NPORT-EX 2 LMF5100.htm EDGAR HTML
Schedule of Investments (unaudited)
April 30, 2025
 Western Asset Municipal High Income Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 96.5%
Alabama — 4.6%
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Series D-1,
Refunding
5.500%
2/1/29
 $400,000
 $418,467
 (a)(b)
Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019
5.750%
10/1/49
450,000
451,075
 (c)
Jefferson County, AL, Sewer Revenue:
Warrants, Series 2024, Refunding
5.250%
10/1/44
3,500,000
3,605,718
 
Warrants, Series 2024, Refunding
5.250%
10/1/49
3,000,000
3,026,950
 
Warrants, Series 2024, Refunding
5.500%
10/1/53
2,500,000
2,560,502
 
Mobile County, AL, IDA Revenue:
Solid Waste Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
610,000
579,520
 (c)
Solid Waste Disposal Facility, Calvert LLC Project, Series B
4.750%
12/1/54
500,000
456,355
 (c)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, Series
A, Refunding
5.000%
4/1/32
750,000
792,758
 
Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue,
Series B
5.250%
1/1/33
1,050,000
1,108,378
 (a)(b)
Total Alabama
12,999,723
Alaska — 0.2%
 
Anchorage, AK, Port Revenue, Series A
5.000%
12/1/50
600,000
581,010
 (c)
Arizona — 5.7%
Chandler, AZ, IDA Revenue:
Intel Corp. Project
4.100%
6/15/28
500,000
499,957
 (a)(b)(c)
Intel Corp. Project
4.000%
6/1/29
3,000,000
2,984,400
 (a)(b)(c)
La Paz County, AZ, IDA Revenue:
Charter School Solutions, Harmony Public School Project, Series A
5.000%
2/15/36
750,000
750,022
 (d)
Charter School Solutions, Harmony Public School Project, Series A
5.000%
2/15/46
3,175,000
2,961,627
 (d)
Maricopa County, AZ, IDA Revenue, Legacy Traditional Schools Project,
Series 2019, Refunding
5.000%
7/1/49
1,500,000
1,416,155
 (d)
Navajo Nation, AZ, Revenue, Series A, Refunding
5.500%
12/1/30
850,000
854,812
 (d)
Phoenix, AZ, IDA Revenue, Basis School Inc., Refunding
5.000%
7/1/45
7,000,000
6,737,373
 (d)
Total Arizona
16,204,346
Arkansas — 0.3%
 
Arkansas State Development Finance Authority, Environmental Improvement
Revenue, United States Steel Corporation Project, Green Bonds
5.700%
5/1/53
750,000
760,347
 (c)
California — 10.2%
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
3,100,000
3,199,103
 (a)(b)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
1,100,000
1,141,337
 (a)(b)
Clean Energy Project, Green Bonds, Series C
5.000%
10/1/32
550,000
576,801
 (a)(b)
Clean Energy Project, Green Bonds, Series E
5.000%
9/1/32
2,650,000
2,793,211
 (a)(b)
Clean Energy Project, Green Bonds, Series H
5.000%
8/1/33
1,100,000
1,177,606
 (a)(b)
California State Community Housing Agency, Essential Housing Revenue,
Stoneridge Apartments, Series A
4.000%
2/1/56
1,500,000
1,135,996
 (d)
California State MFA Revenue, Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
2,250,000
2,250,370
 (c)
California State PCFA Water Furnishing Revenue, Poseidon Resources
Desalination Project
5.000%
11/21/45
7,500,000
7,224,525
 (c)(d)
California State Public Finance Authority, Senior Living Revenue:
Enso Village Project, Green Bond, Series A, Refunding
5.000%
11/15/51
500,000
444,765
 
See Notes to Schedule of Investments.
1
Western Asset Municipal High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Municipal High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
California — continued
Enso Village Project, Green Bond, Series A, Refunding
5.000%
11/15/56
 $750,000
 $657,990
 
M-S-R Energy Authority, CA, Natural Gas Revenue, Series B
7.000%
11/1/34
3,500,000
4,138,113
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1
5.500%
9/1/37
250,000
263,866
 
Community Facilities District No 2003-1
5.750%
9/1/52
500,000
515,706
 
Community Facilities District No 2023-1
5.625%
9/1/53
1,060,000
1,092,418
 
Community Facilities District No 2023-1
5.000%
9/1/54
2,500,000
2,437,152
 
Total California
29,048,959
Colorado — 3.1%
Colorado State High Performance Transportation Enterprise Revenue, C-470
Express Lanes
5.000%
12/31/51
500,000
488,004
 
