Schedule of Investments (unaudited)
February 28, 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 — 124.9%
Alabama — 7.7%
Alabama State Corrections Institution Finance Authority Revenue, Series A
5.000%
7/1/42
 $750,000
 $811,132
 
Baldwin County, AL, IDA Revenue, Solid Waste Disposal Bonds, Novelis Corp.
Project, Series A
4.300%
3/1/33
100,000
100,867
 (a)(b)(c)(d)(e)
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds:
Series D-1, Refunding
5.500%
2/1/29
200,000
214,394
 (c)(e)
Series F
5.500%
12/1/28
2,000,000
2,133,943
 (c)(e)
Energy Southeast, AL, A Cooperative District, Energy Supply Revenue, Series
B-1
5.750%
11/1/31
1,000,000
1,128,317
 (c)(e)
Jefferson County, AL, Sewer Revenue, Warrants, Series 2024, Refunding
5.250%
10/1/45
1,500,000
1,618,157
 
Mobile County, AL, IDA Revenue:
Solid Waste Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
310,000
307,734
 (b)
Solid Waste Disposal Facility, Calvert LLC Project, Series B
4.750%
12/1/54
250,000
239,584
 (b)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1,
Series A, Refunding
5.000%
4/1/31
400,000
432,958
 
Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue:
Series B
5.250%
1/1/33
575,000
616,179
 (c)(e)
Series D
5.000%
9/1/35
1,600,000
1,793,531
 
Total Alabama
9,396,796
Alaska — 0.2%
 
Alaska State Housing Finance Corp. Revenue, State Capital Project, Series B,
Refunding
4.000%
12/1/36
250,000
255,832
 
Arizona — 2.8%
Chandler, AZ, IDA Revenue:
Intel Corp. Project
5.000%
9/1/27
500,000
510,652
 (b)(c)(e)
Intel Corp. Project
3.800%
6/15/28
500,000
510,039
 (c)(e)
Intel Corp. Project
4.100%
6/15/28
250,000
254,860
 (b)(c)(e)
Intel Corp. Project
4.000%
6/1/29
650,000
668,890
 (b)(c)(e)
La Paz County, AZ, IDA, Lease Revenue, Charter School Solutions Harmony
Public Schools Project
5.000%
2/15/38
500,000
509,834
 
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Junior Lien, Refunding
5.000%
7/1/27
1,000,000
1,003,849
 
Total Arizona
3,458,124
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
357,904
 (b)
California — 12.3%
Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated
Lien, Series B, Refunding
5.000%
10/1/34
500,000
506,374
 
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
1,600,000
1,691,899
 (c)(e)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
600,000
638,274
 (c)(e)
Clean Energy Project, Green Bonds, Series B-1
4.000%
8/1/31
500,000
519,743
 (c)(e)
Clean Energy Project, Green Bonds, Series C
5.000%
10/1/32
300,000
324,777
 (c)(e)
Clean Energy Project, Green Bonds, Series E
5.000%
9/1/32
1,400,000
1,532,353
 (c)(e)
Clean Energy Project, Green Bonds, Series G
5.000%
12/1/35
600,000
676,373
 
Clean Energy Project, Green Bonds, Series H
5.000%
8/1/33
600,000
669,830
 (c)(e)
See Notes to Schedule of Investments.
1
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 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
 $363,371
 (b)
Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
400,000
406,739
 (b)
California State MFA Special Facility Revenue, United Airlines, Inc., Los
Angeles International Airport Project
4.000%
7/15/29
250,000
254,951
 (b)
California State PCFA Water Furnishing Revenue, Poseidon Resources
5.000%
7/1/27
750,000
754,256
 (a)(b)
Folsom Cordova, CA, USD:
School Facilities Improvement District No 4, GO, Series A, Refunding
5.000%
10/1/38
500,000
597,627
 
School Facilities Improvement District No 5, GO, Series B, Refunding
5.000%
10/1/38
600,000
717,153
 
Los Angeles, CA, Department of Water & Power, Power System Revenue,
Series C
5.000%
7/1/37
750,000
769,555
 
M-S-R Energy Authority, CA, Natural Gas Revenue, Series B
6.125%
11/1/29
1,980,000
2,106,100
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1
5.500%
9/1/37
350,000
378,617
 
Community Facilities District No 2023-1
5.500%
9/1/43
250,000
267,599
 
Riverside, CA, Electric Revenue:
Series A, Refunding
5.000%
10/1/36
750,000
808,140
 
