Western Asset Intermediate Muni Fund Inc.
SBI
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- Western Asset Intermediate Muni Fund Inc. (NYSE: SBI) is a closed-end fixed income mutual fund that provides high current income exempt from federal income taxes. The fund invests at least 80% of its total assets in municipal obligations, primarily investment-grade securities with maturities between 3 and 10 years; it may allocate up to 20% to below-investment-grade high-yield municipal debt or equivalent unrated securities; under normal conditions, at least two-thirds of assets reside in municipal obligations rated in the three highest categories by a nationally recognized statistical rating organization. The portfolio, constructed through intensive proprietary credit research and team management, benchmarks performance against the Bloomberg Municipal Bond 1-15 Year Index (formerly Barclays Capital 1-15 Year Municipal Bond Index). Western Asset Intermediate Muni Fund Inc., formerly known as Intermediate Muni Fund Inc., was launched in 1992 and is domiciled in the United States with administrative operations in New York, New York. Managed by Legg Mason Partners Fund Advisor, LLC and co-managed by Western Asset Management Company, a subsidiary of Franklin Resources, Inc., the fund operates within the U.S. fixed income markets, targeting investors seeking tax-exempt income through municipal bonds from states, territories, and local governments. Geographic focus centers on U.S. municipal issuers, with exposure to approximately 22% alternative minimum tax (AMT)-subject obligations as of recent reporting. The fund issues common shares on the NYSE and has historically utilized variable rate demand preferred stock (VRDPS) for leverage, comprising about 28.65% of total assets as of mid-2025. Recent financial positions reflect ongoing portfolio management amid market volatility: as of August 31, 2025, total assets stood at $165.6 million with total net assets of $118.0 million, effective duration of 6.89 years, and average coupon of 4.72%; net increase in net assets from operations was $1.46 million for the quarter ended August 31, 2025, compared to a $4.41 million decrease in the prior quarter; earnings per common share from net investment income registered at $0.09 for that period. No major acquisitions, funding rounds, partnerships, or product launches occurred in 2024-2025; routine SEC filings, including N-CSRS certified shareholder reports on July 29, 2025, and Schedule 13G/A ownership updates through August 2025, underscore standard governance and investor disclosures under CEO Kenneth Fuller.