Schedule of Investments (unaudited)
August 31, 2026
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 Western Asset Intermediate Muni Fund Inc.

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 133.2%
Alabama — 7.7%
Alabama State Corrections Institution Finance Authority Revenue, Series A
5.000%
7/1/42
 $750,000
 $776,132
 
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds:
Series D-1, Refunding
5.500%
2/1/29
200,000
208,747
 (a)(b)
Series F
5.500%
12/1/28
2,000,000
2,077,800
 (a)(b)
Energy Southeast, AL, A Cooperative District, Energy Supply Revenue, Series
B-1
5.750%
11/1/31
1,000,000
1,079,107
 (a)(b)
Jefferson County, AL, Sewer Revenue, Warrants, Series 2024, Refunding
5.250%
10/1/45
1,500,000
1,558,587
 
Mobile County, AL, IDA Revenue:
Solid Waste Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
310,000
294,692
 (c)
Solid Waste Disposal Facility, Calvert LLC Project, Series B
4.750%
12/1/54
250,000
230,326
 (c)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1,
Series A, Refunding
5.000%
4/1/31
400,000
417,479
 
Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue:
Series B
5.250%
1/1/33
575,000
590,587
 (a)(b)
Series D
5.000%
9/1/35
1,600,000
1,696,431
 
Total Alabama
8,929,888
Alaska — 0.2%
 
Alaska State Housing Finance Corp. Revenue, State Capital Project, Series B,
Refunding
4.000%
12/1/36
250,000
249,896
 
Arizona — 3.1%
Arizona State IDA, Student Housing Revenue, Collegiate Housing Foundation –
Arizona LLC, University of Arizona Project, Series A, BAM
5.000%
7/1/51
200,000
202,016
 
Chandler, AZ, IDA Revenue:
Intel Corp. Project
5.000%
9/1/27
500,000
504,910
 (a)(b)(c)
Intel Corp. Project
3.800%
6/15/28
500,000
504,557
 (a)(b)
Intel Corp. Project
4.100%
6/15/28
250,000
253,309
 (a)(b)(c)
Intel Corp. Project
4.000%
6/1/29
650,000
653,340
 (a)(b)(c)
La Paz County, AZ, IDA, Lease Revenue, Charter School Solutions Harmony
Public Schools Project
5.000%
2/15/38
500,000
502,238
 
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Junior Lien, Refunding
5.000%
7/1/27
1,000,000
1,003,763
 
Total Arizona
3,624,133
Arkansas — 0.3%
 
Arkansas State Development Finance Authority, Environmental Improvement
Revenue, United States Steel Corp. Project, Green Bonds
5.700%
5/1/53
350,000
356,884
 (c)
California — 14.1%
Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated
Lien, Series B, Refunding
5.000%
10/1/34
500,000
500,564
 
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
1,600,000
1,625,782
 (a)(b)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
600,000
621,304
 (a)(b)
Clean Energy Project, Green Bonds, Series B-1
4.000%
8/1/31
500,000
502,015
 (a)(b)
Clean Energy Project, Green Bonds, Series C
5.000%
10/1/32
300,000
311,318
 (a)(b)
Clean Energy Project, Green Bonds, Series E
5.000%
9/1/32
1,400,000
1,467,321
 (a)(b)
Clean Energy Project, Green Bonds, Series G
5.000%
12/1/35
600,000
642,734
 
Clean Energy Project, Green Bonds, Series H
5.000%
8/1/33
600,000
641,105
 (a)(b)
See Notes to Schedule of Investments.
1
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
California — continued
California State MFA Revenue:
Senior Lien, LINXS APM Project, Series A
5.000%
12/31/34
 $350,000
 $357,289
 (c)
Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
400,000
402,167
 (c)
SFMTA Potrero Yard Modernization Project, Series A
5.250%
9/1/51
500,000
520,527
 
California State MFA Special Facility Revenue, United Airlines Inc., Los
Angeles International Airport Project
4.000%
7/15/29
250,000
251,284
 (c)
California State PCFA Water Furnishing Revenue, Poseidon Resources
5.000%
7/1/27
250,000
250,967
 (c)(d)
Folsom Cordova, CA, USD:
School Facilities Improvement District No 4, GO, Series A, Refunding
5.000%
10/1/38
500,000
550,393
 
School Facilities Improvement District No 5, GO, Series B, Refunding
5.000%
10/1/38
600,000
660,472
 
Los Angeles, CA, Department of Airports Revenue, Los Angeles International
Airport, Green Bonds, Series A, Refunding
5.250%
5/15/44
1,750,000
1,842,684
 (c)(e)
Los Angeles, CA, Department of Water & Power, Power System Revenue,
Series C
5.000%
7/1/37
750,000
757,036
 
