# EDGAR Filing Document

**Accession Number:** 0000830487
**File Stem:** 0000940400-25-001981
**Filing Date:** 2025-9
**Character Count:** 203322
**Document Hash:** 008fed9648e98963b24537ee0523f2b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-001981.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0000940400-25-001981

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
- **CENTRAL INDEX KEY:** 0000830487

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05497
- **FILM NUMBER:** 251334162

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 888-777-0102

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNICIPAL HIGH INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPECIAL OPPORTUNITIES MUNICIPAL FUND INC
- **DATE OF NAME CHANGE:** 19881025

## Nport-Ex

Schedule of Investments (unaudited)

July 31, 2025

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 94.5%** | **Municipal Bonds — 94.5%** | **Municipal Bonds — 94.5%** | **Municipal Bonds — 94.5%** | **Municipal Bonds — 94.5%** |
| *Alabama — 4.2%* | *Alabama — 4.2%* | *Alabama — 4.2%* | *Alabama — 4.2%* | *Alabama — 4.2%* |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Gas Project Revenue Bonds, Series D-1, <br> Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp;&nbsp; $210726<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson County, AL, Sewer Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1521099<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2008413<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, Series 2024, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1016193<br>|
| &nbsp;&nbsp;&nbsp; Mobile County, AL, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 264149<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facility, Calvert LLC Project, Series B | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 218637<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Gas Supply Revenue, Project No 1, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 369479<br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue, <br> Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 545101<br> <sup>(a)(b)</sup><br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *6153797* |
| *Alaska — 0.7%* | *Alaska — 0.7%* | *Alaska — 0.7%* | *Alaska — 0.7%* | *Alaska — 0.7%* |
| &nbsp;&nbsp;&nbsp; Anchorage, AK, Port Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 243644<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 384974<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 1, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 202136<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Senior Bonds, Class 2, Series B-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 171721<br>|
| *Total Alaska* | *Total Alaska* | *Total Alaska* | *Total Alaska* | &nbsp;&nbsp; *1002475* |
| *Arizona — 5.0%* | *Arizona — 5.0%* | *Arizona — 5.0%* | *Arizona — 5.0%* | *Arizona — 5.0%* |
| &nbsp;&nbsp;&nbsp; Arizona, AZ, IDA Revenue, Doral Academy Of Northern Nevada Project, Series A, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 349250<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 805477<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251230<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 596868<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; La Paz County, AZ, IDA Revenue, Charter School Solutions, Harmony Public <br> School Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000268<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA Revenue, Legacy Traditional Schools Project, <br> Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 459388<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navajo Nation, AZ, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 190874<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Inc., Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000223<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Hearts Academies, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1184442<br>|
| &nbsp;&nbsp;&nbsp; Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1559535<br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *7397555* |
| *California — 11.2%* | *California — 11.2%* | *California — 11.2%* | *California — 11.2%* | *California — 11.2%* |
| &nbsp;&nbsp;&nbsp; Alameda, CA, Corridor Transportation Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Series C, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 601074<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Subordinated Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507714<br>|
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1562156<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 523135<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 264578<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; $1300000 | &nbsp;&nbsp;&nbsp; $1380000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 542371<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Community Housing Agency, Essential Housing Revenue, <br> Stoneridge Apartments, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 343290<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue, Senior Lien, LINXS APM Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 679193<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue, San Diego County Water <br> Authority Desalination Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 705143<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Public Finance Authority, Senior Living Revenue, Enso Village <br> Project, Green Bond, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 241369<br>|
| &nbsp;&nbsp;&nbsp; Inland Valley, CA, Development Agency, Successor Agency Tax Allocation <br> Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503867<br>|
| &nbsp;&nbsp;&nbsp; Mountain House Public Financing Authority, CA, Utility Systems Revenue, Green <br> Bonds, Series A, BAM  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 688598<br>|
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1183755<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2375618<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2367511<br>|
| &nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2003-1, Series A-1, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 302302<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 536647<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission, International Airport <br> Revenue, Second Series A, Unrefunded  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 979420<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Revenue, Asset Backed <br> Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 190062<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *16477803* |