Series A, Refunding
5.000%
10/1/43
250,000
263,398
 
San Francisco, CA, City & County Airport Commission, International Airport
Revenue, SFO Fuel Co. LLC, Series A, Refunding
5.000%
1/1/33
645,000
683,505
 (b)
Total California
14,930,634
Colorado — 2.3%
Base Village Metropolitan District No 2, CO, GO, Series A, Refunding
5.500%
12/1/36
500,000
500,501
 
Colorado State Health Facilities Authority Revenue:
Commonspirit Health Initiatives, Series B-2
5.000%
8/1/26
250,000
250,271
 (c)(e)
Improvement Second Tier Bonds, Bethesda Project
5.500%
9/15/54
400,000
404,062
 
Denver, CO, City & County Airport System Revenue, Subordinated, Series B,
Refunding
5.000%
11/15/32
1,000,000
1,138,133
 (b)
Southern Ute Indian Tribe Reservation, CO, GO, Series A
5.000%
4/1/35
350,000
392,384
 (a)
Vauxmont Metropolitan District, CO, GO, Subordinate Limited Tax, Series 2019,
Refunding, AG
5.000%
12/15/28
125,000
127,641
 
Total Colorado
2,812,992
Connecticut — 1.5%
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A
5.000%
1/1/37
500,000
519,421
 
Connecticut State, GO, Series A
5.000%
4/15/39
1,290,000
1,368,144
 
Total Connecticut
1,887,565
Florida — 5.0%
Broward County, FL, Airport System Revenue, Series 2017
5.000%
10/1/36
250,000
256,819
 (b)
Broward County, FL, Port Facilities Revenue, Series 2022
5.000%
9/1/37
450,000
487,647
 (b)
Capital Trust Authority, FL, Revenue, AIDS Healthcare Foundation Obligated
Group, Series A
4.750%
12/1/42
100,000
102,492
 
Florida State Insurance Assistance Interlocal Agency Inc., Revenue, Series A-1,
Refunding
5.000%
9/1/26
1,100,000
1,102,086
 
Hillsborough County, FL, Aviation Authority Revenue, Tampa International
Airport, Series E
5.000%
10/1/43
250,000
256,621
 (b)
Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding
5.000%
10/1/47
1,000,000
1,018,037
 (b)
Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project
5.500%
5/15/45
100,000
104,104
 (a)
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
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Inc., Series A, Refunding
4.500%
10/1/56
 $225,000
 $219,137
 
Orlando Health Obligated Group, Series A
5.000%
10/1/42
250,000
272,008
 
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
152,035
 
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
1,977,523
 
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue, Series 2024
4.200%
5/1/39
150,000
152,048
 (a)
Total Florida
6,100,557
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
207,053
 
Plant Vogtle Units 3&4, Project P, Series A
5.500%
7/1/64
200,000
207,462
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/33
250,000
263,985
 
Series B
5.000%
6/1/29
1,000,000
1,060,268
 (c)(e)
Series C
5.000%
9/1/30
300,000
324,009
 (c)(e)
Total Georgia
2,062,777
Guam — 0.2%
 
Guam Government, Business Privilege Tax Revenue, Series F, Refunding
4.000%
1/1/36
200,000
203,948
 
Hawaii — 0.5%
Honolulu, HI, City & County Wastewater System Revenue:
First Senior Bond Resolution, Series A
3.000%
7/1/41
400,000
370,662
 
First Senior Bond Resolution, Series A, Refunding
5.000%
7/1/36
150,000
179,190
 
Total Hawaii
549,852
Illinois — 18.9%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax
Revenue, Series 2018
5.000%
4/1/38
500,000
509,715
 
Chicago, IL, Board of Education, GO:
Dedicated, Series A
5.000%
12/1/43
1,000,000
1,001,958
 
Dedicated, Series G, Refunding
5.000%
12/1/34
270,000
271,820
 
Series C, Refunding, AG
5.000%
12/1/32
2,000,000
2,098,098
 
Series D
5.000%
12/1/46
1,500,000
1,426,742
 
Chicago, IL, GO:
Chicago Works, Series A
5.500%
1/1/39
250,000
269,944
 
Series A
5.500%
1/1/35
250,000
260,482
 
Series A
5.000%
1/1/40
210,000
211,725
 
Chicago, IL, O’Hare International Airport Revenue:
Senior Lien, Series D
5.250%
1/1/36
500,000
510,456
 
Senior Lien, Series D
5.250%
1/1/37
400,000
407,954
 
Series C, Refunding
5.000%
1/1/43
600,000
630,269
 (b)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series
A, Refunding
5.000%
12/1/45
550,000
569,760
 
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A
5.000%
1/1/47
300,000
301,529
 
See Notes to Schedule of Investments.
3
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Illinois — continued
Second Lien, Series A, AG
5.250%
1/1/58
 $500,000
 $522,195
 
