Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
MUNICIPAL BONDS - 133.9%
Alabama - 0.8%
Alabama State Corrections Institution Finance Authority Revenue, Series A			5.000	%			7/1/42			$	750,000			$	794,382
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Series D-1, Refunding			5.500	%			2/1/29				200,000				208,745	(a)(b)(c)
Total Alabama															1,003,127
Alaska - 0.6%
Alaska State Housing Finance Corp. Revenue, State Capital Project, Series B			4.000	%			12/1/36				250,000				249,840
Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, Asset Backed Senior Bonds, Class 1, Series A, Refunding			4.000	%			6/1/39				500,000				480,764
Total Alaska															730,604
Arizona - 3.7%
Arizona State IDA, Education Revenue, Lincoln South Beltway Project			5.000	%			2/1/25				500,000				511,201
Chandler, AZ, IDA Revenue:
Intel Corp. Project			5.000	%			6/3/24				1,000,000				1,003,854	(a)(c)(d)
Intel Corp. Project			5.000	%			9/1/27				500,000				514,744	(a)(c)(d)
Intel Corp. Project			3.800	%			6/15/28				500,000				499,409	(a)(c)
Intel Corp. Project			4.100	%			6/15/28				250,000				249,276	(a)(c)(d)
La Paz County, AZ, IDA, Lease Revenue, Charter School Solutions Harmony Public Schools Project			5.000	%			2/15/38				500,000				491,657
Navajo Nation, AZ, Revenue, Series A, Refunding			5.000	%			12/1/25				250,000				252,911	(e)
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Junior Lien, Refunding			5.000	%			7/1/27				1,000,000				1,013,415
Total Arizona															4,536,467
Arkansas - 0.3%
Arkansas State Development Finance Authority, Environmental Improvement Revenue, United States Steel Corporation Project, Green Bonds			5.700	%			5/1/53				350,000				351,477	(d)
California - 14.6%
Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding			5.000	%			10/1/34				500,000				511,904
Anaheim, CA, Public Financing Authority Lease, Series A, Refunding			5.000	%			5/1/26				2,000,000				2,025,433	(f)

 

See Notes to Schedule of Investments.

 

		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report		1

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
California - continued
Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series B-1 (SIFMA Municipal Swap Index Yield + 1.100%)			5.160	%			4/1/24			$	2,000,000			$	2,000,887	(a)(c)
California State Community Choice Financing Authority Revenue, Clean Energy Project, Green Bonds, Series B-1			5.000	%			8/1/29				600,000				623,885	(a)(c)
California State MFA Revenue:
Senior Lien, LINXS APM Project, Series A			5.000	%			12/31/34				350,000				360,988	(d)
Senior Lien, LINXS APM Project, Series A			5.000	%			12/31/43				400,000				400,219	(d)
California State MFA Special Facility Revenue, United Airlines, Inc., Los Angeles International Airport Project			4.000	%			7/15/29				250,000				246,905	(d)
California State PCFA Water Furnishing Revenue, Poseidon Resources			5.000	%			7/1/27				1,250,000				1,254,238	(d)(e)
California State, GO, Various Purpose			5.000	%			3/1/35				500,000				558,418
California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A			5.600	%			1/15/36				555,000				547,180	(e)
Los Angeles, CA, Department of Airports Revenue:
Subordinated, Los Angeles International Airport, Series C, Refunding			4.000	%			5/15/35				700,000				701,282	(d)
Subordinated, Los Angeles International Airport, Series D			5.000	%			5/15/36				1,200,000				1,257,038	(d)
Los Angeles, CA, Department of Water & Power, Power System Revenue, Series C			5.000	%			7/1/37				750,000				798,341
M-S-R Energy Authority, CA, Natural Gas Revenue, Series B			6.125	%			11/1/29				2,675,000				2,843,750
Northern California Energy Authority, Commodity Supply Revenue, Series A			4.000	%			7/1/24				500,000				499,269	(a)(c)
River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No 2003-1			5.500	%			9/1/37				350,000				345,404
Riverside, CA, Electric Revenue:
Series A, Refunding			5.000	%			10/1/36				750,000				821,582
Series A, Refunding			5.000	%			10/1/43				250,000				266,500
Riverside, CA, Sewer Revenue, Series A, Refunding			5.000	%			8/1/35				750,000				818,527
San Bernardino, CA, USD Revenue, COP, School Financing Project, AGM			5.000	%			10/1/35				250,000				271,290

 

See Notes to Schedule of Investments.

