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Schedule of Investments (unaudited)
July 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 — 94.5%
Alabama — 4.2%
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Series D-1,
Refunding
5.500%
2/1/29
 $200,000
 $210,726
 (a)(b)
Jefferson County, AL, Sewer Revenue:
Warrants, Series 2024, Refunding
5.250%
10/1/45
1,500,000
1,521,099
 
Warrants, Series 2024, Refunding
5.250%
10/1/49
2,000,000
2,008,413
 
Warrants, Series 2024, Refunding
5.500%
10/1/53
1,000,000
1,016,193
 
Mobile County, AL, IDA Revenue:
Solid Waste Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
290,000
264,149
 (c)
Solid Waste Disposal Facility, Calvert LLC Project, Series B
4.750%
12/1/54
250,000
218,637
 (c)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1,
Series A, Refunding
5.000%
4/1/32
350,000
369,479
 
Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue,
Series B
5.250%
1/1/33
525,000
545,101
 (a)(b)
Total Alabama
6,153,797
Alaska — 0.7%
Anchorage, AK, Port Revenue, Series A
5.000%
12/1/50
250,000
243,644
 (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
384,974
 
Asset Backed Senior Bonds, Class 1, Series A, Refunding
4.000%
6/1/50
250,000
202,136
 
Asset Backed Senior Bonds, Class 2, Series B-1, Refunding
4.000%
6/1/50
185,000
171,721
 
Total Alaska
1,002,475
Arizona — 5.0%
Arizona, AZ, IDA Revenue, Doral Academy Of Northern Nevada Project, Series A,
Refunding
4.000%
7/15/51
500,000
349,250
 (d)
Chandler, AZ, IDA Revenue:
Intel Corp. Project
3.800%
6/15/28
800,000
805,477
 (a)(b)
Intel Corp. Project
4.100%
6/15/28
250,000
251,230
 (a)(b)(c)
Intel Corp. Project
4.000%
6/1/29
600,000
596,868
 (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
1,000,268
 (d)
Maricopa County, AZ, IDA Revenue, Legacy Traditional Schools Project,
Series 2019, Refunding
5.000%
7/1/49
500,000
459,388
 (d)
Navajo Nation, AZ, Revenue, Series A, Refunding
5.500%
12/1/30
190,000
190,874
 (d)
Phoenix, AZ, IDA Revenue:
Basis School Inc., Refunding
5.000%
7/1/35
1,000,000
1,000,223
 (d)
Great Hearts Academies, Refunding
5.000%
7/1/41
1,200,000
1,184,442
 
Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007
5.000%
12/1/37
1,500,000
1,559,535
 
Total Arizona
7,397,555
California — 11.2%
Alameda, CA, Corridor Transportation Authority Revenue:
Convertible CAB, Series C, AG
5.000%
10/1/52
600,000
601,074
 
Second Subordinated Lien, Series B, Refunding
5.000%
10/1/34
500,000
507,714
 
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
1,500,000
1,562,156
 (a)(b)
Clean Energy Project, Green Bonds, Series B-1
5.000%
8/1/29
500,000
523,135
 (a)(b)
Clean Energy Project, Green Bonds, Series C
5.000%
10/1/32
250,000
264,578
 (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)
July 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 E
5.000%
9/1/32
 $1,300,000
 $1,380,000
 (a)(b)
Clean Energy Project, Green Bonds, Series H
5.000%
8/1/33
500,000
542,371
 (a)(b)
California State Community Housing Agency, Essential Housing Revenue,
Stoneridge Apartments, Series A
4.000%
2/1/56
500,000
343,290
 (d)
California State MFA Revenue, Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
700,000
679,193
 (c)
California State PCFA Water Furnishing Revenue, San Diego County Water
Authority Desalination Project, Refunding
5.000%
7/1/39
700,000
705,143
 (d)
California State Public Finance Authority, Senior Living Revenue, Enso Village
Project, Green Bond, Series A
5.000%
11/15/36
250,000
241,369
 
Inland Valley, CA, Development Agency, Successor Agency Tax Allocation
Revenue, Series A, Refunding
5.000%
9/1/44
500,000
503,867
 