| *Colorado — 1.4%* | *Colorado — 1.4%* | *Colorado — 1.4%* | *Colorado — 1.4%* | *Colorado — 1.4%* |
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series B-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 252025<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Second Tier Bonds, Bethesda Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 374495<br>|
| &nbsp;&nbsp;&nbsp; Colorado State High Performance Transportation Enterprise Revenue, C-470 <br> Express Lanes  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/51 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 140082<br>|
| &nbsp;&nbsp;&nbsp; North Range, CO, Metropolitan District No 2, GO, Series A, Refunding  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 491113<br>|
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 316790<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Village Metropolitan District, CO, Limited & Special Revenue, Series 2020, <br> Refunding and Improvements  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 494764<br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *2069269* |
| *Connecticut — 0.8%* | *Connecticut — 0.8%* | *Connecticut — 0.8%* | *Connecticut — 0.8%* | *Connecticut — 0.8%* |
| &nbsp;&nbsp;&nbsp; Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 513848<br>|
| &nbsp;&nbsp;&nbsp; Connecticut State, GO, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 593883<br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *1107731* |
| *District of Columbia — 0.5%* | *District of Columbia — 0.5%* | *District of Columbia — 0.5%* | *District of Columbia — 0.5%* | *District of Columbia — 0.5%* |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington, DC, Airports Authority Aviation Revenue, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; *651087*<br> <sup>(c)</sup><br>|
| *Florida — 6.5%* | *Florida — 6.5%* | *Florida — 6.5%* | *Florida — 6.5%* | *Florida — 6.5%* |
| &nbsp;&nbsp;&nbsp; Broward County, FL, Port Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2111109<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1020583<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Educational Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mater Academy Projects, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 643744<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Charter School Inc. Projects, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250099<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Charter School Inc. Projects, Series A | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 212434<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Revenue, Brightline Passenger Rail <br> Project, Refunding, AG  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 957563<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501747<br>|
| &nbsp;&nbsp;&nbsp; Fort Pierce, FL, Utilities Authority Revenue, Series A, Refunding, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 126880<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Seaport Revenue, Senior Bonds, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 744698<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 243327<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/56 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 177841<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 354137<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp; 1448675<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 86791<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 312663<br>|
| &nbsp;&nbsp;&nbsp; Reunion, FL, East Community Development District, Special Assessment Bond, <br> Series A-2  | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; 3<br> \*<sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wildwood, FL, Village Community Development District No 15, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 338427<br> <sup>(d)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *9530721* |
| *Georgia — 1.0%* | *Georgia — 1.0%* | *Georgia — 1.0%* | *Georgia — 1.0%* | *Georgia — 1.0%* |
| &nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority, Power Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project M, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 355278<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project P, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 253734<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant Vogtle Units 3&4, Project P, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 238234<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project One, Subordinated, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250259<br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 148361<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 264342<br> <sup>(a)(b)</sup><br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *1510208* |
| *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* |
| &nbsp;&nbsp;&nbsp; Honolulu, HI, City & County Wastewater System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 278840<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Senior Bond Resolution, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 164101<br>|
| *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | *Total Hawaii* | &nbsp;&nbsp; *442941* |
| *Illinois — 14.9%* | *Illinois — 14.9%* | *Illinois — 14.9%* | *Illinois — 14.9%* | *Illinois — 14.9%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax <br> Revenue, Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 986659<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 890515<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1191219<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; $1750000 | &nbsp;&nbsp;&nbsp; $1799623<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 566821<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 482911<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 516621<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 491839<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 493720<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 980285<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 499974<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Wastewater Transmission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300312<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504199<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Waterworks Revenue, Second Lien, Series 2017-2, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp; 1300139<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navy Pier Inc., Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 256868<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navy Pier Inc., Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 225216<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surface Freight Transfer Facilites, Centerpoint Joliet Terminal Railroad Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 349892<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Illinois State Sports Facilities Authority Revenue, Sport Facilities Project, <br> Series 2019, Refunding, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 265667<br>|
