WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| MUNICIPAL BONDS - 96.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alabama - 5.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alabama State Corrections Institution Finance Authority Revenue, Series A |
|
|
5.250 |
% |
|
|
7/1/52 |
|
|
$ |
500,000 |
|
|
$ |
539,939 |
|
| Black Belt Energy Gas District, AL, Gas Project Revenue, Series D-1,
Refunding |
|
|
5.500 |
% |
|
|
2/1/29 |
|
|
|
200,000 |
|
|
|
210,675 |
(a)(b)(c) |
| Jefferson County, AL, Sewer Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F, Refunding (0.000% to 10/1/23 then 7.900%) |
|
|
0.000 |
% |
|
|
10/1/50 |
|
|
|
3,020,000 |
|
|
|
3,151,763 |
|
| Senior Lien, Warrants, Series A, Refunding, AGM |
|
|
5.500 |
% |
|
|
10/1/53 |
|
|
|
400,000 |
|
|
|
407,800 |
|
| Subordinated Lien, Warrants, Series D, Refunding |
|
|
6.000 |
% |
|
|
10/1/42 |
|
|
|
1,120,000 |
|
|
|
1,179,000 |
|
| Subordinated Lien, Warrants, Series D, Refunding |
|
|
6.500 |
% |
|
|
10/1/53 |
|
|
|
3,000,000 |
|
|
|
3,159,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Alabama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,648,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alaska - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Anchorage, AK, Port Revenue, Series A |
|
|
5.000 |
% |
|
|
12/1/50 |
|
|
|
250,000 |
|
|
|
252,825 |
(d) |
| Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Backed Senior Bonds, Class 1, Series A |
|
|
4.000 |
% |
|
|
6/1/36 |
|
|
|
400,000 |
|
|
|
399,832 |
|
| Asset Backed Senior Bonds, Class 1, Series A, Refunding |
|
|
4.000 |
% |
|
|
6/1/50 |
|
|
|
250,000 |
|
|
|
221,369 |
|
| Asset Backed Senior Bonds, Class 2, Series B-1 |
|
|
4.000 |
% |
|
|
6/1/50 |
|
|
|
385,000 |
|
|
|
383,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Alaska |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,257,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Arizona - 3.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Arizona, AZ, IDA Revenue, Doral Academy Of Northern Nevada Project, Series A, Refunding |
|
|
4.000 |
% |
|
|
7/15/51 |
|
|
|
500,000 |
|
|
|
372,865 |
(e) |
| La Paz County, AZ, IDA Revenue, Charter School Solutions, Harmony Public School Project, Series A |
|
|
5.000 |
% |
|
|
2/15/36 |
|
|
|
1,000,000 |
|
|
|
1,010,760 |
(e) |
| Maricopa County, AZ, IDA Revenue, Legacy Traditional Schools Project, Series 2019, Refunding |
|
|
5.000 |
% |
|
|
7/1/49 |
|
|
|
500,000 |
|
|
|
454,270 |
(e) |
| Navajo Nation, AZ, Revenue, Series A, Refunding |
|
|
5.500 |
% |
|
|
12/1/30 |
|
|
|
190,000 |
|
|
|
196,145 |
(e) |
| Phoenix, AZ, IDA Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basis School Inc., Refunding |
|
|
5.000 |
% |
|
|
7/1/35 |
|
|
|
1,000,000 |
|
|
|
1,001,220 |
(e) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
1 |
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Arizona - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Great Hearts Academies, Refunding |
|
|
5.000 |
% |
|
|
7/1/41 |
|
|
$ |
1,200,000 |
|
|
$ |
1,200,771 |
|
| Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007 |
|
|
5.000 |
% |
|
|
12/1/37 |
|
|
|
1,500,000 |
|
|
|
1,569,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Arizona |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,805,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| California - 10.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alameda, CA, Corridor Transportation Authority Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible CAB, Series C, Refunding, AGM |
|
|
5.000 |
% |
|
|
10/1/52 |
|
|
|
600,000 |
|
|
|
646,222 |
|
| Second Subordinated Lien, Series B, Refunding |
|
|
5.000 |
% |
|
|
10/1/34 |
|
|
|
500,000 |
|
|
|
516,075 |
|
| Anaheim, CA, Public Financing Authority Lease Revenue, Series A, Refunding |
|
|
5.000 |
% |
|
|
5/1/46 |
|
|
|
2,000,000 |
|
|
|
2,028,570 |
(f) |
| California State Community Choice Financing Authority Revenue, Clean Energy Project, Green Bonds, Series B-1 |
|
|
5.000 |
% |
|
|
8/1/29 |
|
|
|
500,000 |
|
|
|
524,785 |
(a)(c) |
| California State Community Housing Agency, Essential Housing Revenue, Stoneridge Apartments, Series A |
|
|
4.000 |
% |
|
|
2/1/56 |
|
|
|
500,000 |
|
|
|
374,883 |
(e) |
| California State MFA Revenue, Senior Lien, LINXS APM Project, Series A |
|
|
5.000 |
% |
|
|
12/31/43 |
|
|
|
700,000 |
|
|
|
716,088 |
(d) |
| California State PCFA Water Furnishing Revenue, San Diego County Water Authority Desalination Project,
Refunding |
|
|
5.000 |
% |
|
|
7/1/39 |
|
|
|
700,000 |
|
|
|
715,275 |
(e) |
| California State Public Finance Authority, Senior Living Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Enso Village Project, Green Bond, Series A |
|
|
5.000 |
% |
|
|
11/15/36 |
|
|
|
250,000 |
|
|
|
243,356 |
|
| Enso Village Project, Green Bond, Series B-3, Refunding |
|
|
2.125 |
% |
|
|
11/15/27 |
|
|
|
250,000 |
|
|
|
243,455 |
(e) |
| California Statewide CDA Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provident Group-Pomona Properties LLC, Series A |
|
|
5.600 |
% |
|
|
1/15/36 |
|
|
|
500,000 |
|
|
|
499,097 |
(e) |
| Provident Group-Pomona Properties LLC, Series A |
|
|
5.750 |
% |
|
|
1/15/45 |
|
|
|
360,000 |
|
|
|
356,922 |
(e) |
| Inland Valley, CA, Development Agency, Successor Agency Tax Allocation Revenue, Series A, Refunding |
|
|
5.000 |
% |
|
|
9/1/44 |
|
|
|
500,000 |
|
|
|
501,740 |
|
| Mountain House Public Financing Authority, CA, Utility Systems Revenue, Green Bond, Series A, BAM |
|
|
4.000 |
% |
|
|
12/1/45 |
|
|
|
750,000 |
|
|
|
736,772 |
|
| M-S-R Energy Authority, CA, Natural Gas
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series B |
|
|
6.500 |
% |
|
|
11/1/39 |
|
|
|
1,000,000 |
|
|
|
1,220,003 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
2 |
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| California - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series C |
|
|
7.000 |
% |
|
|
11/1/34 |
|
|
$ |
2,000,000 |
|
|
$ |
2,475,753 |
|
| Series C |
|
|
6.500 |
% |
|
|
11/1/39 |
|
|
|
2,000,000 |
|
|
|
2,440,005 |
|
| Redding, CA, Redevelopment Agency, Tax Allocation, Shastec Redevelopment Project |
|
|
5.000 |
% |
|
|
9/1/29 |
|
|
|
600,000 |
|