Mountain House Public Financing Authority, CA, Utility Systems Revenue, Green
Bonds, Series A, BAM
4.000%
12/1/45
750,000
688,598
 
M-S-R Energy Authority, CA, Natural Gas Revenue:
Series B
6.500%
11/1/39
1,000,000
1,183,755
 
Series C
7.000%
11/1/34
2,000,000
2,375,618
 
Series C
6.500%
11/1/39
2,000,000
2,367,511
 
River Islands, CA, Public Financing Authority, Special Tax Revenue:
Community Facilities District No 2003-1, Series A-1, Refunding, AG
5.250%
9/1/52
300,000
302,302
 
Community Facilities District No 2023-1
5.625%
9/1/53
530,000
536,647
 
San Francisco, CA, City & County Airport Commission, International Airport
Revenue, Second Series A, Unrefunded
5.000%
5/1/47
1,000,000
979,420
 (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
190,062
 
Total California
16,477,803
Colorado — 1.4%
Colorado State Health Facilities Authority Revenue:
Commonspirit Health Initiatives, Series B-2
5.000%
8/1/26
250,000
252,025
 (a)(b)
Improvement Second Tier Bonds, Bethesda Project
5.500%
9/15/54
400,000
374,495
 
Colorado State High Performance Transportation Enterprise Revenue, C-470
Express Lanes
5.000%
12/31/51
150,000
140,082
 
North Range, CO, Metropolitan District No 2, GO, Series A, Refunding
5.625%
12/1/37
500,000
491,113
 
Southern Ute Indian Tribe Reservation, CO, GO, Series A
5.000%
4/1/35
300,000
316,790
 (d)
Village Metropolitan District, CO, Limited & Special Revenue, Series 2020,
Refunding and Improvements
5.000%
12/1/40
500,000
494,764
 
Total Colorado
2,069,269
Connecticut — 0.8%
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A
5.000%
1/1/37
500,000
513,848
 
Connecticut State, GO, Series A
4.000%
4/15/37
600,000
593,883
 
Total Connecticut
1,107,731
District of Columbia — 0.5%
 
Metropolitan Washington, DC, Airports Authority Aviation Revenue, Series A,
Refunding
5.000%
10/1/30
600,000
651,087
 (c)
Florida — 6.5%
Broward County, FL, Port Facilities Revenue:
Senior Bonds, Series B
4.000%
9/1/49
2,500,000
2,111,109
 (c)
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
Series 2022
5.500%
9/1/52
 $1,000,000
 $1,020,583
 (c)
Florida State Development Finance Corp., Educational Facilities Revenue:
Mater Academy Projects, Series A
5.000%
6/15/40
650,000
643,744
 
Renaissance Charter School Inc. Projects, Series A
6.000%
6/15/35
250,000
250,099
 (d)
Renaissance Charter School Inc. Projects, Series A
6.125%
6/15/46
215,000
212,434
 (d)
Florida State Development Finance Corp., Revenue, Brightline Passenger Rail
Project, Refunding, AG
5.250%
7/1/53
1,000,000
957,563
 (c)
Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding
5.000%
10/1/28
500,000
501,747
 
Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AG
4.000%
10/1/52
150,000
126,880
 
Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding
5.250%
10/1/52
750,000
744,698
 (c)
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Inc., Series A
5.000%
10/1/53
250,000
243,327
 
Orlando Health Inc., Series A, Refunding
4.500%
10/1/56
200,000
177,841
 
Palm Beach County, FL, Health Facilities Authority Hospital Revenue:
Jupiter Medical Center Project, Series A
5.000%
11/1/39
350,000
354,137
 
Jupiter Medical Center Project, Series A
5.000%
11/1/47
1,515,000
1,448,675
 
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
86,791
 
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A
5.000%
6/1/55
350,000
312,663
 
Reunion, FL, East Community Development District, Special Assessment Bond,
Series A-2
7.375%
5/1/33
285,000
3
 *(e)
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue
5.000%
5/1/43
350,000
338,427
 (d)
Total Florida
9,530,721
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
355,278
 