Second Lien, Series B, Refunding
5.000%
1/1/36
600,000
611,689
 
Chicago, IL, Waterworks Revenue, Second Lien, Series 2017-2, Refunding, AG
5.000%
11/1/32
630,000
656,188
 
Illinois State Finance Authority Revenue:
Southern Illinois Healthcare Enterprises Inc., Refunding
5.000%
3/1/34
500,000
508,050
 
Surface Freight Transfer Facilities, Centerpoint Joliet Terminal Railroad
Project
4.800%
7/2/35
450,000
472,730
 (a)(b)(c)(e)
Illinois State Sports Facilities Authority Revenue, State Tax Supported,
Refunding, AG
5.250%
6/15/30
3,000,000
3,046,903
 
Illinois State Toll Highway Authority Revenue, Series A, Refunding
5.000%
1/1/37
500,000
579,756
 
Illinois State, GO:
Series 2016, Refunding
5.000%
2/1/29
500,000
511,627
 
Series A
5.000%
5/1/36
770,000
799,973
 
Series A
5.000%
5/1/39
300,000
309,165
 
Series A, Refunding
5.000%
10/1/29
1,300,000
1,384,031
 
Series B, Refunding
5.000%
9/1/27
600,000
623,373
 
Series C
5.000%
12/1/41
1,250,000
1,345,717
 
Series D
5.000%
11/1/27
300,000
313,009
 
Series D, Refunding
5.000%
7/1/34
400,000
449,555
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/42
350,000
345,848
 
McCormick Place Expansion Project, Series A, Refunding
5.000%
6/15/50
1,200,000
1,204,172
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
12/15/31
250,000
258,719
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
6/15/42
500,000
521,146
 
McCormick Place Expansion Project, Series B, Refunding, AG
0.000%
12/15/56
500,000
116,768
 
Total Illinois
23,051,066
Indiana — 2.3%
Hammond, IN, Multi-School Building Corp.:
First Mortgage Bond, State Intercept Program
5.000%
7/15/34
750,000
780,823
 
First Mortgage Bond, State Intercept Program
5.000%
7/15/35
1,035,000
1,075,678
 
Indiana State Finance Authority Revenue:
Marion General Hospital, Series A
4.000%
7/1/45
250,000
227,135
 
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A
4.250%
11/1/30
200,000
208,951
 
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project, Refunding
4.500%
1/1/34
500,000
521,866
 (a)(b)
Total Indiana
2,814,453
Kentucky — 2.9%
Kentucky State PEA, Gas Supply Revenue:
Series A
4.000%
3/2/26
1,200,000
1,207,608
 (c)(e)
Series A, Refunding
5.250%
12/1/29
200,000
216,228
 (c)(e)
Series C, Refunding
5.000%
5/1/36
1,000,000
1,100,113
 
Trimble County, KY, Environmental Facilities Revenue, Louisville Gas and
Electric Company Project, Series A
4.700%
6/1/27
1,000,000
1,017,051
 (b)(c)(e)
Total Kentucky
3,541,000
Louisiana — 2.9%
Lafayette Parish, LA, School Board Sales Tax Revenue, Series 2023
4.000%
4/1/48
500,000
477,474
 
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
 
Louisiana — continued
Port New Orleans, LA, Board of Commissioners, Revenue, Series B, Refunding,
AG
5.000%
4/1/38
 $1,625,000
 $1,668,701
 (b)
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series B-2, Refunding
2.375%
7/1/26
900,000
899,255
 (c)(e)
Marathon Oil Corp. Project, Series C, Refunding
3.300%
7/3/28
500,000
508,818
 (c)(e)
Total Louisiana
3,554,248
Maryland — 0.6%
Maryland State EDC, Senior Student Housing Revenue, Morgan State
University Project
4.000%
7/1/40
500,000
488,811
 
Maryland State Stadium Authority, Built to Learn Revenue, Series 2021
4.000%
6/1/46
250,000
243,489
 
Total Maryland
732,300
Massachusetts — 3.0%
Massachusetts State Department of Transportation, Metropolitan Highway
System Revenue, Series B-1, Refunding
5.000%
1/1/35
350,000
376,542
 
Massachusetts State DFA Revenue:
Boston Medical Center, Series G, Refunding
5.250%
7/1/48
500,000
509,824
 
Partners HealthCare System, Mass General Brigham Inc., Series S-1,
Refunding
5.000%
7/1/37
250,000
259,556
 
UMass Boston Student Housing Project
5.000%
10/1/28
200,000
201,595
 
Massachusetts State Port Authority Revenue, Series E
5.000%
7/1/51
500,000
506,964
 (b)
Plymouth, MA, GO, Refunding
3.500%
5/1/44
2,000,000
1,832,829
 