M-S-R Energy Authority, CA, Natural Gas Revenue, Series B
6.125%
11/1/29
1,980,000
2,058,097
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1
5.500%
9/1/37
350,000
366,350
 
Community Facilities District No 2023-1
5.500%
9/1/43
250,000
257,991
 
Riverside, CA, Electric Revenue:
Series A, Refunding
5.000%
10/1/36
750,000
782,949
 
Series A, Refunding
5.000%
10/1/43
250,000
256,786
 
San Francisco, CA, City & County Airport Commission, International Airport
Revenue, SFO Fuel Co. LLC, Series A, Refunding
5.000%
1/1/33
645,000
674,656
 (c)(f)
Total California
16,301,791
Colorado — 2.2%
Base Village Metropolitan District No 2, CO, GO, Series A, Refunding
5.500%
12/1/36
500,000
500,318
 
Colorado State Health Facilities Authority Revenue, Improvement Second Tier
Bonds, Bethesda Project
5.500%
9/15/54
400,000
397,346
 
Denver, CO, City & County Airport System Revenue, Subordinated, Series B,
Refunding
5.000%
11/15/32
1,000,000
1,080,313
 (c)
Southern Ute Indian Tribe Reservation, CO, GO, Series A
5.000%
4/1/35
350,000
370,908
 (d)
Vauxmont Metropolitan District, CO, GO, Subordinate Limited Tax, Series 2019,
Refunding, AG
5.000%
12/15/28
125,000
127,637
 
Total Colorado
2,476,522
Connecticut — 2.1%
Aquarion Water Authority, CT, Water System Revenue:
CAB, Series C
0.000%
8/1/47
300,000
105,428
 
CAB, Series E, BAM
0.000%
8/1/43
250,000
112,729
 
Series A
5.250%
8/1/42
300,000
324,743
 
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A
5.000%
1/1/37
500,000
509,762
 
Connecticut State, GO, Series A
5.000%
4/15/39
1,290,000
1,326,968
 
Total Connecticut
2,379,630
Florida — 4.7%
Broward County, FL, Airport System Revenue, Series 2017
5.000%
10/1/36
250,000
252,555
 (c)
Broward County, FL, Port Facilities Revenue, Series 2022
5.000%
9/1/37
450,000
469,642
 (c)
Hillsborough County, FL, Aviation Authority Revenue, Tampa International
Airport, Series E
5.000%
10/1/43
250,000
252,232
 (c)
See Notes to Schedule of Investments.
2
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Florida — continued
Miami-Dade County HEFA Revenue:
University of Miami Issue, Series 2026
5.000%
4/1/36
 $100,000
 $110,107
 
University of Miami Issue, Series 2026
5.000%
4/1/46
100,000
102,484
 
Miami-Dade County, FL, Seaport Revenue:
Senior Bonds, Series A, Refunding
5.000%
10/1/47
1,000,000
1,008,270
 (c)
Series A, Refunding
5.000%
10/1/56
500,000
489,966
 (c)(e)
Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project
5.500%
5/15/45
100,000
101,945
 (d)
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Inc., Series A, Refunding
4.500%
10/1/56
225,000
208,198
 
Orlando Health Obligated Group, Series A
5.000%
10/1/42
250,000
256,173
 
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
149,571
 
Pasco County, FL, Capital Improvement, Cigarette Tax Allocation Bonds, H. Lee
Moffitt Cancer Center Project, Series A, AG
5.750%
9/1/54
1,825,000
1,909,825
 
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue, Series 2024
4.200%
5/1/39
150,000
143,704
 (d)
Total Florida
5,454,672
Georgia — 1.7%
Georgia State Municipal Electric Authority, Power Revenue:
Plant Vogtle Units 3&4, Project M, Series A
5.250%
7/1/64
200,000
201,793
 
Plant Vogtle Units 3&4, Project P, Series A
5.500%
7/1/64
200,000
202,205
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/33
250,000
256,123
 
Series B
5.000%
6/1/29
1,000,000
1,034,161
 (a)(b)
Series C
5.000%
9/1/30
300,000
314,008
 (a)(b)
Total Georgia
2,008,290
Guam — 0.2%
 
Guam Government, Business Privilege Tax Revenue, Series F, Refunding
4.000%
1/1/36
200,000
196,721
 
Hawaii — 0.4%
Honolulu, HI, City & County Wastewater System Revenue:
First Senior Bond Resolution, Series A
3.000%
7/1/41
400,000
333,233
 
First Senior Bond Resolution, Series A, Refunding
5.000%
7/1/36
150,000
166,959
 
Total Hawaii
500,192
Illinois — 18.9%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Revenue,
Series 2018
5.000%
4/1/38
500,000
502,717
 
Chicago, IL, Board of Education, GO:
Dedicated, Series A
5.000%
12/1/43
1,000,000
922,644
 