Plant Vogtle Units 3&4, Project P, Series A
5.500%
7/1/64
250,000
253,734
 
Plant Vogtle Units 3&4, Project P, Series A, Refunding
5.000%
1/1/56
250,000
238,234
 
Project One, Subordinated, Series A, Refunding
5.000%
1/1/45
250,000
250,259
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/43
150,000
148,361
 
Series C
5.000%
9/1/30
250,000
264,342
 (a)(b)
Total Georgia
1,510,208
Hawaii — 0.3%
Honolulu, HI, City & County Wastewater System Revenue:
First Senior Bond Resolution, Series A
3.000%
7/1/41
350,000
278,840
 
First Senior Bond Resolution, Series A, Refunding
5.000%
7/1/38
150,000
164,101
 
Total Hawaii
442,941
Illinois — 14.9%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax
Revenue, Series 2018
5.000%
4/1/42
1,000,000
986,659
 
Chicago, IL, Board of Education, GO:
Dedicated, Series H
5.000%
12/1/46
1,000,000
890,515
 
Series A
5.000%
12/1/39
1,250,000
1,191,219
 
See Notes to Schedule of Investments.
3
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
July 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 C, Refunding, AG
5.000%
12/1/32
 $1,750,000
 $1,799,623
 
Chicago, IL, GO:
Chicago Works, Series A
5.500%
1/1/39
550,000
566,821
 
Series A
5.500%
1/1/49
500,000
482,911
 
Series A, Refunding
5.000%
1/1/28
500,000
516,621
 
Chicago, IL, O’Hare International Airport Revenue:
General Senior Lien, Series C, Refunding
5.000%
1/1/44
500,000
491,839
 (c)
Senior Lien, Series G
5.000%
1/1/42
500,000
493,720
 (c)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Second Lien
5.000%
12/1/51
1,000,000
980,285
 
Second Lien, Series A, Refunding
5.000%
12/1/45
500,000
499,974
 
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A
5.000%
1/1/47
300,000
300,312
 
Second Lien, Series B, Refunding
5.000%
1/1/38
500,000
504,199
 
Chicago, IL, Waterworks Revenue, Second Lien, Series 2017-2, Refunding, AG
5.000%
11/1/32
1,260,000
1,300,139
 
Illinois State Finance Authority Revenue:
Navy Pier Inc., Series B, Refunding
5.000%
10/1/34
250,000
256,868
 
Navy Pier Inc., Series B, Refunding
5.000%
10/1/49
250,000
225,216
 
Surface Freight Transfer Facilites, Centerpoint Joliet Terminal Railroad Project
4.800%
7/2/35
350,000
349,892
 (a)(b)(c)(d)
Illinois State Sports Facilities Authority Revenue, Sport Facilities Project,
Series 2019, Refunding, BAM
5.000%
6/15/29
250,000
265,667
 
Illinois State University, Auxiliary Facilities System Revenue, Series A,
Refunding, AG
5.000%
4/1/28
100,000
105,812
 
Illinois State, GO:
Series 2016, Refunding
5.000%
2/1/29
300,000
308,539
 
Series A
5.000%
3/1/37
1,250,000
1,299,509
 
Series A
5.000%
3/1/46
500,000
487,017
 
Series A, Refunding
5.000%
10/1/29
1,100,000
1,159,891
 
Series A, Refunding
5.000%
10/1/30
550,000
577,545
 
Series B, Refunding
5.000%
9/1/27
400,000
417,037
 
Series D
5.000%
11/1/27
1,150,000
1,202,700
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A
5.000%
6/15/57
350,000
333,214
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/42
750,000
656,935
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/47
1,000,000
818,509
 
McCormick Place Expansion Project, Series A, Refunding
5.000%
6/15/50
250,000
242,942
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
6/15/42
1,250,000
1,261,434
 
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL
6.000%
7/1/29
930,000
1,002,803
 
Total Illinois
21,976,367
Indiana — 1.9%
Indiana State Finance Authority Revenue:
BHI Senior Living Inc., Series A, Refunding
4.000%
11/15/41
500,000
431,652
 
Marion General Hospital, Series A
4.000%
7/1/45
200,000
173,268
 
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A
4.250%
11/1/30
200,000
203,105
 
