DEF: Western Asset Intermediate Muni Fund Inc. Announces Annual Meeting of Stockholders

Western Asset Intermediate Muni Fund Inc. will hold its annual meeting on April 14, 2025, to elect directors and ratify the selection of PricewaterhouseCoopers LLP as independent registered public accountants.

Summary

• Western Asset Intermediate Muni Fund Inc. (NYSE: SBI) has announced its Annual Meeting of Stockholders to be held on April 14, 2025, at 10:00 a.m. New York time.
• The meeting will take place at 1 Madison Avenue, 17th Floor, New York, New York 10010.
• Stockholders will vote on the election of two Class II Directors to be elected by the holders of shares of common stock and preferred shares, voting together as a single class, to the Funds Board of Directors and one Class II Director to be elected by the holders of Preferred Shares to the Funds Board of Directors (Proposal No. 1).
• Stockholders will vote on the ratification of PricewaterhouseCoopers LLP (PwC) as independent registered public accountants of the Fund for the fiscal year ended November 30, 2025 (Proposal No. 2).
• The record date for determining stockholders entitled to vote at the meeting is February 7, 2025.
• As of the record date, the Fund had 14,082,315 shares of Common Stock outstanding and 1,896 shares of VRDPS outstanding.
• The Board of Directors recommends voting FOR the election of each nominee in Proposal 1 and FOR Proposal 2.
• The Fund's Board of Directors is classified into three classes, with Class II Directors' terms expiring at the meeting.
• The costs of preparing, assembling and mailing material in connection with this solicitation of proxies will be borne by the Fund and are expected to be approximately $13,607.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The board recommends voting for the proposals, which suggests a positive outlook from management's perspective.

Positives

• The Board of Directors is actively engaged in overseeing the management and operations of the Fund.
• The Fund has established Audit, Nominating, Compensation, and Pricing and Valuation Committees, composed of independent directors.
• The Audit Committee has reviewed the Funds audited financial statements with management and PwC.
• The Board recommends stockholders vote FOR the election of directors and the ratification of the independent public accountants.

Risks

• If a quorum is not present, or the required vote is not obtained, the meeting may be adjourned to permit further solicitation of proxies.
• The Maryland Control Share Acquisition Act (MCSAA) may restrict the voting rights of stockholders who own 10% or more of the shares.
• The Board acknowledges that not all risks can be identified or mitigated, and risk management oversight is subject to limitations.

Future Outlook

The document outlines the procedures and proposals for the upcoming Annual Meeting of Stockholders, focusing on the election of directors and ratification of the independent auditor.

Industry Context

This announcement is a standard part of corporate governance for registered investment companies, ensuring stockholders have the opportunity to participate in key decisions regarding the fund's management and oversight.

Comparison to Industry Standards

• The structure of the board and its committees aligns with standard practices for closed-end funds.
• The process for selecting and nominating directors is consistent with industry norms.
• The disclosure of fees paid to the independent registered public accounting firm follows regulatory requirements.

Management Changes

Stakeholder Impact

• Stockholders have the opportunity to vote on key decisions affecting the Fund.
• The election of directors and ratification of the independent auditor are important for ensuring proper oversight and governance of the Fund.

Next Steps

• Stockholders should review the proxy materials and vote on the proposals.
• The Fund will hold the Annual Meeting of Stockholders on April 14, 2025.
• The Board will consider any other business that may properly come before the Meeting.

Key Dates