Dedicated, Series G, Refunding
5.000%
12/1/34
270,000
270,365
 
Series C, Refunding, AG
5.000%
12/1/32
2,000,000
2,061,135
 
Series D
5.000%
12/1/46
1,500,000
1,360,339
 
Chicago, IL, GO:
Chicago Works, Series A
5.500%
1/1/39
250,000
254,926
 
Series A
5.500%
1/1/35
250,000
255,119
 
Series A
5.000%
1/1/40
210,000
205,330
 
See Notes to Schedule of Investments.
3
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Western Asset Intermediate Muni Fund Inc.
(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
 $503,072
 
Senior Lien, Series D
5.250%
1/1/37
400,000
402,099
 
Series C, Refunding
5.000%
1/1/43
600,000
607,404
 (c)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series
A, Refunding
5.000%
12/1/45
550,000
557,533
 
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A
5.000%
1/1/47
300,000
300,288
 
Second Lien, Series A, AG
5.250%
1/1/58
500,000
509,693
 
Second Lien, Series B, Refunding
5.000%
1/1/36
600,000
602,547
 
Illinois State Finance Authority Revenue:
Southern Illinois Healthcare Enterprises Inc., Refunding
5.000%
3/1/34
500,000
502,238
 
Surface Freight Transfer Facilities, Centerpoint Joliet Terminal Railroad
Project
4.800%
7/2/35
450,000
458,307
 (a)(b)(c)(d)
Illinois State Sports Facilities Authority Revenue, State Tax Supported,
Refunding, AG
5.250%
6/15/30
3,000,000
3,005,342
 
Illinois State Toll Highway Authority Revenue, Series A, Refunding
5.000%
1/1/37
500,000
544,240
 
Illinois State, GO:
Series 2016, Refunding
5.000%
2/1/29
500,000
504,333
 
Series A
5.000%
5/1/36
770,000
784,103
 
Series A
5.000%
5/1/39
300,000
303,672
 
Series A, Refunding
5.000%
10/1/29
1,300,000
1,351,169
 
Series B, Refunding
5.000%
9/1/27
600,000
613,047
 
Series C
5.000%
12/1/41
1,250,000
1,282,870
 
Series D
5.000%
11/1/27
300,000
307,607
 
Series D, Refunding
5.000%
7/1/34
400,000
425,535
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/42
350,000
322,067
 
McCormick Place Expansion Project, Series A, Refunding
5.000%
6/15/50
1,200,000
1,190,009
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
12/15/31
250,000
254,642
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
6/15/42
500,000
507,187
 
McCormick Place Expansion Project, Series B, Refunding, AG
0.000%
12/15/56
500,000
106,189
 
Total Illinois
21,777,768
Indiana — 2.3%
Hammond, IN, Multi-School Building Corp.:
First Mortgage Bond, State Intercept Program
5.000%
7/15/34
750,000
764,006
 
First Mortgage Bond, State Intercept Program
5.000%
7/15/35
1,035,000
1,052,481
 
Indiana State Finance Authority Revenue:
Marion General Hospital, Series A
4.000%
7/1/45
250,000
216,723
 
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A
4.250%
11/1/30
200,000
204,561
 
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project, Refunding
4.500%
1/1/34
400,000
409,700
 (c)(d)
Total Indiana
2,647,471
Kentucky — 2.1%
Kentucky State Bond Development Corp. Student Housing Revenue, City of
Plum Springs, Collegiate Housing Foundation-Bowling Green LLC – Western
Kentucky University Project, Series A, AG
5.000%
7/1/46
200,000
202,995
 
See Notes to Schedule of Investments.
4
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Kentucky — continued
Kentucky State PEA, Gas Supply Revenue:
Series A, Refunding
5.250%
12/1/29
 $200,000
 $210,215
 (a)(b)
Series C, Refunding
5.000%
5/1/36
1,000,000
1,037,615
 
Trimble County, KY, Environmental Facilities Revenue, Louisville Gas and
Electric Company Project, Series A
4.700%
6/1/27
1,000,000
1,006,569
 (a)(b)(c)
Total Kentucky
2,457,394
Louisiana — 2.3%
Lafayette Parish, LA, School Board Sales Tax Revenue, Series 2023
4.000%
4/1/48
500,000
449,174
 
Port New Orleans, LA, Board of Commissioners, Revenue, Series B, Refunding,
AG
5.000%
4/1/38
1,625,000
1,638,419
 (c)
St. John the Baptist Parish, LA, State Revenue, Marathon Oil Corp. Project,
Series C, Refunding
3.300%
7/3/28
500,000
501,353
 (a)(b)
Total Louisiana
2,588,946
Maryland — 0.6%
Maryland State EDC, Senior Student Housing Revenue, Morgan State
University Project
4.000%
7/1/40
500,000
460,452
 