| &nbsp;&nbsp;&nbsp; Illinois State University, Auxiliary Facilities System Revenue, Series A, <br> Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 105812<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 308539<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1299509<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 487017<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1159891<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 577545<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 417037<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1202700<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/57 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 333214<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 656935<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 818509<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 242942<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1261434<br>|
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, GO, Series A, Refunding, NATL  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; 1002803<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *21976367* |
| *Indiana — 1.9%* | *Indiana — 1.9%* | *Indiana — 1.9%* | *Indiana — 1.9%* | *Indiana — 1.9%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHI Senior Living Inc., Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 431652<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marion General Hospital, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 173268<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 203105<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wastewater Utility, First Lien, CWA Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1016332<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* |
| &nbsp;&nbsp;&nbsp; Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; $1100000 | &nbsp;&nbsp;&nbsp; $1005850<br> <sup>(c)</sup><br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *2830207* |
| *Iowa — 0.1%* | *Iowa — 0.1%* | *Iowa — 0.1%* | *Iowa — 0.1%* | *Iowa — 0.1%* |
| &nbsp;&nbsp;&nbsp; Iowa State Tobacco Settlement Authority Revenue, Asset Backed Senior Bonds, <br> Class 1, Series A-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; *123775*<br>|
| *Kentucky — 1.2%* | *Kentucky — 1.2%* | *Kentucky — 1.2%* | *Kentucky — 1.2%* | *Kentucky — 1.2%* |
| &nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1509329<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 211210<br> <sup>(a)(b)</sup><br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *1720539* |
| *Louisiana — 1.5%* | *Louisiana — 1.5%* | *Louisiana — 1.5%* | *Louisiana — 1.5%* | *Louisiana — 1.5%* |
| &nbsp;&nbsp;&nbsp; Louisiana State PFA, Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group, Flagship Properties | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 700684<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group, Flagship Properties, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 416520<br>|
| &nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series A-3, Refunding | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 396762<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series B-2, Refunding | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 248368<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. Project, Series C, Refunding | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/3/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502886<br> <sup>(a)(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *2265220* |
| *Maryland — 0.7%* | *Maryland — 0.7%* | *Maryland — 0.7%* | *Maryland — 0.7%* | *Maryland — 0.7%* |
| &nbsp;&nbsp;&nbsp; Maryland State EDC Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan State University Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 294651<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagirt Marine Terminal Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 381305<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Maryland State Health & Higher EFA Revenue, Frederick Health System, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 270398<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *946354* |
| *Massachusetts — 0.7%* | *Massachusetts — 0.7%* | *Massachusetts — 0.7%* | *Massachusetts — 0.7%* | *Massachusetts — 0.7%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center, Sustainability Bonds, Series G, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 483305<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeastern University Issue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 508108<br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *991413* |
| *Michigan — 1.1%* | *Michigan — 1.1%* | *Michigan — 1.1%* | *Michigan — 1.1%* | *Michigan — 1.1%* |
| &nbsp;&nbsp;&nbsp; Detroit, MI, GO, Unlimited Tax, Series C  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 748687<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Ford Health System, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 333509<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 2/28/54 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 218612<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 14435<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue, I-75 Improvement <br> Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 242569<br> <sup>(c)</sup><br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *1557812* |
| *Missouri — 1.8%* | *Missouri — 1.8%* | *Missouri — 1.8%* | *Missouri — 1.8%* | *Missouri — 1.8%* |
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 687343<br>|
| &nbsp;&nbsp;&nbsp; St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of <br> Sunset Hills, Series A  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1996412<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *2683755* |

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Nebraska — 0.3%* | *Nebraska — 0.3%* | *Nebraska — 0.3%* | *Nebraska — 0.3%* | *Nebraska — 0.3%* |
| &nbsp;&nbsp;&nbsp; Omaha, NE, Public Power District, Electric System Revenue, Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $*437535*<br>|