North Range, CO, Metropolitan District No 2, GO:
Series A, Refunding
5.625%
12/1/37
500,000
487,040
 
Subordinated, Series B
7.750%
12/15/47
1,000,000
1,000,816
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue
6.500%
11/15/38
4,450,000
5,200,094
 
Village Metropolitan District, CO:
Limited & Special Revenue, Series 2020, Refunding and Improvements
5.000%
12/1/40
500,000
488,307
 
Limited & Special Revenue, Series 2020, Refunding and Improvements
5.000%
12/1/49
1,200,000
1,133,413
 
Total Colorado
8,797,674
District of Columbia — 0.7%
 
Metropolitan Washington, DC, Airports Authority Aviation Revenue, Series A,
Refunding
5.000%
10/1/30
1,750,000
1,859,219
 (c)
Florida — 5.6%
Broward County, FL, Port Facilities Revenue, Senior Bonds, Series B
4.000%
9/1/49
4,500,000
3,928,842
 (c)
Florida State Development Finance Corp., Educational Facilities Revenue:
Mater Academy Projects, Series A
5.000%
6/15/35
1,000,000
1,010,921
 
Mater Academy Projects, Series A
5.000%
6/15/40
1,000,000
1,001,531
 
Renaissance Charter School Inc. Projects, Series A
6.000%
6/15/35
1,200,000
1,200,750
 (d)
Renaissance Charter School Inc. Projects, Series A
6.125%
6/15/46
990,000
990,128
 (d)
Florida State Development Finance Corp., Revenue, Brightline Passenger Rail
Project, Refunding, AGM
5.250%
7/1/53
2,950,000
2,964,205
 (c)
Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding
5.250%
10/1/52
1,500,000
1,515,761
 (c)
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Inc., Series A
5.000%
10/1/53
500,000
502,991
 
Orlando Health Inc., Series A, Refunding
4.500%
10/1/56
400,000
380,172
 
Palm Beach County, FL, Health Facilities Authority Revenue:
Acts Retirement-Life Communities
5.000%
11/15/45
750,000
732,645
 
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Refunding
4.000%
6/1/41
250,000
219,824
 
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A
5.000%
6/1/55
1,000,000
923,070
 
Reunion, FL, East Community Development District, Special Assessment Bond,
Series A-2
7.375%
5/1/33
355,000
4
 *(e)
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue
5.000%
5/1/43
650,000
650,262
 (d)
Total Florida
16,021,106
See Notes to Schedule of Investments.
2
Western Asset Municipal High Income Fund 2025 Quarterly Report
 Western Asset Municipal High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Georgia — 1.5%
Georgia State Municipal Electric Authority, Power Revenue:
Plant Vogtle Units 3&4, Project M, Series A
5.250%
7/1/64
 $800,000
 $825,026
 
Plant Vogtle Units 3&4, Project P, Series A
5.500%
7/1/64
500,000
515,491
 
Plant Vogtle Units 3&4, Project P, Series B
5.000%
1/1/59
1,200,000
1,169,928
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/43
1,250,000
1,263,076
 
Series C
5.000%
9/1/30
500,000
522,997
 (a)(b)
Total Georgia
4,296,518
Hawaii — 0.3%
Honolulu, HI, City & County Wastewater System Revenue:
First Senior Bond Resolution, Series A
3.000%
7/1/41
750,000
600,064
 
First Senior Bond Resolution, Series A, Refunding
5.000%
7/1/38
250,000
276,515
 
Total Hawaii
876,579
Illinois — 12.0%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax
Revenue, Series 2018
5.000%
4/1/42
1,000,000
1,004,921
 
Chicago, IL, Board of Education, GO:
Dedicated, Series A
5.000%
12/1/36
500,000
503,976
 
Dedicated, Series A
5.875%
12/1/47
1,000,000
1,048,648
 
Dedicated, Series G, Refunding
5.000%
12/1/34
100,000
98,906
 
Dedicated, Series H
5.000%
12/1/46
3,250,000
3,023,449
 
Series A
5.000%
12/1/35
2,000,000
2,022,022
 
Series D
5.000%
12/1/46
750,000
697,719
 
Chicago, IL, GO:
Chicago Works, Series A
5.500%
1/1/39
1,200,000
1,254,405
 
Series A, Refunding
5.000%
1/1/28
1,500,000
1,542,049
 
Chicago, IL, O’Hare International Airport Revenue:
Senior Lien, Series G
5.000%
1/1/47
1,000,000
1,000,054
 (c)
Senior Lien, Series G
5.000%
1/1/52
1,000,000
994,471
 (c)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A,
Refunding
4.000%
12/1/55
300,000
250,891
 