Wastewater Utility, First Lien, CWA Authority Project, Series A, Refunding
5.000%
10/1/45
1,000,000
1,016,332
 
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
 
Indiana — continued
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project, Refunding
5.000%
1/1/54
 $1,100,000
 $1,005,850
 (c)
Total Indiana
2,830,207
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
123,775
 
Kentucky — 1.2%
Kentucky State PEA, Gas Supply Revenue:
Series A
4.000%
6/1/26
1,500,000
1,509,329
 (a)(b)
Series A, Refunding
5.250%
12/1/29
200,000
211,210
 (a)(b)
Total Kentucky
1,720,539
Louisiana — 1.5%
Louisiana State PFA, Lease Revenue:
Provident Group, Flagship Properties
5.000%
7/1/42
700,000
700,684
 
Provident Group, Flagship Properties, Series A
4.000%
7/1/49
500,000
416,520
 
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series A-3, Refunding
2.200%
7/1/26
400,000
396,762
 (a)(b)
Marathon Oil Corp. Project, Series B-2, Refunding
2.375%
7/1/26
250,000
248,368
 (a)(b)
Marathon Oil Corp. Project, Series C, Refunding
3.300%
7/3/28
500,000
502,886
 (a)(b)
Total Louisiana
2,265,220
Maryland — 0.7%
Maryland State EDC Revenue:
Morgan State University Project
4.250%
7/1/50
350,000
294,651
 
Seagirt Marine Terminal Project, Series A
5.000%
6/1/44
400,000
381,305
 (c)
Maryland State Health & Higher EFA Revenue, Frederick Health System,
Refunding
4.000%
7/1/40
300,000
270,398
 
Total Maryland
946,354
Massachusetts — 0.7%
Massachusetts State DFA Revenue:
Boston Medical Center, Sustainability Bonds, Series G, Refunding
5.250%
7/1/52
500,000
483,305
 
Northeastern University Issue, Refunding
5.000%
10/1/44
500,000
508,108
 
Total Massachusetts
991,413
Michigan — 1.1%
Detroit, MI, GO, Unlimited Tax, Series C
6.000%
5/1/43
700,000
748,687
 
Michigan State Finance Authority Revenue:
Henry Ford Health System, Series A
4.000%
11/15/50
400,000
333,509
 
The Henry Ford Health Detroit South Campus Central Utility Plant Project,
Green Bonds, Series 2024
4.375%
2/28/54
250,000
218,612
 
Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding
5.000%
6/1/49
15,000
14,435
 
Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement
Project
5.000%
12/31/43
250,000
242,569
 (c)
Total Michigan
1,557,812
Missouri — 1.8%
Missouri State HEFA Revenue, Series A, Refunding
5.250%
2/1/44
700,000
687,343
 
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of
Sunset Hills, Series A
5.875%
9/1/43
2,000,000
1,996,412
 
Total Missouri
2,683,755
See Notes to Schedule of Investments.
5
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
July 31, 2025
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Nebraska — 0.3%
 
Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding
4.000%
2/1/46
 $500,000
 $437,535
 
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
299,383
 (d)
Charter School Lease Revenue, Somerset Academy, Series A
5.125%
12/15/45
500,000
458,336
 (d)
Total Nevada
757,719
New Hampshire — 1.4%
National Finance Authority, NH, Revenue:
Presbyterian Senior Living Project, Series A
5.250%
7/1/48
350,000
334,929
 
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
12/1/35
850,000
900,130
 
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
6/1/55
800,000
752,410
 
Total New Hampshire
1,987,469
New Jersey — 5.5%
New Jersey State EDA Revenue:
Private Activity-The Goethals Bridge Replacement Project
5.375%
1/1/43
1,500,000
1,500,742
 (c)
Special Facility, Port Newark Container Terminal LLC Project, Refunding
5.000%
10/1/37
650,000
652,709
 (c)
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA, Refunding
5.000%
6/15/42
4,000,000
4,097,987
 
Transportation Program, Series BB
5.000%
6/15/44
1,000,000
1,000,053
 
New Jersey State Turnpike Authority Revenue, Series C, Refunding
5.000%
1/1/44
700,000
718,898
 