Maryland State Stadium Authority, Built to Learn Revenue, Series 2021
4.000%
6/1/46
250,000
231,694
 
Total Maryland
692,146
Massachusetts — 4.0%
Massachusetts State Department of Transportation, Metropolitan Highway
System Revenue, Series B-1, Refunding
5.000%
1/1/35
350,000
364,374
 
Massachusetts State DFA Revenue:
Harvard University, Series A, Refunding
4.000%
2/15/36
200,000
209,445
 
Partners HealthCare System, Mass General Brigham Inc., Series S-1,
Refunding
5.000%
7/1/37
250,000
254,247
 
UMass Boston Student Housing Project
5.000%
10/1/28
200,000
200,244
 
Massachusetts State Port Authority Revenue, Series E
5.000%
7/1/51
500,000
501,053
 (c)
Plymouth, MA, GO, Refunding
3.500%
5/1/44
2,000,000
1,701,708
 
The Commonwealth of Massachusetts State, GO, Consolidated Loan, Series C
5.000%
2/1/51
1,400,000
1,434,938
 
Total Massachusetts
4,666,009
Michigan — 2.1%
Great Lakes, MI, Water Authority, Water Supply System Revenue, Senior Lien,
Series B
5.000%
7/1/42
1,000,000
1,048,021
 
Michigan State Finance Authority Revenue:
Henry Ford Health System, Series A-2, Refunding
5.250%
11/15/53
650,000
665,156
 
The Henry Ford Health Detroit South Campus Central Utility Plant Project,
Green Bonds, Series 2024
4.375%
2/28/54
250,000
225,951
 
Tobacco Settlement Asset-Backed, Series A-1, Refunding
4.000%
6/1/39
150,000
147,257
 
Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement
Project
5.000%
12/31/43
300,000
300,541
 (c)
Total Michigan
2,386,926
Mississippi — 0.2%
 
Warren County, MS, Mississippi Gulf Opportunity Zone Revenue, International
Paper Company Project, Refunding
4.000%
9/1/32
180,000
181,623
 
Missouri — 0.9%
Kansas City, MO, IDA, Airport System Revenue, Kansas City International
Airport Terminal Modernization Project, Series B
5.000%
3/1/35
750,000
769,856
 (c)
See Notes to Schedule of Investments.
5
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Missouri — continued
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village,
St. Louis Obligated Group, Series A
5.000%
9/1/38
 $300,000
 $302,881
 
Total Missouri
1,072,737
Nebraska — 0.8%
Central Plains, NE, Energy Project, Gas Project Revenue, Project No 3, Series
A, Refunding
5.000%
9/1/37
500,000
507,608
 
Omaha, NE, Public Power District, Electric System Revenue, Series B,
Refunding
4.000%
2/1/46
500,000
462,714
 
Total Nebraska
970,322
New Hampshire — 2.6%
National Finance Authority, NH, Revenue:
Maine Sustainable Energy Partners LLC, Series A
5.500%
8/1/51
250,000
258,963
 
Public Private Development Corp. Lockhart Housing Project, Series A-1
5.000%
12/1/46
900,000
879,124
 
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
12/1/35
950,000
1,018,043
 
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
6/1/55
900,000
883,077
 
Total New Hampshire
3,039,207
New Jersey — 6.0%
New Jersey State EDA Revenue, Special Facility, Port Newark Container
Terminal LLC Project, Refunding
5.000%
10/1/37
1,000,000
1,007,810
 (c)
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA
5.000%
6/15/36
1,000,000
1,052,643
 
Transportation Program, Series CC
5.000%
6/15/40
2,000,000
2,089,804
 
Transportation Program, Series CC
4.125%
6/15/50
400,000
362,802
 
Transportation Program, Series CC
5.250%
6/15/50
500,000
517,850
 
Transportation System, Series A, Refunding
5.000%
12/15/28
575,000
603,754
 
New Jersey State Turnpike Authority Revenue, Series C, Refunding
5.000%
1/1/44
750,000
781,148
 
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
5.000%
6/1/35
500,000
510,614
 
Total New Jersey
6,926,425
New Mexico — 0.4%
 
New Mexico State Municipal Energy Acquisition Authority, Gas Supply
Revenue, Refunding
5.000%
11/1/30
400,000
419,733
 (a)(b)
New York — 20.1%
Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy
Charter School Project
5.750%
6/1/52
350,000
334,648
 (d)
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A,
Refunding
5.000%
2/15/35
1,000,000
1,008,547
 
Long Island, NY, Power Authority Electric System Revenue:
Series B
3.000%
9/1/29
250,000
248,721
 (a)(b)
Series B, Refunding
5.250%
9/1/56
400,000
412,517
 