Illinois State Development Finance Authority, Environmental Facilities Revenue,
Citgo Petroleum Corp. Project
8.000%
6/1/32
3,250,000
3,253,328
 (c)
Illinois State Finance Authority Revenue:
Navy Pier Inc., Series B, Refunding
5.000%
10/1/34
650,000
663,743
 
Navy Pier Inc., Series B, Refunding
5.000%
10/1/49
385,000
362,903
 
Illinois State Sports Facilities Authority Revenue, Sport Facilities Project,
Series 2019, Refunding, BAM
5.000%
6/15/29
720,000
757,135
 
Illinois State, GO:
Series 2016
5.000%
1/1/41
5,020,000
4,991,757
 
Series A
5.000%
3/1/46
1,000,000
1,002,869
 
Series A, Refunding
5.000%
10/1/29
2,900,000
3,020,529
 
Series A, Refunding
5.000%
10/1/30
1,475,000
1,533,886
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A
5.000%
6/15/57
1,150,000
1,119,950
 
McCormick Place Expansion Project, Series A, Refunding
5.000%
6/15/50
750,000
744,655
 
See Notes to Schedule of Investments.
3
Western Asset Municipal High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Municipal High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Illinois — continued
McCormick Place Expansion Project, Series B, Refunding
5.000%
6/15/42
 $3,250,000
 $3,296,879
 
Total Illinois
34,189,145
Indiana — 1.5%
Indiana State Finance Authority Revenue:
BHI Senior Living Inc., Series A, Refunding
4.000%
11/15/41
1,250,000
1,106,981
 
Marion General Hospital, Series A
4.000%
7/1/45
500,000
448,980
 
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A
4.250%
11/1/30
500,000
505,038
 
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project, Refunding
5.000%
1/1/54
2,400,000
2,296,416
 (c)
Total Indiana
4,357,415
Kentucky — 0.1%
 
Kentucky State PEA, Gas Supply Revenue, Series A, Refunding
5.250%
12/1/29
400,000
420,100
 (a)(b)
Louisiana — 0.8%
Louisiana State PFA, Lease Revenue:
Provident Group, Flagship Properties
5.000%
7/1/42
1,000,000
1,005,558
 
Provident Group, Flagship Properties, Series A
4.000%
7/1/44
1,000,000
904,010
 
Provident Group, Flagship Properties, Series A
4.000%
7/1/49
500,000
440,713
 
Total Louisiana
2,350,281
Maryland — 1.1%
Maryland State EDC Revenue:
Morgan State University Project
4.250%
7/1/50
1,000,000
864,922
 
Seagirt Marine Terminal Project, Series A
5.000%
6/1/44
300,000
298,918
 (c)
Seagirt Marine Terminal Project, Series A
5.000%
6/1/49
1,000,000
970,397
 (c)
Maryland State Health & Higher EFA Revenue:
Frederick Health System, Refunding
4.000%
7/1/45
500,000
440,057
 
Frederick Health System, Refunding
4.000%
7/1/50
725,000
612,618
 
Total Maryland
3,186,912
Massachusetts — 0.4%
 
Massachusetts State DFA Revenue, Boston Medical Center, Sustainability Bonds,
Series G, Refunding
5.250%
7/1/52
1,000,000
1,000,093
 
Michigan — 0.9%
Michigan State Finance Authority Revenue:
Henry Ford Health System, Series A
4.000%
11/15/50
1,250,000
1,073,338
 
The Henry Ford Health Detroit South Campus Central Utility Plant Project,
Green Bonds, Series 2024
4.375%
2/28/54
500,000
461,337
 
Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding
5.000%
6/1/49
95,000
95,501
 
Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement Project
5.000%
12/31/43
850,000
850,732
 (c)
Total Michigan
2,480,908
Minnesota — 1.2%
 
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Revenue,
Subordinated, Series B, Refunding
5.000%
1/1/44
3,500,000
3,510,295
 (c)
Missouri — 1.7%
Missouri State HEFA Revenue:
Lutheran Senior Services Projects, Series A, Refunding
5.250%
2/1/48
1,000,000
1,005,551
 
