NPORT-EX 2 LMF5200LM013125.htm EDGAR HTML
Schedule of Investments (unaudited)
January 31, 2025
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 93.9%
Alabama — 3.8%
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Series D-1,
Refunding
5.500%
2/1/29
 $200,000
 $211,960
 (a)(b)
Jefferson County, AL, Sewer Revenue:
Warrants, Series 2024, Refunding
5.250%
10/1/45
1,500,000
1,601,156
 
Warrants, Series 2024, Refunding
5.250%
10/1/49
2,000,000
2,113,633
 
Warrants, Series 2024, Refunding
5.500%
10/1/53
1,000,000
1,072,690
 
Mobile County, AL, IDA Revenue:
Solid Waste Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
290,000
293,450
 (c)
Solid Waste Disposal Facility, Calvert LLC Project, Series B
4.750%
12/1/54
250,000
245,677
 (c)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, Series
A, Refunding
5.000%
4/1/32
350,000
375,561
 
Total Alabama
5,914,127
Alaska — 0.7%
Anchorage, AK, Port Revenue, Series A
5.000%
12/1/50
250,000
253,245
 (c)
Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue:
Asset Backed Senior Bonds, Class 1, Series A, Refunding
4.000%
6/1/36
400,000
398,539
 
Asset Backed Senior Bonds, Class 1, Series A, Refunding
4.000%
6/1/50
250,000
221,188
 
Asset Backed Senior Bonds, Class 2, Series B-1, Refunding
4.000%
6/1/50
275,000
271,106
 
Total Alaska
1,144,078
Arizona — 4.9%
Arizona, AZ, IDA Revenue, Doral Academy Of Northern Nevada Project, Series A,
Refunding
4.000%
7/15/51
500,000
416,796
 (d)
Chandler, AZ, IDA Revenue:
Intel Corp. Project
3.800%
6/15/28
800,000
808,248
 (a)(b)
Intel Corp. Project
4.100%
6/15/28
250,000
251,016
 (a)(b)(c)
Intel Corp. Project
4.000%
6/1/29
600,000
599,701
 (a)(b)(c)
La Paz County, AZ, IDA Revenue, Charter School Solutions, Harmony Public School
Project, Series A
5.000%
2/15/36
1,000,000
1,002,252
 (d)
Maricopa County, AZ, IDA Revenue, Legacy Traditional Schools Project,
Series 2019, Refunding
5.000%
7/1/49
500,000
492,248
 (d)
Navajo Nation, AZ, Revenue, Series A, Refunding
5.500%
12/1/30
190,000
191,947
 (d)
Phoenix, AZ, IDA Revenue:
Basis School Inc., Refunding
5.000%
7/1/35
1,000,000
1,002,634
 (d)
Great Hearts Academies, Refunding
5.000%
7/1/41
1,200,000
1,200,961
 
Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007
5.000%
12/1/37
1,500,000
1,617,086
 
Total Arizona
7,582,889
California — 11.0%
Alameda, CA, Corridor Transportation Authority Revenue:
Convertible CAB, Series C, AGM
5.000%
10/1/52
600,000
634,919
 
Second Subordinated Lien, Series B, Refunding
5.000%
10/1/34
500,000
509,580
 
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
1,500,000
1,582,377
 (a)(b)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
500,000
524,298
 (a)(b)
Clean Energy Project, Green Bonds, Series C
5.000%
10/1/32
250,000
264,996
 (a)(b)
Clean Energy Project, Green Bonds, Series E
5.000%
9/1/32
1,300,000
1,392,107
 (a)(b)
See Notes to Schedule of Investments.
1
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2025
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
California — continued
Clean Energy Project, Green Bonds, Series H
5.000%
8/1/33
 $500,000
 $545,501
 (a)(b)
California State Community Housing Agency, Essential Housing Revenue,
Stoneridge Apartments, Series A
4.000%
2/1/56
500,000
400,451
 (d)
California State MFA Revenue, Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
700,000
705,422
 (c)
California State PCFA Water Furnishing Revenue, San Diego County Water
Authority Desalination Project, Refunding
5.000%
7/1/39
700,000
720,742
 (d)
California State Public Finance Authority, Senior Living Revenue, Enso Village
Project, Green Bond, Series A
5.000%
11/15/36
250,000
253,281
 
Inland Valley, CA, Development Agency, Successor Agency Tax Allocation
Revenue, Series A, Refunding
5.000%
9/1/44
500,000
503,957
 