|
|
602,650 |
|
| 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 |
|
|
|
329,921 |
|
| San Francisco, CA, City & County Airport Commission, International Airport Revenue, Second Series A,
Refunding |
|
|
5.000 |
% |
|
|
5/1/47 |
|
|
|
1,000,000 |
|
|
|
1,018,910 |
(d) |
| 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 |
|
|
|
208,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,398,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colorado - 1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aristation Metropolitan District, CO, GO, Convertible Unlimited & Special Revenue, Refunding and
Improvements |
|
|
5.000 |
% |
|
|
12/1/38 |
|
|
|
500,000 |
|
|
|
485,907 |
|
| Colorado State Health Facilities Authority Revenue, Commonspirit Health Initiatives, Series B-2 |
|
|
5.000 |
% |
|
|
8/1/26 |
|
|
|
250,000 |
|
|
|
257,504 |
(a)(c) |
| Colorado State High Performance Transportation Enterprise Revenue, C-470
Express Lanes |
|
|
5.000 |
% |
|
|
12/31/51 |
|
|
|
150,000 |
|
|
|
149,317 |
|
| North Range, CO, Metropolitan District No 2, GO, Series A, Refunding |
|
|
5.625 |
% |
|
|
12/1/37 |
|
|
|
500,000 |
|
|
|
505,332 |
|
| Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008 |
|
|
6.125 |
% |
|
|
11/15/23 |
|
|
|
955,000 |
|
|
|
960,388 |
|
| Village Metropolitan District, CO, Limited & Special Revenue, Series 2020, Refunding and
Improvements |
|
|
5.000 |
% |
|
|
12/1/40 |
|
|
|
500,000 |
|
|
|
483,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Colorado |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,841,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Connecticut - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A |
|
|
5.000 |
% |
|
|
1/1/37 |
|
|
|
500,000 |
|
|
|
534,747 |
|
| Connecticut State, GO, Series A |
|
|
4.000 |
% |
|
|
4/15/37 |
|
|
|
600,000 |
|
|
|
608,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,143,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Florida - 5.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Broward County, FL, Port Facilities Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Senior Bonds, Series B |
|
|
4.000 |
% |
|
|
9/1/44 |
|
|
|
1,250,000 |
|
|
|
1,197,749 |
(d) |
| Senior Bonds, Series B |
|
|
4.000 |
% |
|
|
9/1/49 |
|
|
|
500,000 |
|
|
|
467,721 |
(d) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
3 |
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(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 |
|
|
$ |
1,082,553 |
(d) |
| Florida State Development Finance Corp., Educational Facilities Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mater Academy Projects, Series A |
|
|
5.000 |
% |
|
|
6/15/40 |
|
|
|
650,000 |
|
|
|
651,906 |
|
| Renaissance Charter School Inc. Projects, Series A |
|
|
6.000 |
% |
|
|
6/15/35 |
|
|
|
250,000 |
|
|
|
251,864 |
(e) |
| Renaissance Charter School Inc. Projects, Series A |
|
|
6.125 |
% |
|
|
6/15/46 |
|
|
|
215,000 |
|
|
|
215,337 |
(e) |
| Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding |
|
|
5.000 |
% |
|
|
10/1/28 |
|
|
|
500,000 |
|
|
|
508,989 |
|
| Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AGM |
|
|
4.000 |
% |
|
|
10/1/52 |
|
|
|
150,000 |
|
|
|
144,495 |
|
| Miami-Dade County, FL, Aviation Revenue, Series A, Refunding |
|
|
5.000 |
% |
|
|
10/1/49 |
|
|
|
650,000 |
|
|
|
667,748 |
(d) |
| Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding |
|
|
5.250 |
% |
|
|
10/1/52 |
|
|
|
750,000 |
|
|
|
787,362 |
(d) |
| Orange County, FL, Health Facilities Authority Revenue, Orlando Health Inc., Series A |
|
|
5.000 |
% |
|
|
10/1/53 |
|
|
|
250,000 |
|
|
|
262,083 |
|
| Palm Beach County, FL, Health Facilities Authority Hospital Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jupiter Medical Center Project, Series A |
|
|
5.000 |
% |
|
|
11/1/39 |
|
|
|
350,000 |
|
|
|
359,455 |
|
| Jupiter Medical Center Project, Series A |
|
|
5.000 |
% |
|
|
11/1/47 |
|
|
|
1,515,000 |
|
|
|
1,521,054 |
|
| 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 |
|
|
|
79,021 |
|
| Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A |
|
|
5.000 |
% |
|
|
6/1/55 |
|
|
|
350,000 |
|
|
|
297,904 |
|
| Reunion, FL, East Community Development District, Special Assessment Bond, Series
A-2 |
|
|
7.375 |
% |
|
|
5/1/33 |
|
|
|
285,000 |
|
|
|
3 |
*(g) |
| Wildwood, FL, Village Community Development District No 15, Special Assessment Revenue |
|
|
5.000 |
% |
|
|
5/1/43 |
|
|
|
350,000 |
|
|
|
355,591 |
(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Florida |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,850,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
363,134 |
|
| Plant Vogtle Units 3&4, Project P, Series A |
|
|
5.000 |
% |
|
|
1/1/56 |
|
|
|
250,000 |
|
|
|
250,664 |
|
| Plant Vogtle Units 3&4, Project P, Series A |
|
|
5.500 |
% |
|
|
7/1/64 |
|
|
|
250,000 |
|
|
|
260,419 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
4 |
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Georgia - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Project One, Subordinated, Series A, Refunding |
|
|
5.000 |
% |
|
|
1/1/45 |
|
|
$ |
250,000 |
|
|
$ |
258,720 |
|
| Main Street Natural Gas Inc., GA, Gas Project Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series A |
|
|
5.000 |
% |
|
|
5/15/43 |
|
|
|
150,000 |
|
|
|
150,193 |
|
| Series C |
|
|
5.000 |
% |
|
|
9/1/30 |
|
|
|
250,000 |
|
|
|
262,949 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,546,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Illinois - 15.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018 |
|
|
5.000 |
% |
|
|
4/1/42 |
|
|
|
1,000,000 |
|
|
|
1,018,117 |
|
| Chicago, IL, Board of Education, GO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dedicated, Series H |
|
|
5.000 |
% |
|
|
12/1/46 |
|
|
|
1,000,000 |
|
|
|
982,330 |
|
| Series A |
|
|
5.000 |
% |
|
|
12/1/39 |
|
|
|
1,250,000 |
|
|
|
1,267,621 |
|
| Series C, Refunding, AGM |
|
|
5.000 |
% |
|
|
12/1/32 |
|
|
|
250,000 |
|
|
|
263,852 |
|
| Chicago, IL, GO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chicago Works, Series A |
|
|
5.500 |
% |
|
|
1/1/39 |
|
|
|
550,000 |
|
|
|
603,077 |
|
| Series A |
|
|
5.000 |
% |
|
|
1/1/44 |
|
|
|
500,000 |
|
|
|
510,603 |