 

2		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
California - continued
San Francisco, CA, City & County Airport Commission, International Airport Revenue, SFO Fuel Co. LLC, Series A, Refunding			5.000	%			1/1/33			$	645,000			$	688,541	(d)
Sanger, CA, USD Revenue, COP, Capital Projects, Refunding, AGM			5.000	%			6/1/49				250,000				254,896
Total California															18,096,477
Colorado - 1.6%
Base Village Metropolitan District No 2, CO, GO, Series A, Refunding			5.500	%			12/1/36				500,000				501,258
Colorado State Health Facilities Authority Revenue, Commonspirit Health Initiatives, Series B-2			5.000	%			8/1/26				250,000				256,028	(a)(c)
Denver, CO, City & County Special Facility Apartment Revenue, United Airlines Inc. Project, Refunding			5.000	%			10/1/32				100,000				99,420	(d)
Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008			6.125	%			11/15/23				940,000				943,541
Vauxmont Metropolitan District, CO, GO, Subordinate Limited Tax, Series 2019, Refunding, AGM			5.000	%			12/15/28				125,000				131,143
Total Colorado															1,931,390
Connecticut - 2.1%
Connecticut State HEFA Revenue, Sacred Heart University Issue, Series I-1, Refunding			5.000	%			7/1/36				250,000				259,394
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A			5.000	%			1/1/37				500,000				528,075
Connecticut State, GO:
Series A			5.000	%			4/15/39				1,290,000				1,365,120
Series C			4.000	%			6/1/38				250,000				250,528
Series E			5.000	%			10/15/34				210,000				219,250
Total Connecticut															2,622,367
Florida - 7.5%
Broward County, FL, Airport System Revenue, Series 2017			5.000	%			10/1/36				250,000				257,782	(d)
Broward County, FL, Port Facilities Revenue, Series 2022			5.000	%			9/1/37				450,000				477,176	(d)
Florida State Development Finance Corp., Educational Facilities Revenue, Renaissance Charter School Inc. Projects, Series A			6.000	%			6/15/35				150,000				150,735	(e)
Florida State Insurance Assistance Interlocal Agency Inc. Revenue, Series A-1			5.000	%			9/1/26				1,100,000				1,136,810

 

See Notes to Schedule of Investments.

 

		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report		3

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Florida - continued
Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding			5.000	%			10/1/27			$	545,000			$	553,033
Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series E			5.000	%			10/1/43				250,000				255,657	(d)
Miami-Dade County, FL, Aviation Revenue, Series A, Refunding			4.000	%			10/1/36				1,000,000				995,923
Miami-Dade County, FL, Expressway Authority Toll System Revenue, Series B, Refunding			5.000	%			7/1/26				1,500,000				1,513,668
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children’s Hospital, Refunding			5.000	%			8/1/36				250,000				257,722
Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding			5.000	%			10/1/47				1,000,000				1,016,804	(d)
Orange County, FL, Health Facilities Authority Revenue, Orlando Health Obligated Group, Series A			5.000	%			10/1/42				250,000				261,366
Palm Beach County, FL, Health Facilities Authority Revenue, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series 2022, Refunding			4.000	%			6/1/31				150,000				138,101
Pasco County, FL, Capital Improvement, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series A, AGM			5.750	%			9/1/54				1,825,000				2,011,398
Tampa, FL, Hospital Revenue, H. Lee Moffit Cancer Center Project, Series B			5.000	%			7/1/40				250,000				256,989
Total Florida															9,283,164
Georgia - 1.4%
Georgia State Municipal Electric Authority, Power Revenue:
Plant Vogtle Units 3&4, Project M, Series A			5.250	%			7/1/64				200,000				206,832
Plant Vogtle Units 3&4, Project P, Series A			5.500	%			7/1/64				200,000				207,358
Series A, Refunding			5.000	%			1/1/37				250,000				266,622
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A			5.000	%			5/15/33				250,000				253,484
Series C			5.000	%			9/1/30				300,000				311,603	(a)(c)
Private Colleges & Universities Authority, GA, Revenue, Savannah College of Art & Design Inc. Project			5.000	%			4/1/28				500,000				504,906	(f)
Total Georgia															1,750,805

 

See Notes to Schedule of Investments.