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
5.250%
6/1/46
150,000
149,049
 
Total New Jersey
8,119,438
New Mexico — 0.4%
New Mexico State Municipal Energy Acquisition Authority, Gas Supply Revenue,
Refunding
5.000%
11/1/30
400,000
424,687
 (a)(b)
Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement Residences
Project, Series A
5.000%
5/15/49
250,000
219,485
 
Total New Mexico
644,172
New York — 10.8%
Brookhaven, NY, Local Development Corp., Long Island Community Hospital
Project, Series A, Refunding
5.000%
10/1/34
735,000
779,294
 
Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter
School Project
5.750%
6/1/62
300,000
278,320
 (d)
MTA, NY, Transportation Revenue:
Green Bonds, Series E, Refunding
5.000%
11/15/30
250,000
276,881
 
Green Bonds, Series E, Refunding
4.000%
11/15/45
250,000
213,230
 
Series A-2
5.000%
5/15/30
400,000
420,330
 (a)(b)
New York City, NY, GO, Subseries A-1
4.000%
8/1/40
750,000
706,919
 
New York City, NY, Industrial Development Agency Revenue, Yankee Stadium
Project, Refunding
4.000%
3/1/45
300,000
258,910
 
New York City, NY, TFA, Future Tax Secured Revenue, Subordinated, Series F,
Subseries F-1
5.000%
2/1/47
2,250,000
2,257,905
 
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
422,327
 
New York State Liberty Development Corp., Liberty Revenue, 7 World Trade
Center Project, Class 3, Refunding
3.500%
9/15/52
700,000
516,822
 
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
New York State Liberty Development Corp., Revenue, 3 World Trade Center
Project, Class 1, Refunding
5.000%
11/15/44
 $1,205,000
 $1,155,215
 (d)
New York State Thruway Authority General Revenue, Junior Indebtedness
Obligations, Junior Lien, Series B, Refunding
4.000%
1/1/45
750,000
660,157
 
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
761,369
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
6.000%
4/1/35
400,000
433,378
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.625%
4/1/40
300,000
307,839
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
4.375%
10/1/45
250,000
217,101
 (c)
John F. Kennedy International Airport New Terminal One Project, Green Bonds
5.375%
6/30/60
3,250,000
3,093,666
 (c)
John F. Kennedy International Airport Terminal 4 Project, Series C, Refunding
4.000%
12/1/42
500,000
441,736
 
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding
5.500%
12/31/54
150,000
146,739
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding, AG
4.500%
12/31/54
350,000
303,725
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series B, Refunding, AG, Step bond (0.000% to 12/31/34 then
5.000%)
0.000%
12/31/54
150,000
90,581
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/41
300,000
299,990
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/46
500,000
476,044
 (c)
Port Authority of New York & New Jersey Revenue, Consolidated Series 221
4.000%
7/15/45
1,000,000
845,023
 (c)
Troy Capital Resource Corp., NY, Revenue, Rensselaer Polytechnic Institute
Project, Series A, Refunding
4.000%
9/1/40
500,000
450,230
 
Total New York
15,813,731
North Carolina — 0.3%
 
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue,
Series A, Refunding
5.000%
7/1/47
500,000
490,973
 
North Dakota — 0.3%
 
Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding,
AG
3.000%
12/1/46
600,000
426,473
 
Ohio — 1.2%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds,
Series B-2, Refunding
5.000%
6/1/55
800,000
650,745
 
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B
2.500%
10/1/29
350,000
331,835
 (a)(b)(c)
American Electric Co. Project, Series D, Refunding
3.700%
10/1/28
140,000
139,671
 (c)
Ohio State Private Activity Revenue, Portsmouth Bypass Project
5.000%
6/30/53
700,000
661,732
 (c)
Total Ohio
1,783,983
Oklahoma — 0.3%
 
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue,
Montereau Inc. Project, Refunding
5.250%
11/15/37
500,000
500,796
 
Oregon — 0.3%
 
Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living,
Willamette View Project, Refunding
5.000%
11/15/37
500,000
492,233
 
