Schedule of Investments (unaudited)
January 31, 2026
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 Western Asset Municipal High Income Fund Inc.

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 93.1%
Alabama — 5.1%
Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Series D-1,
Refunding
5.500%
2/1/29
 $200,000
 $212,171
 (a)(b)
Jefferson County, AL, Sewer Revenue:
Warrants, Series 2024, Refunding
5.250%
10/1/45
1,500,000
1,586,503
 
Warrants, Series 2024, Refunding
5.250%
10/1/49
2,000,000
2,079,313
 
Warrants, Series 2024, Refunding
5.500%
10/1/53
1,000,000
1,049,587
 
Mobile County, AL, IDA Revenue:
Solid Waste Disposal Facility, Calvert LLC Project, Series A
5.000%
6/1/54
290,000
279,473
 (c)
Solid Waste Disposal Facility, Calvert LLC Project, Series B
4.750%
12/1/54
250,000
232,144
 (c)
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1,
Series A, Refunding
5.000%
4/1/32
350,000
375,908
 
Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue:
Series B
5.250%
1/1/33
525,000
555,943
 (a)(b)
Series D
5.000%
9/1/35
1,400,000
1,544,233
 
Total Alabama
7,915,275
Alaska — 0.7%
Anchorage, AK, Port Revenue, Series A
5.000%
12/1/50
250,000
252,945
 (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
400,102
 
Asset Backed Senior Bonds, Class 1, Series A, Refunding
4.000%
6/1/50
250,000
208,234
 
Asset Backed Senior Bonds, Class 2, Series B-1, Refunding
4.000%
6/1/50
180,000
174,325
 
Total Alaska
1,035,606
Arizona — 4.9%
Arizona, AZ, IDA Revenue, Doral Academy Of Northern Nevada Project, Series A,
Refunding
4.000%
7/15/51
500,000
389,438
 (d)
Chandler, AZ, IDA Revenue:
Intel Corp. Project
3.800%
6/15/28
800,000
812,103
 (a)(b)
Intel Corp. Project
4.100%
6/15/28
250,000
253,189
 (a)(b)(c)
Intel Corp. Project
4.000%
6/1/29
600,000
612,228
 (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
1,000,618
 (d)
Maricopa County, AZ, IDA Revenue, Legacy Traditional Schools Project,
Series 2019, Refunding
5.000%
7/1/49
500,000
474,059
 (d)
Navajo Nation, AZ, Revenue, Series A, Refunding
5.500%
12/1/30
190,000
190,277
 (d)
Phoenix, AZ, IDA Revenue:
Basis School Inc., Refunding
5.000%
7/1/35
1,000,000
1,000,448
 (d)
Great Hearts Academies, Refunding
5.000%
7/1/41
1,200,000
1,200,210
 
Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007
5.000%
12/1/37
1,500,000
1,647,429
 
Total Arizona
7,579,999
California — 11.4%
Alameda, CA, Corridor Transportation Authority Revenue:
Convertible CAB, Series C, AG
5.000%
10/1/52
600,000
616,719
 
Second Subordinated Lien, Series B, Refunding
5.000%
10/1/34
500,000
506,771
 
California State Community Choice Financing Authority Revenue:
Clean Energy Project, Green Bonds, Series B
5.000%
12/1/32
1,500,000
1,583,867
 (a)(b)
See Notes to Schedule of Investments.
1
Western Asset Municipal High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 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 B-1
5.000%
8/1/29
 $500,000
 $528,968
 (a)(b)
Clean Energy Project, Green Bonds, Series C
5.000%
10/1/32
250,000
265,179
 (a)(b)
Clean Energy Project, Green Bonds, Series E
5.000%
9/1/32
1,300,000
1,394,729
 (a)(b)
Clean Energy Project, Green Bonds, Series G
5.000%
12/1/35
550,000
611,988
 