 

4		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Guam - 0.1%
Guam Government, Business Privilege Tax Revenue, Series F, Refunding			4.000	%			1/1/36			$	200,000			$	187,835
Illinois - 20.5%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018			5.000	%			4/1/38				500,000				510,287
Chicago, IL, Board of Education, GO:
Dedicated, Series A			5.000	%			12/1/43				1,000,000				999,923
Dedicated, Series G, Refunding			5.000	%			12/1/34				270,000				275,123
Series C, Refunding			5.000	%			12/1/24				250,000				252,374
Series D			5.000	%			12/1/46				1,500,000				1,461,720
Chicago, IL, GO:
Chicago Works, Series A			5.500	%			1/1/39				250,000				269,983
Series A			5.000	%			1/1/40				610,000				621,203
Series A, Refunding			5.625	%			1/1/29				500,000				528,740
Series C, Refunding			5.000	%			1/1/25				500,000				506,184
Chicago, IL, Metropolitan Water Reclamation District Greater Chicago, GO, Green Bond, Series B			5.000	%			12/1/29				850,000				866,604	(f)
Chicago, IL, O’Hare International Airport Revenue:
Senior Lien, Series D			5.250	%			1/1/36				500,000				523,616
Senior Lien, Series D			5.250	%			1/1/37				400,000				417,098
Series A, Refunding			5.000	%			1/1/31				1,750,000				1,764,070	(d)
Series C, Refunding			5.000	%			1/1/43				600,000				617,012	(d)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A, Refunding			5.000	%			12/1/45				550,000				567,419
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A, AGM			5.250	%			1/1/58				500,000				531,910
Second Lien, Series A, Refunding			5.000	%			1/1/47				300,000				302,800
Second Lien, Series B, Refunding			5.000	%			1/1/36				600,000				614,075
Chicago, IL, Waterworks Revenue:
Second Lien, Series 2017, Refunding			5.000	%			11/1/29				500,000				527,647
Second Lien, Series 2017-2, Refunding, AGM			5.000	%			11/1/32				630,000				661,589
Cook County, IL, Sales Tax Revenue, Series A, Refunding			5.000	%			11/15/38				315,000				331,471
Illinois State Finance Authority Revenue:
NorthShore University HealthSystem, Refunding, Series A			5.000	%			8/15/33				250,000				276,382
Southern Illinois Healthcare Enterprises Inc., Refunding			5.000	%			3/1/34				500,000				515,373

 

See Notes to Schedule of Investments.

 

		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report		5

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Illinois - continued
Illinois State Sports Facilities Authority Revenue, State Tax Supported, Refunding, AGM			5.250	%			6/15/30			$	3,000,000			$	3,027,841
Illinois State University, Auxiliary Facilities System Revenue, Series A, Refunding, AGM			5.000	%			4/1/28				100,000				106,757
Illinois State, GO:
Series 2016, Refunding			5.000	%			2/1/29				500,000				521,071
Series A			5.000	%			3/1/35				400,000				427,975
Series A			5.000	%			5/1/36				770,000				798,674
Series A			5.000	%			5/1/39				300,000				307,078
Series A, Refunding			5.000	%			10/1/29				1,300,000				1,383,969
Series B, Refunding			5.000	%			9/1/27				600,000				630,352
Series D			5.000	%			11/1/27				300,000				315,818
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A, Refunding			4.000	%			12/15/42				600,000				551,394
McCormick Place Expansion Project, Series A, Refunding			5.000	%			6/15/50				1,200,000				1,203,654
McCormick Place Expansion Project, Series B, Refunding			5.000	%			12/15/31				250,000				260,844
McCormick Place Expansion Project, Series B, Refunding			5.000	%			6/15/42				500,000				510,978
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL			6.000	%			7/1/29				1,020,000				1,132,684
Sales Tax Securitization Corp., IL, Revenue, Series A, Refunding			5.000	%			1/1/28				250,000				265,325
Total Illinois															25,387,017
Indiana - 5.2%
Hammond, IN, Multi-School Building Corp.:
First Mortgage Bond, State Intercept Program			5.000	%			7/15/34				750,000				787,822
First Mortgage Bond, State Intercept Program			5.000	%			7/15/35				1,035,000				1,081,608
Indiana State Finance Authority Revenue:
Marion General Hospital, Series A			4.000	%			7/1/45				250,000				222,803
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A			4.250	%			11/1/30				200,000				199,681

 

See Notes to Schedule of Investments.