See Notes to Schedule of Investments.
7
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
July 31, 2025
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Pennsylvania — 3.6%
Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center,
Series A, Refunding
4.000%
7/15/39
 $350,000
 $322,812
 
Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social
Ministries Project, Unrefunded
5.000%
1/1/28
135,000
135,055
 
Lancaster County, PA, IDA Revenue, Willow Valley Communities Project
5.000%
12/1/49
500,000
454,118
 
Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental
Tax, Series B, Refunding, County GTD
4.750%
5/1/57
500,000
461,283
 
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
604,965
 (c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.250%
6/30/53
2,600,000
2,451,035
 (c)
Philadelphia, PA, Authority for IDR:
Charter School Revenue, A String Theory Charter School Project, Refunding
5.000%
6/15/40
400,000
378,796
 
City Service Agreement Revenue, Rebuild Project
5.000%
5/1/38
500,000
511,189
 
Total Pennsylvania
5,319,253
Puerto Rico — 4.0%
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
172,000
161,198
 
CAB, Restructured, Series A-1
0.000%
7/1/46
1,220,000
379,652
 
Restructured, Series A-1
4.550%
7/1/40
50,000
47,289
 
Restructured, Series A-1
4.750%
7/1/53
3,020,000
2,710,684
 
Restructured, Series A-1
5.000%
7/1/58
880,000
805,479
 
Restructured, Series A-2
4.329%
7/1/40
530,000
493,319
 
Restructured, Series A-2A
4.550%
7/1/40
1,380,000
1,305,183
 
Total Puerto Rico
5,902,804
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
350,727
 
Tennessee — 0.8%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A
4.000%
2/1/51
500,000
424,795
 
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority
Revenue, Series A, AG
5.250%
7/1/53
350,000
354,965
 
Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018
4.000%
11/1/25
400,000
400,510
 (a)(b)
Total Tennessee
1,180,270
Texas — 3.1%
Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift
Education, Series A, Refunding
5.000%
12/1/46
200,000
184,918
 
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM
5.000%
2/15/41
500,000
482,776
 
Austin, TX, Airport System Revenue:
Series 2022
5.000%
11/15/52
300,000
291,770
 (c)
Series B
5.000%
11/15/39
600,000
605,514
 (c)
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B
4.000%
1/1/51
500,000
426,173
 
Galveston, TX, Wharves & Terminal Revenue, Series A
5.250%
8/1/38
750,000
771,585
 (c)
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017
5.000%
11/1/33
20,000
20,177
 (c)
Series 2017
5.000%
11/1/36
20,000
20,041
 (c)
Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging
International, LLC Project, Green Bonds
5.000%
6/1/30
150,000
152,412
 (a)(b)(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
 
Texas — continued
New Hope Cultural Education Facilities Finance Corp., TX, Retirement Facility
Revenue, Westminster Manor Project, Refunding
4.000%
11/1/49
 $400,000
 $320,749
 
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy,
Series A
4.000%
8/15/56
350,000
252,201
 
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement
Facility Revenue, Buckner Retirement Services Inc. Project, Refunding
5.000%
11/15/37
700,000
701,168
 
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
306,204
 (c)
Total Texas
4,535,688
Utah — 1.5%
Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A
5.250%
7/1/53
1,000,000
999,891
 (c)
Utah State Charter School Finance Authority, Charter School Revenue:
Summit Academy Inc., Series A, Refunding, UT CSCE
5.000%
4/15/39
350,000
354,475
 
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/42
250,000
248,761
 
Utah State Infrastructure Agency, Telecommunications Revenue, Series A
5.250%
10/15/33
550,000
564,728
 
Total Utah
2,167,855
Virginia — 1.5%
Virginia State Port Authority, Port Facilities Revenue:
Series B, Refunding
5.000%
7/1/41
250,000
254,586
 (c)(f)
Series B, Refunding
5.000%
7/1/45
300,000
305,503
 (c)(f)
Virginia State Small Business Financing Authority Revenue:
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/34
200,000
208,634
 
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/37
1,000,000
1,019,415
 (c)
Senior Lien, I-495 HOT Lanes Project, Refunding
5.000%
12/31/47
500,000
478,044
 (c)
Total Virginia
2,266,182
Washington — 0.9%
Port of Seattle, WA, Intermediate Lien Revenue, Series 2022, Refunding
5.000%
8/1/41
500,000
502,050
 (c)
Washington State Health Care Facilities Authority Revenue:
Commonspirit Health, Series A-1, Refunding
4.000%
8/1/44
535,000
461,708
 
Seattle Cancer Care Alliance, Refunding
4.000%
12/1/40
370,000
336,039
 
Total Washington
1,299,797
West Virginia — 0.1%
 
West Virginia State EDA Revenue, Solid Waste Disposal Facility, Commercial
Metals Co. Project
4.625%
5/15/32
150,000
146,278
 (a)(b)(c)
Wisconsin — 2.0%
Public Finance Authority, WI, Revenue:
Celanese Project, Series B, Refunding
5.000%
12/1/25
550,000
551,100
 (c)
Cone Health, Series A
5.000%
10/1/52
300,000
291,350
 
The Carmelite System Inc. Obligated Group, Refunding
5.000%
1/1/45
100,000
93,142
 
Public Finance Authority, WI, Student Housing Revenue:
Appalachian State University Project, Series A, AG
4.000%
7/1/45
600,000
529,214
 
CHF Wilmington LLC, University of North Carolina at Wilmington Project, AG
5.000%
7/1/53
1,000,000
962,088
 
University of Hawai’i Foundation Project, Green Bonds, Series A-1
4.000%
7/1/51
280,000
209,347
 (d)
Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A
5.500%
12/1/52
250,000
257,744
 
Total Wisconsin
2,893,985
 
Total Municipal Bonds (Cost — $144,308,486)
138,956,390
See Notes to Schedule of Investments.
9
Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
July 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 Deposited in Tender Option Bond Trusts(g) — 3.2%
New York — 3.2%
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
 $1,440,000
 $1,470,880
 
New York State Dormitory Authority, State Personal Income Tax Revenue,
General Purpose Bonds, Series A
4.000%
3/15/45
1,740,000
1,522,355
 
New York State Urban Development State Sales Revenue, Series A
5.000%
3/15/47
1,800,000
1,817,775
 
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $5,069,777)
4,811,010
Total Investments before Short-Term Investments (Cost — $149,378,263)
143,767,400
 
Short-Term Investments — 3.6%
Municipal Bonds — 3.6%
Arizona — 0.1%
 
Arizona State IDA, Hospital Revenue, Phoenix Children’s Hospital, Series A,
Refunding, LOC - TD Bank N.A.
2.750%
2/1/48
200,000
200,000
 (h)(i)
Florida — 0.2%
Gainesville, FL, IDR, Gainesville Hillel Inc., Series 2003, LOC - TD Bank N.A.
2.450%
5/1/33
200,000
200,000
 (h)(i)
Highlands County, FL, Health Facilities Authority Hospital Revenue, Adventist
Health System/Sunbelt Obligated Group, Series I-2, Refunding
2.250%
11/15/32
100,000
100,000
 (h)(i)
Total Florida
300,000
Indiana — 0.4%
 
Indiana State Finance Authority Environmental Facilities Revenue, Series A-5,
Refunding, LOC - Sumitomo Mitsui Banking
2.600%
10/1/40
520,000
520,000
 (h)(i)
Maryland — 0.3%
Maryland State Health & Higher EFA Revenue:
The Johns Hopkins Health System, Refunding, LOC - TD Bank N.A.
2.700%
6/1/46
400,000
400,000
 (h)(i)
University of Maryland Medical System, Series D, Refunding, LOC - TD Bank
N.A.
2.750%
7/1/41
100,000
100,000
 (h)(i)
Total Maryland
500,000
Michigan — 0.1%
 