Lutheran Senior Services Projects, Series A, Refunding
5.250%
2/1/54
1,000,000
986,102
 
See Notes to Schedule of Investments.
4
Western Asset Municipal High Income Fund 2025 Quarterly Report
 Western Asset Municipal High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Missouri — continued
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of
Sunset Hills, Series A
5.875%
9/1/43
 $3,000,000
 $3,000,127
 
Total Missouri
4,991,780
Nebraska — 1.2%
 
Central Plains Energy Project, NE, Gas Project Revenue, Project No 3, Series A,
Refunding
5.000%
9/1/42
3,160,000
3,285,097
 
Nevada — 1.1%
State of Nevada Department of Business & Industry Revenue:
Charter School Lease Revenue, Somerset Academy, Series A
5.000%
12/15/35
1,295,000
1,295,897
 (d)
Charter School Lease Revenue, Somerset Academy, Series A
5.125%
12/15/45
2,015,000
1,939,538
 (d)
Total Nevada
3,235,435
New Hampshire — 0.2%
 
National Finance Authority, NH, Revenue, Presbyterian Senior Living Project,
Series A
5.250%
7/1/48
700,000
705,833
 
New Jersey — 1.9%
New Jersey State EDA Revenue:
Provident Group - Rowan Properties LLC, Rowan University Housing Project
5.000%
1/1/48
2,000,000
1,837,879
 
Special Facility, Port Newark Container Terminal LLC Project, Refunding
5.000%
10/1/37
1,150,000
1,160,847
 (c)
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series CC
4.125%
6/15/50
2,250,000
2,035,763
 
Transportation System, Series A, Refunding
4.250%
6/15/40
500,000
488,385
 
Total New Jersey
5,522,874
New Mexico — 0.5%
New Mexico State Municipal Energy Acquisition Authority Gas Supply Revenue,
Series 2025, Refunding
5.000%
11/1/30
750,000
786,063
 (a)(b)
Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement Residences
Project, Series A
5.000%
5/15/49
750,000
690,187
 
Total New Mexico
1,476,250
New York — 10.2%
Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter
School Project
5.750%
6/1/62
750,000
731,203
 (d)
MTA, NY, Transportation Revenue:
Green Bonds, Series E, Refunding
4.000%
11/15/45
500,000
441,397
 
Series A-2
5.000%
5/15/30
1,000,000
1,048,199
 (a)(b)
Series B, Refunding
5.000%
11/15/37
500,000
504,930
 
New York City, NY, Industrial Development Agency Revenue, Yankee Stadium
Project, Refunding
4.000%
3/1/45
750,000
669,970
 
New York State Liberty Development Corp., Liberty Revenue, 7 World Trade Center
Project, Class 3, Refunding
3.500%
9/15/52
1,800,000
1,395,441
 
New York State Transportation Development Corp., Special Facilities Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
6.000%
4/1/35
800,000
873,403
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.625%
4/1/40
700,000
725,035
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
4.375%
10/1/45
2,000,000
1,812,576
 (c)
John F. Kennedy International Airport New Terminal One Project, Green Bonds
5.375%
6/30/60
9,645,000
9,673,232
 (c)
See Notes to Schedule of Investments.
5
Western Asset Municipal High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Municipal High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New York — continued
John F. Kennedy International Airport New Terminal One Project, Green Bonds,
AGM
5.125%
6/30/60
 $6,125,000
 $6,155,990
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding
5.500%
12/31/54
300,000
305,221
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding, AGC
4.500%
12/31/54
700,000
645,430
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series B, Refunding, AGC, Step bond (0.000% to 12/31/34 then
5.000%)
0.000%
12/31/54
300,000
184,212
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/41
1,100,000
1,100,088
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/46
1,200,000
1,175,652
 (c)
Port Authority of New York & New Jersey Revenue:
Consolidated Series 221
4.000%
7/15/45
1,500,000
1,361,801
 (c)
Consolidated Series 221
4.000%
7/15/55
500,000
428,663
 (c)
Total New York
29,232,443
North Dakota — 0.2%
 
Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding,
AGM
3.000%
12/1/46
800,000
589,497
 
Ohio — 1.9%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds,
Series B-2, Refunding
5.000%
6/1/55
1,300,000
1,136,115
 