 

6		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Indiana - continued
Indianapolis, IN, Department of Public Utilities Gas Utility Revenue, Second Lien, Series A, Refunding			5.250	%			8/15/29			$	4,000,000			$	4,005,474
Valparaiso, IN, Exempt Facility Revenue, Pratt Paper LLC Project			5.875	%			1/1/24				95,000				95,766	(d)
Total Indiana															6,393,154
Iowa - 1.0%
Iowa State Finance Authority Revenue:
Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding			5.000	%			12/1/42				750,000				754,344	(a)(c)
Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding			5.000	%			12/1/50				500,000				494,823
Total Iowa															1,249,167
Kentucky - 2.2%
Kentucky State PEA, Gas Supply Revenue:
Series A			4.000	%			6/1/26				1,200,000				1,189,763	(a)(c)
Series C			4.000	%			6/1/25				1,600,000				1,601,072	(a)(c)
Total Kentucky															2,790,835
Louisiana - 5.5%
Lafayette Parish, LA, School Board Sales Tax Revenue, Series 2023			4.000	%			4/1/48				500,000				473,697
New Orleans, LA, Aviation Board, General Airport Revenue:
Series B			5.000	%			1/1/29				2,000,000				2,019,262	(d)
Series B			5.000	%			1/1/30				2,000,000				2,018,250	(d)
Port New Orleans, LA, Board of Commissioners, Revenue, Series B, Refunding, AGM			5.000	%			4/1/38				1,625,000				1,646,620	(d)
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series B-1, Refunding			2.125	%			7/1/24				400,000				393,035	(a)(c)
Marathon Oil Corp. Project, Series B-2, Refunding			2.375	%			7/1/26				300,000				284,032	(a)(c)
Total Louisiana															6,834,896
Maryland - 0.6%
Maryland State EDC, Senior Student Housing Revenue, Morgan State University Project			4.000	%			7/1/40				500,000				471,251
Maryland State Stadium Authority, Built to Learn Revenue, Series 2021			4.000	%			6/1/46				250,000				239,771
Total Maryland															711,022

 

See Notes to Schedule of Investments.

 

		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report		7

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Massachusetts - 3.4%
Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Series B-1, Refunding			5.000	%			1/1/35			$	350,000			$	384,166
Massachusetts State DFA Revenue:
Boston Medical Center, Series G, Refunding			5.250	%			7/1/48				500,000				515,848
Mass General Brigham Issue, Series A-1			5.000	%			1/31/30				1,000,000				1,107,335	(a)(c)
Northeastern University Issue, Series 2022, Refunding			5.000	%			10/1/42				605,000				657,249
Partners Healthcare System, Refunding			5.000	%			7/1/37				250,000				263,125
UMass Boston Student Housing Project			5.000	%			10/1/28				200,000				204,271
Massachusetts State Port Authority Revenue:
Series A, Refunding			5.000	%			7/1/36				500,000				529,043	(d)
Series E			5.000	%			7/1/46				500,000				516,867	(d)
Total Massachusetts															4,177,904
Michigan - 2.8%
Detroit, MI, Downtown Development Authority, Tax Increment Revenue, Series A, Refunding, AGM			5.000	%			7/1/38				250,000				250,528
Great Lakes, MI, Water Authority, Water Supply System Revenue:
Senior Lien, Series C, Refunding			5.000	%			7/1/33				800,000				831,159
Senior Lien, Series C, Refunding			5.000	%			7/1/35				350,000				364,160
Michigan State Finance Authority Revenue:
Hospital Revenue, Trinity Health Credit Group, Series A, Refunding			5.000	%			12/1/42				250,000				255,349
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding			5.000	%			7/1/33				275,000				281,077
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series D2, Refunding, AGM			5.000	%			7/1/24				1,000,000				1,009,679
Tobacco Settlement Asset-Backed, Series A-1, Refunding			4.000	%			6/1/39				150,000				144,299
Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project			5.000	%			12/31/43				300,000				301,434	(d)
Total Michigan															3,437,685
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				792,507	(d)

 

See Notes to Schedule of Investments.

 