Total Massachusetts
3,687,310
Michigan — 1.5%
Great Lakes, MI, Water Authority, Water Supply System Revenue, Senior Lien,
Series B
5.000%
7/1/42
1,000,000
1,101,549
 
Michigan State Finance Authority Revenue:
The Henry Ford Health Detroit South Campus Central Utility Plant Project,
Green Bonds, Series 2024
4.375%
2/28/54
250,000
236,863
 
Tobacco Settlement Asset-Backed, Series A-1, Refunding
4.000%
6/1/39
150,000
150,439
 
Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement
Project
5.000%
12/31/43
300,000
304,562
 (b)
Total Michigan
1,793,413
Mississippi — 0.2%
 
Warren County, MS, Mississippi Gulf Opportunity Zone Revenue, International
Paper Company Project, Refunding
4.000%
9/1/32
180,000
190,356
 
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
790,592
 (b)
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village,
St. Louis Obligated Group, Series A
5.000%
9/1/38
300,000
307,860
 
Total Missouri
1,098,452
Nebraska — 0.9%
Central Plains, NE, Energy Project, Gas Project Revenue, Project No 3, Series A,
Refunding
5.000%
9/1/37
500,000
566,345
 
Omaha, NE, Public Power District, Electric System Revenue, Series B,
Refunding
4.000%
2/1/46
500,000
491,039
 
Total Nebraska
1,057,384
See Notes to Schedule of Investments.
5
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New Hampshire — 1.6%
National Finance Authority, NH, Revenue:
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
12/1/35
 $950,000
 $1,093,068
 
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
6/1/55
900,000
902,482
 
Total New Hampshire
1,995,550
New Jersey — 5.9%
New Jersey State EDA Revenue, Special Facility, Port Newark Container
Terminal LLC Project, Refunding
5.000%
10/1/37
1,000,000
1,019,951
 (b)
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA
5.000%
6/15/36
1,000,000
1,098,732
 
Transportation Program, Series CC
5.000%
6/15/40
2,000,000
2,214,481
 
Transportation Program, Series CC
4.125%
6/15/50
400,000
385,819
 
Transportation Program, Series CC
5.250%
6/15/50
500,000
532,429
 
Transportation System, Series A, Refunding
5.000%
12/15/28
575,000
618,714
 
New Jersey State Turnpike Authority Revenue, Series C, Refunding
5.000%
1/1/44
750,000
820,278
 
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
5.000%
6/1/35
500,000
520,540
 
Total New Jersey
7,210,944
New Mexico — 0.4%
 
New Mexico State Municipal Energy Acquisition Authority, Gas Supply
Revenue, Refunding
5.000%
11/1/30
400,000
433,629
 (c)(e)
New York — 19.2%
Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy
Charter School Project
5.750%
6/1/52
350,000
349,865
 (a)
Hudson Yards Infrastructure Corp., NY, Second Indenture Revenue, Series A,
Refunding
5.000%
2/15/35
1,000,000
1,024,319
 
Long Island, NY, Power Authority Electric System Revenue, Series B
3.000%
9/1/29
250,000
251,301
 (c)(e)
MTA, NY, Transportation Revenue:
Green Bonds, Series E, Refunding
5.000%
11/15/28
1,000,000
1,075,110
 
Series A-2
5.000%
5/15/30
400,000
433,538
 (c)(e)
New York City, NY, GO:
Series A
5.000%
8/1/43
250,000
271,240
 
Subseries B-1
5.250%
10/1/43
1,000,000
1,093,448
 
New York City, NY, TFA, Future Tax Secured Revenue:
Subseries A-1
5.000%
5/1/44
2,000,000
2,155,759
 
Subseries C-1
4.000%
5/1/39
2,200,000
2,256,652
 
New York State Dormitory Authority, Sales Tax Revenue, Bidding Group 3,
Series E, Refunding
5.000%
3/15/38
1,500,000
1,587,012
 
New York State Dormitory Authority, State Personal Income Tax Revenue:
Series A, Refunding
5.000%
3/15/40
750,000
795,085
 
Series D, Refunding
5.000%
2/15/41
750,000
804,343
 
New York State Transportation Development Corp., Special Facilities Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment
Project
5.000%
1/1/30
850,000
881,104
 (b)
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment
Project
5.000%
1/1/32
1,200,000
1,241,965
 (b)
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment
Project
6.000%
4/1/35
250,000
279,098
 (b)
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
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment
Project
5.625%
4/1/40
 $250,000
 $267,694
 (b)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds
6.000%
6/30/54
2,000,000
2,099,533
 (b)
John F. Kennedy International Airport New Terminal One Project, Green
Bonds
5.375%
6/30/60
500,000
502,130
 (b)
John F. Kennedy International Airport Terminal Four Project, Series C,
Refunding
5.000%
12/1/27
500,000
523,251
 