Clean Energy Project, Green Bonds, Series H
5.000%
8/1/33
500,000
548,802
 (a)(b)
California State Community Housing Agency, Essential Housing Revenue,
Stoneridge Apartments, Series A
4.000%
2/1/56
500,000
390,775
 (d)
California State MFA Revenue, Senior Lien, LINXS APM Project, Series A
5.000%
12/31/43
700,000
706,731
 (c)
California State PCFA Water Furnishing Revenue, San Diego County Water
Authority Desalination Project, Refunding
5.000%
7/1/39
700,000
723,053
 (d)
California State Public Finance Authority, Senior Living Revenue, Enso Village
Project, Green Bond, Series A
5.000%
11/15/36
250,000
253,848
 (d)
Inland Valley, CA, Development Agency, Successor Agency Tax Allocation
Revenue, Series A, Refunding
5.000%
9/1/44
500,000
504,685
 
Mountain House Public Financing Authority, CA, Utility Systems Revenue, Green
Bonds, Series A, BAM
4.000%
12/1/45
750,000
719,310
 
M-S-R Energy Authority, CA, Natural Gas Revenue:
Series B
6.500%
11/1/39
1,000,000
1,242,648
 
Series C
7.000%
11/1/34
2,000,000
2,459,473
 
Series C
6.500%
11/1/39
2,000,000
2,485,296
 
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
315,659
 
Community Facilities District No 2023-1
5.625%
9/1/53
525,000
541,677
 
San Francisco, CA, City & County Airport Commission, International Airport
Revenue, Second Series A, Unrefunded
5.000%
5/1/47
1,000,000
1,002,372
 (c)
Tobacco Securitization Authority of Southern California Revenue, Asset Backed
Refunding, San Diego County Tobacco Asset Securitization Corp., Class 1, Series
A
5.000%
6/1/48
200,000
200,238
 
Total California
17,602,788
Colorado — 1.4%
Colorado State Health Facilities Authority Revenue:
Commonspirit Health Initiatives, Series B-2
5.000%
8/1/26
250,000
250,266
 (a)(b)
Improvement Second Tier Bonds, Bethesda Project
5.500%
9/15/54
400,000
399,966
 
Colorado State High Performance Transportation Enterprise Revenue, C-470
Express Lanes
5.000%
12/31/51
150,000
147,678
 
North Range, CO, Metropolitan District No 2, GO, Series A, Refunding
5.625%
12/1/37
500,000
500,143
 
Southern Ute Indian Tribe Reservation, CO, GO, Series A
5.000%
4/1/35
300,000
332,187
 (d)
Village Metropolitan District, CO, Limited & Special Revenue, Series 2020,
Refunding and Improvements
5.000%
12/1/40
500,000
501,412
 
Total Colorado
2,131,652
Connecticut — 0.7%
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A
5.000%
1/1/37
500,000
519,411
 
Connecticut State, GO, Series A
4.000%
4/15/37
600,000
613,247
 
Total Connecticut
1,132,658
District of Columbia — 0.4%
 
Metropolitan Washington, DC, Airports Authority Aviation Revenue, Series A,
Refunding
5.000%
10/1/30
600,000
659,324
 (c)
See Notes to Schedule of Investments.
2
Western Asset Municipal High Income Fund Inc. 2026 Quarterly Report
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Florida — 5.1%
Broward County, FL, Port Facilities Revenue:
Senior Bonds, Series B
4.000%
9/1/49
 $2,500,000
 $2,124,971
 (c)
Series 2022
5.500%
9/1/52
1,000,000
1,040,813
 (c)
Florida State Development Finance Corp., Educational Facilities Revenue, Mater
Academy Projects, Series A
5.000%
6/15/40
650,000
654,111
 
Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AG
4.000%
10/1/52
150,000
136,483
 
Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding
5.250%
10/1/52
750,000
760,456
 (c)
Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project
5.500%
5/15/45
100,000
102,340
 (d)
Orange County, FL, Health Facilities Authority Revenue:
Orlando Health Inc., Series A
5.000%
10/1/53
250,000
254,041
 
Orlando Health Inc., Series A, Refunding
4.500%
10/1/56
200,000
192,140
 
Palm Beach County, FL, Health Facilities Authority Hospital Revenue:
Jupiter Medical Center Project, Series A
5.000%
11/1/39
350,000
367,681
 
Jupiter Medical Center Project, Series A
5.000%
11/1/47
1,515,000
1,520,428
 
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
91,576
 
Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A
5.000%
6/1/55
350,000
324,288
 
Reunion, FL, East Community Development District, Special Assessment Bond,
Series A-2
7.375%
5/1/33
285,000
3
 *(e)(f)(g)
Wildwood, FL, Village Community Development District No 15, Special
Assessment Revenue
5.000%
5/1/43
350,000
357,712
 (d)
Total Florida
7,927,043
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
360,317
 