Mountain House Public Financing Authority, CA, Utility Systems Revenue, Green
Bond, Series A, BAM
4.000%
12/1/45
750,000
744,885
 
M-S-R Energy Authority, CA, Natural Gas Revenue:
Series B
6.500%
11/1/39
1,000,000
1,235,525
 
Series C
7.000%
11/1/34
2,000,000
2,458,294
 
Series C
6.500%
11/1/39
2,000,000
2,471,051
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1, Series A-1, Refunding, AGM
5.250%
9/1/52
300,000
318,494
 
Community Facilities District No 2023-1
5.625%
9/1/53
530,000
557,563
 
San Francisco, CA, City & County Airport Commission, International Airport
Revenue, Second Series A, Unrefunded
5.000%
5/1/47
1,000,000
1,005,843
 (c)
Tobacco Securitization Authority of Southern California Revenue, Asset Backed
Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1,
Series A
5.000%
6/1/48
200,000
203,879
 
Total California
17,033,165
Colorado — 0.9%
Colorado State Health Facilities Authority Revenue, Commonspirit Health
Initiatives, Series B-2
5.000%
8/1/26
250,000
255,456
 (a)(b)
Colorado State High Performance Transportation Enterprise Revenue, C-470
Express Lanes
5.000%
12/31/51
150,000
148,005
 
North Range, CO, Metropolitan District No 2, GO, Series A, Refunding
5.625%
12/1/37
500,000
500,439
 
Village Metropolitan District, CO, Limited & Special Revenue, Series 2020,
Refunding and Improvements
5.000%
12/1/40
500,000
506,117
 
Total Colorado
1,410,017
Connecticut — 0.7%
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A
5.000%
1/1/37
500,000
520,330
 
Connecticut State, GO, Series A
4.000%
4/15/37
600,000
607,385
 
Total Connecticut
1,127,715
District of Columbia — 0.4%
 
Metropolitan Washington, DC, Airports Authority Aviation Revenue, Series A,
Refunding
5.000%
10/1/30
600,000
645,518
 (c)
Florida — 6.7%
Broward County, FL, Port Facilities Revenue:
Senior Bonds, Series B
4.000%
9/1/49
2,500,000
2,268,566
 (c)
Series 2022
5.500%
9/1/52
1,000,000
1,051,631
 (c)
Florida State Development Finance Corp., Educational Facilities Revenue:
Mater Academy Projects, Series A
5.000%
6/15/40
650,000
656,008
 
See Notes to Schedule of Investments.
2
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Florida — continued
Renaissance Charter School Inc. Projects, Series A
6.000%
6/15/35
 $250,000
 $250,901
 (d)
Renaissance Charter School Inc. Projects, Series A
6.125%
6/15/46
215,000
215,441
 (d)
Florida State Development Finance Corp., Revenue, Brightline Passenger Rail
Project, Refunding, AGM
5.250%
7/1/53
1,400,000
1,454,293
 (c)
Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding
5.000%
10/1/28
500,000
504,436
 
Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AGM
4.000%
10/1/52
150,000
141,301
 
Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding
5.250%
10/1/52
750,000
769,305
 (c)
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Inc., Series A
5.000%
10/1/53
250,000
258,490
 
Orlando Health Inc., Series A, Refunding
4.500%
10/1/56
200,000
196,357
 
Palm Beach County, FL, Health Facilities Authority Hospital Revenue:
Jupiter Medical Center Project, Series A
5.000%
11/1/39
350,000
361,719
 
Jupiter Medical Center Project, Series A
5.000%
11/1/47
1,515,000
1,528,525
 
Palm Beach County, FL, Health Facilities Authority Revenue:
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Refunding
4.000%
6/1/41
100,000
90,169
 
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A
5.000%
6/1/55
350,000
336,769
 
Reunion, FL, East Community Development District, Special Assessment Bond,
Series A-2
7.375%
5/1/33
285,000
3
 *(e)(f)
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue
5.000%
5/1/43
350,000
358,182
 (d)
Total Florida
10,442,096
Georgia — 1.0%
Georgia State Municipal Electric Authority, Power Revenue:
Plant Vogtle Units 3&4, Project M, Series A
5.250%
7/1/64
350,000
367,543
 
Plant Vogtle Units 3&4, Project P, Series A
5.500%
7/1/64
250,000
265,798
 
Plant Vogtle Units 3&4, Project P, Series A, Refunding
5.000%
1/1/56
250,000
251,506
 