| *Nevada — 0.5%* | *Nevada — 0.5%* | *Nevada — 0.5%* | *Nevada — 0.5%* | *Nevada — 0.5%* |
| &nbsp;&nbsp;&nbsp; State of Nevada Department of Business & Industry Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Lease Revenue, Somerset Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299383<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Lease Revenue, Somerset Academy, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 458336<br> <sup>(d)</sup><br>|
| *Total Nevada* | *Total Nevada* | *Total Nevada* | *Total Nevada* | &nbsp;&nbsp; *757719* |
| *New Hampshire — 1.4%* | *New Hampshire — 1.4%* | *New Hampshire — 1.4%* | *New Hampshire — 1.4%* | *New Hampshire — 1.4%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Senior Living Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 334929<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winston-Salem Sustainable Energy Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 900130<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winston-Salem Sustainable Energy Partners LLC, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 752410<br>|
| *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | &nbsp;&nbsp; *1987469* |
| *New Jersey — 5.5%* | *New Jersey — 5.5%* | *New Jersey — 5.5%* | *New Jersey — 5.5%* | *New Jersey — 5.5%* |
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity-The Goethals Bridge Replacement Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1500742<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 652709<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4097987<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series BB | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000053<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue, Series C, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 718898<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 149049<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *8119438* |
| *New Mexico — 0.4%* | *New Mexico — 0.4%* | *New Mexico — 0.4%* | *New Mexico — 0.4%* | *New Mexico — 0.4%* |
| &nbsp;&nbsp;&nbsp; New Mexico State Municipal Energy Acquisition Authority, Gas Supply Revenue, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 424687<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement Residences <br> Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 219485<br>|
| *Total New Mexico* | *Total New Mexico* | *Total New Mexico* | *Total New Mexico* | &nbsp;&nbsp; *644172* |
| *New York — 10.8%* | *New York — 10.8%* | *New York — 10.8%* | *New York — 10.8%* | *New York — 10.8%* |
| &nbsp;&nbsp;&nbsp; Brookhaven, NY, Local Development Corp., Long Island Community Hospital <br> Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp; 779294<br>|
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., NY, Revenue, East Harlem Scholars Academy Charter <br> School Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/1/62 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 278320<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 276881<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 213230<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 420330<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, GO, Subseries A-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 706919<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Industrial Development Agency Revenue, Yankee Stadium <br> Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 258910<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue, Subordinated, Series F, <br> Subseries F-1  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/47 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2257905<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue, Non-State Supported Debt, <br> Memorial Sloan-Kettering Cancer Center, Series B-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 422327<br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Liberty Revenue, 7 World Trade <br> Center Project, Class 3, Refunding  | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 516822<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Revenue, 3 World Trade Center <br> Project, Class 1, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; $1205000 | &nbsp;&nbsp;&nbsp; $1155215<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority General Revenue, Junior Indebtedness <br> Obligations, Junior Lien, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 660157<br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 761369<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 433378<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 307839<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 217101<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green Bonds | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/30/60 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3093666<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project, Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 441736<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 146739<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series A, Refunding, AG | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 303725<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal Six Redevelopment Project, <br> Green Bonds, Series B, Refunding, AG, Step bond (0.000% to 12/31/34 then <br> 5.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/31/54 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 90581<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299990<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 476044<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue, Consolidated Series 221  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 845023<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Troy Capital Resource Corp., NY, Revenue, Rensselaer Polytechnic Institute <br> Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 450230<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *15813731* |
| *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* |
| &nbsp;&nbsp;&nbsp; North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, <br> Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; *490973*<br>|
| *North Dakota — 0.3%* | *North Dakota — 0.3%* | *North Dakota — 0.3%* | *North Dakota — 0.3%* | *North Dakota — 0.3%* |
| &nbsp;&nbsp;&nbsp; Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, <br> AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; *426473*<br>|
| *Ohio — 1.2%* | *Ohio — 1.2%* | *Ohio — 1.2%* | *Ohio — 1.2%* | *Ohio — 1.2%* |
