier, Series A, Refunding

      5.000 %      1/1/36        500,000        605,940  

First Tier, Series B, Refunding

      5.000 %      1/1/34        1,300,000        1,490,675  

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        149,957  

Texas State Public Finance Authority, Lease Revenue, Refunding

      4.000 %      2/1/36        350,000        418,006  
          

 

 

  

Total Texas

              9,662,278  
          

 

 

  

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        300,756  

Subordinated, Matching Fund Loan, Cruzan Project, Series A

      6.000 %      10/1/39        330,000        330,812  

Subordinated, Matching Fund Loan, Diageo Project, Series A

      6.625 %      10/1/29        150,000        151,312  
          

 

 

  

Total U.S. Virgin Islands

              782,880  
          

 

 

  

Utah - 0.5%

           

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

      5.000 %      4/15/37        250,000        288,107  

Utah State Infrastructure Agency, Telecommunications Revenue:

           

Series 2019

      5.000 %      10/15/26        250,000        301,780  

Series 2021

      4.000 %      10/15/36        100,000        117,729  
          

 

 

  

Total Utah

              707,616  
          

 

 

  

Virginia - 3.4%

           

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

      5.000 %      7/1/35        200,000        261,241  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report    

  

 

 

13

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Virginia - (continued)

           

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

      5.000 %      9/1/40      $ 1,250,000      $ 1,446,732  

Virginia State Small Business Financing Authority Revenue:

           

Bon Secours Mercy Health, Series A, Refunding

      4.000 %      12/1/49        500,000        583,736  

Second Lien, Elizabeth River Crossings OpCo LLC Project

      5.000 %      1/1/27        2,000,000        2,074,830 (a)  

Senior Lien, 95 Express Lanes LLC

      5.000 %      7/1/34        350,000        355,520 (a)  

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

      5.000 %      1/1/31        250,000        310,191  
          

 

 

  

Total Virginia

              5,032,250  
          

 

 

  

Washington - 1.0%

           

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

      5.000 %      4/1/33        500,000        628,997 (a)  

Washington State Health Care Facilities Authority Revenue:

           

Commonspirit Health, Series B, Refunding

      5.000 %      8/1/26        250,000        296,384 (b)(c)  

Seattle Cancer Care Alliance, Refunding

      5.000 %      12/1/29        170,000        223,895  

Seattle Cancer Care Alliance, Refunding

      5.000 %      9/1/38        300,000        390,378  
          

 

 

  

Total Washington

              1,539,654  
          

 

 

  

West Virginia - 0.3%

           

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

      5.000 %      10/1/29        300,000        385,421 (b)(c) 
          

 

 

  

Wisconsin - 3.7%

           

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

      5.000 %      11/1/35        2,105,000        2,397,602  

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

      6.000 %      11/1/21        2,000,000        2,018,790 (a) 

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

      6.500 %      12/1/37        200,000        227,146 (d)  

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

      5.000 %      1/1/40        150,000        182,509  

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

      5.000 %      4/1/43        500,000        608,022  
          

 

 

  

Total Wisconsin

              5,434,069  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $174,880,317)

              190,855,605  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

14

  

    Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
                            
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST(i) - 1.5%

 

New York - 1.5%

           

New York State Urban Development Corp. Revenue, State Personal Income Tax Revenue Bonds, Bidding Group 3, Series E, Refunding (Cost - $2,260,090)

      4.000 %      3/15/41      $ 1,925,000      $ 2,267,358  
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $177,140,407)

 

      193,122,963  
          

 

 

  
SHORT-TERM INVESTMENTS - 3.2%           
MUNICIPAL BONDS - 3.2%           

Arizona - 0.4%

           

Arizona State IDA, Hospital Revenue, Phoenix Children’s Hospital, Series A, LOC - JPMorgan Chase Bank

      0.010 %      2/1/48        100,000        100,000 (j)(k)  

Phoenix, AZ, IDA, Health Care Facilities Revenue, Mayo Clinic, Series B, SPA - Northern Trust Co.

      0.010 %      11/15/52        500,000        500,000 (j)(k)  
          

 

 

  

Total Arizona

              600,000  
          

 

 

  

California - 0.2%

           

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

      0.010 %      11/1/35        100,000        100,000 (j)(k)  

California Statewide CDA, MFH Revenue, IAC Project, Series W-3, Refunding, LOC - Wells Fargo Bank N.A.

      0.010 %      4/1/25        100,000        100,000 (a)(j)(k) 

Regents of the University of California Medical Center Pooled Revenue, Series O-2, Refunding

      0.010 %      5/15/45        100,000        100,000 (j)(k)  
          

 

 

  

Total California

              300,000  
          

 

 

  

Florida - 1.4%

           

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

      0.020 %      5/1/24        2,100,000        2,100,000 (a)(j)(k) 
          

 

 

  

New York - 1.2%

           

New York City, NY, GO, Subseries E-5, LOC - TD Bank N.A.