|
| Series A, Refunding |
|
|
5.000 |
% |
|
|
1/1/28 |
|
|
|
500,000 |
|
|
|
529,191 |
|
| Series A, Refunding |
|
|
6.000 |
% |
|
|
1/1/38 |
|
|
|
300,000 |
|
|
|
318,660 |
|
| Series C, Refunding |
|
|
5.000 |
% |
|
|
1/1/25 |
|
|
|
500,000 |
|
|
|
508,633 |
|
| Chicago, IL, O’Hare International Airport Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General Senior Lien, Series C, Refunding |
|
|
5.000 |
% |
|
|
1/1/44 |
|
|
|
500,000 |
|
|
|
522,326 |
(d) |
| Senior Lien, Series G |
|
|
5.000 |
% |
|
|
1/1/42 |
|
|
|
500,000 |
|
|
|
508,775 |
(d) |
| Series A, Refunding |
|
|
5.000 |
% |
|
|
1/1/31 |
|
|
|
1,500,000 |
|
|
|
1,519,469 |
(d) |
| Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Second Lien |
|
|
5.000 |
% |
|
|
12/1/51 |
|
|
|
1,000,000 |
|
|
|
1,020,766 |
|
| Second Lien, Series A, Refunding |
|
|
5.000 |
% |
|
|
12/1/45 |
|
|
|
500,000 |
|
|
|
519,975 |
|
| Chicago, IL, Wastewater Transmission Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Second Lien, Series A, Refunding |
|
|
5.000 |
% |
|
|
1/1/47 |
|
|
|
300,000 |
|
|
|
304,264 |
|
| Second Lien, Series B, Refunding |
|
|
5.000 |
% |
|
|
1/1/38 |
|
|
|
500,000 |
|
|
|
511,539 |
|
| Chicago, IL, Waterworks Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Second Lien, Series 2017, Refunding |
|
|
5.000 |
% |
|
|
11/1/29 |
|
|
|
500,000 |
|
|
|
533,305 |
|
| Second Lien, Series 2017-2, Refunding, AGM |
|
|
5.000 |
% |
|
|
11/1/32 |
|
|
|
1,260,000 |
|
|
|
1,339,610 |
|
| Illinois State Sports Facilities Authority Revenue, Sport Facilities Project, Series 2019, Refunding, BAM |
|
|
5.000 |
% |
|
|
6/15/29 |
|
|
|
250,000 |
|
|
|
263,242 |
|
| Illinois State University, Auxiliary Facilities System Revenue, Series A, Refunding, AGM |
|
|
5.000 |
% |
|
|
4/1/28 |
|
|
|
100,000 |
|
|
|
107,828 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
5 |
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Illinois - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Illinois State, GO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2016, Refunding |
|
|
5.000 |
% |
|
|
2/1/29 |
|
|
$ |
300,000 |
|
|
$ |
316,090 |
|
| Series A |
|
|
5.000 |
% |
|
|
3/1/37 |
|
|
|
1,250,000 |
|
|
|
1,346,044 |
|
| Series A |
|
|
5.000 |
% |
|
|
3/1/46 |
|
|
|
500,000 |
|
|
|
522,221 |
|
| Series A, Refunding |
|
|
5.000 |
% |
|
|
10/1/29 |
|
|
|
1,100,000 |
|
|
|
1,187,279 |
|
| Series A, Refunding |
|
|
5.000 |
% |
|
|
10/1/30 |
|
|
|
550,000 |
|
|
|
593,014 |
|
| Series B, Refunding |
|
|
5.000 |
% |
|
|
9/1/27 |
|
|
|
400,000 |
|
|
|
424,621 |
|
| Series D |
|
|
5.000 |
% |
|
|
11/1/27 |
|
|
|
1,150,000 |
|
|
|
1,223,698 |
|
| Metropolitan Pier & Exposition Authority, IL, Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| McCormick Place Expansion Project, Series A |
|
|
5.000 |
% |
|
|
6/15/57 |
|
|
|
350,000 |
|
|
|
353,391 |
|
| McCormick Place Expansion Project, Series A, Refunding |
|
|
4.000 |
% |
|
|
12/15/42 |
|
|
|
750,000 |
|
|
|
725,479 |
|
| McCormick Place Expansion Project, Series A, Refunding |
|
|
4.000 |
% |
|
|
12/15/47 |
|
|
|
1,000,000 |
|
|
|
932,783 |
|
| McCormick Place Expansion Project, Series A, Refunding |
|
|
5.000 |
% |
|
|
6/15/50 |
|
|
|
250,000 |
|
|
|
253,741 |
|
| McCormick Place Expansion Project, Series B, Refunding |
|
|
5.000 |
% |
|
|
6/15/42 |
|
|
|
1,250,000 |
|
|
|
1,290,424 |
|
| Regional Transportation Authority, IL, GO, Series A, Refunding, NATL |
|
|
6.000 |
% |
|
|
7/1/29 |
|
|
|
930,000 |
|
|
|
1,045,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Illinois |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,367,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indiana - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indiana State Finance Authority Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BHI Senior Living Inc., Series A, Refunding |
|
|
4.000 |
% |
|
|
11/15/41 |
|
|
|
500,000 |
|
|
|
402,247 |
|
| Marion General Hospital, Series A |
|
|
4.000 |
% |
|
|
7/1/45 |
|
|
|
200,000 |
|
|
|
191,478 |
|
| Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A |
|
|
4.250 |
% |
|
|
11/1/30 |
|
|
|
200,000 |
|
|
|
201,544 |
|
| Wastewater Utility, First Lien, CWA Authority Project, Series A, Refunding |
|
|
5.000 |
% |
|
|
10/1/45 |
|
|
|
1,000,000 |
|
|
|
1,055,576 |
(b) |
| Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project |
|
|
7.000 |
% |
|
|
1/1/44 |
|
|
|
500,000 |
|
|
|
506,328 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Indiana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,357,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Iowa - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Iowa State Finance Authority Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding |
|
|
5.000 |
% |
|
|
12/1/42 |
|
|
|
750,000 |
|
|
|
765,653 |
(a)(c) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
6 |
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Iowa - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding |
|
|
5.000 |
% |
|
|
12/1/50 |
|
|
$ |
700,000 |
|
|
$ |
708,283 |
|
| Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds, Class 1, Series A-2, Refunding |
|
|
4.000 |
% |
|
|
6/1/49 |
|
|
|
150,000 |
|
|
|
134,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Iowa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,608,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kentucky - 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kentucky State PEA, Gas Supply Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series A |
|
|
4.000 |
% |
|
|
6/1/26 |
|
|
|
1,500,000 |
|
|
|
1,496,987 |
(a)(c) |
| Series C |
|
|
4.000 |
% |
|
|
6/1/25 |
|
|
|
1,400,000 |
|
|
|
1,393,664 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Kentucky |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,890,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Louisiana - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Louisiana State PFA, Lease Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provident Group, Flagship Properties |
|
|
5.000 |
% |
|
|
7/1/42 |
|
|
|
700,000 |
|
|
|
715,705 |
|
| Provident Group, Flagship Properties, Series A |
|
|
4.000 |
% |
|
|
7/1/49 |
|
|
|
500,000 |
|
|
|
444,248 |
|