Plant Vogtle Units 3&4, Project P, Series A
5.500%
7/1/64
250,000
257,895
 
Plant Vogtle Units 3&4, Project P, Series A, Refunding
5.000%
1/1/56
250,000
247,151
 
Project One, Subordinated, Series A, Refunding
5.000%
1/1/45
250,000
255,987
 
Main Street Natural Gas Inc., GA, Gas Project Revenue:
Series A
5.000%
5/15/43
150,000
152,338
 
Series C
5.000%
9/1/30
250,000
265,852
 (a)(b)
Total Georgia
1,539,540
Hawaii — 0.2%
 
Honolulu, HI, City & County Wastewater System Revenue, First Senior Bond
Resolution, Series A
3.000%
7/1/41
350,000
315,302
 
Illinois — 13.9%
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax
Revenue, Series 2018
5.000%
4/1/42
1,000,000
1,009,522
 
Chicago, IL, Board of Education, GO:
Dedicated, Series H
5.000%
12/1/46
1,000,000
954,737
 
Series A
5.000%
12/1/39
1,250,000
1,250,448
 
Series C, Refunding, AG
5.000%
12/1/32
1,750,000
1,821,847
 
Chicago, IL, GO:
Chicago Works, Series A
5.500%
1/1/39
550,000
586,178
 
Series A
5.500%
1/1/49
150,000
150,511
 
See Notes to Schedule of Investments.
3
Western Asset Municipal High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Illinois — continued
Chicago, IL, O’Hare International Airport Revenue:
General Senior Lien, Series C, Refunding
5.000%
1/1/44
 $500,000
 $515,739
 (c)
Senior Lien, Series G
5.000%
1/1/42
500,000
503,447
 (c)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Second Lien
5.000%
12/1/51
1,000,000
1,000,098
 
Second Lien, Series A, Refunding
5.000%
12/1/45
500,000
510,021
 
Chicago, IL, Wastewater Transmission Revenue:
Second Lien, Series A
5.000%
1/1/47
300,000
300,413
 
Second Lien, Series B, Refunding
5.000%
1/1/38
500,000
507,762
 
Chicago, IL, Waterworks Revenue, Second Lien, Series 2017-2, Refunding, AG
5.000%
11/1/32
1,260,000
1,306,175
 
Illinois State Finance Authority Revenue:
Navy Pier Inc., Series B, Refunding
5.000%
10/1/34
250,000
266,130
 (d)
Navy Pier Inc., Series B, Refunding
5.000%
10/1/49
250,000
237,401
 (d)
Surface Freight Transfer Facilities, Centerpoint Joliet Terminal Railroad
Project
4.800%
7/2/35
350,000
364,424
 (a)(b)(c)(d)
Illinois State Sports Facilities Authority Revenue, Sport Facilities Project,
Series 2019, Refunding, BAM
5.000%
6/15/29
250,000
267,022
 
Illinois State University, Auxiliary Facilities System Revenue, Series A,
Refunding, AG
5.000%
4/1/28
100,000
105,162
 
Illinois State, GO:
Series 2016, Refunding
5.000%
2/1/29
300,000
306,775
 
Series A
5.000%
3/1/37
1,250,000
1,343,968
 
Series A
5.000%
3/1/46
500,000
510,132
 
Series A, Refunding
5.000%
10/1/29
1,100,000
1,167,680
 
Series A, Refunding
5.000%
10/1/30
550,000
583,064
 
Series B, Refunding
5.000%
9/1/27
400,000
415,205
 
Series D
5.000%
11/1/27
1,150,000
1,198,007
 
Metropolitan Pier & Exposition Authority, IL, Revenue:
McCormick Place Expansion Project, Series A
5.000%
6/15/57
350,000
342,164
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/42
500,000
486,861
 
McCormick Place Expansion Project, Series A, Refunding
4.000%
12/15/47
1,000,000
880,540
 
McCormick Place Expansion Project, Series A, Refunding
5.000%
6/15/50
250,000
249,763
 
McCormick Place Expansion Project, Series B, Refunding
5.000%
6/15/42
1,250,000
1,292,509
 
