In plain terms — Western Asset Intermediate Muni Fund
Shares currently cost about 7.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 8.4% discount, so today's level is somewhat wide for this fund (Z-score -1.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 7.0% a year of the share price (6.5% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.08 of assets — a ReinvestCapture™ rate of 7.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 3.5% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -8.20% | 1.07% | -1.20 | 64 |
| 6 months | -8.11% | 0.91% | -1.50 | 126 |
| 1 year | -8.40% | 0.84% | -1.29 | 250 |
| 3 years | -10.13% | — | — | — |
| 5 years | -11.02% | — | — | — |
Current contemporaneous premium/discount -9.49% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -10.81% to -6.78%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -3.93% | -9.92% | -7.81% | -10.38% | -0.42% | -6.39% |
| Market price total return | -3.37% | -8.39% | -3.16% | -4.32% | +5.56% | -1.70% |
| NAV return | -2.86% | -7.58% | -8.45% | -9.09% | -2.94% | -5.54% |
| NAV total return | -2.35% | -6.14% | -4.22% | -3.48% | +2.30% | -1.33% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Western Asset Intermediate Muni Fund Inc. functions as a closed-end mutual fund focused on fixed income investments. Its primary oversight comes from Legg Mason Partners Fund Advisor, LLC, with Western Asset Management Company acting as a co-manager. The fund's investment strategy is concentrated within the United States' fixed income markets. A key aim is to provide investors with income that is exempt from federal taxation, achieved predominantly by allocating capital to investment-grade municipal securities. To build its portfolio, the fund utilizes a rigorous, proprietary research methodology. Its financial performance is benchmarked against the Barclays Capital 1-15 Year Municipal Bond Index. This U.S.-domiciled fund was established on December 19, 1991, and was previously known as the Intermediate Muni Fund Inc.
CEF Explorer research page for Western Asset Intermediate Muni Fund Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.