SBI - Western Asset Intermediate Muni Fund

What this means for you

RiverNorth specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes.

The investor's notice itself does not require anything from you. The fund's own announcement above needs nothing from you either; your broker handles it. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Separately, the fund itself has announced a plan to fold it into MMU.

Email me if this changes

What happened, and when

1. Sept 18, 2026

   The fund proposed folding into MMU. Holders vote on Nov 18, 2026.

   Original document →

2. Aug 4, 2026

   The fund proposed folding into MMU.

   Original document →

3. Nov 14, 2025

   RiverNorth cut its stake to 8.6% (from 9.9%), as a passive investor.

   Original document →

4. Aug 14, 2025

   RiverNorth raised its stake to 9.9% (from 8.7%), as a passive investor.

   Original document →

5. July 28, 2025

   First Trust Portfolios L.P. sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by Franklin Templeton Fund Adviser, LLC. Part of the FRANKLIN TEMPLETON fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $115 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 31% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 89% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 2.6% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 48 charge a lower management fee and 23 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $0.50 a share. $0.28 of that was income; $0.22 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $8.55. The shares traded at $7.75, about 9.4% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 1.1% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.50 in the fiscal year ended Nov 30, 2025; $0.47 in the year ended Nov 30, 2024; $0.28 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.22 in the year ended Nov 30, 2025; $0.19 in the year ended Nov 30, 2024; $0.06 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.6% a year in the fiscal year ended Nov 30, 2025; 2.69% a year in the year ended Nov 30, 2024; 3.01% a year in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $120 million at Nov 28, 2025; $126 million at Nov 29, 2024; $125 million at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 28, 2025 →, Nov 29, 2024 →, Nov 30, 2023 →.
• Borrowing: about 30% on top of its own money at Nov 28, 2025; 30% at Nov 29, 2024; 31% at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 28, 2025 →, Nov 29, 2024 →, Nov 30, 2023 →.
• The fund had about 14 million shares at Nov 30, 2025, down 0.6% from Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Nov 30, 2025: the shares returned +1.4%, counting payouts; the holdings +1.5%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Nov 30, 2025, from the fund's annual report. Original document →
• The year ended Nov 30, 2024: the shares returned +15.7%, counting payouts; the holdings +6.5%. As of Nov 30, 2024, from the fund's annual report. Original document →
• The year ended Nov 30, 2023: the shares returned +0.5%, counting payouts; the holdings +2.7%. As of Nov 30, 2023, from the fund's annual report. Original document →
• The year ended Nov 30, 2022: the shares returned -18.1%, counting payouts; the holdings -11.9%. As of Nov 30, 2022, from the fund's annual report. Original document →
• The year ended Nov 30, 2021: the shares returned +10.7%, counting payouts; the holdings +4.3%. As of Nov 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +7%. $10,000 of shares bought at the start (Dec 1, 2020) would have become about $10,700 by Nov 30, 2025, with every payout counted, before tax. As of Nov 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +6.3%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. New York City Transitional Finance Authority (NY) - 3.6%
2. Tennessee Energy Acquisition Corp (TN), TN Tnsutl 05/01/2053 - 2.7%
3. Illinois Sports Facs Authority (IL), IL Ilsfac 5.25 06/15/2030 - 2.6%
4. Texas Transn Commn, TX Txstrn 5 04/01/2044 - 2.3%
5. Puerto Rico Sales Tax Financing, PR Prcgen 4.55 07/01/2040 - 2%
6. Hillsborough County Industrial Development Authority (FL), FL Hilmec 11/01/2038 - 1.9%
7. New Jersey Transportation Trust Fund Authority (NJ), NJ Njstrn 5 06/15/2040 - 1.8%
8. Black Belt Energy Gas District (AL), Al Bbeutl 11/01/2053 - 1.8%
9. Chicago City Board of Education (IL), IL Chiedu 5 12/01/2032 - 1.8%
10. M-S-R Energy Authority (CA), CA Msrpwr 6.12 11/01/2029 - 1.8%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →