Western Asset Intermediate Muni Fund Inc (SBI)

Symbol Overview


Latest Western Asset Intermediate Muni Fund Inc (SBI) company news

Legg Mason Partners Fund Advisor, LLC Announces Distributions for the Months of June, July and August 2018

NEW YORK--(BUSINESS WIRE)--

Legg Mason Partners Fund Advisor, LLC announced today that certain closed end funds have declared their distributions for the months of June, July and August 2018.

The following dates apply to the distribution schedule below:

Month       Record Date     Ex-Dividend Date     Payable Date
June       6/22/2018     6/21/2018     7/2/2018
July       7/20/2018     7/19/2018     8/1/2018
August       8/24/2018     8/23/2018     9/4/2018
             
                     
Ticker     Fund Name     Month     Amount         Type    

Change
from
Previous
Distribution

TLI Western Asset Corporate Loan Fund Inc. Jun $0.05300 Income -
Jul $0.05300 Income
            Aug     $0.05300         Income      
HIX Western Asset High Income Fund II Inc. Jun $0.04550 Income -
Jul $0.04550 Income
            Aug     $0.04550         Income      
HIO Western Asset High Income Opportunity Fund Inc. Jun $0.02650 Income -
Jul $0.02650 Income
            Aug     $0.02650         Income      
HYI Western Asset High Yield Defined Opportunity Fund Inc. Jun $0.08850 Income -
Jul $0.08850 Income
            Aug     $0.08850         Income      
EHI Western Asset Global High Income Fund Inc. Jun $0.06100 Income -
Jul $0.06100 Income
            Aug     $0.06100         Income      
GDO Western Asset Global Corporate Defined Opportunity Fund Inc. Jun $0.10100 a Income $(0.0075)
Jul $0.10100 Income
            Aug     $0.10100         Income      
GFY Western Asset Variable Rate Strategic Fund Inc. Jun $0.07750 Income -
Jul $0.07750 Income
            Aug     $0.07750         Income      
IGI Western Asset Investment Grade Defined Opportunity Trust Inc. Jun $0.08500 Income -
Jul $0.08500 Income
            Aug     $0.08500         Income      
DMO Western Asset Mortgage Defined Opportunity Fund Inc. Jun $0.19000 a Income $(0.0150)
Jul $0.19000 Income
            Aug     $0.19000         Income      
SBI Western Asset Intermediate Muni Fund Inc. Jun $0.02950 b Income -
Jul $0.02950 Income
            Aug     $0.02950         Income      
MMU Western Asset Managed Municipals Fund Inc. Jun $0.05800 a Income $(0.0050)
Jul $0.05800 Income
            Aug     $0.05800         Income      
MHF Western Asset Municipal High Income Fund Inc. Jun $0.02550 c Income -
Jul $0.02550 Income
            Aug     $0.02550         Income      
MNP Western Asset Municipal Partners Fund Inc. Jun $0.05750 a, d Income $(0.0050)
Jul $0.05750 Income
            Aug     $0.05750         Income      
MTT Western Asset Municipal Defined Opportunity Trust Inc. Jun $0.07900 a Income $(0.0050)
Jul $0.07900 Income
            Aug     $0.07900         Income      
a  

The Fund has decreased its distributions to a level that better approximates the current level of net investment income generated by its investment portfolio.

b

Included in the June distribution is approximately $0.000022 of taxable ordinary income.

c

Included in the June distribution is approximately $0.000396 of taxable ordinary income.

d

Included in the June distribution is approximately $0.000022 of taxable ordinary income.

 

This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the Board of Directors. In early 2019, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital).

For more information about the Funds, please call 1-888-777-0102 or consult the Fund’s web site at www.lmcef.com. Hard copies of the Funds’ complete audited financial statement are available free of charge upon request.

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 Funds.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180514005193/en/

Legg Mason Affiliated Closed-End Funds Commentaries Now Available

NEW YORK--(BUSINESS WIRE)--

Investment professionals from Western Asset Management Company, LLC (formerly known as Western Asset Management Company), a Legg Mason, Inc. (“Legg Mason”) affiliate, provided a quarterly commentary to discuss their views on the current market and provide their outlook for the following fixed income categories: Municipal Securities, Mortgaged-Backed Securities, Middle Markets, Credit Markets, Emerging Markets, Broad Markets and Bank Loans.