Project One, Subordinated, Series A, Refunding
5.000%
1/1/45
250,000
260,243
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/43
150,000
153,765
 
Series C
5.000%
9/1/30
250,000
264,955
 (a)(b)
Total Georgia
1,563,810
Hawaii — 0.3%
Honolulu, HI, City & County Wastewater System Revenue:
First Senior Bond Resolution, Series A
3.000%
7/1/41
350,000
292,223
 
First Senior Bond Resolution, Series A, Refunding
5.000%
7/1/38
150,000
169,671
 (g)
Total Hawaii
461,894
Illinois — 14.4%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax
Revenue, Series 2018
5.000%
4/1/42
1,000,000
1,008,128
 
Chicago, IL, Board of Education, GO:
Dedicated, Series H
5.000%
12/1/46
1,000,000
977,346
 
Series A
5.000%
12/1/39
1,250,000
1,262,409
 
Series C, Refunding, AGM
5.000%
12/1/32
1,750,000
1,816,985
 
Chicago, IL, GO:
Chicago Works, Series A
5.500%
1/1/39
550,000
583,475
 
Series A
5.000%
1/1/44
500,000
503,095
 
See Notes to Schedule of Investments.
3
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2025
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Illinois — continued
Series A, Refunding
5.000%
1/1/28
 $500,000
 $517,005
 
Chicago, IL, O’Hare International Airport Revenue:
General Senior Lien, Series C, Refunding
5.000%
1/1/44
500,000
514,993
 (c)
Senior Lien, Series G
5.000%
1/1/42
500,000
505,708
 (c)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Second Lien
5.000%
12/1/51
1,000,000
1,005,712
 
Second Lien, Series A, Refunding
5.000%
12/1/45
500,000
511,032
 
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A
5.000%
1/1/47
300,000
303,823
 
Second Lien, Series B, Refunding
5.000%
1/1/38
500,000
511,393
 
Chicago, IL, Waterworks Revenue, Second Lien, Series 2017-2, Refunding, AGM
5.000%
11/1/32
1,260,000
1,314,604
 
Illinois State Finance Authority Revenue:
Navy Pier Inc., Series B, Refunding
5.000%
10/1/34
250,000
254,938
 
Navy Pier Inc., Series B, Refunding
5.000%
10/1/49
250,000
243,187
 
Illinois State Sports Facilities Authority Revenue, Sport Facilities Project,
Series 2019, Refunding, BAM
5.000%
6/15/29
250,000
266,063
 
Illinois State University, Auxiliary Facilities System Revenue, Series A, Refunding,
AGM
5.000%
4/1/28
100,000
105,825
 
Illinois State, GO:
Series 2016, Refunding
5.000%
2/1/29
300,000
309,938
 
Series A
5.000%
3/1/37
1,250,000
1,343,199
 
Series A
5.000%
3/1/46
500,000
519,220
 
Series A, Refunding
5.000%
10/1/29
1,100,000
1,164,615
 
Series A, Refunding
5.000%
10/1/30
550,000
581,905
 
Series B, Refunding
5.000%
9/1/27
400,000
417,685
 
Series D
5.000%
11/1/27
1,150,000
1,203,615
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A
5.000%
6/15/57
350,000
353,236
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/42
750,000
719,515
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/47
1,000,000
900,887
 
McCormick Place Expansion Project, Series A, Refunding
5.000%
6/15/50
250,000
255,712
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
6/15/42
1,250,000
1,306,835
 
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL
6.000%
7/1/29
930,000
1,000,484
 
Total Illinois
22,282,567
Indiana — 2.0%
Indiana State Finance Authority Revenue:
BHI Senior Living Inc., Series A, Refunding
4.000%
11/15/41
500,000
463,495
 
Marion General Hospital, Series A
4.000%
7/1/45
200,000
182,655
 
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A
4.250%
11/1/30
200,000
204,811
 
Wastewater Utility, First Lien, CWA Authority Project, Series A, Refunding
5.000%
10/1/45
1,000,000
1,067,926
 
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project, Refunding
5.000%
1/1/54
1,100,000
1,114,955
 (c)
Total Indiana
3,033,842
Iowa — 0.1%
 
Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds,
Class 1, Series A-2, Refunding
4.000%
6/1/49
150,000
135,270
 
See Notes to Schedule of Investments.
4
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Kentucky — 1.9%
Kentucky State PEA, Gas Supply Revenue:
Series A
4.000%
6/1/26
 $1,500,000
 $1,508,985
 (a)(b)
Series C
4.000%
6/1/25
1,400,000
1,402,106
 (a)(b)
Total Kentucky
2,911,091
Louisiana — 1.5%
Louisiana State PFA, Lease Revenue:
Provident Group, Flagship Properties
5.000%
7/1/42
700,000
710,142
 
Provident Group, Flagship Properties, Series A
4.000%
7/1/49
500,000
454,253
 
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series A-3, Refunding
2.200%
7/1/26
400,000
394,302
 (a)(b)
Marathon Oil Corp. Project, Series B-2, Refunding
2.375%
7/1/26
250,000
247,037
 (a)(b)
Marathon Oil Corp. Project, Series C, Refunding
3.300%
7/3/28
500,000
500,793
 (a)(b)
Total Louisiana
2,306,527
Maryland — 0.7%
Maryland State EDC Revenue:
Morgan State University Project
4.250%
7/1/50
350,000
316,601
 
Seagirt Marine Terminal Project, Series A
5.000%
6/1/44
400,000
407,134
 (c)
Maryland State Health & Higher EFA Revenue, Frederick Health System,
Refunding
4.000%
7/1/40
300,000
287,282
 
Total Maryland
1,011,017
Massachusetts — 0.7%
Massachusetts State DFA Revenue:
Boston Medical Center, Sustainability Bonds, Series G, Refunding
5.250%
7/1/52
500,000
520,041
 
Northeastern University Issue, Refunding
5.000%
10/1/44
500,000
538,973
 
Total Massachusetts
1,059,014
Michigan — 1.1%
Detroit, MI, GO, Unlimited Tax, Series C
6.000%
5/1/43
700,000
781,314
 
Michigan State Finance Authority Revenue:
Henry Ford Health System, Series A
4.000%
11/15/50
400,000
359,660
 
The Henry Ford Health Detroit South Campus Central Utility Plant Project,
Green Bonds, Series 2024
4.375%
2/28/54
250,000
238,181
 
Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding
5.000%
6/1/49
35,000
35,403
 
Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement Project
5.000%
12/31/43
250,000
252,999
 (c)
Total Michigan
1,667,557
Missouri — 1.8%
Missouri State HEFA Revenue, Series A, Refunding
5.250%
2/1/44
700,000
739,011
 
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of
Sunset Hills, Series A
5.875%
9/1/43
2,000,000
1,994,290
 
Total Missouri
2,733,301
Nebraska — 0.3%
 
Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding
4.000%
2/1/46
500,000
485,980
 
Nevada — 0.5%
State of Nevada Department of Business & Industry Revenue:
Charter School Lease Revenue, Somerset Academy, Series A
5.000%
12/15/35
300,000
301,296
 (d)
Charter School Lease Revenue, Somerset Academy, Series A
5.125%
12/15/45
500,000
500,199
 (d)
Total Nevada
801,495
See Notes to Schedule of Investments.
5
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2025
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New Hampshire — 0.2%
 
National Finance Authority, NH, Revenue, Presbyterian Senior Living Project,
Series A
5.250%
7/1/48
 $350,000
 $367,272
 
New Jersey — 5.5%
New Jersey State EDA Revenue:
Private Activity-The Goethals Bridge Replacement Project
5.375%
1/1/43
1,500,000
1,501,041
 (c)
Special Facility, Port Newark Container Terminal LLC Project, Refunding
5.000%
10/1/37
650,000
664,242
 (c)
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA, Refunding
5.000%
6/15/42
4,000,000
4,382,964
 
Transportation Program, Series BB
5.000%
6/15/44
1,000,000
1,031,108
 
New Jersey State Turnpike Authority Revenue, Series C, Refunding
5.000%
1/1/44
700,000
760,224
 
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
5.250%
6/1/46
150,000
152,781
 
Total New Jersey
8,492,360
New Mexico — 0.2%
 
Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement Residences
Project, Series A
5.000%
5/15/49
250,000
245,157
 
New York — 10.9%
Brookhaven, NY, Local Development Corp., Long Island Community Hospital
Project, Series A, Refunding
5.000%
10/1/34
735,000
791,312
 
Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter
School Project
5.750%
6/1/62
300,000
313,234
 (d)
MTA, NY, Transportation Revenue:
Green Bonds, Series E, Refunding
5.000%
11/15/30
250,000
276,180
 