| St. John the Baptist Parish, LA, State Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marathon Oil Corp. Project, Series A-3, Refunding |
|
|
2.200 |
% |
|
|
7/1/26 |
|
|
|
400,000 |
|
|
|
377,636 |
(a)(c) |
| Marathon Oil Corp. Project, Series B-2, Refunding |
|
|
2.375 |
% |
|
|
7/1/26 |
|
|
|
250,000 |
|
|
|
237,209 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Louisiana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,774,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Maryland - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Maryland State EDC Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Morgan State University Project |
|
|
4.250 |
% |
|
|
7/1/50 |
|
|
|
350,000 |
|
|
|
325,066 |
|
| Seagirt Marine Terminal Project, Series A |
|
|
5.000 |
% |
|
|
6/1/44 |
|
|
|
400,000 |
|
|
|
408,901 |
(d) |
| Maryland State Health & Higher EFA Revenue, Frederick Health System |
|
|
4.000 |
% |
|
|
7/1/40 |
|
|
|
300,000 |
|
|
|
288,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Maryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,022,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Massachusetts - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Massachusetts State DFA Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Boston Medical Center, Sustainability Bonds, Series G, Refunding |
|
|
5.250 |
% |
|
|
7/1/52 |
|
|
|
500,000 |
|
|
|
524,101 |
|
| Northeastern University Issue, Refunding |
|
|
5.000 |
% |
|
|
10/1/44 |
|
|
|
500,000 |
|
|
|
555,450 |
|
| Wellforce Issue, Series A, Refunding |
|
|
5.000 |
% |
|
|
7/1/36 |
|
|
|
500,000 |
|
|
|
508,079 |
|
| Wellforce Issue, Series A, Refunding |
|
|
5.000 |
% |
|
|
7/1/44 |
|
|
|
250,000 |
|
|
|
245,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,833,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Michigan - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Detroit, MI, Downtown Development Authority Revenue, Catalyst Development, Series A, Refunding, AGM |
|
|
5.000 |
% |
|
|
7/1/43 |
|
|
|
250,000 |
|
|
|
250,868 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
7 |
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Michigan - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Detroit, MI, GO, Unlimited Tax, Series C |
|
|
6.000 |
% |
|
|
5/1/43 |
|
|
$ |
700,000 |
|
|
$ |
782,492 |
|
| Michigan State Finance Authority Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Henry Ford Health System, Series A |
|
|
4.000 |
% |
|
|
11/15/50 |
|
|
|
400,000 |
|
|
|
376,270 |
|
| Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding |
|
|
5.000 |
% |
|
|
6/1/49 |
|
|
|
55,000 |
|
|
|
56,421 |
|
| Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement
Project |
|
|
5.000 |
% |
|
|
12/31/43 |
|
|
|
250,000 |
|
|
|
252,199 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,718,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Missouri - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Missouri State HEFA Revenue, Senior Living Facilities, Lutheran Senior Services, Refunding |
|
|
5.000 |
% |
|
|
2/1/44 |
|
|
|
750,000 |
|
|
|
711,301 |
|
| St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of Sunset Hills, Series A |
|
|
5.875 |
% |
|
|
9/1/43 |
|
|
|
2,000,000 |
|
|
|
1,999,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Missouri |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,711,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nebraska - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Omaha Public Power District, NE, Electric System Revenue, Series B, Refunding |
|
|
4.000 |
% |
|
|
2/1/46 |
|
|
|
500,000 |
|
|
|
492,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
295,094 |
(e) |
| Charter School Lease Revenue, Somerset Academy, Series A |
|
|
5.125 |
% |
|
|
12/15/45 |
|
|
|
500,000 |
|
|
|
460,909 |
(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Nevada |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
756,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Jersey - 7.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gloucester County, NJ, PCFA Revenue, Keystone Urban Renewal, Logan Generating, Series A, Refunding |
|
|
5.000 |
% |
|
|
12/1/24 |
|
|
|
145,000 |
|
|
|
146,029 |
(d)(h) |
| New Jersey State EDA Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Private Activity-The Goethals Bridge Replacement Project |
|
|
5.375 |
% |
|
|
1/1/43 |
|
|
|
1,500,000 |
|
|
|
1,503,598 |
(d) |
| Special Facility, Port Newark Container Terminal LLC Project, Refunding |
|
|
5.000 |
% |
|
|
10/1/37 |
|
|
|
125,000 |
|
|
|
128,535 |
(d) |
| Transit Transportation Project, Series A |
|
|
5.000 |
% |
|
|
11/1/32 |
|
|
|
1,500,000 |
|
|
|
1,649,141 |
|
| New Jersey State Health Care Facilities Financing Authority Revenue, Hackensack Meridian Health, Series A,
Refunding |
|
|
5.000 |
% |
|
|
7/1/38 |
|
|
|
100,000 |
|
|
|
105,009 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
8 |
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| New Jersey - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Jersey State Higher Education, Student Assistance Authority Revenue, Subordinated, Series B-1 |
|
|
5.000 |
% |
|
|
12/1/44 |
|
|
$ |
640,000 |
|
|
$ |
622,786 |
(d) |
| New Jersey State Transportation Trust Fund Authority Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation Program, Series AA |
|
|
5.250 |
% |
|
|
6/15/32 |
|
|
|
4,720,000 |
|
|
|
4,877,990 |
|
| Transportation Program, Series BB |
|
|
5.000 |
% |
|
|
6/15/44 |
|
|
|
1,000,000 |
|
|
|
1,044,905 |
|
| New Jersey State, GO, COVID-19 Emergency, Series A |
|
|
5.000 |
% |
|
|
6/1/28 |
|
|
|
1,250,000 |
|
|
|
1,366,597 |
|
| Salem County, NJ, PCFA Revenue, Chambers Project, Series A, Refunding |
|
|
5.000 |
% |
|
|
12/1/23 |
|
|
|
265,000 |
|
|
|
266,237 |
(d)(h) |
| Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding |
|
|
5.250 |
% |
|
|
6/1/46 |
|
|
|
150,000 |
|
|
|
155,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,866,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Mexico - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement Residences Project, Series A |
|
|
5.000 |
% |
|
|
5/15/49 |
|
|
|
250,000 |
|
|
|
205,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New York - 7.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brookhaven, NY, Local Development Corp., Long Island Community Hospital Project, Series A |
|
|
5.000 |
% |
|
|
10/1/34 |
|
|
|
735,000 |
|
|
|
800,013 |
|
| Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter School Project |
|
|
5.750 |
% |
|
|
6/1/62 |
|
|
|
300,000 |
|
|
|
301,991 |
(e) |
| MTA, NY, Transportation Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Green Bonds, Series E, Refunding |
|
|
5.000 |
% |
|
|
11/15/30 |
|
|
|
250,000 |
|
|
|
274,544 |
|
| Green Bonds, Series E, Refunding |
|
|
4.000 |
% |
|
|
11/15/45 |
|
|
|
250,000 |
|
|
|
237,120 |
|
| Series A-2 |
|
|
5.000 |
% |
|
|
5/15/30 |
|
|
|
400,000 |
|
|
|
430,933 |
(a)(c) |
| New York City, NY, GO, Subseries A-1 |
|
|
4.000 |
% |
|
|
8/1/40 |
|
|
|
750,000 |
|
|
|
754,202 |
|
| New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Refunding |
|
|
4.000 |
% |
|
|
3/1/45 |
|
|
|
300,000 |
|
|
|
277,674 |
|
| New York City, NY, TFA Revenue, Future Tax Secured, Subordinated, Series A, Subseries A-1 |
|
|
5.000 |
% |
|
|
5/1/53 |
|
|
|
2,250,000 |
|
|
|
2,431,817 |
|
| 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 |
|
|
|
469,403 |
|
| New York State Liberty Development Corp., Liberty Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3 World Trade Center Project, Class 1, Refunding |
|
|
5.000 |
% |
|
|
11/15/44 |
|
|
|
1,205,000 |
|
|
|
1,184,759 |
(e) |
| 7 World Trade Center Project, Class 3, Refunding |
|
|
3.500 |
% |
|
|
9/15/52 |
|
|
|
700,000 |
|
|
|
548,365 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
9 |
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| New York - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Junior Lien, Series B |
|
|
4.000 |
% |
|
|
1/1/45 |
|
|
$ |
750,000 |
|
|
$ |
728,154 |
|
| 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 |
|
|
|
776,545 |
(d) |
| Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project |
|
|
4.375 |
% |
|
|
10/1/45 |
|
|
|
250,000 |
|
|
|
242,898 |
(d) |
| John F. Kennedy International Airport Terminal 4 Project, Series C, Refunding |
|
|
4.000 |
% |
|
|
12/1/42 |
|
|
|
500,000 |
|
|
|
480,479 |
|
| LaGuardia Airport Terminal B Redevelopment Project, Series A |
|
|
5.000 |
% |
|
|
7/1/41 |
|
|
|
300,000 |
|
|
|
299,911 |
(d) |
| LaGuardia Airport Terminal B Redevelopment Project, Series A |
|
|
5.000 |
% |
|
|
7/1/46 |
|
|
|
500,000 |
|
|
|
493,961 |
(d) |
| Port Authority of New York & New Jersey Revenue, Consolidated Series 221 |
|
|
4.000 |
% |
|
|
7/15/45 |
|
|
|
1,000,000 |
|
|
|
961,484 |
(d) |
| Troy Capital Resource Corp., NY, Revenue, Rensselaer Polytechnic Institute Project, Series A, Refunding |
|
|
4.000 |
% |
|
|
9/1/40 |
|
|
|
500,000 |
|
|
|
461,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,155,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| North Carolina - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding |
|
|
5.000 |
% |
|
|
7/1/47 |
|
|
|
500,000 |
|
|
|
507,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| North Dakota - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, AGM |
|
|
3.000 |
% |
|
|
12/1/46 |
|
|
|
600,000 |
|
|
|
449,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ohio - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds, Series
B-2, Refunding |
|
|
5.000 |
% |
|
|
6/1/55 |
|
|
|
800,000 |
|
|
|
744,674 |
|
| Ohio State Air Quality Development Authority Revenue, American Electric Co. Project, Series B, Refunding |
|
|
2.500 |
% |
|
|
10/1/29 |
|
|
|
350,000 |
|
|
|
305,304 |
(a)(c)(d) |
| Ohio State Private Activity Revenue, Portsmouth Bypass Project |
|
|
5.000 |
% |
|
|
6/30/53 |
|
|
|
700,000 |
|
|
|
683,992 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Ohio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,733,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oklahoma - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau Inc. Project, Refunding |
|
|
5.250 |
% |
|
|
11/15/37 |
|
|
|
500,000 |
|
|
|
502,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
10 |
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Oregon - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living, Willamette View Project, Refunding |
|
|
5.000 |
% |
|
|
11/15/37 |
|
|
$ |
500,000 |
|
|
$ |
474,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pennsylvania - 6.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allegheny County, PA, HDA Revenue, University Pittsburgh Medical Center, Series A, Refunding |
|
|
4.000 |
% |
|
|
7/15/39 |
|
|
|
350,000 |
|
|
|
346,876 |
|
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, Series 2018 |
|
|
5.000 |
% |
|
|
6/1/33 |
|
|
|
200,000 |
|
|
|
214,656 |
|
| Cumberland County, PA, Municipal Authority Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diakon Lutheran Social Ministries 2015, Refunding |
|
|
5.000 |
% |
|
|
1/1/28 |
|
|
|
45,000 |
|
|
|
46,067 |
(f) |
| Diakon Lutheran Social Ministries 2015, Refunding |
|
|
5.000 |
% |
|
|
1/1/28 |
|
|
|
105,000 |
|
|
|
107,491 |
(f) |
| Diakon Lutheran Social Ministries 2015, Refunding |
|
|
5.000 |
% |
|
|
1/1/28 |
|
|
|
200,000 |
|
|
|
201,483 |
|
| Erie County, PA, Convention Center Authority Guaranteed Hotel Revenue, County Guaranty, Refunding |
|
|
5.000 |
% |
|
|
1/15/36 |
|
|
|
750,000 |
|
|
|
760,867 |
|
| Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental Tax, County Guaranty: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series B, Refunding |
|
|
4.000 |
% |
|
|
5/1/49 |
|
|
|
250,000 |
|
|
|
241,700 |
|
| Series B, Refunding |
|
|
4.750 |
% |
|
|
5/1/57 |
|
|
|
500,000 |
|
|
|
504,586 |
|
| Lancaster, PA, IDA Revenue, Willow Valley Communities Project |
|
|
5.000 |
% |
|
|
12/1/49 |
|
|
|
500,000 |
|
|
|
506,571 |
|
| Pennsylvania State Economic Development Financing Authority Revenue, Tax-Exempt
Private Activity, The Penndot Major Bridges Package One Project |
|
|
5.250 |
% |
|
|
6/30/53 |
|
|
|
2,600,000 |
|
|
|
2,713,939 |
(d) |
| Pennsylvania State Turnpike Commission Revenue, Subordinated, Series B, Refunding |
|
|
5.000 |
% |
|
|
6/1/39 |
|
|
|
3,170,000 |
|
|
|
3,259,299 |
|
| Philadelphia, PA, Authority for IDR: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charter School Revenue, A String Theory Charter School Project |
|
|
5.000 |
% |
|
|
6/15/40 |
|
|
|
400,000 |
|
|
|
400,490 |
|
| City Service Agreement Revenue, Rebuild Project |
|
|
5.000 |
% |
|
|
5/1/38 |
|
|
|
500,000 |
|
|
|
527,249 |
|
| Lease Revenue, Refunding |
|
|
5.000 |
% |
|
|
10/1/30 |
|
|
|
250,000 |
|
|
|
282,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,114,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
11 |
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Puerto Rico - 4.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Puerto Rico Commonwealth Highway & Transportation Authority Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAB, Restructured, Series B |
|
|
0.000 |
% |
|
|
7/1/32 |
|
|
$ |
145,000 |
|
|
$ |
92,416 |
|
| Restructured, Series A |
|
|
5.000 |
% |
|
|
7/1/62 |
|
|
|
160,000 |
|
|
|
157,600 |
|
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAB, Restructured, Series A-1 |
|
|
0.000 |
% |
|
|
7/1/27 |
|
|
|
240,000 |
|
|
|
205,144 |
|
| CAB, Restructured, Series A-1 |
|
|
0.000 |
% |
|
|
7/1/46 |
|
|
|
1,220,000 |
|
|
|
349,527 |
|
| Restructured, Series A-1 |
|
|
4.550 |
% |
|
|
7/1/40 |
|
|
|
50,000 |
|
|
|
48,460 |
|
| Restructured, Series A-1 |
|
|
4.750 |
% |
|
|
7/1/53 |
|
|
|
3,020,000 |
|
|
|
2,867,436 |
|
| Restructured, Series A-1 |
|
|
5.000 |
% |
|
|
7/1/58 |
|
|
|
880,000 |
|
|
|
858,672 |
|
| Restructured, Series A-2 |
|
|
4.329 |
% |
|
|
7/1/40 |
|
|
|
530,000 |
|
|
|
500,232 |
|
| Restructured, Series A-2A |
|
|
4.550 |
% |
|
|
7/1/40 |
|
|
|
1,380,000 |
|
|
|
1,337,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Puerto Rico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,416,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| South Carolina - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy
Health Inc., Series A, Refunding |
|
|
4.000 |
% |
|
|
12/1/44 |
|
|
|
400,000 |
|
|
|
388,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tennessee - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clarksville, TN, Water, Sewer & Gas Revenue, Series A |
|
|
4.000 |
% |
|
|
2/1/51 |
|
|
|
500,000 |
|
|
|
483,632 |
|
| Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018 |
|
|
4.000 |
% |
|
|
11/1/25 |
|
|
|
400,000 |
|
|
|
397,883 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Tennessee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
881,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Texas - 6.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A |
|
|
5.000 |
% |
|
|
12/1/46 |
|
|
|
200,000 |
|
|
|
199,725 |
|
| Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM |
|
|
5.000 |
% |
|
|
2/15/41 |
|
|
|
500,000 |
|
|
|
507,504 |
|
| Austin, TX, Airport System Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2022 |
|
|
5.000 |
% |
|
|
11/15/52 |
|
|
|
300,000 |
|
|
|
313,873 |
(d) |
| Series B |
|
|
5.000 |
% |
|
|
11/15/39 |
|
|
|
600,000 |
|
|
|
628,384 |
(d) |
| Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B |
|
|
4.000 |
% |
|
|
1/1/51 |
|
|
|
500,000 |
|
|
|
456,282 |
|
| Gulf Coast, TX, IDA, Solid Waste Disposal Revenue, Citgo Petroleum Corp. Project |
|
|
4.875 |
% |
|
|
5/1/25 |
|
|
|
1,000,000 |
|
|
|
997,362 |
(d) |
| Love Field, TX, Airport Modernization Corp., General Airport Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2017 |
|
|
5.000 |
% |
|
|
11/1/33 |
|
|
|
20,000 |
|
|
|
20,679 |
(d) |
| Series 2017 |
|
|
5.000 |
% |
|
|
11/1/36 |
|
|
|
20,000 |
|
|
|
20,478 |
(d) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
12 |
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MRC Crestview, Refunding |
|
|
5.000 |
% |
|
|
11/15/36 |
|
|
$ |
550,000 |
|
|
$ |
570,997 |
(f) |
| Westminster Manor Project |
|
|
4.000 |
% |
|
|
11/1/49 |
|
|
|
400,000 |
|
|
|
313,424 |
|
| Westminster Manor Project, Refunding |
|
|
5.000 |
% |
|
|
11/1/40 |
|
|
|
1,000,000 |
|
|
|
965,182 |
|
| New Hope Cultural Education Facilities Finance Corp., TX, Student Housing Revenue, Collegiate Housing Stephenville II
LLC, Tartleton State University Project, Series A |
|
|
5.000 |
% |
|
|
4/1/39 |
|
|
|
1,165,000 |
|
|
|
1,177,106 |
(f) |
| Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, Series A |
|
|
4.000 |
% |
|
|
8/15/56 |
|
|
|
350,000 |
|
|
|
254,983 |
|
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue, Buckner Retirement
Services Inc. Project, Refunding |
|
|
5.000 |
% |
|
|
11/15/37 |
|
|
|
700,000 |
|
|
|
703,350 |
|
| Texas State, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D |
|
|
6.250 |
% |
|
|
12/15/26 |
|
|
|
550,000 |
|
|
|
571,682 |
|
| Texas State Private Activity Bond Surface Transportation Corp. Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Senior Lien, Blueridge Transportation Group LLC |
|
|
5.000 |
% |
|
|
12/31/40 |
|
|
|
1,000,000 |
|
|
|
1,003,468 |
(d) |
| Senior Lien, Blueridge Transportation Group LLC |
|
|
5.000 |
% |
|
|
12/31/50 |
|
|
|
500,000 |
|
|
|
500,606 |
(d) |
| Willacy County, TX, Jail Public Facilities Corp. Project Revenue |
|
|
7.500 |
% |
|
|
11/1/25 |
|
|
|
210,000 |
|
|
|
193,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Texas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,398,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utah - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A |
|
|
5.250 |
% |
|
|
7/1/53 |
|
|
|
1,000,000 |
|
|
|
1,070,949 |
(b)(d) |
| Utah State Charter School Finance Authority, Charter School Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summit Academy Inc., Series A, Refunding, UT CSCE |
|
|
5.000 |
% |
|
|
4/15/39 |
|
|
|
350,000 |
|
|
|
364,290 |
|
| Syracuse Arts Academy Project, UT CSCE |
|
|
5.000 |
% |
|
|
4/15/42 |
|
|
|
250,000 |
|
|
|
253,518 |
|
| Utah State Infrastructure Agency, Telecommunications Revenue, Series A |
|
|
5.250 |
% |
|
|
10/15/33 |
|
|
|
550,000 |
|
|
|
568,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Utah |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,257,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
13 |
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Virginia - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Virginia State Port Authority, Port Facilities Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series B, Refunding |
|
|
5.000 |
% |
|
