Western Asset Intermediate Muni Fund Inc. (NYSE AMEX: SBI) as of March 31, 2016.
Investment Objective: 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.
Portfolio Composition*: | |||
Asset Allocation | |||
Municipal | 99.0% | ||
Variable Rate Demand Notes | 1.0% | ||
Top Ten Municipal Sectors | |||
| Industrial Revenue | 17.8% | ||
| Transportation | 16.8% | ||
| Power | 14.5% | ||
| Pre refunded / Escrowed to Maturity | 8.6% | ||
| Health Care | 8.2% | ||
| Special Tax Obligation | 7.6% | ||
| Education | 6.0% | ||
| Lease Backed | 5.8% | ||
| Water & Sewer | 4.7% | ||
| Local | 4.7% | ||
Credit Quality Allocation** | |||
| AAA | 3.3% | ||
| AA | 36.3% | ||
| A | 46.3% | ||
| BBB | 7.2% | ||
| BB | 2.1% | ||
| B | 0.5% | ||
| Not Rated | 4.2% | ||
Call Statistics | |||
| Not Callable | 30.1% | ||
| 2016 | 2.6% | ||
| 2017 | 1.9% | ||
| 2018 | 8.8% | ||
| 2019 | 14.1% | ||
| 2020 | 3.7% | ||
| 2021 | 8.3% | ||
| 2022 | 7.8% | ||
| 2023 | 7.5% | ||
| 2024 | 8.8% | ||
| 2025 | 6.7% | ||
Average Life (years) | 5.9 | ||
Effective Duration (years) | 6.2 | ||
Average Coupon (%) | 5.1 | ||
Subject to AMT (%) | 15.8 | ||
Portfolio Statistics: | |||
Inception Date | March 2, 1992 | ||
Inception Price | $10.00 | ||
Total Assets*** | $199,288,292 | ||
Net Assets | $149,106,905 | ||
Preferred Shares**** | 25.09% | ||
Market Price | $10.37 | ||
NAV | $10.59 | ||
| (Daily NAV is available on market quotation systems using the symbol XSBIX.) | |||
Distribution Rate | $0.0400 per share | ||
Frequency | Monthly (Declared quarterly, paid monthly) | ||
| * | Portfolio holdings and weightings are historical and are presented here for informational purposes only. They are subject to change at any time. | ||
| ** | Credit quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security’s rating as provided by Standard and Poor’s, Moody’s Investors Service and/or Fitch Ratings, Ltd. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, when two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the Fund's portfolio does not apply to the stability or safety of the Fund. These ratings are updated monthly and may change over time. Please note, the Fund itself has not been rated by an independent rating agency. | ||
| *** | The difference between total assets and net assets, if any, is due primarily to the Fund’s use of preferred shares; net assets do not include preferred shares. The Fund may employ leverage in the form of preferred stock and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded. | ||
| **** | Percentages are based on total assets. If the Fund employs leverage, the Effective Duration is based on net assets. |
Western Asset Intermediate Muni Fund Inc., a diversified closed-end investment management company, is advised by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and is sub-advised by Western Asset Management Company, an affiliate of the advisor.
An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Fixed income securities are subject to credit risk, inflation risk, call risk, and interest rate risks. As interest rates rise, bond prices fall, reducing the value of the Fund's share price.
Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund.
For more information, please call Fund Investor Services at 1-888-777-0102, or consult the Fund’s web site at http://www.lmcef.com. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.
FN1112221
View source version on businesswire.com: http://www.businesswire.com/news/home/20160503005283/en/
Contacts:
Maria Rosati,
1-212-805-6036
mrosati@leggmason.com