Green Bonds, Series E, Refunding
4.000%
11/15/45
250,000
236,486
 
Series A-2
5.000%
5/15/30
400,000
426,523
 (a)(b)
New York City, NY, GO, Subseries A-1
4.000%
8/1/40
750,000
753,342
 
New York City, NY, Industrial Development Agency Revenue, Yankee Stadium
Project, Refunding
4.000%
3/1/45
300,000
276,451
 
New York City, NY, TFA, Future Tax Secured Revenue, Subordinated, Series F,
Subseries F-1
5.000%
2/1/47
2,250,000
2,369,367
 
New York State Dormitory Authority Revenue, Non-State Supported Debt,
Memorial Sloan-Kettering Cancer Center, Series B-1
4.000%
7/1/51
500,000
478,436
 
New York State Liberty Development Corp., Liberty Revenue, 7 World Trade Center
Project, Class 3, Refunding
3.500%
9/15/52
700,000
572,284
 
New York State Liberty Development Corp., Revenue, 3 World Trade Center
Project, Class 1, Refunding
5.000%
11/15/44
1,205,000
1,205,843
 (d)
New York State Thruway Authority General Revenue, Junior Indebtedness
Obligations, Junior Lien, Series B, Refunding
4.000%
1/1/45
750,000
724,372
 
New York State Transportation Development Corp., Special Facilities Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
1/1/33
750,000
771,184
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
6.000%
4/1/35
400,000
446,747
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.625%
4/1/40
300,000
319,792
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
4.375%
10/1/45
250,000
240,940
 (c)
John F. Kennedy International Airport New Terminal One Project, Green Bonds
5.375%
6/30/60
3,250,000
3,350,157
 (c)
John F. Kennedy International Airport Terminal 4 Project, Series C, Refunding
4.000%
12/1/42
500,000
482,719
 
See Notes to Schedule of Investments.
6
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New York — continued
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding
5.500%
12/31/54
 $150,000
 $159,496
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding, AGC
4.500%
12/31/54
350,000
345,266
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series B, Refunding, AGC
0.000%
12/31/54
150,000
93,674
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/41
300,000
300,001
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/46
500,000
499,827
 (c)
Port Authority of New York & New Jersey Revenue, Consolidated Series 221
4.000%
7/15/45
1,000,000
930,138
 (c)(h)
Troy Capital Resource Corp., NY, Revenue, Rensselaer Polytechnic Institute
Project, Series A, Refunding
4.000%
9/1/40
500,000
487,666
 
Total New York
16,851,437
North Carolina — 0.3%
 
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series
A, Refunding
5.000%
7/1/47
500,000
503,503
 
North Dakota — 0.3%
 
Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding,
AGM
3.000%
12/1/46
600,000
460,839
 
Ohio — 1.2%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds,
Series B-2, Refunding
5.000%
6/1/55
800,000
720,694
 
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B
2.500%
10/1/29
350,000
325,621
 (a)(b)(c)
American Electric Co. Project, Series D, Refunding
3.700%
10/1/28
140,000
138,990
 (c)
Ohio State Private Activity Revenue, Portsmouth Bypass Project
5.000%
6/30/53
700,000
702,222
 (c)
Total Ohio
1,887,527
Oklahoma — 0.3%
 
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue,
Montereau Inc. Project, Refunding
5.250%
11/15/37
500,000
507,320
 
Oregon — 0.3%
 
Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living,
Willamette View Project, Refunding
5.000%
11/15/37
500,000
505,135
 
Pennsylvania — 3.7%
Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center,
Series A, Refunding
4.000%
7/15/39
350,000
344,512
 
Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social
Ministries Project, Unrefunded
5.000%
1/1/28
135,000
135,069
 
Lancaster County, PA, IDA Revenue, Willow Valley Communities Project
5.000%
12/1/49
500,000
501,146
 
Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental
Tax, Series B, Refunding, County GTD
4.750%
5/1/57
500,000
502,718
 
Pennsylvania State Economic Development Financing Authority Revenue:
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.000%
12/31/32
565,000
607,873
 (c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.250%
6/30/53
2,600,000
2,682,148
 (c)
Philadelphia, PA, Authority for IDR:
Charter School Revenue, A String Theory Charter School Project, Refunding
5.000%
6/15/40
400,000
402,633
 
City Service Agreement Revenue, Rebuild Project
5.000%
5/1/38
500,000
516,590
 
Total Pennsylvania
5,692,689
See Notes to Schedule of Investments.
7
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2025
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Puerto Rico — 4.2%
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
 $240,000
 $220,740
 