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding
5.500%
12/31/54
150,000
154,481
 (b)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding, AG
4.500%
12/31/54
350,000
338,192
 (b)
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
101,315
 (b)
LaGuardia Airport Terminal B Redevelopment Project
5.000%
7/1/30
1,225,000
1,226,794
 (b)
New York State Urban Development Corp. Revenue, Personal Income Tax,
Series C, Refunding
4.000%
3/15/45
550,000
536,840
 
Triborough Bridge & Tunnel Authority, NY, Revenue:
MTA Bridges & Tunnels, Senior Lien, Series A-1, Refunding
5.000%
5/15/51
1,040,000
1,079,612
 
MTA Bridges & Tunnels, Senior Lien, Series C, Refunding
5.000%
5/15/47
2,000,000
2,099,443
 
Total New York
23,429,124
North Dakota — 0.4%
 
Grand Forks, ND, Health Care System Revenue, Altru Health System,
Refunding, AG
3.000%
12/1/46
700,000
545,575
 
Ohio — 2.1%
American Municipal Power Inc., OH, Revenue, AMP Fremont Energy Center
Project, Series A, Refunding
5.000%
2/15/29
500,000
526,541
 
Buckeye, OH, Tobacco Settlement Financing Authority Revenue:
Senior Bonds, Series A-2, Refunding
5.000%
6/1/33
500,000
542,069
 
Senior Bonds, Series B-2, Refunding
5.000%
6/1/55
550,000
454,863
 
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B
2.500%
10/1/29
350,000
339,109
 (b)(c)(e)
AMG Vanadium Project, Series 2019
5.000%
7/1/49
500,000
466,395
 (a)(b)
Duke Energy Corp. Project, Series B, Refunding
4.250%
6/1/27
250,000
254,125
 (b)(c)(e)
Total Ohio
2,583,102
Oklahoma — 0.3%
Tulsa, OK, Municipal Airport Trust Revenue:
American Airlines Inc. Project, Refunding
6.250%
12/1/35
300,000
352,959
 (b)
American Airlines Inc. Project, Refunding
6.250%
12/1/40
35,000
39,861
 (b)
Total Oklahoma
392,820
Pennsylvania — 4.2%
Bucks County, PA, Water and Sewer Authority, Sewer System Revenue, Series
A, AG
4.000%
12/1/42
250,000
256,662
 
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment
Revenue
5.000%
6/1/30
200,000
211,177
 
See Notes to Schedule of Investments.
7
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Pennsylvania — continued
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
 $602,528
 (c)(e)
Presbyterian Senior Living Project, Series B-2, Refunding
5.000%
7/1/42
250,000
260,085
 
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.500%
6/30/41
1,500,000
1,639,401
 (b)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.250%
6/30/53
200,000
203,523
 (b)
Pennsylvania State Turnpike Commission Revenue:
Series B
5.000%
12/1/45
500,000
528,044
 
Series B, Refunding
5.250%
12/1/47
250,000
267,282
 
Philadelphia, PA, Authority for IDR, City Service Agreement Revenue, Rebuild
Project
5.000%
5/1/35
500,000
525,417
 
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
152,875
 
Philadelphia SD Project, Series A, Refunding, AG, State Aid Withholding
5.000%
6/1/33
450,000
458,119
 
Total Pennsylvania
5,105,113
Puerto Rico — 6.0%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:
Senior Lien, Series A, Refunding
5.000%
7/1/37
1,500,000
1,577,344
 (a)
Senior Lien, Series A, Refunding
5.000%
7/1/47
400,000
400,897
 (a)
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
14,271
10,567
 
Restructured, Series A-1
5.625%
7/1/27
12,238
12,525
 
Restructured, Series A-1
5.625%
7/1/29
12,040
12,865
 
Restructured, Series A-1
5.750%
7/1/31
11,694
12,995
 
Restructured, Series A-1
4.000%
7/1/33
11,089
11,357
 
Restructured, Series A-1
4.000%
7/1/35
229,968
233,915
 
Restructured, Series A-1
4.000%
7/1/37
740,000
741,529
 
Restructured, Series A-1
4.000%
7/1/41
111,631
108,346
 
Restructured, Series A-1
4.000%
7/1/46
12,097
10,922
 
Subseries CW
0.000%
11/1/43
42,605
29,131
 (e)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
157,000
150,768
 