      0.010 %      3/1/48        700,000        700,000 (j)(k)  

New York State HFA Revenue, 42nd & 10th Housing, Series A, LIQ - FHLMC

      0.030 %      11/1/41        1,000,000        1,000,000 (a)(j)(k) 
          

 

 

  

Total New York

              1,700,000  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $4,700,000)

              4,700,000  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report    

  

 

 

15

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

(Percentages shown based on Fund net assets)

 

SECURITY

    RATE                   SHARES      VALUE  
MONEY MARKET FUNDS - 0.0%††           

Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $36,026)

      0.010 %         36,026      $ 36,026 (l)  
          

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Cost - $4,736,026)

 

           4,736,026  
          

 

 

  

TOTAL INVESTMENTS - 133.3%
(Cost - $181,876,433)

              197,858,989  

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

 

           (600,000 ) 

Variable Rate Demand Preferred Stock, at Liquidation Value - (31.9)%

 

           (47,400,000 ) 

TOB Floating Rate Notes - (1.0)%

              (1,445,000 ) 

Other Liabilities in Excess of Other Assets - (0.0)%††

 

           (21,181 ) 
          

 

 

  

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

 

         $ 148,392,808  
          

 

 

  

 

††

Represents less than 0.1%.

 

*

Non-income producing security.

 

(a)

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

 

(b)

Maturity date shown represents the mandatory tender date.

 

(c)

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

 

(d)

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

 

(e)

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 this security is currently in default as of August 31, 2021.

 

(h)

The maturity principal is currently in default as of August 31, 2021.

 

(i)

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

 

(j)

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

 

(k)

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

 

(l)

In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2021, the total market value of investments in Affiliated Companies was $36,026 and the cost was $36,026 (Note 2).

 

See Notes to Schedule of Investments.

 

 

 

16

  

    Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report

  

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2021

 

Abbreviation(s) used in this schedule:

 

AGM    — Assured Guaranty Municipal Corporation - Insured Bonds
BAM    — Build America Mutual - Insured Bonds
CAB    — Capital Appreciation Bonds
CDA    — Communities Development Authority
COP    — Certificates of Participation
CSCE    — Charter School Credit Enhancement
DFA    — Development Finance Agency
EDA    — Economic Development Authority
EDC    — Economic Development Corporation
FHLMC    — Federal Home Loan Mortgage Corporation
GO    — General Obligation
HEFA    — Health & Educational Facilities Authority
HFA    — Housing Finance Agency
IDA    — Industrial Development Authority
IDR    — Industrial Development Revenue
LIQ    — Liquidity Facility
LOC    — Letter of Credit
MFA    — Municipal Finance Authority
MFH    — Multi-Family Housing
MTA    — Metropolitan Transportation Authority
NATL    — National Public Finance Guarantee Corporation - Insured Bonds
PCFA    — Pollution Control Financing Authority
PEA    — Public Energy Authority
SD    — School District
SIFMA    — Securities Industry and Financial Markets Association
SPA    — Standby Bond Purchase Agreement - Insured Bonds
TFA    — Transitional Finance Authority

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.

 

 

Western Asset Intermediate Muni Fund Inc. 2021 Quarterly Report    

  

 

 

17

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

Western Asset Intermediate Muni Fund Inc. (the “Fund”) was incorporated in Maryland on December 19, 1991 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s investment objective is to provide common shareholders a high level of current income exempt from regular federal income taxes consistent with prudent investing. Under normal market conditions, the Fund invests at least 80% of its total assets in municipal obligations. In addition, under normal market conditions, the Fund will invest at least 80% of its total assets in debt securities that are, at the time of investment, rated investment grade by a nationally recognized statistical rating organization or, if unrated, of equivalent quality as determined by the investment manager. For credit ratings purposes, pre-refunded bonds are deemed to be unrated. The subadviser determines the credit quality of prefunded bonds based on the quality of the escrowed collateral and such other factors as the subadviser deems appropriate.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the

 

 

 

18

    

Notes to Schedule of Investments (unaudited) (continued)

 

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.

 

   

 

 

19

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  

Long-Term Investments†:

            

Municipal Bonds

      —        $ 190,855,605        —        $ 190,855,605  

Municipal Bonds Deposited in Tender Option Bond Trust

      —          2,267,358        —          2,267,358  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      —          193,122,963        —          193,122,963  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†:

            

Municipal Bonds

      —          4,700,000        —          4,700,000  

Money Market Funds

    $ 36,026        —          —          36,026  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      36,026        4,700,000        —          4,736,026  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 36,026      $ 197,822,963        —        $ 197,858,989  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2021. The following transactions were effected in such company for the period ended August 31, 2021.

 

 

 

20

    

Notes to Schedule of Investments (unaudited) (continued)

 

     Affiliate
Value at
November 30,
2020		      Purchased      Sold  
     Cost      Shares      Cost      Shares  
Western Asset Premier Institutional Government Reserves, Premium Shares      —        $ 1,410,752        1,410,752      $ 1,374,726        1,374,726  

 

(cont’d)

    Realized
Gain (Loss)		      Interest
Income		      Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)		      Affiliate
Value at
August 31,
2021		  
Western Asset Premier Institutional Government Reserves, Premium Shares      —        $ 2        —      $ 36,026  

 

   

 

 

21