8		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Missouri - continued
Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services Projects, Series A			5.000	%			2/1/34			$	150,000			$	150,345
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A			5.000	%			9/1/38				300,000				278,166
Total Missouri															1,221,018
Nebraska - 0.8%
Central Plains, NE, Energy Project, Gas Project Revenue, Project No 3, Series A, Refunding			5.000	%			9/1/37				500,000				507,711
Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding			4.000	%			2/1/46				500,000				473,921
Total Nebraska															981,632
New Jersey - 7.1%
Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue, Refunding, AGM			5.000	%			11/1/28				1,000,000				1,018,334
New Jersey State EDA Revenue:
School Facilities Construction, Series QQQ			5.000	%			6/15/31				500,000				549,915
Special Facility, Port Newark Container Terminal LLC Project, Refunding			5.000	%			10/1/37				150,000				153,486	(d)
Transit Transportation Project, Series A			5.000	%			11/1/32				750,000				812,111
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA			5.000	%			6/15/36				1,000,000				1,078,314
Transportation Program, Series CC			5.000	%			6/15/40				2,000,000				2,136,407
Transportation System, Series A, Refunding			5.000	%			12/15/25				425,000				438,746
Transportation System, Series A, Refunding			5.000	%			12/15/28				575,000				621,138
New Jersey State, GO, COVID-19 Emergency, Series A			5.000	%			6/1/25				1,400,000				1,440,378
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding			5.000	%			6/1/35				500,000				530,035
Total New Jersey															8,778,864
New York - 19.1%
Brookhaven, NY, Local Development Corp. Revenue, Long Island Community Hospital Project, Series A, Refunding			5.000	%			10/1/32				575,000				618,319
Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter School Project			5.750	%			6/1/52				350,000				352,879	(e)
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A, Refunding			5.000	%			2/15/35				1,000,000				1,054,597

 

See Notes to Schedule of Investments.

 

		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report		9

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
New York - continued
MTA, NY, Transportation Revenue:
Green Bonds, Series E, Refunding			5.000	%			11/15/28			$	1,000,000			$	1,060,571
Series A-2			5.000	%			5/15/30				400,000				424,901	(a)(c)
New York City, NY, GO, Subseries B-1			5.250	%			10/1/43				1,000,000				1,095,457
New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Series A, Refunding, AGM			5.000	%			3/1/29				250,000				269,780
New York City, NY, TFA Revenue Future Tax Secured:
Subseries A-1			5.000	%			5/1/45				2,000,000				2,141,310
Subseries C-1			4.000	%			5/1/39				2,200,000				2,180,896
New York State Dormitory Authority Revenue, Non-State Supported Debt, School District, Series A, AGM			5.000	%			10/1/29				750,000				815,956
New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 3, Series E, Refunding			5.000	%			3/15/38				1,500,000				1,583,415
New York State Dormitory Authority, State Personal Income Tax Revenue:
Series A, Refunding			5.000	%			3/15/40				750,000				792,661
Series D, Refunding			5.000	%			2/15/41				750,000				791,859
New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Junior Lien, Series A			5.000	%			1/1/41				1,250,000				1,277,661
New York State Thruway Authority, State Personal Income Tax Revenue, Series A			5.000	%			3/15/26				200,000				200,571
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				875,038	(d)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project			5.000	%			1/1/32				1,200,000				1,236,789	(d)
LaGuardia Airport Terminal B Redevelopment Project			5.000	%			7/1/30				1,225,000				1,232,072	(d)
Terminal 4 John F. Kennedy International Airport Project, Series C, Refunding			5.000	%			12/1/27				500,000				528,158
New York State Urban Development Corp. Revenue, State Personal Income Tax, Series C			4.000	%			3/15/45				550,000				527,679
New York, NY, GO, Series A			5.000	%			8/1/43				250,000				268,887
Niagara Area Development Corp., NY, Solid Waste Disposal Facility Revenue, Covanta Project, Series B, Refunding			3.500	%			11/1/24				750,000				738,308	(e)

 

See Notes to Schedule of Investments.

 

10		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
New York - continued
Port Authority of New York & New Jersey Revenue, Consolidated Series 193, Refunding			5.000	%			10/15/30			$	1,500,000			$	1,526,332	(d)
Triborough Bridge & Tunnel Authority, NY, Revenue:
General-MTA Bridges & Tunnels, Series A			5.000	%			11/15/49				1,000,000				1,035,636
Senior Lien-MTA Bridges & Tunnels, Series C-1A			5.000	%			5/15/51				1,000,000				1,054,530
Total New York															23,684,262
North Carolina - 1.2%
Charlotte, NC, COP, Series P, Refunding			5.000	%			6/1/44				250,000				263,048
Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Refunding			5.000	%			7/1/36				400,000				428,834
North Carolina State Limited Obligation Revenue, Series A			5.000	%			5/1/32				750,000				826,836
Total North Carolina															1,518,718
North Dakota - 0.4%
Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, AGM			3.000	%			12/1/46				700,000				500,935
Ohio - 1.9%
American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center Project, Series A, Refunding			5.000	%			2/15/29				500,000				536,228
Buckeye, OH, Tobacco Settlement Financing Authority Revenue:
Senior Bonds, Series A-2, Refunding			5.000	%			6/1/33				500,000				537,193
Senior Bonds, Series B-2, Refunding			5.000	%			6/1/55				550,000				503,512
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B, Refunding			2.500	%			10/1/29				350,000				301,458	(a)(c)(d)
AMG Vanadium Project, Series 2019			5.000	%			7/1/49				240,000				216,514	(d)
Duke Energy Corp. Project, Series B, Refunding			4.250	%			6/1/27				250,000				248,613	(a)(c)(d)
Total Ohio															2,343,518
Oregon - 0.4%
Washington Multnomah & Yamhill Counties, OR, School District No 1J West Union, GO, Hillsboro, School Board Guaranty			5.000	%			6/15/34				500,000				531,027
Pennsylvania - 5.5%
Bucks County, PA, Water and Sewer Authority, Sewer System Revenue, Series A, AGM			4.000	%			12/1/42				250,000				243,229