CAB, Restructured, Series A-1
0.000%
7/1/46
1,220,000
400,927
 
Restructured, Series A-1
4.550%
7/1/40
50,000
50,126
 
Restructured, Series A-1
4.750%
7/1/53
3,020,000
2,967,703
 
Restructured, Series A-1
5.000%
7/1/58
880,000
880,244
 
Restructured, Series A-2
4.329%
7/1/40
530,000
525,898
 
Restructured, Series A-2A
4.550%
7/1/40
1,380,000
1,383,477
 
Total Puerto Rico
6,429,115
South Carolina — 0.2%
 
South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy
Health Inc., Series A, Refunding
4.000%
12/1/44
400,000
378,316
 
Tennessee — 0.8%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A
4.000%
2/1/51
500,000
481,893
 
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority
Revenue, Series A, AGM
5.250%
7/1/53
350,000
374,512
 
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018
4.000%
11/1/25
400,000
401,552
 (a)(b)
Total Tennessee
1,257,957
Texas — 4.6%
Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift
Education, Series A, Refunding
5.000%
12/1/46
200,000
200,290
 
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM
5.000%
2/15/41
500,000
500,163
 
Austin, TX, Airport System Revenue:
Series 2022
5.000%
11/15/52
300,000
306,619
 (c)
Series B
5.000%
11/15/39
600,000
619,109
 (c)
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B
4.000%
1/1/51
500,000
463,336
 
Galveston, TX, Wharves & Terminal Revenue, Series A
5.250%
8/1/38
750,000
799,520
 (c)
Gulf Coast, TX, IDA, Solid Waste Disposal Revenue, Citgo Petroleum Corp. Project
4.875%
5/1/25
1,000,000
1,000,176
 (c)
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017
5.000%
11/1/33
20,000
20,360
 (c)
Series 2017
5.000%
11/1/36
20,000
20,306
 (c)
New Hope Cultural Education Facilities Finance Corp., TX, Retirement Facility
Revenue, Westminster Manor Project, Refunding
4.000%
11/1/49
400,000
381,224
 
New Hope Cultural Education Facilities Finance Corp., TX, Retirement Facility
Revenue, Westminster Manor Project, Refunding
5.000%
11/1/40
1,000,000
1,015,277
 
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy,
Series A
4.000%
8/15/56
350,000
282,463
 
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility
Revenue, Buckner Retirement Services Inc. Project, Refunding
5.000%
11/15/37
700,000
708,060
 
Texas State, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue,
Senior Lien, Series D
6.250%
12/15/26
300,000
310,063
 
Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior
Lien, NTE Mobility Partners Segments 3 LLC, Refunding
5.500%
6/30/41
300,000
318,873
 (c)
Willacy County, TX, Jail Public Facilities Corp. Project Revenue
7.500%
11/1/25
115,000
112,071
 
Total Texas
7,057,910
Utah — 1.4%
Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A
5.250%
7/1/53
1,000,000
1,041,668
 (c)
See Notes to Schedule of Investments.
8
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Utah — continued
Utah State Charter School Finance Authority, Charter School Revenue:
Summit Academy Inc., Series A, Refunding, UT CSCE
5.000%
4/15/39
 $350,000
 $360,494
 
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/42
250,000
251,577
 
Utah State Infrastructure Agency, Telecommunications Revenue, Series A
5.250%
10/15/33
550,000
567,916
 
Total Utah
2,221,655
Virginia — 1.5%
Virginia State Port Authority, Port Facilities Revenue:
Series B, Refunding
5.000%
7/1/41
250,000
250,585
 (c)
Series B, Refunding
5.000%
7/1/45
300,000
300,079
 (c)
Virginia State Small Business Financing Authority Revenue:
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/34
200,000
210,967
 
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/37
1,000,000
1,051,271
 (c)
Senior Lien, I-495 HOT Lanes Project, Refunding
5.000%
12/31/47
500,000
512,480
 (c)
Total Virginia
2,325,382
Washington — 0.9%
Port of Seattle, WA, Intermediate Lien Revenue, Series 2022, Refunding
5.000%
8/1/41
500,000
525,008
 (c)
Washington State Health Care Facilities Authority Revenue:
Commonspirit Health, Series A-1, Refunding
4.000%
8/1/44
535,000
498,571
 