Investors can access the commentaries by visiting our website www.lmcef.com.

Investment advisory and sub-advisory services are provided by subsidiaries of Legg Mason, including: Western Asset Management Company, LLC and Western Asset Management Company Limited.

Legg Mason is one of the nation's top 10 providers of closed-end funds with over $10 billion in assets under management as of 12/31/17, per Lipper.

All data and commentary provided is for informational purposes only. Neither Legg Mason, Inc. nor any of its affiliates engage in the sale of shares of the Funds.

For more information please call 1.888.777.0102 or consult the Funds’ website at www.lmcef.com. Hard copies of the Funds’ complete audited financial statements are available free of charge upon request.

SYMBOLS:
NASDAQ: XWMFX, XWAMX
NYSE: HIO; HIX; HYI; DMO; MHF; MMU; MTT; SBI; EMD; GDO; EHI; IGI; PAI; WEA; TLI; GFY

View source version on businesswire.com: https://www.businesswire.com/news/home/20180509005195/en/

CORRECTING and REPLACING Western Asset Intermediate Muni Fund Inc. Portfolio Composition as of March 31, 2018

NEW YORK--(BUSINESS WIRE)--

On release dated April 26, 2018, the Distribution Rate should read: $0.0295.

The corrected release reads:

WESTERN ASSET INTERMEDIATE MUNI FUND INC. PORTFOLIO COMPOSITION AS OF MARCH 31, 2018

Western Asset Intermediate Muni Fund Inc. (SBI) as of March 31, 2018.

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

98.0%

Variable Rate Demand Notes

2.0%

 

Top Ten Municipal Sectors

Transportation 21.3%
Industrial Revenue 17.4%
Pre refunded / Escrowed to Maturity 12.7%
Lease Backed 9.5%
Special Tax Obligation 8.4%
Power 8.2%
Water & Sewer 6.9%
Health Care 4.5%
Local 2.6%
Education 2.4%
 

Credit Quality Allocation**

AAA 8.1%
AA 34.6%
A 41.4%
BBB 9.5%
BB 1.6%
B 0.6%
CCC 0.3%
Not Rated 3.9%
 

Call Statistics

Not Callable 19.5%

2018

6.1%

2019

13.1%
2020 3.7%
2021 8.2%
2022 8.1%
2023 7.8%
2024 10.3%
2025 6.7%
2026 3.6%
2027 8.3%
2028 4.6%
 

Average Life (years)

5.7

Effective Duration (years)

6.5

Average Coupon (%)

5.1

Subject to AMT (%)

16.5
 

Portfolio Statistics:

 

Inception Date

March 2, 1992

Inception Price

$10.00

Total Assets***

$189,398,285

Net Assets

$139,398,285

Preferred Shares****

26.40%
 

Market Price

$8.64

NAV

$9.90
(Daily NAV is available on market quotation systems using the symbol XSBIX.)
 

Distribution Rate

$0.0295 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: https://www.businesswire.com/news/home/20180426006534/en/

Western Asset Intermediate Muni Fund Inc. Portfolio Composition as of March 31, 2018

NEW YORK--(BUSINESS WIRE)--

Western Asset Intermediate Muni Fund Inc. (SBI) as of March 31, 2018.

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

98.0%

Variable Rate Demand Notes

2.0%

 

Top Ten Municipal Sectors

Transportation 21.3%
Industrial Revenue 17.4%
Pre refunded / Escrowed to Maturity 12.7%
Lease Backed 9.5%
Special Tax Obligation 8.4%
Power 8.2%
Water & Sewer 6.9%
Health Care 4.5%
Local 2.6%
Education 2.4%
 

Credit Quality Allocation**

AAA 8.1%
AA 34.6%
A 41.4%
BBB 9.5%
BB 1.6%
B 0.6%
CCC 0.3%
Not Rated 3.9%
 

Call Statistics

Not Callable 19.5%

2018

6.1%

2019

13.1%
2020 3.7%
2021 8.2%
2022 8.1%
2023 7.8%
2024 10.3%
2025 6.7%
2026 3.6%
2027 8.3%
2028 4.6%
 

Average Life (years)

5.7

Effective Duration (years)

6.5

Average Coupon (%)

5.1

Subject to AMT (%)

16.5
 

Portfolio Statistics:

 

Inception Date

March 2, 1992

Inception Price

$10.00

Total Assets***

$189,398,285

Net Assets

$139,398,285

Preferred Shares****

26.40%
 

Market Price

$8.64

NAV

$9.90
(Daily NAV is available on market quotation systems using the symbol XSBIX.)
 