 

See Notes to Schedule of Investments.

 

		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report		11

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Pennsylvania - continued
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue			5.000	%			6/1/30			$	200,000			$	212,880
Cumberland County, PA, Municipal Authority Revenue:
Diakon Lutheran Social Ministries, Refunding			5.000	%			1/1/27				150,000				153,096	(f)
Diakon Lutheran Social Ministries, Refunding			5.000	%			1/1/27				290,000				291,823
Lancaster County, PA, Hospital Authority Revenue, Penn State Health, Series 2021			5.000	%			11/1/46				600,000				614,736
Pennsylvania State Economic Development Financing Authority Revenue:
Presbyterian Senior Living Project, Series B-2			5.000	%			7/1/42				250,000				245,792
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project			5.250	%			6/30/53				200,000				203,318	(d)
Pennsylvania State Economic Development Financing Authority Revenue, Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project			5.500	%			6/30/41				1,500,000				1,609,110	(d)
Pennsylvania State Turnpike Commission Revenue:
Series B			5.000	%			12/1/40				750,000				784,548
Series B			5.000	%			12/1/45				500,000				521,147
Series B, Refunding			5.250	%			12/1/47				250,000				270,651
Philadelphia, PA, Authority for IDR:
City Service Agreement Revenue, Rebuild Project			5.000	%			5/1/35				500,000				529,474
Lease Revenue, Refunding			5.000	%			10/1/30				250,000				277,995
Philadelphia, PA, GO, Series B			5.000	%			2/1/35				250,000				270,381
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				155,717
Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding			5.000	%			6/1/33				450,000				467,289
Total Pennsylvania															6,851,186
Puerto Rico - 5.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:
Senior Lien, Series A, Refunding			5.000	%			7/1/47				400,000				384,363	(e)
Series B, Refunding			5.000	%			7/1/33				750,000				758,660	(e)

 

See Notes to Schedule of Investments.

 

12		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Puerto Rico - continued
Puerto Rico Commonwealth Highway & Transportation Authority Revenue:
CAB, Restructured, Series B			0.000	%			7/1/32			$	75,000			$	48,281
Restructured, Series A			5.000	%			7/1/62				90,000				88,763
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1			0.000	%			7/1/24				1,799				1,734
CAB, Restructured, Series A-1			0.000	%			7/1/33				14,271				8,695
Restructured, Series A-1			5.375	%			7/1/25				12,350				12,585
Restructured, Series A-1			5.625	%			7/1/27				12,238				12,764
Restructured, Series A-1			5.625	%			7/1/29				12,040				12,739
Restructured, Series A-1			5.750	%			7/1/31				11,694				12,648
Restructured, Series A-1			4.000	%			7/1/33				11,089				10,384
Restructured, Series A-1			4.000	%			7/1/35				229,968				211,354
Restructured, Series A-1			4.000	%			7/1/37				740,000				665,781
Restructured, Series A-1			4.000	%			7/1/41				111,631				96,534
Restructured, Series A-1			4.000	%			7/1/46				12,097				10,070
Subseries CW			0.000	%			11/1/43				52,371				27,037	(c)
Puerto Rico Electric Power Authority Revenue:
Series A			5.000	%			7/1/42				220,000				60,500	*(g)
Series A			5.050	%			7/1/42				75,000				20,625	*(g)
Series DDD, Refunding			-				7/1/21				280,000				76,300	*(h)
Series TT			5.000	%			7/1/37				450,000				123,750	*(g)
Series XX			5.250	%			7/1/40				400,000				110,000	*(g)
Series ZZ, Refunding			-				7/1/18				250,000				68,125	*(h)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1			0.000	%			7/1/27				220,000				188,317
Restructured, Series A-1			4.550	%			7/1/40				50,000				48,751
Restructured, Series A-2			4.329	%			7/1/40				1,490,000				1,414,912
Restructured, Series A-2A			4.550	%			7/1/40				2,380,000				2,320,560
Total Puerto Rico															6,794,232
South Carolina - 0.7%
South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy Health Inc., Series A, Refunding			4.000	%			12/1/44				500,000				464,642
South Carolina State Ports Authority Revenue, Series 2018			5.000	%			7/1/36				400,000				414,788	(d)
Total South Carolina															879,430

 

See Notes to Schedule of Investments.