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B
2.500%
10/1/29
1,000,000
925,523
 (a)(b)(c)
AMG Vanadium Project, Series 2019
5.000%
7/1/49
2,000,000
1,805,263
 (c)
Ohio State Private Activity Revenue, Portsmouth Bypass Project
5.000%
6/30/53
1,650,000
1,601,990
 (c)
Total Ohio
5,468,891
Oklahoma — 0.5%
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue:
Montereau Inc. Project, Refunding
5.250%
11/15/37
500,000
502,167
 
Montereau Inc. Project, Refunding
5.250%
11/15/45
1,000,000
985,859
 
Total Oklahoma
1,488,026
Oregon — 0.4%
 
Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living,
Willamette View Project, Refunding
5.000%
11/15/47
1,250,000
1,166,046
 
Pennsylvania — 4.6%
Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center,
Series A, Refunding
4.000%
7/15/39
1,000,000
945,299
 
Lancaster County, PA, IDA Revenue, Willow Valley Communities Project
5.000%
12/1/49
1,750,000
1,653,684
 
Pennsylvania State Economic Development Financing Authority Exempt Facilities
Revenue, PPL Energy Supply LLC Project, Series B, Refunding
5.250%
6/1/27
1,700,000
1,702,189
 (a)(b)
Pennsylvania State Economic Development Financing Authority Revenue:
Solid Waste Disposal Facility, Core Natural Resources Inc., Refunding
5.450%
3/27/35
300,000
297,400
 (a)(b)(c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.000%
12/31/32
2,000,000
2,122,720
 (c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.250%
6/30/53
5,400,000
5,354,475
 (c)
Philadelphia, PA, Authority for IDR, Charter School Revenue, Philadelphia
Performing Arts: A String Theory Charter School Project, Refunding
5.000%
6/15/50
1,200,000
1,108,833
 
Total Pennsylvania
13,184,600
See Notes to Schedule of Investments.
6
Western Asset Municipal High Income Fund 2025 Quarterly Report
 Western Asset Municipal High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Puerto Rico — 5.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien,
Series A, Refunding
5.000%
7/1/47
 $2,600,000
 $2,461,166
 (d)
Puerto Rico Commonwealth, GO:
CAB, Restructured, Series A-1
0.000%
7/1/33
60,471
40,596
 
Restructured, Series A-1
5.375%
7/1/25
26,131
26,175
 
Restructured, Series A-1
5.625%
7/1/27
51,860
52,893
 
Restructured, Series A-1
5.625%
7/1/29
51,018
53,058
 
Restructured, Series A-1
5.750%
7/1/31
49,554
52,572
 
Restructured, Series A-1
4.000%
7/1/33
46,990
44,905
 
Restructured, Series A-1
4.000%
7/1/35
442,237
412,049
 
Restructured, Series A-1
4.000%
7/1/37
2,160,000
1,982,413
 
Restructured, Series A-1
4.000%
7/1/41
299,287
255,101
 
Restructured, Series A-1
4.000%
7/1/46
51,258
41,965
 
Subseries CW
0.000%
11/1/43
193,904
116,100
 (b)
Puerto Rico Electric Power Authority Revenue:
Series A
5.000%
7/1/42
1,420,000
692,250
 *(e)
Series A
5.050%
7/1/42
215,000
104,813
 *(e)
Series XX
5.250%
7/1/40
2,130,000
1,038,375
 *(e)
Series ZZ, Refunding
—
7/1/18
350,000
169,750
 *(f)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
760,000
695,221
 
CAB, Restructured, Series A-1
0.000%
7/1/46
3,460,000
1,116,911
 
Restructured, Series A-1
4.550%
7/1/40
130,000
122,889
 
Restructured, Series A-1
4.750%
7/1/53
5,275,000
4,904,269
 
Restructured, Series A-1
5.000%
7/1/58
1,145,000
1,095,464
 
Restructured, Series A-2
4.329%
7/1/40
720,000
677,005
 
Total Puerto Rico
16,155,940
Rhode Island — 0.1%
 
Central Falls, RI, Detention Facility Corp., Detention Facilities Revenue, Refunding
7.250%
7/15/35
980,000
382,200
 *(e)
South Carolina — 0.3%
 
South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy
Health Inc., Series A, Refunding
4.000%
12/1/44
1,000,000
921,059
 
Tennessee — 0.3%
 
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority
Revenue, Series A, AGM
5.250%
7/1/53
750,000
782,430
 