Restructured, Series A-1
4.550%
7/1/40
50,000
50,335
 
Restructured, Series A-2
4.329%
7/1/40
1,490,000
1,493,082
 
Restructured, Series A-2A
4.550%
7/1/40
2,380,000
2,395,948
 
Total Puerto Rico
7,252,526
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
206,660
 
South Carolina — 0.9%
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, Subseries
B-2, Refunding (SOFR x 0.670 + 1.900%)
4.359%
3/1/31
250,000
259,981
 (c)(e)
South Carolina State Jobs, EDA Hospital Facilities Revenue, Bon Secours
Mercy Health Inc., Series A, Refunding
4.000%
12/1/44
500,000
471,022
 
South Carolina State Ports Authority Revenue, Series 2018
5.000%
7/1/36
400,000
415,083
 (b)
Total South Carolina
1,146,086
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
 
Tennessee — 3.1%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A
4.000%
2/1/51
 $750,000
 $702,668
 
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series A-1,
Refunding
5.000%
5/1/28
3,000,000
3,134,028
 (c)(e)
Total Tennessee
3,836,696
Texas — 6.7%
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM
5.000%
2/15/41
250,000
250,169
 
Austin, TX, Airport System Revenue, Series 2022
5.000%
11/15/39
350,000
381,007
 (b)
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E
5.000%
1/1/45
500,000
518,340
 
Central Texas Turnpike System Revenue, Second Tier, Series C, Refunding
5.000%
8/15/40
300,000
336,019
 
Elgin, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
8/1/49
600,000
570,636
 
Galveston, TX, Wharves & Terminal Revenue, First Lien, Series A
5.250%
8/1/35
750,000
836,391
 (b)
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital
Revenue, Texas Children’s Hospital, Series B, Refunding
5.000%
10/1/31
300,000
336,312
 (c)(e)
Harris County, TX, GO, Certificates of Obligation
4.000%
9/15/49
1,250,000
1,190,657
 
Hays, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/47
300,000
290,332
 
Houston, TX, Airport System Revenue:
Special Facilities, United Airlines Inc., Airport Improvements Project
5.000%
7/15/28
500,000
518,789
 (b)
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series
B
5.500%
7/15/38
210,000
231,107
 (b)
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series
B-1
4.000%
7/15/41
500,000
473,271
 (b)
Subordinated, Series A, Refunding
5.000%
7/1/36
1,055,000
1,099,603
 (b)
Longview, TX, ISD, GO, Unlimited Tax School Building Bonds, PSF - GTD
4.000%
2/15/49
400,000
381,026
 
Love Field, TX, Airport Modernization Corp., General Airport Revenue,
Series 2017
5.000%
11/1/31
90,000
91,346
 (b)
Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging
International, LLC Project, Green Bonds
5.000%
6/1/30
150,000
157,287
 (b)(c)(e)
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC
Academy, Series A
4.000%
8/15/31
175,000
176,278
 
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
318,905
 (b)
Total Texas
8,157,475
Utah — 0.3%
Utah State Charter School Finance Authority, Charter School Revenue,
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/37
250,000
250,420
 
Utah State Infrastructure Agency, Telecommunications Revenue, Series 2021
4.000%
10/15/36
100,000
100,382
 
Total Utah
350,802
Virginia — 3.2%
Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center,
Refunding
5.000%
7/1/35
200,000
217,271
 
Isle of Wight County, VA, EDA Revenue, Riverside Health System, Series 2023,
AG
5.250%
7/1/48
250,000
265,091
 
Virginia Beach, VA, Development Authority, Residential Care Facility Revenue,
Westminster-Canterbury on Chesapeake Bay, Refunding
5.000%
9/1/40
1,250,000
1,271,895
 
Virginia State Small Business Financing Authority Revenue:
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/38
1,250,000
1,333,210
 (b)
Senior Lien, I-495 HOT Lanes Project, Refunding
5.000%
12/31/47
500,000
507,888
 (b)
See Notes to Schedule of Investments.
9
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Virginia — continued
The Obligated Group of National Senior Campuses Inc., Series A, Refunding
5.000%
1/1/31
 $250,000
 $264,741
 
Total Virginia
3,860,096
Washington — 0.9%
 
Port of Seattle, WA, Intermediate Lien Revenue, Series B, Refunding
5.000%
8/1/37
1,000,000
1,105,008
 (b)
West Virginia — 0.3%
West Virginia State EDA Revenue:
Solid Waste Disposal Facility, Commercial Metals Co. Project
4.625%
5/15/32
150,000
154,499
 (b)(c)(e)
Solid Waste Disposal Facility, Core Natural Resources Inc. Project,
Refunding
5.450%
3/27/35
170,000
186,361
 (a)(b)(c)(e)
Total West Virginia
340,860
Wisconsin — 0.6%
Public Finance Authority, WI, Revenue, The Carmelite System Inc. Obligated
Group, Refunding
5.000%
1/1/45
150,000
151,747
 