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL
6.000%
7/1/29
930,000
990,289
 
Total Illinois
21,423,994
Indiana — 2.0%
Indiana State Finance Authority Revenue:
BHI Senior Living Inc., Series A, Refunding
4.000%
11/15/41
500,000
476,703
 
Marion General Hospital, Series A
4.000%
7/1/45
200,000
177,706
 
Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A
4.250%
11/1/30
200,000
207,092
 
Wastewater Utility, First Lien, CWA Authority Project, Series A, Refunding
5.000%
10/1/45
1,000,000
1,067,940
 
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project, Refunding
5.000%
1/1/54
1,100,000
1,081,610
 (c)(d)
Total Indiana
3,011,051
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
126,880
 
See Notes to Schedule of Investments.
4
Western Asset Municipal High Income Fund Inc. 2026 Quarterly Report
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Kentucky — 1.7%
Kentucky State PEA, Gas Supply Revenue:
Series A
4.000%
3/2/26
 $1,500,000
 $1,511,646
 (a)(b)
Series A, Refunding
5.250%
12/1/29
200,000
212,885
 (a)(b)
Series C, Refunding
5.000%
5/1/36
900,000
976,466
 
Total Kentucky
2,700,997
Louisiana — 1.5%
Louisiana State PFA, Lease Revenue:
Provident Group, Flagship Properties
5.000%
7/1/42
700,000
708,074
 
Provident Group, Flagship Properties, Series A
4.000%
7/1/49
500,000
442,655
 
St. John the Baptist Parish, LA, State Revenue:
Marathon Oil Corp. Project, Series A-3, Refunding
2.200%
7/1/26
400,000
398,944
 (a)(b)
Marathon Oil Corp. Project, Series B-2, Refunding
2.375%
7/1/26
250,000
249,518
 (a)(b)
Marathon Oil Corp. Project, Series C, Refunding
3.300%
7/3/28
500,000
506,154
 (a)(b)
Total Louisiana
2,305,345
Maryland — 0.7%
Maryland State EDC Revenue:
Morgan State University Project
4.250%
7/1/50
350,000
305,339
 
Seagirt Marine Terminal Project, Series A
5.000%
6/1/44
400,000
405,120
 (c)
Maryland State Health & Higher EFA Revenue, Frederick Health System,
Refunding
4.000%
7/1/40
300,000
292,613
 
Total Maryland
1,003,072
Massachusetts — 0.7%
Massachusetts State DFA Revenue:
Boston Medical Center, Sustainability Bonds, Series G, Refunding
5.250%
7/1/52
500,000
491,324
 
Northeastern University Issue, Refunding
5.000%
10/1/44
500,000
532,855
 
Total Massachusetts
1,024,179
Michigan — 1.1%
Detroit, MI, GO, Unlimited Tax, Series C
6.000%
5/1/43
700,000
780,191
 
Michigan State Finance Authority Revenue:
Henry Ford Health System, Series A
4.000%
11/15/50
400,000
355,176
 
The Henry Ford Health Detroit South Campus Central Utility Plant Project,
Green Bonds, Series 2024
4.375%
2/28/54
250,000
235,743
 
Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding
5.000%
6/1/49
15,000
14,983
 
Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement
Project
5.000%
12/31/43
250,000
251,181
 (c)
Total Michigan
1,637,274
Missouri — 1.8%
Missouri State HEFA Revenue, Series A, Refunding
5.250%
2/1/44
700,000
724,494
 
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of
Sunset Hills, Series A
5.875%
9/1/43
2,000,000
2,001,497
 
Total Missouri
2,725,991
Nebraska — 0.3%
 
Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding
4.000%
2/1/46
500,000
466,996
 
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
300,080
 (d)
See Notes to Schedule of Investments.
5
Western Asset Municipal High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Nevada — continued
Charter School Lease Revenue, Somerset Academy, Series A
5.125%
12/15/45
 $500,000
 $483,214
 (d)
Total Nevada
783,294
New Hampshire — 1.4%
National Finance Authority, NH, Revenue:
Presbyterian Senior Living Project, Series A
5.250%
7/1/48
350,000
353,270
 
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
12/1/35
850,000
963,001
 
Winston-Salem Sustainable Energy Partners LLC, Series A
5.000%
6/1/55
800,000
782,213
 