|
7/1/41 |
|
|
$ |
250,000 |
|
|
$ |
253,627 |
(d) |
| Series B, Refunding |
|
|
5.000 |
% |
|
|
7/1/45 |
|
|
|
300,000 |
|
|
|
303,536 |
(d) |
| Virginia State Small Business Financing Authority Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| National Senior Campuses, Inc., Series A, Refunding |
|
|
5.000 |
% |
|
|
1/1/34 |
|
|
|
200,000 |
|
|
|
213,347 |
|
| Senior Lien, 95 Express Lanes LLC Project, Refunding |
|
|
5.000 |
% |
|
|
1/1/37 |
|
|
|
1,000,000 |
|
|
|
1,055,837 |
(d) |
| Senior Lien, I-495 HOT Lanes Project, Refunding |
|
|
5.000 |
% |
|
|
12/31/47 |
|
|
|
250,000 |
|
|
|
258,051 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Virginia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,084,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Washington - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Port of Seattle, WA, Intermediate Lien Revenue, Series 2022, Refunding |
|
|
5.000 |
% |
|
|
8/1/41 |
|
|
|
500,000 |
|
|
|
531,949 |
(d) |
| Washington State Health Care Facilities Authority Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commonspirit Health, Series A-1, Refunding |
|
|
4.000 |
% |
|
|
8/1/44 |
|
|
|
535,000 |
|
|
|
496,857 |
|
| Seattle Cancer Care Alliance |
|
|
4.000 |
% |
|
|
12/1/40 |
|
|
|
370,000 |
|
|
|
358,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Washington |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,387,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wisconsin - 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Public Finance Authority, WI, Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Carmelite System Inc., Obligated Group, Series 2020, Refunding |
|
|
5.000 |
% |
|
|
1/1/40 |
|
|
|
100,000 |
|
|
|
97,482 |
|
| Celanese Project, Series B, Refunding |
|
|
5.000 |
% |
|
|
12/1/25 |
|
|
|
550,000 |
|
|
|
560,252 |
(d) |
| Cone Health, Series A |
|
|
5.000 |
% |
|
|
10/1/52 |
|
|
|
300,000 |
|
|
|
312,347 |
|
| Public Finance Authority, WI, Student Housing Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Appalachian State University Project, Series A, AGM |
|
|
4.000 |
% |
|
|
7/1/45 |
|
|
|
600,000 |
|
|
|
571,158 |
|
| CHF Wilmington LLC, University of North Carolina at Wilmington Project, AGM |
|
|
5.000 |
% |
|
|
7/1/53 |
|
|
|
1,000,000 |
|
|
|
1,027,979 |
|
| University of Hawai’i Foundation Project, Green Bonds, Series A-1 |
|
|
4.000 |
% |
|
|
7/1/51 |
|
|
|
280,000 |
|
|
|
215,808 |
(e) |
| Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A |
|
|
5.500 |
% |
|
|
12/1/52 |
|
|
|
250,000 |
|
|
|
270,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Wisconsin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,055,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MUNICIPAL BONDS
(Cost - $152,162,836) |
|
|
|
|
|
|
|
150,905,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
14 |
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUSTS(i) - 2.1% |
|
|
|
|
|
| New York - 2.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$ |
1,601,185 |
|
| New York State Dormitory Authority, State Personal Income Tax Revenue, Series A |
|
|
4.000 |
% |
|
|
3/15/45 |
|
|
|
1,740,000 |
|
|
|
1,712,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUSTS
(Cost - $3,283,426) |
|
|
|
|
|
|
|
3,313,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $155,446,262) |
|
|
|
|
|
|
|
154,219,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM INVESTMENTS - 3.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MUNICIPAL BONDS - 3.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Massachusetts - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Massachusetts State DFA Revenue, Boston University, Series U-6C,
Refunding, LOC - TD Bank N.A. |
|
|
4.550 |
% |
|
|
10/1/42 |
|
|
|
100,000 |
|
|
|
100,000 |
(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mississippi - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chevron USA Inc. Project, Series B |
|
|
4.450 |
% |
|
|
12/1/30 |
|
|
|
1,050,000 |
|
|
|
1,050,000 |
(j)(k) |
| Chevron USA Inc. Project, Series G |
|
|
4.450 |
% |
|
|
11/1/35 |
|
|
|
1,175,000 |
|
|
|
1,175,000 |
(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Mississippi |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,225,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nevada - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nevada State Housing Division, Multi Unit Housing Revenue, Series A, LIQ - FNMA, LOC - FNMA |
|
|
3.950 |
% |
|
|
4/15/33 |
|
|
|
350,000 |
|
|
|
350,000 |
(d)(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New York - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Second General Resolution Fiscal 2014, Series AA-1, Refunding, SPA - JPMorgan
Chase & Co. |
|
|
4.650 |
% |
|
|
6/15/50 |
|
|
|
1,000,000 |
|
|
|
1,000,000 |
(j)(k) |
| Second General Resolution Fiscal 2014, Series AA-3, Refunding, SPA - TD Bank
N.A. |
|
|
4.500 |
% |
|
|
6/15/49 |
|
|
|
200,000 |
|
|
|
200,000 |
(j)(k) |
| New York State Housing Finance Agency Revenue, 350 West 43rd Street, Series A, LOC - Landesbank
Hessen-Thueringen |
|
|
4.560 |
% |
|
|
11/1/34 |
|
|
|
150,000 |
|
|
|
150,000 |
(d)(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,350,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
15 |
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| North Carolina - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| North Carolina State Educational Facilities Finance Agency Revenue, Duke University, Series A |
|
|
3.900 |
% |
|
|
6/1/27 |
|
|
$ |
300,000 |
|
|
$ |
300,000 |
(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pennsylvania - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lancaster, PA, IDA Revenue, Willow Valley Retirement Communities Project, Series C, LOC - PNC Bank N.A. |
|
|
4.150 |
% |
|
|
12/1/39 |
|
|
|
100,000 |
|
|
|
100,000 |
(j)(k) |
| Pennsylvania State Turnpike Commission Revenue, Series 2020, Refunding, LOC - TD Bank N.A. |
|
|
3.980 |
% |
|
|
12/1/39 |
|
|
|
200,000 |
|
|
|
200,000 |
(j)(k) |
| Philadelphia, PA, Authority for IDR, Gift of Life Donor Program Project, LOC - TD Bank N.A. |
|
|
3.920 |
% |
|
|
12/1/34 |
|
|
|
500,000 |
|
|
|
500,000 |
(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MUNICIPAL BONDS