MTA, NY, Transportation Revenue:
Green Bonds, Series E, Refunding
5.000%
11/15/28
1,000,000
1,050,610
 
Series A-2
5.000%
5/15/30
400,000
424,088
 (a)(b)
New York City, NY, GO:
Series A
5.000%
8/1/43
250,000
257,139
 
Subseries B-1
5.250%
10/1/43
1,000,000
1,045,218
 
New York City, NY, TFA, Future Tax Secured Revenue:
Subseries A-1
5.000%
5/1/44
2,000,000
2,056,080
 
See Notes to Schedule of Investments.
6
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New York — continued
Subseries C-1
4.000%
5/1/39
 $2,200,000
 $2,107,909
 
New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 3,
Series E, Refunding
5.000%
3/15/38
1,500,000
1,545,785
 
New York State Dormitory Authority, State Personal Income Tax Revenue:
Series A, Refunding
5.000%
3/15/40
750,000
777,409
 
Series D, Refunding
5.000%
2/15/41
750,000
771,389
 
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
868,459
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
1/1/32
1,200,000
1,222,180
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
6.000%
4/1/35
250,000
274,419
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.625%
4/1/40
250,000
263,375
 (c)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds
6.000%
6/30/54
2,000,000
2,053,138
 (c)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds
5.375%
6/30/60
500,000
494,854
 (c)
John F. Kennedy International Airport Terminal Four Project, Series C,
Refunding
5.000%
12/1/27
500,000
513,148
 
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding
5.500%
12/31/54
150,000
151,022
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding, AG
4.500%
12/31/54
350,000
323,308
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series B, Refunding, AG, Step bond (0.000% to 12/31/34 then
5.000%)
0.000%
12/31/54
150,000
96,453
 (c)
LaGuardia Airport Terminal B Redevelopment Project
5.000%
7/1/30
1,225,000
1,226,095
 (c)
New York State Urban Development Corp. Revenue, Personal Income Tax,
Series C, Refunding
4.000%
3/15/45
550,000
499,651
 
Triborough Bridge & Tunnel Authority, NY, Revenue:
MTA Bridges & Tunnels, Senior Lien, Series A-1, Refunding
5.000%
5/15/51
1,040,000
1,058,353
 
MTA Bridges & Tunnels, Senior Lien, Series C, Refunding
5.000%
5/15/47
2,000,000
2,058,003
 
Total New York
23,142,518
North Dakota — 0.4%
 
Grand Forks, ND, Health Care System Revenue, Altru Health System,
Refunding, AG
3.000%
12/1/46
700,000
507,387
 
Ohio — 1.8%
American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center
Project, Series A, Refunding
5.000%
2/15/29
500,000
516,470
 
Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds,
Series A-2, Refunding
5.000%
6/1/33
500,000
530,815
 
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B
2.500%
10/1/29
350,000
337,866
 (a)(b)(c)
AMG Vanadium Project, Series 2019
5.000%
7/1/49
500,000
450,364
 (c)(d)
Duke Energy Corp. Project, Series B, Refunding
4.250%
6/1/27
250,000
251,237
 (a)(b)(c)
Total Ohio
2,086,752
See Notes to Schedule of Investments.
7
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Oklahoma — 0.3%
Tulsa, OK, Municipal Airport Trust Revenue:
American Airlines Inc. Project, Refunding
6.250%
12/1/35
 $300,000
 $333,518
 (c)
American Airlines Inc. Project, Refunding
6.250%
12/1/40
35,000
37,942
 (c)
Total Oklahoma
371,460
Pennsylvania — 4.3%
Bucks County, PA, Water and Sewer Authority, Sewer System Revenue, Series
A, AG
4.000%
12/1/42
250,000
240,185
 
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment
Revenue
5.000%
6/1/30
200,000
207,090
 
Pennsylvania State Economic Development Financing Authority Revenue:
Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series B, Refunding
5.250%
6/1/27
600,000
600,819
 (a)(b)
Presbyterian Senior Living Project, Series B-2, Refunding
5.000%
7/1/42
250,000
253,170
 
Tax-Exempt Private Activity, The Penndot Major Bridges Package One
Project
5.500%
6/30/41
1,500,000
1,574,251
 (c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One
Project
5.250%
6/30/53
200,000
200,281
 (c)
Pennsylvania State Turnpike Commission Revenue:
Series B
5.000%
12/1/45
500,000
514,220
 
Series B, Refunding
5.250%
12/1/47
250,000
259,930
 
Philadelphia, PA, IDA Revenue, City Service Agreement, Rebuild Project
5.000%
5/1/35
500,000
512,053
 
State Public School Building Authority, PA, Lease Revenue:
Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding
5.000%
6/1/31
150,000
150,775
 
Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding
5.000%
6/1/33
450,000
452,167
 
Total Pennsylvania
4,964,941
Puerto Rico — 6.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:
Senior Lien, Series A, Refunding
5.000%
7/1/37
1,500,000
1,564,784
 (d)
Senior Lien, Series A, Refunding
5.000%
7/1/47
400,000
402,040
 (d)
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
14,271
10,429
 
Restructured, Series A-1
5.625%
7/1/27
6,103
6,203
 
Restructured, Series A-1
5.625%
7/1/29
12,040
12,651
 
Restructured, Series A-1
5.750%
7/1/31
11,694
12,622
 
Restructured, Series A-1
4.000%
7/1/33
11,089
11,050
 
Restructured, Series A-1
4.000%
7/1/35
229,968
226,642
 
Restructured, Series A-1
4.000%
7/1/37
740,000
717,779
 
Restructured, Series A-1
4.000%
7/1/41
111,631
103,685
 
Restructured, Series A-1
4.000%
7/1/46
12,097
10,748
 
Subseries CW
0.000%
11/1/43
42,605
30,409
 (b)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
84,000
81,771
 
Restructured, Series A-1
4.550%
7/1/40
50,000
49,510
 
Restructured, Series A-2
4.329%
7/1/40
1,490,000
1,458,441
 
Restructured, Series A-2A
4.550%
7/1/40
2,380,000
2,356,667
 
Total Puerto Rico
7,055,431
See Notes to Schedule of Investments.
8
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Rhode Island — 0.2%
 
Rhode Island State Health & Educational Building Corp., Student Housing
Revenue, Rhode Island Properties LLC, Senior Series A, AG
5.000%
7/1/45
 $200,000
 $203,089
 
South Carolina — 1.3%
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries
B-2, Refunding (SOFR x 0.670 + 1.900%)
4.338%
3/1/31
250,000
259,835
 (a)(b)
South Carolina State Jobs - EDA Revenue:
Bon Secours Mercy Health Inc., Series A, Refunding
4.000%
12/1/44
500,000
451,102
 
International Paper Company Project, Series A, Refunding
3.950%
4/1/33
350,000
350,804
 (c)
South Carolina State Ports Authority Revenue, Series 2018
5.000%
7/1/36
400,000
406,319
 (c)
Total South Carolina
1,468,060
Tennessee — 3.2%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A
4.000%
2/1/51
750,000
666,320
 
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series A-1,
Refunding
5.000%
5/1/28
3,000,000
3,069,919
 (a)(b)
Total Tennessee
3,736,239
Texas — 10.9%
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM
5.000%
2/15/41
250,000
250,004
 
Austin, TX, Airport System Revenue:
Series 2022
5.000%
11/15/39
350,000
360,601
 (c)
Series B, Refunding
5.000%
11/15/42
750,000
768,477
 (c)
Austin, TX, Senior Lien Special Tax Revenue, Convention Center Project, Series
A
5.250%
11/15/51
600,000
620,359
 
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E
5.000%
1/1/45
500,000
509,170
 
Central Texas Turnpike System Revenue, Second Tier, Series C, Refunding
5.000%
8/15/40
300,000
314,424
 
Elgin, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
8/1/49
600,000
544,317
 
Galveston, TX, Wharves & Terminal Revenue, First Lien, Series A
5.250%
8/1/35
750,000
806,641
 (c)
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital
Revenue, Texas Children’s Hospital, Series B, Refunding
5.000%
10/1/31
300,000
322,600
 (a)(b)
Harris County, TX, GO:
Certificates of Obligation
4.000%
9/15/49
1,250,000
1,120,850
 
Series A, Refunding
5.000%
9/15/51
250,000
255,171
 
Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/47
300,000
276,397
 
Houston, TX, Airport System Revenue:
Special Facilities, United Airlines Inc., Airport Improvements Project
5.000%
7/15/28
500,000
510,315
 (c)
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series
B
5.500%
7/15/38
210,000
220,290
 (c)
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series
B-1
4.000%
7/15/41
500,000
446,559
 (c)
Subordinated, Series A, Refunding
5.000%
7/1/36
1,055,000
1,076,344
 (c)
Longview, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/49
400,000
363,694
 
Love Field, TX, Airport Modernization Corp., General Airport Revenue,
Series 2017
5.000%
11/1/31
90,000
90,230
 (c)
Lower Colorado River Authority, TX, Transmission Contract Refunding and
Improvement Revenue, LCRA Transmission Services Corp. Project, Series A,
Refunding
5.000%
5/15/56
500,000
502,529
 
Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging
International, LLC Project, Green Bonds
5.000%
6/1/30
150,000
154,159
 (a)(b)(c)
See Notes to Schedule of Investments.
9
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Texas — continued
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC
Academy, Series A
4.000%
8/15/31
 $150,000
 $145,138
 
Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior
Lien, NTE Mobility Partners Segments 3 LLC, Refunding
5.500%
6/30/41
300,000
312,098
 (c)
Texas State Transportation Commission Revenue, Highway Improvement, GO,
Series 2026, Refunding
5.000%
4/1/44
2,500,000
2,632,970
 
Total Texas
12,603,337
Utah — 0.1%
 
Utah State Infrastructure Agency, Telecommunications Revenue, Series 2021
4.000%
10/15/36
100,000
94,644
 
Virginia — 3.3%
Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center,
Refunding
5.000%
7/1/35
200,000
209,015
 
Isle of Wight County, VA, EDA Revenue, Riverside Health System, Series 2023,
AG
5.250%
7/1/48
250,000
257,879
 
Virginia Beach, VA, Development Authority, Residential Care Facility Revenue,
Westminster-Canterbury on Chesapeake Bay, Refunding
5.000%
9/1/40
1,250,000
1,250,300
 
Virginia State Small Business Financing Authority Revenue:
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/38
1,250,000
1,283,982
 (c)
Senior Lien, I-495 High Occupancy Toll Lanes Project, Refunding
5.000%
12/31/47
500,000
499,098
 (c)
The Obligated Group of National Senior Campuses Inc., Series A, Refunding
5.000%
1/1/31
250,000
260,828
 
Total Virginia
3,761,102
Washington — 0.9%
 
Port of Seattle, WA, Intermediate Lien Revenue, Series B, Refunding
5.000%
8/1/37
1,000,000
1,043,156
 (c)
West Virginia — 0.3%
West Virginia State EDA Revenue:
Solid Waste Disposal Facility, Commercial Metals Co. Project
4.625%
5/15/32
150,000
152,288
 (a)(b)(c)
Solid Waste Disposal Facility, Core Natural Resources Inc. Project,
Refunding
5.450%
3/27/35
170,000
182,248
 (a)(b)(c)(d)
Total West Virginia
334,536
Wisconsin — 0.1%
Public Finance Authority, WI, Revenue, The Carmelite System Inc. Obligated
Group, Refunding
5.000%
1/1/45
150,000
150,164
 
 
Total Municipal Bonds (Cost — $154,762,346)
153,828,142
Municipal Bonds Deposited in Tender Option Bond Trusts(g) — 4.7%
New York — 4.7%
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
1,668,345
 
New York State Dormitory Authority, State Personal Income Tax Revenue,
Series A, Refunding
4.000%
3/15/45
1,925,000
1,775,255
 
New York State Urban Development Corp., State Sales Tax Revenue, Series A
5.000%
3/15/49
1,900,000
1,942,495
 
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $5,515,785)
5,386,095
Total Investments before Short-Term Investments (Cost — $160,278,131)
159,214,237
 
Short-Term Investments — 5.8%
Municipal Bonds — 5.8%
Arizona — 0.1%
 
Arizona State, IDA Hospital Revenue, Phoenix Children’s Hospital, Series A,
Refunding, LOC - TD Bank N.A.
2.900%
2/1/48
145,000
145,000
 (h)(i)
See Notes to Schedule of Investments.
10
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Colorado — 0.2%
 
Colorado State Educational & Cultural Facilities Authority Revenue, National
Jewish Federation Bond Program, Series F-2, LOC - TD Bank N.A.
2.900%
7/1/41
 $200,000
 $200,000
 (h)(i)
Connecticut — 0.2%
 
Connecticut State Housing Finance Authority Revenue, Housing Mortgage
Finance, Series C, Refunding, SPA - TD Bank N.A.
2.240%
11/15/48
250,000
250,000
 (h)(i)
Florida — 2.0%
Highlands County, FL, Health Facilities Authority Hospital Revenue, Adventist
Health System/Sunbelt Obligated Group, Series I-3, Refunding
2.300%
11/15/33
100,000
100,000
 (h)(i)
Hillsborough County, FL, IDA Revenue, Baycare Health System, Series B,
Refunding, LOC - TD Bank N.A.
2.900%
11/1/38
2,200,000
2,200,000
 (h)(i)
Total Florida
2,300,000
Maryland — 0.1%
 
Maryland State Health & Higher EFA Revenue, The Johns Hopkins Health
System, Series A, Refunding, LOC - TD Bank N.A.
2.900%
6/1/48
100,000
100,000
 (h)(i)
Mississippi — 1.8%
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR:
Chevron USA Inc. Project, Series A
3.000%
11/1/35
200,000
200,000
 (h)(i)
Chevron USA Inc. Project, Series C
3.000%
12/1/30
1,400,000
1,400,000
 (h)(i)
Chevron USA Inc. Project, Series E
3.000%
12/1/30
400,000
400,000
 (h)(i)
Chevron USA Inc. Project, Series L
3.000%
11/1/35
100,000
100,000
 (h)(i)
Total Mississippi
2,100,000
Missouri — 0.8%
 