| &nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds, <br> Series B-2, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 650745<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series B | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 331835<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Co. Project, Series D, Refunding | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 139671<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Private Activity Revenue, Portsmouth Bypass Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 661732<br> <sup>(c)</sup><br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *1783983* |
| *Oklahoma — 0.3%* | *Oklahoma — 0.3%* | *Oklahoma — 0.3%* | *Oklahoma — 0.3%* | *Oklahoma — 0.3%* |
| &nbsp;&nbsp;&nbsp; Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, <br> Montereau Inc. Project, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; *500796*<br>|
| *Oregon — 0.3%* | *Oregon — 0.3%* | *Oregon — 0.3%* | *Oregon — 0.3%* | *Oregon — 0.3%* |
| &nbsp;&nbsp;&nbsp; Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living, <br> Willamette View Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; *492233*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* |
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, HDA Revenue, University of Pittsburgh Medical Center, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; $350000 | &nbsp;&nbsp;&nbsp; $322812<br>|
| &nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social <br> Ministries Project, Unrefunded  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 135055<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, IDA Revenue, Willow Valley Communities Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 454118<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental <br> Tax, Series B, Refunding, County GTD  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 461283<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; 604965<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/53 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2451035<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Revenue, A String Theory Charter School Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 378796<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Service Agreement Revenue, Rebuild Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 511189<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *5319253* |
| *Puerto Rico — 4.0%* | *Puerto Rico — 4.0%* | *Puerto Rico — 4.0%* | *Puerto Rico — 4.0%* | *Puerto Rico — 4.0%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp; 161198<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp; 379652<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 47289<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 3020000 | &nbsp;&nbsp;&nbsp; 2710684<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 805479<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 493319<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2A | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; 1305183<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *5902804* |
| *South Carolina — 0.2%* | *South Carolina — 0.2%* | *South Carolina — 0.2%* | *South Carolina — 0.2%* | *South Carolina — 0.2%* |
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; *350727*<br>|
| *Tennessee — 0.8%* | *Tennessee — 0.8%* | *Tennessee — 0.8%* | *Tennessee — 0.8%* | *Tennessee — 0.8%* |
| &nbsp;&nbsp;&nbsp; Clarksville, TN, Water, Sewer & Gas Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 424795<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Sports Authority <br> Revenue, Series A, AG  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 354965<br>|
| &nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 400510<br> <sup>(a)(b)</sup><br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *1180270* |
| *Texas — 3.1%* | *Texas — 3.1%* | *Texas — 3.1%* | *Texas — 3.1%* | *Texas — 3.1%* |
| &nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift <br> Education, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 184918<br>|
| &nbsp;&nbsp;&nbsp; Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 482776<br>|
| &nbsp;&nbsp;&nbsp; Austin, TX, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 291770<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 605514<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority Revenue, Senior Lien, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 426173<br>|
| &nbsp;&nbsp;&nbsp; Galveston, TX, Wharves & Terminal Revenue, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 771585<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Love Field, TX, Airport Modernization Corp., General Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20177<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20041<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mission, TX, EDC, Solid Waste Disposal Revenue, Graphic Packaging <br> International, LLC Project, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 152412<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., TX, Retirement Facility <br> Revenue, Westminster Manor Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/49 | &nbsp;&nbsp; $400000 | &nbsp;&nbsp;&nbsp; $320749<br>|
| &nbsp;&nbsp;&nbsp; Newark, TX, Higher Education Finance Corp., Education Revenue, TLC Academy, <br> Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 252201<br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement <br> Facility Revenue, Buckner Retirement Services Inc. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 701168<br>|
| &nbsp;&nbsp;&nbsp; Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior <br> Lien, NTE Mobility Partners Segments 3 LLC, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/41 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 306204<br> <sup>(c)</sup><br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *4535688* |
| *Utah — 1.5%* | *Utah — 1.5%* | *Utah — 1.5%* | *Utah — 1.5%* | *Utah — 1.5%* |
| &nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 999891<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Academy Inc., Series A, Refunding, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/39 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 354475<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syracuse Arts Academy Project, UT CSCE | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 248761<br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 564728<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *2167855* |
| *Virginia — 1.5%* | *Virginia — 1.5%* | *Virginia — 1.5%* | *Virginia — 1.5%* | *Virginia — 1.5%* |