Grand Valley State University, MI, General Revenue, Series B, Refunding, LOC -
TD Bank N.A.
2.360%
12/1/31
150,000
150,000
 (h)(i)
New York — 1.7%
Battery Park City Authority Junior Revenue, NY, Subseries D-2, Refunding, SPA -
TD Bank N.A.
2.750%
11/1/38
200,000
200,000
 (h)(i)
New York City, NY, GO:
Subseries D-4, LOC - TD Bank N.A.
2.750%
8/1/40
200,000
200,000
 (h)(i)
Subseries E-5, LOC - TD Bank N.A.
2.750%
3/1/48
300,000
300,000
 (h)(i)
New York City, NY, HDC, MFH Revenue, Series I-3, SPA - TD Bank N.A.
2.300%
11/1/60
100,000
100,000
 (h)(i)
New York City, NY, Multi-Family Rental HDC Revenue, Related-Sierra
Development, Series A, LOC - FNMA
3.050%
3/15/33
100,000
100,000
 (c)(h)(i)
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue:
Second General Resolution Fiscal 2009, Series BB-2, Refunding, SPA - UBS
AG
2.800%
6/15/39
400,000
400,000
 (h)(i)
Second General Resolution Fiscal 2014, Series AA, Refunding, SPA - Mizuho
Bank Ltd.
2.750%
6/15/48
100,000
100,000
 (h)(i)
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
Maturity
Date
Face
Amount
Value
 
New York — continued
New York State HFA Revenue, 10 Liberty Street Realty LLC, Series A, LIQ -
FHLMC, LOC - FHLMC
2.960%
5/1/35
 $1,065,000
 $1,065,000
 (h)(i)
Total New York
2,465,000
Oregon — 0.7%
 
Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding,
LOC - TD Bank N.A.
2.700%
8/1/34
1,000,000
1,000,000
 (h)(i)
Texas — 0.1%
Gulf Coast, TX, IDA Revenue, ExxonMobil Project
2.800%
11/1/41
100,000
100,000
 (h)(i)
 
Total Municipal Bonds (Cost — $5,235,000)
5,235,000
 
 
 
 
Shares
 
Money Market Funds — 0.0%††
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $63,568)  
4.268%
63,568
 
63,568
 (j)(k)
 
Total Short-Term Investments (Cost — $5,298,568)
5,298,568
Total Investments — 101.3% (Cost — $154,676,831)
149,065,968
TOB Floating Rate Notes — (1.9)%
(2,730,000
)
Other Assets in Excess of Other Liabilities — 0.6%
749,697
Total Net Assets — 100.0%
$147,085,665
 
††
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 July 31, 2025.
(f)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(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.
(j)
Rate shown is one-day yield as of the end of the reporting period.
(k)
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 July 31, 2025, the total market value of
investments in Affiliated Companies was $63,568 and the cost was $63,568 (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)
July 31, 2025
 Western Asset Municipal High Income Fund Inc.
Abbreviation(s) used in this schedule:
AG
—
Assured Guaranty — 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
FHLMC
—
Federal Home Loan Mortgage Corporation
FNMA
—
Federal National Mortgage Association
GO
—
General Obligation
GTD
—
Guaranteed
HDA
—
Housing Development Authority
HDC
—
Housing Development Corporation
HEFA
—
Health & Educational Facilities Authority
HFA
—
Housing Finance Agency
IDA
—
Industrial Development Authority
IDR
—
Industrial Development Revenue
LIQ
—
Liquidity Facility
LOC
—
Letter of Credit
MFA
—
Municipal Finance Authority
MFH
—
Multi-Family Housing
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
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 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
—
 $138,956,390
—
 $138,956,390
Municipal Bonds Deposited in Tender Option Bond Trusts
—
4,811,010
—
4,811,010
Total Long-Term Investments
—
143,767,400
—
143,767,400
Short-Term Investments†:
Municipal Bonds
—
5,235,000
—
5,235,000
Money Market Funds
 $63,568
—
—
63,568
Total Short-Term Investments
63,568
5,235,000
—
5,298,568
Total Investments
$63,568
$149,002,400
—
$149,065,968
 
†
See Schedule of Investments for additional detailed categorizations.
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 July 31, 2025. The following transactions were effected in such company for the period ended July 31, 2025.
 
 
Affiliate
Value at

October 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $203
 $2,657,793
2,657,793
 $2,594,428
2,594,428

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
July 31,
2025
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $1,695
—
 $63,568
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Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report