SCHEDULE 13G: First Trust Entities Disclose 6.36% Stake in Western Asset Intermediate Muni Fund

First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation have jointly disclosed a beneficial ownership of 6.36% in Western Asset Intermediate Muni Fund Inc. common stock.

Summary

• First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation have jointly filed a Schedule 13G, reporting their beneficial ownership in Western Asset Intermediate Muni Fund Inc.
• As of March 31, 2025, the aggregate amount beneficially owned by these entities is 895,952 shares of common stock.
• This ownership represents 6.36% of the class of securities.
• The filing indicates that First Trust Portfolios L.P. holds 888,562 shares with shared dispositive power, while First Trust Advisors L.P. and The Charger Corporation each hold 895,952 shares with shared dispositive power.
• Shared voting power is reported as 7,390 shares for First Trust Advisors L.P. and The Charger Corporation, with First Trust Portfolios L.P. having 0 shared voting power.
• The Charger Corporation is the General Partner of both First Trust Portfolios L.P. and First Trust Advisors L.P.
• First Trust Portfolios L.P. sponsors unit investment trusts that hold shares of the issuer, with no single trust holding more than 3% of the issuer's shares.
• First Trust Advisors L.P. supervises these unit investment trusts and serves as investment advisor/sub-advisor for other investment vehicles holding the issuer's shares.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not convey explicit positive or negative sentiment regarding the issuer's performance or prospects. It is a neutral regulatory filing.

Positives

• The filing indicates a significant, passive investment by established financial entities, suggesting confidence in the issuer's underlying assets (municipal bonds).

Negatives

• The document does not contain information that would typically be categorized as 'negatives' regarding the issuer's performance or outlook, as it is a beneficial ownership disclosure.

Risks

• The reporting persons disclaim beneficial ownership of the shares identified in the filing, which could imply a complex ownership structure or limited direct control over the underlying assets.
• The shares held by unit investment trusts are voted by the trustee, generally in proportion to other owners, meaning the reporting persons do not have direct voting control over the majority of the disclosed stake.

Future Outlook

The document is a beneficial ownership disclosure and does not provide any forward-looking statements or guidance regarding the issuer's future performance or outlook.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This Schedule 13G filing indicates a significant passive investment by a group of affiliated financial institutions in a closed-end municipal bond fund. Such filings are standard disclosures when an entity's beneficial ownership crosses a 5% threshold, providing transparency to the market about large institutional holdings. It reflects a strategic allocation within the municipal bond sector, which is often favored for its tax-exempt income potential.

Related Party Transactions

• The Charger Corporation is the General Partner of both First Trust Portfolios L.P. and First Trust Advisors L.P., indicating an internal corporate relationship among the reporting entities.
• First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., further detailing the interconnectedness of the entities involved in the beneficial ownership.

Stakeholder Impact

• Shareholders: Increased transparency regarding significant institutional ownership, potentially signaling institutional confidence in the fund.
• Investment Professionals: Provides data on large institutional holdings, which can be relevant for market analysis and understanding ownership structure.

Key Dates

Keywords

Schedule 13G, Beneficial Ownership, Western Asset Intermediate Muni Fund Inc., First Trust Portfolios L.P., First Trust Advisors L.P., The Charger Corporation, Common Stock, Investment Disclosure, SEC Filing, Municipal Bonds, Closed-End Fund