Total New Hampshire
2,098,484
New Jersey — 5.5%
New Jersey State EDA Revenue:
Private Activity-The Goethals Bridge Replacement Project
5.375%
1/1/43
1,500,000
1,501,726
 (c)
Special Facility, Port Newark Container Terminal LLC Project, Refunding
5.000%
10/1/37
650,000
662,220
 (c)
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series AA, Refunding
5.000%
6/15/42
4,000,000
4,383,274
 
Transportation Program, Series BB
5.000%
6/15/44
1,000,000
1,027,665
 
New Jersey State Turnpike Authority Revenue, Series C, Refunding
5.000%
1/1/44
700,000
758,552
 
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
5.250%
6/1/46
150,000
149,622
 
Total New Jersey
8,483,059
New Mexico — 0.4%
New Mexico State Municipal Energy Acquisition Authority, Gas Supply Revenue,
Refunding
5.000%
11/1/30
400,000
426,762
 (a)(b)
Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement Residences
Project, Series A
5.000%
5/15/49
250,000
234,318
 
Total New Mexico
661,080
New York — 10.7%
Brookhaven, NY, Local Development Corp., Long Island Community Hospital
Project, Series A, Refunding
5.000%
10/1/34
735,000
808,044
 
Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter
School Project
5.750%
6/1/62
300,000
296,627
 (d)
MTA, NY, Transportation Revenue:
Green Bonds, Series E, Refunding
5.000%
11/15/30
250,000
279,908
 
Green Bonds, Series E, Refunding
4.000%
11/15/45
250,000
226,798
 
Series A-2
5.000%
5/15/30
400,000
430,579
 (a)(b)
New York City, NY, GO, Subseries A-1
4.000%
8/1/40
750,000
754,626
 
New York City, NY, Industrial Development Agency Revenue, Yankee Stadium
Project, Refunding
4.000%
3/1/45
300,000
277,893
 
New York City, NY, TFA, Future Tax Secured Revenue, Subordinated, Series F,
Subseries F-1
5.000%
2/1/47
2,250,000
2,317,408
 
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
454,285
 
New York State Liberty Development Corp., Revenue:
3 World Trade Center Project, Class 1, Refunding
5.000%
11/15/44
1,205,000
1,205,032
 (d)
7 World Trade Center Project, Class 3, Refunding
3.500%
9/15/52
700,000
557,839
 
New York State Thruway Authority General Revenue, Junior Indebtedness
Obligations, Junior Lien, Series B, Refunding
4.000%
1/1/45
750,000
696,100
 
New York State Transportation Development Corp., Special Facilities Revenue:
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment Project
5.000%
1/1/33
750,000
774,516
 (c)
See Notes to Schedule of Investments.
6
Western Asset Municipal High Income Fund Inc. 2026 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
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment Project
6.000%
4/1/35
 $400,000
 $442,811
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment Project
5.625%
4/1/40
300,000
318,659
 (c)
Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment Project
4.375%
10/1/45
250,000
236,760
 (c)
John F. Kennedy International Airport New Terminal One Project, Green Bonds
5.375%
6/30/60
3,250,000
3,235,095
 (c)
John F. Kennedy International Airport Terminal 4 Project, Series C, Refunding
4.000%
12/1/42
500,000
488,647
 
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding
5.500%
12/31/54
150,000
152,382
 (c)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding, AG
4.500%
12/31/54
350,000
329,823
 (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
99,780
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/41
300,000
300,052
 (c)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/46
500,000
499,978
 (c)
Port Authority of New York & New Jersey Revenue, Consolidated Series 221
4.000%
7/15/45
1,000,000
914,614
 (c)
Troy, NY, Capital Resource Corp., Revenue, Rensselaer Polytechnic Institute
Project, Series A, Refunding
4.000%
9/1/40
500,000
495,613
 
Total New York
16,593,869
North Carolina — 0.3%
 
North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue,
Series A, Refunding
5.000%
7/1/47
500,000
500,597
 
North Dakota — 0.3%
 
Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding,
AG
3.000%
12/1/46
600,000
454,295
 
Ohio — 1.3%
Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds,
Series B-2, Refunding
5.000%
6/1/55
800,000
659,070
 