Distribution Rate

$0.0340 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: https://www.businesswire.com/news/home/20180426006534/en/

Western Asset Intermediate Muni Fund Inc. Announces Financial Position as of February 28, 2018

NEW YORK--(BUSINESS WIRE)--

Western Asset Intermediate Muni Fund Inc. (NYSE Amex:SBI) today announced the financial position of the Fund as of February 28, 2018.

       
Current Q Previous Q Prior Yr Q
February 28, 2018 November 30, 2017 February 28, 2017
Total Assets (a) $ 191,947,917 $ 192,823,637 $ 192,126,778
Total Net Assets (a) $ 139,530,744 $ 141,953,641 $ 141,935,032
NAV Per Share of Common Stock (b) $ 9.91 $ 10.08 $ 10.08
Market Price Per Share $ 8.98 $ 9.35 $ 9.62
Premium / (Discount) (9.38 )% (7.24 )% (4.56 )%
Outstanding Shares 14,082,315 14,082,315 14,082,315
 
Total Net Investment Income (c)(d) $ 1,402,635 $ 1,465,442 $ 1,455,096
Total Net Realized/Unrealized Gain/(Loss)(c) $ (2,217,894 ) $ (3,283,547 ) $ 1,668,197
Preferred Dividends Paid from Net Investment Income (c) $ (171,242 ) $ (144,615 ) $ (99,293 )
Net Increase (Decrease) in Net Assets From Operations (c) $ (986,501 ) $ (1,962,720 ) $ 3,024,000  
 

Earnings per Common Share Outstanding

Total Net Investment Income (c)(d) $ 0.10 $ 0.10 $ 0.10
Total Net Realized/Unrealized Gain/(Loss)(c) $ (0.16 ) $ (0.23 ) $ 0.12
Preferred Dividends Paid from Net Investment Income (c) $ (0.01 ) $ (0.01 ) $ (0.01 )
Net Increase (Decrease) in Net Assets From Operations (c) $ (0.07 ) $ (0.14 ) $ 0.21  
 
Undistributed Net Investment Income (e) $ 88,099 $ 293,102 $ 764,869
Undistributed Net Investment Income
Per Share (e) $ 0.01 $ 0.02 $ 0.05
 
Auction Rate Preferred Stock (e) $ 2,600,000 $ 2,600,000 $ 2,600,000
Variable Rate Demand Preferred Stock (e) $ 47,400,000 $ 47,400,000 $ 47,400,000
 
 

Footnotes:

(a)   The difference between the Fund’s total assets and total net assets is due primarily to its outstanding auction rate preferred stock (“ARPS”) and variable rate demand preferred stock (“VRDPS”); total net assets do not include the liquidation value of ARPS and VRDPS.
(b) NAVs are calculated as of the close of business on the last business day in the periods indicated above.
(c) For the quarter indicated.
(d) Excludes distributions paid to preferred stockholders from net investment income.
(e) As of the date indicated above.
 

This financial data is unaudited.

The Fund files its semi-annual and annual reports with the Securities and Exchange Commission, as well as its complete schedule of portfolio holdings for the first and third quarters of each fiscal year on Form N-Q. These reports are available on the Commission’s website at www.sec.gov. To obtain information on Form N-Q or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.

Western Asset Intermediate Muni Fund Inc., a diversified closed-end investment management company, is managed 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 adviser.

For more information about the Fund, please call 1-888-777-0102 or consult the Fund’s web site at www.lmcef.com. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180416005131/en/

Leave a Reply

Your email address will not be published. Required fields are marked *