| &nbsp;&nbsp;&nbsp; Virginia State Port Authority, Port Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 254586<br> <sup>(c)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 305503<br> <sup>(c)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Senior Campuses, Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 208634<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 95 Express Lanes LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1019415<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, I-495 HOT Lanes Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/47 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 478044<br> <sup>(c)</sup><br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *2266182* |
| *Washington — 0.9%* | *Washington — 0.9%* | *Washington — 0.9%* | *Washington — 0.9%* | *Washington — 0.9%* |
| &nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue, Series 2022, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502050<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; 461708<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Cancer Care Alliance, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 336039<br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *1299797* |
| *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* | *West Virginia — 0.1%* |
| &nbsp;&nbsp;&nbsp; West Virginia State EDA Revenue, Solid Waste Disposal Facility, Commercial <br> Metals Co. Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; *146278*<br> <sup>(a)(b)(c)</sup><br>|
| *Wisconsin — 2.0%* | *Wisconsin — 2.0%* | *Wisconsin — 2.0%* | *Wisconsin — 2.0%* | *Wisconsin — 2.0%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese Project, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 551100<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cone Health, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 291350<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Carmelite System Inc. Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 93142<br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appalachian State University Project, Series A, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 529214<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Wilmington LLC, University of North Carolina at Wilmington Project, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 962088<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Hawai'i Foundation Project, Green Bonds, Series A-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 209347<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue, Bellin Memorial Hospital Inc., Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 257744<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *2893985* |
| **Total Municipal Bonds (Cost — $144,308,486)** | **Total Municipal Bonds (Cost — $144,308,486)** | **Total Municipal Bonds (Cost — $144,308,486)** | **Total Municipal Bonds (Cost — $144,308,486)** | &nbsp;&nbsp; **138956390** |

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 3.2%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 3.2%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 3.2%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 3.2%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(g)</sup> **— 3.2%** |
| *New York — 3.2%* | *New York — 3.2%* | *New York — 3.2%* | *New York — 3.2%* | *New York — 3.2%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue, Second General Resolution Fiscal 2023, Subseries AA-1  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; $1440000 | &nbsp;&nbsp;&nbsp; $1470880<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Revenue, <br> General Purpose Bonds, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp; 1522355<br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development State Sales Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1817775<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $5,069,777)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $5,069,777)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $5,069,777)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $5,069,777)** | &nbsp;&nbsp; **4811010** |
| **Total Investments before Short-Term Investments (Cost — $149,378,263)** | **Total Investments before Short-Term Investments (Cost — $149,378,263)** | **Total Investments before Short-Term Investments (Cost — $149,378,263)** | **Total Investments before Short-Term Investments (Cost — $149,378,263)** | &nbsp;&nbsp; **143767400** |
| **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** |
| **Municipal Bonds — 3.6%** | **Municipal Bonds — 3.6%** | **Municipal Bonds — 3.6%** | **Municipal Bonds — 3.6%** | **Municipal Bonds — 3.6%** |
| *Arizona — 0.1%* | *Arizona — 0.1%* | *Arizona — 0.1%* | *Arizona — 0.1%* | *Arizona — 0.1%* |
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Hospital Revenue, Phoenix Children's Hospital, Series A, <br> Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 2/1/48 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; *200000*<br> <sup>(h)(i)</sup><br>|
| *Florida — 0.2%* | *Florida — 0.2%* | *Florida — 0.2%* | *Florida — 0.2%* | *Florida — 0.2%* |
| &nbsp;&nbsp;&nbsp; Gainesville, FL, IDR, Gainesville Hillel Inc., Series 2003, LOC - TD Bank N.A.  | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200000<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Highlands County, FL, Health Facilities Authority Hospital Revenue, Adventist <br> Health System/Sunbelt Obligated Group, Series I-2, Refunding  | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(h)(i)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *300000* |
| *Indiana — 0.4%* | *Indiana — 0.4%* | *Indiana — 0.4%* | *Indiana — 0.4%* | *Indiana — 0.4%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Environmental Facilities Revenue, Series A-5, <br> Refunding, LOC - Sumitomo Mitsui Banking | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; *520000*<br> <sup>(h)(i)</sup><br>|
| *Maryland — 0.3%* | *Maryland — 0.3%* | *Maryland — 0.3%* | *Maryland — 0.3%* | *Maryland — 0.3%* |
| &nbsp;&nbsp;&nbsp; Maryland State Health & Higher EFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Johns Hopkins Health System, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 400000<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Maryland Medical System, Series D, Refunding, LOC - TD Bank <br> N.A. | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(h)(i)</sup><br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *500000* |
| *Michigan — 0.1%* | *Michigan — 0.1%* | *Michigan — 0.1%* | *Michigan — 0.1%* | *Michigan — 0.1%* |
| &nbsp;&nbsp;&nbsp; Grand Valley State University, MI, General Revenue, Series B, Refunding, LOC - <br> TD Bank N.A. | &nbsp;&nbsp; 2.360% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; *150000*<br> <sup>(h)(i)</sup><br>|