Missouri State HEFA Revenue, Series C, Refunding, LIQ - BJC Health System
2.280%
5/15/38
900,000
900,000
 (h)(i)
New York — 0.2%
MTA, NY, Transportation Revenue, Subseries E-1, LOC - Barclays Bank PLC
3.050%
11/15/50
100,000
100,000
 (h)(i)
New York City, NY, GO, Subseries D-4, LOC - TD Bank N.A.
2.900%
8/1/40
100,000
100,000
 (h)(i)
New York State HFA Revenue, 363 West 30th Street Housing, Series A, LIQ -
FHLMC, LOC - FHLMC
2.370%
11/1/32
100,000
100,000
 (c)(h)(i)
Total New York
300,000
Pennsylvania — 0.2%
 
Philadelphia, PA, IDA, Gift of Life Donor Program Project, LOC - TD Bank N.A.
2.250%
12/1/34
200,000
200,000
 (h)(i)
Texas — 0.2%
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital
Revenue, Baylor Health Care System Project, Series C, Refunding, LOC - TD
Bank N.A.
2.900%
11/15/50
200,000
200,000
 (h)(i)
 
Total Municipal Bonds (Cost — $6,695,000)
6,695,000
 
 
 
 
Shares
 
Money Market Funds — 0.0%††
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $34,763)  
3.616%
34,763
 
34,763
 (j)(k)
 
Total Short-Term Investments (Cost — $6,729,763)
6,729,763
Total Investments — 143.7% (Cost — $167,007,894)
165,944,000
Variable Rate Demand Preferred Stock, at Liquidation Value — (41.1)%
(47,400,000
)
TOB Floating Rate Notes — (2.6)%
(3,000,000
)
Other Liabilities in Excess of Other Assets — (0.0)%††
(98,919
)
Total Net Assets Applicable to Common Shareholders — 100.0%
$115,445,081
 
See Notes to Schedule of Investments.
11
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Western Asset Intermediate Muni Fund Inc.
††
Represents less than 0.1%.
(a)
Maturity date shown represents the mandatory tender date.
(b)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(c)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(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)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust..
(h)
Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no
more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the
remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official
documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The
SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s
Short-term Obligation Rate Transparency System.
(i)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
(j)
Rate shown is one-day yield as of the end of the reporting period.
(k)
In this instance, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), 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, 2026,
the total market value of investments in Affiliated Companies was $34,763 and the cost was $34,763 (Note 2).
 
Abbreviation(s) used in this schedule:
AG
—
Assured Guaranty — Insured Bonds
BAM
—
Build America Mutual — Insured Bonds
CAB
—
Capital Appreciation Bonds
DFA
—
Development Finance Agency
EDA
—
Economic Development Authority
EDC
—
Economic Development Corporation
EFA
—
Educational Facilities Authority
FHLMC
—
Federal Home Loan Mortgage Corporation
GO
—
General Obligation
GTD
—
Guaranteed
HEFA
—
Health & Educational Facilities Authority
HFA
—
Housing Finance Agency
IDA
—
Industrial Development Authority
IDR
—
Industrial Development Revenue
ISD
—
Independent School District
LIQ
—
Liquidity Facility
LOC
—
Letter of Credit
MFA
—
Municipal Finance Authority
MTA
—
Metropolitan Transportation Authority
PCFA
—
Pollution Control Financing Authority
PEA
—
Public Energy Authority
PSF
—
Permanent School Fund
SD
—
School District
SOFR
—
Secured Overnight Financing Rate
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.
12
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Intermediate Muni Fund Inc. (the “Fund”) was incorporated in Maryland on December 19, 1991, and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors (the “Board”) 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 Board.
Pursuant to policies adopted by the Board, 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. 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, 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 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
13
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
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.
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
—
 $153,828,142
—
 $153,828,142
Municipal Bonds Deposited in Tender Option Bond Trusts
—
5,386,095
—
5,386,095
Total Long-Term Investments
—
159,214,237
—
159,214,237
Short-Term Investments†:
Municipal Bonds
—
6,695,000
—
6,695,000
Money Market Funds
 $34,763
—
—
34,763
Total Short-Term Investments
34,763
6,695,000
—
6,729,763
Total Investments
$34,763
$165,909,237
—
$165,944,000
 
†
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, 2026. The following transactions were effected in such company for the period ended August 31, 2026.
 
 
Affiliate
Value at

November 30,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $21,486
 $2,155,947
2,155,947
 $2,142,670
2,142,670

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
August 31,
2026
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $1,196
—
 $34,763
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Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report