Seattle Cancer Care Alliance, Refunding
4.000%
12/1/40
370,000
358,410
 
Total Washington
1,381,989
Wisconsin — 2.0%
Public Finance Authority, WI, Revenue:
Celanese Project, Series B, Refunding
5.000%
12/1/25
550,000
554,583
 (c)
Cone Health, Series A
5.000%
10/1/52
300,000
310,672
 
The Carmelite System Inc. Obligated Group, Refunding
5.000%
1/1/45
100,000
101,167
 
Public Finance Authority, WI, Student Housing Revenue:
Appalachian State University Project, Series A, AGM
4.000%
7/1/45
600,000
571,049
 
CHF Wilmington LLC, University of North Carolina at Wilmington Project, AGM
5.000%
7/1/53
1,000,000
1,007,970
 
University of Hawai’i Foundation Project, Green Bonds, Series A-1
4.000%
7/1/51
280,000
230,980
 (d)
Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A
5.500%
12/1/52
250,000
267,817
 
Total Wisconsin
3,044,238
 
Total Municipal Bonds (Cost — $144,867,063)
145,362,771
Municipal Bonds Deposited in Tender Option Bond Trusts(i) — 4.6%
Florida — 2.1%
Florida State Department of Transportation Turnpike Revenue:
Series C
4.000%
7/1/51
1,740,000
1,680,376
 
Series C
4.000%
7/1/54
1,440,000
1,546,816
 
Total Florida
3,227,192
New York — 2.5%
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
1,800,000
1,914,531
 
New York State Dormitory Authority, State Personal Income Tax Revenue, Series A
4.000%
3/15/45
1,000,000
958,287
 
New York State Urban Development State Sales Revenue, Series A
5.000%
3/15/47
1,000,000
945,082
 
Total New York
3,817,900
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $7,034,530)
7,045,092
Total Investments before Short-Term Investments (Cost — $151,901,593)
152,407,863
See Notes to Schedule of Investments.
9
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2025
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Short-Term Investments — 3.8%
Municipal Bonds — 3.8%
Connecticut — 0.1%
 
Connecticut State Housing Finance Authority Revenue, Housing Mortgage
Finance, Series C, Refunding, SPA - TD Bank N.A.
2.240%
11/15/48
 $150,000
 $150,000
 (j)(k)
Delaware — 0.2%
 
University of Delaware, DE, Revenue, Series 2005, Refunding, SPA - TD Bank N.A.
1.200%
11/1/35
300,000
300,000
 (j)(k)
Florida — 0.4%
Hillsborough County, FL, IDA Revenue, Baycare Health System, Series B,
Refunding, LOC - TD Bank N.A.
1.200%
11/1/38
400,000
400,000
 (j)(k)
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional
Healthcare System, Series E, Refunding, LOC - TD Bank N.A.
2.250%
10/1/26
200,000
200,000
 (j)(k)
Total Florida
600,000
Illinois — 0.6%
 
Illinois State Finance Authority Revenue, University of Chicago Medical Center,
Series B, LOC - TD Bank N.A.
1.800%
8/1/44
1,000,000
1,000,000
 (j)(k)
Massachusetts — 0.1%
 
Massachusetts State HEFA Revenue, Partners Healthcare System Inc., Series P-2,
SPA - JPMorgan Chase & Co.
2.050%
7/1/27
100,000
100,000
 (j)(k)
New York — 0.2%
Battery Park City Authority Junior Revenue, NY, Subseries D-2, Refunding, SPA -
TD Bank N.A.
1.200%
11/1/38
100,000
100,000
 (j)(k)
New York City, NY, GO:
Series A, SPA - Bank of Montreal
1.200%
9/1/49
200,000
200,000
 (j)(k)
Subseries D-4, LOC - TD Bank N.A.
1.200%
8/1/40
100,000
100,000
 (j)(k)
Total New York
400,000
Ohio — 0.1%
 
Ohio State, GO, Common Schools, Series C
2.200%
6/15/26
100,000
100,000
 (j)(k)
Oregon — 1.7%
 
Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding, LOC
- TD Bank N.A.
1.200%
8/1/34
2,600,000
2,600,000
 (j)(k)
Pennsylvania — 0.1%
Pennsylvania HFA, Single Family Mortgage Revenue Bonds, Series B, SPA - TD
Bank N.A.
2.250%
10/1/50
100,000
100,000
 (j)(k)
Philadelphia, PA, IDA, Multi-Modal Lease Revenue, Series B-2, Refunding, LOC -
TD Bank N.A.
2.240%
10/1/30
100,000
100,000
 (j)(k)
Total Pennsylvania
200,000
Utah — 0.3%
Utah County, UT, Hospital Revenue, IHC Health Services Inc., Series C, SPA - TD
Bank N.A.
1.250%
5/15/58
400,000
400,000
 (j)(k)
 