 

		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report		13

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Tennessee - 1.2%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A			4.000	%			2/1/51			$	750,000			$	712,160
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Revenue, Subordinated, Green Bonds, Series A			5.000	%			7/1/42				300,000				311,274
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018			4.000	%			11/1/25				500,000				494,321	(a)(c)
Total Tennessee															1,517,755
Texas - 8.0%
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM			5.000	%			2/15/41				250,000				252,469
Austin, TX, Airport System Revenue:
Series 2014			5.000	%			11/15/27				1,000,000				1,008,715	(d)
Series 2022			5.000	%			11/15/39				350,000				365,988	(d)
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E			5.000	%			1/1/45				500,000				516,215
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Texas Children’s Hospital, Series B, Refunding			5.000	%			10/1/31				300,000				336,009	(a)(c)
Harris County, TX, Houston Sports Authority Revenue, Senior Lien, Series A, Refunding, AGM			5.000	%			11/15/25				1,000,000				1,016,893
Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF-GTD			4.000	%			2/15/47				300,000				283,792
Houston, TX, Airport System Revenue:
Special Facilities, United Airlines Inc., Airport Improvements Project			5.000	%			7/15/28				500,000				506,499	(d)
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series B-1			4.000	%			7/15/41				500,000				442,407	(d)
Subordinated, Series A			5.000	%			7/1/36				1,055,000				1,092,138	(d)
Laredo, TX, Waterworks & Sewer System Revenue, Series 2019			5.000	%			3/1/33				1,000,000				1,062,864
Love Field, TX, Airport Modernization Corp., General Airport Revenue, Series 2017			5.000	%			11/1/31				90,000				93,028	(d)
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, Series A			4.000	%			8/15/31				230,000				215,641
North Texas Tollway Authority Revenue:
First Tier, Series A, Refunding			5.000	%			1/1/36				500,000				520,326
First Tier, Series B, Refunding			5.000	%			1/1/34				1,300,000				1,317,062

 

See Notes to Schedule of Investments.

 

14		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Texas - continued
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas			5.000	%			10/1/37			$	500,000			$	536,218
Texas State Public Finance Authority, Lease Revenue, Refunding			4.000	%			2/1/36				350,000				354,683
Total Texas															9,920,947
Utah - 0.7%
Utah State Charter School Finance Authority, Charter School Revenue, Syracuse Arts Academy Project, UT CSCE			5.000	%			4/15/37				250,000				253,680
Utah State Infrastructure Agency, Telecommunications Revenue:
Series 2019			5.000	%			10/15/25				470,000				472,300
Series 2021			4.000	%			10/15/36				100,000				88,904
Total Utah															814,884
Virginia - 2.5%
Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding			5.000	%			7/1/35				200,000				216,304
Virginia Beach, VA, Development Authority, Residential Care Facility Revenue, Westminster- Canterbury on Chesapeake Bay, Refunding			5.000	%			9/1/40				1,250,000				1,147,913
Virginia State Small Business Financing Authority Revenue:
Senior Lien, 95 Express Lanes LLC Project, Refunding			5.000	%			1/1/38				1,250,000				1,283,732	(d)
Senior Lien, I-495 Hot Lanes Project, Refunding			5.000	%			6/30/42				250,000				255,026	(d)
The Obligated Group of National Senior Campuses Inc., Series A, Refunding			5.000	%			1/1/31				250,000				263,064
Total Virginia															3,166,039
Washington - 1.3%
Port of Seattle, WA, Intermediate Lien Revenue:
Series 2019			5.000	%			4/1/33				500,000				531,734	(d)
Series B, Refunding			5.000	%			8/1/37				1,000,000				1,060,057	(d)
Total Washington															1,591,791
Wisconsin - 2.7%
Central Brown County, WI, Water Authority System Revenue, Series A, Refunding			5.000	%			11/1/35				2,105,000				2,137,998
Public Finance Authority, WI, Revenue, Carmelite System Inc., Obligated Group, Series 2020, Refunding			5.000	%			1/1/40				150,000				144,637

 

See Notes to Schedule of Investments.