(Cost - $5,125,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,125,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
SHARES |
|
|
|
|
| MONEY MARKET FUNDS - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $52,919) |
|
|
5.269 |
% |
|
|
|
|
|
|
52,919 |
|
|
|
52,919 |
(l)(m) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(Cost - $5,177,919) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,177,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 102.1%
(Cost - $160,624,181) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159,396,954 |
|
| TOB Floating Rate Notes - (1.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,830,000 |
) |
| Other Liabilities in Excess of Other Assets - (0.9)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,474,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
156,092,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
16 |
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
| †† |
Represents less than 0.1%. |
| * |
Non-income producing security. |
| (a) |
Maturity date shown represents the mandatory tender date. |
| (b) |
Securities traded on a when-issued or delayed delivery basis. |
| (c) |
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. |
| (d) |
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax
(“AMT”). |
| (e) |
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. |
| (f) |
Pre-Refunded bonds are generally escrowed with U.S. government
obligations and/or U.S. government agency securities. |
| (g) |
The coupon payment on this security is currently in default as of July 31, 2023. |
| (h) |
Bonds are generally escrowed to maturity by government securities 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 July 31, 2023, the total market value of investments in Affiliated Companies
was $52,919 and the cost was $52,919 (Note 2). |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Municipal High Income Fund Inc. 2023 Quarterly Report |
|
17 |
WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
|
|
|
| Schedule of Investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net
assets)
Abbreviation(s) used in this schedule:
|
|
|
| AGM |
|
— Assured Guaranty Municipal Corporation - Insured Bonds |
| BAM |
|
— Build America Mutual - Insured Bonds |
| CAB |
|
— Capital Appreciation Bonds |
| CDA |
|
— Communities Development Authority |
| 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 |
| FNMA |
|
— Federal National Mortgage Association |
| GO |
|
— General Obligation |
| HDA |
|
— Housing Development Authority |
| HEFA |
|
— Health & Educational Facilities Authority |
| IDA |
|
— Industrial Development Authority |
| IDR |
|
— Industrial Development Revenue |
| LIQ |
|
— Liquidity Facility |
| 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.
|
|
|
|
|
|
18 |
|
Western Asset Municipal High Income Fund Inc. 2023 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. 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.
Notes to Schedule of Investments (unaudited) (cont’d)
Pursuant to policies adopted by the Board of Directors, 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 of Directors. 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 of Directors, 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 of Directors quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach
and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income
approach uses valuation techniques to discount estimated future cash flows to present value.
Notes to Schedule of Investments (unaudited) (cont’d)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation
techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
| |
• |
|
Level 1 – unadjusted quoted prices in active markets for identical investments |
| |
• |
|
Level 2 – other significant observable inputs (including quoted prices for similar investments,
interest rates, prepayment speeds, credit risk, etc.) |
| |
• |
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the
fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk
associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
|
|
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|
|
|
|
|
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|
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|
|
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| ASSETS |
|
| DESCRIPTION |
|
QUOTED PRICES
(LEVEL 1) |
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3) |
|
|
TOTAL |
|
| Long-Term Investments†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
|
— |
|
|
$ |
150,905,651 |
|
|
|
— |
|
|
$ |
150,905,651 |
|
| Municipal Bonds Deposited in Tender Option Bond Trusts |
|
|
— |
|
|
|
3,313,384 |
|
|
|
— |
|
|
|
3,313,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments |
|
|
— |
|
|
|
154,219,035 |
|
|
|
— |
|
|
|
154,219,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Investments†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
|
— |
|
|
|
5,125,000 |
|
|
|
— |
|
|
|
5,125,000 |
|
| Money Market Funds |
|
$ |
52,919 |
|
|
|
— |
|
|
|
— |
|
|
|
52,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Investments |
|
|
52,919 |
|
|
|
5,125,000 |
|
|
|
— |
|
|
|
5,177,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments |
|
$ |
52,919 |
|
|
$ |
159,344,035 |
|
|
|
— |
|
|
$ |
159,396,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| † |
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, 2023. The following transactions were effected in such company for the period ended July 31, 2023.
Notes to Schedule of Investments (unaudited) (cont’d)
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|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
| |
|
Affiliate
Value at
October 31,
2022 |
|
|
Purchased |
|
|
Sold |
|
|
Realized
Gain (Loss) |
|
|
Dividend
Income |
|
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation) |
|
|
Affiliate
Value at
July 31,
2023 |
|
| |
|
Cost |
|
|
Shares |
|
|
Proceeds |
|
|
Shares |
|
| Western Asset Premier Institutional Government Reserves, Premium Shares |
|
$ |
46,898 |
|
|
$ |
817,136 |
|
|
|
817,136 |
|
|
$ |
811,115 |
|
|
|
811,115 |
|
|
|
— |
|
|
$ |
1,552 |
|
|
|
— |
|
|
$ |
52,919 |
|
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