Texas — 11.9%
Austin, TX, Airport System Revenue, Series 2022
5.000%
11/15/52
750,000
746,933
 (c)
Central Texas Regional Mobility Authority Revenue:
CAB, Refunding
0.000%
1/1/36
2,800,000
1,779,639
 
CAB, Refunding
0.000%
1/1/38
2,000,000
1,119,817
 
CAB, Refunding
0.000%
1/1/40
2,200,000
1,075,386
 
Galveston, TX, Wharves & Terminal Revenue, Series A
5.250%
8/1/36
1,500,000
1,580,005
 (c)
Houston, TX, Airport System Revenue:
Special Facilities, Continental Airlines Terminal Improvement Projects,
Refunding
6.500%
7/15/30
6,500,000
6,517,605
 (c)
See Notes to Schedule of Investments.
7
Western Asset Municipal High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Municipal High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Texas — continued
Special Facilities, Continental Airlines Terminal Improvement Projects,
Refunding
6.625%
7/15/38
 $5,000,000
 $5,011,535
 (c)
Special Facilities, United Airlines Inc., Terminal Improvement Project, Series
B-1
4.000%
7/15/41
1,000,000
899,225
 (c)
Special Facilities, United Airlines Terminal Improvement Projects, Refunding
5.000%
7/15/35
7,500,000
7,381,807
 (c)
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017
5.000%
11/1/33
110,000
111,233
 (c)
Series 2017
5.000%
11/1/36
110,000
110,819
 (c)
New Hope Cultural Education Facilities Finance Corp., TX:
Retirement Facility Revenue, Westminster Manor Project, Refunding
4.000%
11/1/49
1,200,000
1,012,305
 
Student Housing Revenue, Collegiate Housing College Station, AGM
5.000%
4/1/46
500,000
499,035
 
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy,
Series A
4.000%
8/15/56
900,000
683,388
 
Port Beaumont, TX, Navigation District Dock and Wharf Facility Revenue,
Jefferson Gulf Coast Energy Project, Series A
3.000%
1/1/50
250,000
165,083
 (c)(d)
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility
Revenue:
Buckner Retirement Services Inc. Project, Refunding
5.000%
11/15/37
1,000,000
1,003,061
 
Buckner Retirement Services Inc. Project, Refunding
5.000%
11/15/46
1,200,000
1,135,192
 
Texas State, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue,
Senior Lien, Series D
6.250%
12/15/26
1,945,000
1,999,068
 
Texas State Private Activity Bond Surface Transportation Corp. Revenue:
Senior Lien, LBJ Infrastructure Group LLC, I-635 Managed Lanes Project, Series
A, Refunding
4.000%
6/30/37
515,000
495,588
 
Senior Lien, NTE Mobility Partners Segments 3 LLC, Refunding
5.500%
6/30/40
600,000
619,544
 (c)
Total Texas
33,946,268
Utah — 1.2%
Utah State Charter School Finance Authority, Charter School Revenue:
Summit Academy Inc., Series A, Refunding, UT CSCE
5.000%
4/15/39
350,000
356,103
 
Summit Academy Inc., Series A, Refunding, UT CSCE
5.000%
4/15/44
625,000
627,670
 
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/42
750,000
751,270
 
Utah State Infrastructure Agency Telecommunication Revenue:
Series 2021
4.000%
10/15/41
500,000
443,429
 
Series A
5.375%
10/15/40
1,150,000
1,167,895
 
Total Utah
3,346,367
Virginia — 0.4%
Virginia State Small Business Financing Authority Revenue:
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/34
500,000
519,962
 
Senior Lien, I-495 HOT Lanes Project, Refunding
5.000%
12/31/47
750,000
753,635
 (c)
Total Virginia
1,273,597
Washington — 0.4%
 
Washington State Health Care Facilities Authority Revenue, Commonspirit Health,
Series A-1, Refunding
4.000%
8/1/44
1,250,000
1,130,893
 
Wisconsin — 1.6%
Public Finance Authority, WI, Revenue, The Carmelite System Inc. Obligated
Group, Refunding
5.000%
1/1/45
300,000
287,992
 
See Notes to Schedule of Investments.
8
Western Asset Municipal High Income Fund 2025 Quarterly Report
 Western Asset Municipal High Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Wisconsin — continued
Public Finance Authority, WI, Student Housing Revenue:
Beyond Boone LLC, Appalachian State University Project, AGM
4.000%
7/1/50
 $700,000
 $614,014
 