Ohio State Air Quality Development Authority Revenue:
American Electric Co. Project, Series B
2.500%
10/1/29
350,000
337,391
 (a)(b)(c)
American Electric Co. Project, Series D, Refunding
3.700%
10/1/28
140,000
141,272
 (c)
Ohio State Private Activity Revenue, Portsmouth Bypass Project
5.000%
6/30/53
700,000
683,861
 (c)
Port of Greater Cincinnati Development Authority Revenue, OH, Tax-Exempt
Parking Revenue, 3CDC Obligated Group Parking Facilities, Series A, Refunding,
AG
5.000%
12/1/60
250,000
254,963
 
Total Ohio
2,076,557
Oklahoma — 0.3%
 
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue,
Montereau Inc. Project, Refunding
5.250%
11/15/37
500,000
508,267
 
Oregon — 0.3%
 
Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living,
Willamette View Project, Refunding
5.000%
11/15/37
500,000
502,806
 
Pennsylvania — 3.7%
Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center,
Series A, Refunding
4.000%
7/15/39
350,000
349,319
 
Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social
Ministries Project, Unrefunded
5.000%
1/1/28
135,000
135,182
 
Lancaster County, PA, IDA Revenue, Willow Valley Communities Project
5.000%
12/1/49
500,000
482,921
 
See Notes to Schedule of Investments.
7
Western Asset Municipal High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Western Asset Municipal High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Pennsylvania — continued
Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental
Tax, Series B, Refunding, County GTD
4.750%
5/1/57
 $500,000
 $499,629
 
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
629,792
 (c)
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project
5.250%
6/30/53
2,600,000
2,627,861
 (c)
Philadelphia, PA, Authority for IDR:
Charter School Revenue, A String Theory Charter School Project, Refunding
5.000%
6/15/40
400,000
401,320
 (d)
City Service Agreement Revenue, Rebuild Project
5.000%
5/1/38
500,000
520,757
 
Total Pennsylvania
5,646,781
Puerto Rico — 4.1%
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
CAB, Restructured, Series A-1
0.000%
7/1/27
172,000
164,249
 
CAB, Restructured, Series A-1
0.000%
7/1/46
1,220,000
424,865
 
Restructured, Series A-1
4.550%
7/1/40
50,000
50,084
 
Restructured, Series A-1
4.750%
7/1/53
3,020,000
2,917,603
 
Restructured, Series A-1
5.000%
7/1/58
880,000
862,774
 
Restructured, Series A-2
4.329%
7/1/40
530,000
527,462
 
Restructured, Series A-2A
4.550%
7/1/40
1,380,000
1,382,331
 
Total Puerto Rico
6,329,368
Rhode Island — 0.1%
 
Rhode Island State Health & Educational Building Corp., Student Housing
Revenue, Rhode Island Properties LLC, Subordinated Series B, AG
5.625%
7/1/65
200,000
205,144
 
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
368,958
 
Tennessee — 0.5%
Clarksville, TN, Water, Sewer & Gas Revenue, Series A
4.000%
2/1/51
500,000
458,623
 
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority
Revenue, Series A, AG
5.250%
7/1/53
350,000
366,744
 
Total Tennessee
825,367
Texas — 3.3%
Arlington, TX, Higher Education Finance Corp., Education Revenue:
Basis Texas Charter Schools Inc., Refunding
5.875%
6/15/65
450,000
455,347
 (d)
Uplift Education, Series A, Refunding
5.000%
12/1/46
200,000
199,275
 
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM
5.000%
2/15/41
500,000
500,232
 
Austin, TX, Airport System Revenue:
Series 2022
5.000%
11/15/52
300,000
302,495
 (c)
Series B
5.000%
11/15/39
600,000
626,050
 (c)
Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B
4.000%
1/1/51
500,000
443,669
 
Galveston, TX, Wharves & Terminal Revenue, Series A
5.250%
8/1/38
750,000
812,025
 (c)
Love Field, TX, Airport Modernization Corp., General Airport Revenue:
Series 2017
5.000%
11/1/33
20,000
20,222
 (c)
Series 2017
5.000%
11/1/36
20,000
20,173
 (c)
Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging
International, LLC Project, Green Bonds
5.000%
6/1/30
150,000
155,696
 (a)(b)(c)
New Hope Cultural Education Facilities Finance Corp., TX, Retirement Facility
Revenue, Westminster Manor Project, Refunding
4.000%
11/1/49
400,000
339,771
 