 

		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report		15

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Wisconsin - continued
Village of Mount Pleasant, WI, Tax Increment Revenue, Series A, Moral Obligations			5.000	%			4/1/43			$	500,000			$	518,770
Wisconsin State HEFA Revenue, Bellin Memorial Hospital, Inc., Series A			5.000	%			12/1/43				500,000				510,167
Total Wisconsin															3,311,572
TOTAL MUNICIPAL BONDS (Cost - $170,248,605)															165,883,203
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUSTS(i) - 2.9%
New York - 2.9%
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2023, Subseries AA-3, Refunding			5.000	%			6/15/47				1,625,000				1,728,639
New York State Dormitory Authority, State Personal Income Tax Revenue, General Purpose Bonds, Series A			4.000	%			3/15/45				1,925,000				1,841,871
TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUSTS (Cost - $3,639,635)															3,570,510
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $173,888,240)															169,453,713
SHORT-TERM INVESTMENTS - 0.6%
MUNICIPAL BONDS - 0.6%
Nevada - 0.1%
Nevada State Housing Division, Multi Unit Housing Revenue, Series A, LIQ-FNMA, LOC - FNMA			4.000	%			4/15/33				100,000				100,000	(d)(j)(k)
New York - 0.5%
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue:
Second General Resolution Fiscal 2014, Series AA-3, Refunding, SPA-TD Bank N.A.			3.900	%			6/15/49				100,000				100,000	(j)(k)
Second General Resolution Fiscal 2016, Series AA-1, Refunding, SPA-Bank of America N.A.			3.920	%			6/15/48				570,000				570,000	(j)(k)
Total New York															670,000
TOTAL MUNICIPAL BONDS (Cost - $770,000)															770,000

 

See Notes to Schedule of Investments.

 

16		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(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 - $1,445)			5.261	%							1,445			$	1,445	(l)(m)
TOTAL SHORT-TERM INVESTMENTS (Cost - $771,445)															771,445
TOTAL INVESTMENTS - 137.4% (Cost - $174,659,685)															170,225,158
TOB Floating Rate Notes - (1.7)%															(2,050,000	)
Other Liabilities in Excess of Other Assets - (35.7)%															(44,283,449	)
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%														$	123,891,709

 

††	Represents less than 0.1%.

 

*	Non-income producing security.

 

(a)	Maturity date shown represents the mandatory tender date. (b) Securities traded on a when-issued or delayed delivery basis.

 

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

 

(e)

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.

 

(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, 2023.

 

(h)	The maturity principal is currently in default as of August 31, 2023.

 

(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)	Rate shown is one-day yield as of the end of the reporting period.

 

(m)

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, 2023, the total market value of investments in Affiliated Companies was $1,445 and the cost was $1,445 (Note 2).

 

See Notes to Schedule of Investments.

 

		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report		17

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WESTERN ASSET INTERMEDIATE MUNI FUND INC.

 

Schedule of Investments (unaudited) (cont’d)		August 31, 2023

(Percentages shown based on Fund net assets)

 

Abbreviation(s) used in this schedule:

 

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

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

 

See Notes to Schedule of Investments.

 

18		Western Asset Intermediate Muni Fund Inc. 2023 Quarterly Report

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Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

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

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. 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) (cont’d)

 

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

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

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

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

 

20

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

 

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

 

•

Level 1 — unadjusted quoted prices in active markets for identical investments

 

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

 

ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Long-Term Investments†:
Municipal Bonds			—			$	165,883,203				—			$	165,883,203
Municipal Bonds Deposited in Tender Option Bond Trusts			—				3,570,510				—				3,570,510
Total Long-Term Investments			—				169,453,713				—				169,453,713
Short-Term Investments†:
Municipal Bonds			—				770,000				—				770,000
Money Market Funds		$	1,445				—				—				1,445
Total Short-Term Investments			1,445				770,000				—				771,445
Total Investments		$	1,445			$	170,223,713				—			$	170,225,158

 

†	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, 2023. The following transactions were effected in such company for the period ended August 31, 2023.

 

				21

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

 

		Affiliate Value at November 30, 2022				Purchased								Sold								Realized Gain (Loss)				Dividend Income				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at August 31, 2023
						Cost				Shares				Proceeds				Shares
Western Asset Premier Institutional Government Reserves, Premium Shares		$	7,792			$	1,065,497				1,065,497			$	1,071,844				1,071,844				—			$	1,660				—			$	1,445

 

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