CHF Wilmington LLC, University of North Carolina at Wilmington Project, AGM
5.000%
7/1/53
2,470,000
2,387,494
 
University of Hawai’i Foundation Project, Green Bonds, Series A-1
4.000%
7/1/51
790,000
615,798
 (d)
Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A
5.500%
12/1/52
500,000
524,355
 
Total Wisconsin
4,429,653
 
Total Municipal Bonds (Cost — $284,870,364)
275,655,809
Municipal Bonds Deposited in Tender Option Bond Trusts(g) — 4.0%
New York — 4.0%
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue, Second General Resolution Fiscal 2023, Subseries AA-1
5.250%
6/15/52
3,055,000
3,193,967
 
New York State Dormitory Authority, State Personal Income Tax Revenue, Series A
4.000%
3/15/45
4,755,000
4,411,434
 
New York State Urban Development Corp., State Sales Tax Revenue, Series A
5.000%
3/15/49
3,700,000
3,803,121
 
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $11,696,289)
11,408,522
Total Investments before Short-Term Investments (Cost — $296,566,653)
287,064,331
 
Short-Term Investments — 0.4%
Municipal Bonds — 0.4%
Indiana — 0.2%
 
Indiana State Finance Authority Environmental Facilities Revenue, Series A-5,
Refunding, LOC - Sumitomo Mitsui Banking
2.350%
10/1/40
450,000
450,000
 (h)(i)
Massachusetts — 0.1%
 
Massachusetts State DFA Revenue, Boston University, Series U-6C, Refunding,
LOC - TD Bank N.A.
2.300%
10/1/42
400,000
400,000
 (h)(i)
New York — 0.1%
New York City, NY, GO, Subseries D-4, LOC - TD Bank N.A.
2.500%
8/1/40
200,000
200,000
 (h)(i)
 
Total Short-Term Investments (Cost — $1,050,000)
1,050,000
Total Investments — 100.9% (Cost — $297,616,653)
288,114,331
TOB Floating Rate Notes — (2.2)%
(6,265,000
)
Other Assets in Excess of Other Liabilities — 1.3%
3,617,128
Total Net Assets — 100.0%
$285,466,459
 
See Notes to Schedule of Investments.
9
Western Asset Municipal High Income Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
April 30, 2025
 Western Asset Municipal High Income Fund
*
Non-income producing security.
(a)
Maturity date shown represents the mandatory tender date.
(b)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(c)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(d)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(e)
The coupon payment on this security is currently in default as of April 30, 2025.
(f)
The maturity principal is currently in default as of April 30, 2025.
(g)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust..
(h)
Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no
more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the
remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official
documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The
SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s
Short-term Obligation Rate Transparency System.
(i)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
 
Abbreviation(s) used in this schedule:
AGC
—
Assured Guaranty Corporation — Insured Bonds
AGM
—
Assured Guaranty Municipal Corporation — Insured Bonds
BAM
—
Build America Mutual — Insured Bonds
CAB
—
Capital Appreciation Bonds
CSCE
—
Charter School Credit Enhancement
DFA
—
Development Finance Agency
EDA
—
Economic Development Authority
EDC
—
Economic Development Corporation
EFA
—
Educational Facilities Authority
GO
—
General Obligation
HDA
—
Housing Development Authority
HEFA
—
Health & Educational Facilities Authority
IDA
—
Industrial Development Authority
IDR
—
Industrial Development Revenue
LOC
—
Letter of Credit
MFA
—
Municipal Finance Authority
MTA
—
Metropolitan Transportation Authority
PCFA
—
Pollution Control Financing Authority
PEA
—
Public Energy Authority
PFA
—
Public Facilities Authority
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
10
Western Asset Municipal High Income Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Municipal High Income Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”).
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
11
Western Asset Municipal High Income Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Municipal Bonds
—
 $275,655,809
—
 $275,655,809
Municipal Bonds Deposited in Tender Option Bond Trusts
—
11,408,522
—
11,408,522
Total Long-Term Investments
—
287,064,331
—
287,064,331
Short-Term Investments†
—
1,050,000
—
1,050,000
Total Investments
—
$288,114,331
—
$288,114,331
 
†
See Schedule of Investments for additional detailed categorizations.
12
Western Asset Municipal High Income Fund 2025 Quarterly Report