Wisconsin State HEFA Revenue, Bellin Memorial Hospital, Inc., Series A
5.000%
12/1/43
500,000
537,886
 
Total Wisconsin
689,633
 
Total Municipal Bonds (Cost — $148,607,518)
152,178,662
Municipal Bonds Deposited in Tender Option Bond Trusts(f) — 4.6%
New York — 4.6%
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
1,712,792
 
New York State Dormitory Authority, State Personal Income Tax Revenue,
Series A, Refunding
4.000%
3/15/45
1,925,000
1,874,068
 
New York State Urban Development Corp., State Sales Tax Revenue, Series A
5.000%
3/15/49
1,900,000
1,987,392
 
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $5,520,044)
5,574,252
Total Investments before Short-Term Investments (Cost — $154,127,562)
157,752,914
 
Short-Term Investments — 10.1%
Municipal Bonds — 10.1%
Arizona — 0.1%
 
Arizona State IDA, Hospital Revenue, Phoenix Children’s Hospital, Series A,
Refunding, LOC - TD Bank N.A.
0.950%
2/1/48
145,000
145,000
 (g)(h)
California — 0.3%
Regents of the University of California, CA, General Revenue, Series AL-2,
Refunding
0.400%
5/15/48
100,000
100,000
 (g)(h)
San Francisco, CA, City & County Airport Commission of International Airport
Revenue, Second Series B, LOC - Barclays Bank PLC
1.150%
5/1/58
300,000
300,000
 (g)(h)
Total California
400,000
Colorado — 0.6%
Colorado State Educational & Cultural Facilities Authority Revenue, National
Jewish Federation Bond Program, Series F-2, LOC - TD Bank N.A.
1.900%
7/1/41
200,000
200,000
 (g)(h)
Colorado State Health Facilities Authority Revenue, Children’s Hospital,
Refunding, LOC - TD Bank N.A.
0.900%
12/1/52
375,000
375,000
 (g)(h)
University of Colorado Hospital Authority Revenue, Series C, Refunding, SPA -
TD Bank N.A.
0.950%
11/15/39
100,000
100,000
 (g)(h)
Total Colorado
675,000
Connecticut — 0.2%
 
Connecticut State Housing Finance Authority Revenue, Housing Mortgage
Finance, Series C, Refunding, SPA - TD Bank N.A.
1.870%
11/15/48
250,000
250,000
 (g)(h)
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
 
District of Columbia — 1.9%
 
District of Columbia Multi-Modal Revenue, Series A, LOC - TD Bank N.A.
1.850%
8/15/38
 $2,300,000
 $2,300,000
 (g)(h)
Florida — 0.1%
 
Highlands County, FL, Health Facilities Authority Hospital Revenue, Adventist
Health System/Sunbelt Obligated Group, Series I-3, Refunding
1.830%
11/15/33
100,000
100,000
 (g)(h)
Illinois — 1.1%
 
Illinois State Finance Authority Revenue, University of Chicago Medical Center,
Series B, LOC - TD Bank N.A.
0.800%
8/1/44
1,300,000
1,300,000
 (g)(h)
Indiana — 0.2%
 
Indiana State Finance Authority Environmental Facilities Revenue, Series A-5,
Refunding, LOC - Sumitomo Mitsui Banking
1.000%
10/1/40
300,000
300,000
 (g)(h)
Maryland — 0.8%
 
Maryland State Health & Higher EFA Revenue, The Johns Hopkins Health
System, Refunding, LOC - TD Bank N.A.
0.900%
6/1/46
1,000,000
1,000,000
 (g)(h)
Mississippi — 1.4%
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR:
Chevron USA Inc. Project, Series E
1.000%
12/1/30
1,600,000
1,600,000
 (g)(h)
Chevron USA Inc. Project, Series L
0.950%
11/1/35
100,000
100,000
 (g)(h)
Total Mississippi
1,700,000
Missouri — 0.2%
 
Missouri State HEFA Revenue, Saint Louis University, Series B-2, Refunding,
LOC - Wells Fargo Bank N.A.
1.000%
10/1/35
200,000
200,000
 (g)(h)
New York — 0.5%
MTA, NY, Transportation Revenue, Series E-1, LOC - Barclays Bank PLC
1.000%
11/15/50
100,000
100,000
 (g)(h)
New York City, NY, GO:
Subseries A-4, SPA - TD Bank N.A.
0.950%
9/1/49
100,000
100,000
 (g)(h)
Subseries E-5, LOC - TD Bank N.A.
0.950%
3/1/48
100,000
100,000
 (g)(h)
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue, Second General Resolution Fiscal 2023, Subseries BB-2, Refunding,
SPA - Mizuho Bank Ltd.
0.950%
6/15/44
300,000
300,000
 (g)(h)
Total New York
600,000
Oregon — 0.6%
 
Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding,
LOC - TD Bank N.A.
0.950%
8/1/34
700,000
700,000
 (g)(h)
Pennsylvania — 0.4%
Philadelphia, PA, Authority for IDR, The Children’s Hospital of Philadelphia
Project, Series B-1, SPA - JPMorgan Chase & Co.
0.850%
7/1/54
200,000
200,000
 (g)(h)
Philadelphia, PA, IDA, Gift of Life Donor Program Project, LOC - TD Bank N.A.
1.880%
12/1/34
300,000
300,000
 (g)(h)
Total Pennsylvania
500,000
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.
0.550%
11/15/50
200,000
200,000
 (g)(h)
West Virginia — 0.7%
 
West Virginia State Hospital Finance Authority Revenue, West Virginia
University Health System Obligated Group, Series C, Refunding, LOC - TD Bank
N.A.
1.870%
6/1/34
900,000
900,000
 (g)(h)
See Notes to Schedule of Investments.
11
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Intermediate Muni Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Wisconsin — 0.8%
University of Wisconsin Hospitals & Clinics Authority Revenue, Series B,
Refunding, SPA - JPMorgan Chase & Co.
0.900%
4/1/48
 $200,000
 $200,000
 (g)(h)
Wisconsin State Housing and EDA Revenue, Series E, Refunding, SPA - FHLB
2.100%
9/1/35
800,000
800,000
 (b)(g)(h)
Total Wisconsin
1,000,000
 
Total Municipal Bonds (Cost — $12,270,000)
12,270,000
 
 
 
 
Shares
 
Money Market Funds — 0.0%††
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $59,003)  
3.603%
59,003
 
59,003
 (i)(j)
 
Total Short-Term Investments (Cost — $12,329,003)
12,329,003
Total Investments — 139.6% (Cost — $166,456,565)
170,081,917
Variable Rate Demand Preferred Stock, at Liquidation Value — (38.9)%
(47,400,000
)
TOB Floating Rate Notes — (2.5)%
(3,000,000
)
Other Assets in Excess of Other Liabilities — 1.8%
2,190,345
Total Net Assets Applicable to Common Shareholders — 100.0%
$121,872,262
 
††
Represents less than 0.1%.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.
(b)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(c)
Maturity date shown represents the mandatory tender date.
(d)
Securities traded on a when-issued or delayed delivery basis.
(e)
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.
(f)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust..
(g)
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.
(h)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
(i)
Rate shown is one-day yield as of the end of the reporting period.
(j)
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 February 28, 2026, the total market value of
investments in Affiliated Companies was $59,003 and the cost was $59,003 (Note 2).
 
See Notes to Schedule of Investments.
12
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
 Western Asset Intermediate Muni Fund Inc.
Abbreviation(s) used in this schedule:
AG
—
Assured Guaranty — Insured Bonds
BAM
—
Build America Mutual — Insured Bonds
CAB
—
Capital Appreciation Bonds
CSCE
—
Charter School Credit Enhancement
DFA
—
Development Finance Agency
EDA
—
Economic Development Authority
EDC
—
Economic Development Corporation
EFA
—
Educational Facilities Authority
FHLB
—
Federal Home Loan Bank
GO
—
General Obligation
GTD
—
Guaranteed
HEFA
—
Health & Educational Facilities Authority
IDA
—
Industrial Development Authority
IDR
—
Industrial Development Revenue
ISD
—
Independent School District
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.
13
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
14
Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report
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
—
 $152,178,662
—
 $152,178,662
Municipal Bonds Deposited in Tender Option Bond Trusts
—
5,574,252
—
5,574,252
Total Long-Term Investments
—
157,752,914
—
157,752,914
Short-Term Investments†:
Municipal Bonds
—
12,270,000
—
12,270,000
Money Market Funds
 $59,003
—
—
59,003
Total Short-Term Investments
59,003
12,270,000
—
12,329,003
Total Investments
$59,003
$170,022,914
—
$170,081,917
 
†
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 February 28, 2026. The following transactions were effected in such company for the period ended February 28, 2026.
 
 
Affiliate
Value at

November 30,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $21,486
 $871,514
871,514
 $833,997
833,997

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
February 28,
2026
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $407
—
 $59,003
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Western Asset Intermediate Muni Fund Inc. 2026 Quarterly Report