Total Municipal Bonds (Cost — $5,850,000)
5,850,000
See Notes to Schedule of Investments.
10
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
 
Shares
Value
Money Market Funds — 0.0%††
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $53,133)  
4.322%
53,133
 
 $53,133
 (l)(m)
 
Total Short-Term Investments (Cost — $5,903,133)
5,903,133
Total Investments — 102.3% (Cost — $157,804,726)
158,310,996
TOB Floating Rate Notes — (2.6)%
(4,060,000
)
Other Assets in Excess of Other Liabilities — 0.3%
486,872
Total Net Assets — 100.0%
$154,737,868
 
††
Represents less than 0.1%.
*
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 Directors.
(e)
The coupon payment on this security is currently in default as of January 31, 2025.
(f)
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
(g)
Securities traded on a when-issued or delayed delivery basis.
(h)
All or a portion of this security is held at the broker as collateral for open futures contracts. 
(i)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust.
(j)
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.
(k)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
(l)
Rate shown is one-day yield as of the end of the reporting period.
(m)
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding
voting securities of an issuer, or a company which is under common ownership or control with the Fund. At January 31, 2025, the total market value of
investments in Affiliated Companies was $53,133 and the cost was $53,133 (Note 2).
 
See Notes to Schedule of Investments.
11
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2025
 Western Asset Municipal High Income Fund Inc.
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
CWA
—
Clean Water Act
DFA
—
Development Finance Agency
EDA
—
Economic Development Authority
EDC
—
Economic Development Corporation
EFA
—
Educational Facilities Authority
GO
—
General Obligation
GTD
—
Guaranteed
HDA
—
Housing Development Authority
HEFA
—
Health & Educational Facilities Authority
HFA
—
Housing Finance Agency
IDA
—
Industrial Development Authority
IDR
—
Industrial Development Revenue
LOC
—
Letter of Credit
MFA
—
Municipal Finance Authority
MTA
—
Metropolitan Transportation Authority
NATL
—
National Public Finance Guarantee Corporation — Insured Bonds
PCFA
—
Pollution Control Financing Authority
PEA
—
Public Energy Authority
PFA
—
Public Facilities Authority
SPA
—
Standby Bond Purchase Agreement — Insured Bonds
TFA
—
Transitional Finance Authority
At January 31, 2025, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Depreciation
Contracts to Buy:
U.S. Treasury Ultra Long-Term Bonds
39
3/25
 $4,833,122
 $4,620,281
 $(212,841)
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.
12
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Municipal High Income Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund seeks high current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing primarily in intermediate and long-term municipal debt securities issued by state and local governments (“municipal obligations”). However, the Fund may invest in municipal obligations of any maturity. The Fund may invest up to 100% of its assets in municipal obligations rated below investment grade (commonly referred to as “junk bonds”). Investment grade securities are those rated in the Baa/BBB categories or above by at least one National Recognized Statistical Rating Organization that provides such a rating or unrated securities that the subadviser determined to be of comparable credit quality. For credit ratings purposes, pre-refunded bonds are deemed to be unrated. The subadviser determines the credit quality of pre-refunded bonds based on the quality of the escrowed collateral and such other factors as the subadviser deems appropriate.
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 Directors (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.
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Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
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.
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 and liabilities 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
—
 $145,362,771
—
 $145,362,771
Municipal Bonds Deposited in Tender Option Bond Trusts
—
7,045,092
—
7,045,092
Total Long-Term Investments
—
152,407,863
—
152,407,863
Short-Term Investments†:
Municipal Bonds
—
5,850,000
—
5,850,000
Money Market Funds
 $53,133
—
—
53,133
Total Short-Term Investments
53,133
5,850,000
—
5,903,133
Total Investments
$53,133
$158,257,863
—
$158,310,996
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
 $212,841
—
—
 $212,841
 
†
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended January 31, 2025. The following transactions were effected in such company for the period ended January 31, 2025.
 
 
Affiliate
Value at

October 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $203
 $1,327,903
1,327,903
 $1,274,973
1,274,973
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Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
January 31,
2025
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $663
—
 $53,133
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Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report