See Notes to Schedule of Investments.
8
Western Asset Municipal High Income Fund Inc. 2026 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
Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy,
Series A
4.000%
8/15/56
 $350,000
 $269,175
 
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement
Facility Revenue, Buckner Retirement Services Inc. Project, Refunding
5.000%
11/15/37
700,000
710,619
 
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
317,475
 (c)
Total Texas
5,172,224
Utah — 1.4%
Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A
5.250%
7/1/53
1,000,000
1,023,775
 (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
361,793
 
Syracuse Arts Academy Project, UT CSCE
5.000%
4/15/42
250,000
250,269
 
Utah State Infrastructure Agency, Telecommunications Revenue, Series A
5.250%
10/15/33
550,000
564,042
 
Total Utah
2,199,879
Virginia — 1.5%
Virginia State Port Authority, Port Facilities Revenue:
Series B, Refunding
5.000%
7/1/41
250,000
252,265
 (c)(h)
Series B, Refunding
5.000%
7/1/45
300,000
302,718
 (c)(h)
Virginia State Small Business Financing Authority Revenue:
National Senior Campuses, Inc., Series A, Refunding
5.000%
1/1/34
200,000
210,659
 
Senior Lien, 95 Express Lanes LLC Project, Refunding
5.000%
1/1/37
1,000,000
1,064,653
 (c)
Senior Lien, I-495 HOT Lanes Project, Refunding
5.000%
12/31/47
500,000
500,684
 (c)
Total Virginia
2,330,979
Washington — 0.9%
Port of Seattle, WA, Intermediate Lien Revenue, Series 2022, Refunding
5.000%
8/1/41
500,000
533,943
 (c)
Washington State Health Care Facilities Authority Revenue:
Commonspirit Health, Series A-1, Refunding
4.000%
8/1/44
535,000
490,892
 
Seattle Cancer Care Alliance, Refunding
4.000%
12/1/40
370,000
367,827
 (d)
Total Washington
1,392,662
West Virginia — 0.1%
 
West Virginia State EDA Revenue, Solid Waste Disposal Facility, Commercial
Metals Co. Project
4.625%
5/15/32
150,000
153,499
 (a)(b)(c)
Wisconsin — 1.6%
Public Finance Authority, WI, Revenue:
Cone Health, Series A
5.000%
10/1/52
300,000
303,025
 
The Carmelite System Inc. Obligated Group, Refunding
5.000%
1/1/45
100,000
100,355
 
Public Finance Authority, WI, Student Housing Revenue:
Appalachian State University Project, Series A, AG
4.000%
7/1/45
600,000
558,382
 
CHF Wilmington LLC, University of North Carolina at Wilmington Project, AG
5.000%
7/1/53
1,000,000
1,000,007
 
University of Hawai’i Foundation Project, Green Bonds, Series A-1
4.000%
7/1/51
280,000
208,646
 (d)
Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A
5.500%
12/1/52
250,000
266,180
 
Total Wisconsin
2,436,595
 
Total Municipal Bonds (Cost — $143,812,676)
143,988,730
See Notes to Schedule of Investments.
9
Western Asset Municipal High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 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(i) — 3.3%
New York — 3.3%
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
 $1,512,776
 
New York State Dormitory Authority, State Personal Income Tax Revenue,
General Purpose Bonds, Series A
4.000%
3/15/45
1,740,000
1,664,667
 
New York State Urban Development State Sales Revenue, Series A
5.000%
3/15/47
1,800,000
1,877,605
 
 
Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $5,064,831)
5,055,048
Total Investments before Short-Term Investments (Cost — $148,877,507)
149,043,778
 
Short-Term Investments — 4.2%
Municipal Bonds — 4.2%
California — 0.1%
 
University of California, CA, General Revenue, Series AL-2, Refunding
1.300%
5/15/48
200,000
200,000
 (j)(k)
Florida — 0.1%
 
Gainesville, FL, IDR, Gainesville Hillel Inc., Series 2003, LOC - TD Bank N.A.
2.350%
5/1/33
200,000
200,000
 (j)(k)
Illinois — 0.1%
 
Illinois State Finance Authority Revenue, University of Chicago Medical Center,
Series A, LOC - TD Bank N.A.
3.150%
8/1/44
100,000
100,000
 (j)(k)
Indiana — 0.6%
Indiana State Finance Authority Environmental Facilities Revenue, Series A-5,
Refunding, LOC - Sumitomo Mitsui Banking
2.000%
10/1/40
620,000
620,000
 (j)(k)
Indiana State Finance Authority Hospital Revenue, Parkview Health System
Obligated Group, Series D, Refunding, LOC - TD Bank N.A.
1.900%
11/1/39
300,000
300,000
 (j)(k)
Total Indiana
920,000
Massachusetts — 0.3%
Massachusetts State DFA Revenue:
Boston University Issue, Series U-6E, Refunding, LOC - TD Bank N.A.
3.200%
10/1/42
100,000
100,000
 (j)(k)
Boston University, Series U-6C, Refunding, LOC - TD Bank N.A.
3.150%
10/1/42
200,000
200,000
 (j)(k)
Massachusetts State HEFA Revenue, Partners Healthcare System Inc., Series
P-2, SPA - JPMorgan Chase & Co.
1.750%
7/1/27
100,000
100,000
 (j)(k)
Total Massachusetts
400,000
Michigan — 0.1%
 
Grand Valley State University, MI, General Revenue, Series B, Refunding, LOC -
TD Bank N.A.
2.280%
12/1/31
100,000
100,000
 (j)(k)
Mississippi — 0.4%
 
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR, Chevron
USA Inc. Project, Series E
1.950%
12/1/30
600,000
600,000
 (j)(k)
Oregon — 2.2%
 
Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding,
LOC - TD Bank N.A.
1.900%
8/1/34
3,400,000
3,400,000
 (j)(k)
Texas — 0.1%
 
Houston, TX, Combined Utility System Revenue, First Lien, Series B-4, Refunding,
SPA - JPMorgan Chase & Co.
2.290%
5/15/34
100,000
100,000
 (j)(k)
Wisconsin — 0.2%
University of Wisconsin Hospitals & Clinics Authority Revenue, Series B,
Refunding, SPA - JPMorgan Chase & Co.
1.900%
4/1/48
400,000
400,000
 (j)(k)
 
Total Municipal Bonds (Cost — $6,420,000)
6,420,000
See Notes to Schedule of Investments.
10
Western Asset Municipal High Income Fund Inc. 2026 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 — $62,089)  
3.639%
62,089
 
 $62,089
 (l)(m)
 
Total Short-Term Investments (Cost — $6,482,089)
6,482,089
Total Investments — 100.6% (Cost — $155,359,596)
155,525,867
TOB Floating Rate Notes — (1.8)%
(2,730,000
)
Other Assets in Excess of Other Liabilities — 1.2%
1,839,121
Total Net Assets — 100.0%
$154,634,988
 
††
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, 2026.
(f)
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
(g)
Security is valued using significant unobservable inputs (Note 1).
(h)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(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, 2026, the total market value of
investments in Affiliated Companies was $62,089 and the cost was $62,089 (Note 2).
 
See Notes to Schedule of Investments.
11
Western Asset Municipal High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 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
GO
—
General Obligation
GTD
—
Guaranteed
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
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. 2026 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. However, the Fund may invest in municipal obligations of any maturity. The Fund may invest in municipal obligations rated below investment grade or unrated, if determined to be of equivalent quality, without limit. 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. 2026 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
—
 $143,988,727
 $3
 $143,988,730
Municipal Bonds Deposited in Tender Option Bond Trusts
—
5,055,048
—
5,055,048
Total Long-Term Investments
—
149,043,775
3
149,043,778
Short-Term Investments†:
Municipal Bonds
—
6,420,000
—
6,420,000
Money Market Funds
 $62,089
—
—
62,089
Total Short-Term Investments
62,089
6,420,000
—
6,482,089
Total Investments
$62,089
$155,463,775
$3
$155,525,867
 
†
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 January 31, 2026. The following transactions were effected in such company for the period ended January 31, 2026.
 
 
Affiliate
Value at

October 31,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $39,764
 $508,437
508,437
 $486,112
486,112

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
January 31,
2026
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $545
—
 $62,089
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Western Asset Municipal High Income Fund Inc. 2026 Quarterly Report