| *New York — 1.7%* | *New York — 1.7%* | *New York — 1.7%* | *New York — 1.7%* | *New York — 1.7%* |
| &nbsp;&nbsp;&nbsp; Battery Park City Authority Junior Revenue, NY, Subseries D-2, Refunding, SPA - <br> TD Bank N.A.  | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200000<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries D-4, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200000<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries E-5, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300000<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, HDC, MFH Revenue, Series I-3, SPA - TD Bank N.A.  | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/1/60 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Multi-Family Rental HDC Revenue, Related-Sierra <br> Development, Series A, LOC - FNMA  | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(c)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, Municipal Water Finance Authority, Water & Sewer System <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2009, Series BB-2, Refunding, SPA - UBS <br> AG | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 400000<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second General Resolution Fiscal 2014, Series AA, Refunding, SPA - Mizuho <br> Bank Ltd. | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000<br> <sup>(h)(i)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

 **Western Asset Municipal High Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp; New York State HFA Revenue, 10 Liberty Street Realty LLC, Series A, LIQ - <br> FHLMC, LOC - FHLMC  | &nbsp;&nbsp; 2.960% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; $1065000 | &nbsp;&nbsp;&nbsp; $1065000<br> <sup>(h)(i)</sup><br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *2465000* |
| *Oregon — 0.7%* | *Oregon — 0.7%* | *Oregon — 0.7%* | *Oregon — 0.7%* | *Oregon — 0.7%* |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding, <br> LOC - TD Bank N.A. | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; *1000000*<br> <sup>(h)(i)</sup><br>|
| *Texas — 0.1%* | *Texas — 0.1%* | *Texas — 0.1%* | *Texas — 0.1%* | *Texas — 0.1%* |
| &nbsp;&nbsp;&nbsp; Gulf Coast, TX, IDA Revenue, ExxonMobil Project | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; *100000*<br> <sup>(h)(i)</sup><br>|
| **Total Municipal Bonds (Cost — $5,235,000)** | **Total Municipal Bonds (Cost — $5,235,000)** | **Total Municipal Bonds (Cost — $5,235,000)** | **Total Municipal Bonds (Cost — $5,235,000)** | &nbsp;&nbsp; **5235000** |
|  |  |  | Shares |  |
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $63,568)  | &nbsp;&nbsp; 4.268% |  | &nbsp;&nbsp; 63568<br>| &nbsp;&nbsp;&nbsp;&nbsp; **63568**<br> <sup>(j)(k)</sup><br>|
| **Total Short-Term Investments (Cost — $5,298,568)** | **Total Short-Term Investments (Cost — $5,298,568)** | **Total Short-Term Investments (Cost — $5,298,568)** | **Total Short-Term Investments (Cost — $5,298,568)** | &nbsp;&nbsp; **5298568** |
| **Total Investments — 101.3% (Cost — $154,676,831)** | **Total Investments — 101.3% (Cost — $154,676,831)** | **Total Investments — 101.3% (Cost — $154,676,831)** | **Total Investments — 101.3% (Cost — $154,676,831)** | &nbsp;&nbsp; **149065968** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (1.9)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (1.9)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (1.9)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (1.9)% | &nbsp;&nbsp;&nbsp; (2730000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.6% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.6% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.6% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 0.6% | &nbsp;&nbsp;&nbsp; 749697 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$147085665** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> 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 <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(d)</sup> | 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 <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. <br>|
| <sup>(e)</sup> | The coupon payment on this security is currently in default as of July 31, 2025. |
| <sup>(f)</sup> | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| <sup>(g)</sup> | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust.. |
| <sup>(h)</sup> | 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 <br> 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 <br> remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official <br> documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The <br> SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's <br> Short-term Obligation Rate Transparency System.<br>|
| <sup>(i)</sup> | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |
| <sup>(j)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(k)</sup> | 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 <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At July 31, 2025, the total market value of <br> investments in Affiliated Companies was $63,568 and the cost was $63,568 (Note 2).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Western Asset Municipal High Income Fund Inc.**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| CAB |  | Capital Appreciation Bonds |
| CSCE |  | Charter School Credit Enhancement |
| CWA |  | Clean Water Act |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDA |  | Housing Development Authority |
| HDC |  | Housing Development Corporation |
| HEFA |  | Health & Educational Facilities Authority |
| HFA |  | Housing Finance Agency |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| LIQ |  | Liquidity Facility |
| LOC |  | Letter of Credit |
| MFA |  | Municipal Finance Authority |
| MFH |  | Multi-Family Housing |
| MTA |  | Metropolitan Transportation Authority |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| PCFA |  | Pollution Control Financing Authority |
| PEA |  | Public Energy Authority |
| PFA |  | Public Facilities Authority |
| SPA |  | Standby Bond Purchase Agreement — Insured Bonds |
| TFA |  | Transitional Finance Authority |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Western Asset Municipal High Income Fund Inc. (the "Fund") was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund seeks high current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing primarily in intermediate and long-term municipal debt securities issued by state and local governments ("municipal obligations"). However, the Fund may invest in municipal obligations of any maturity. The Fund may invest up to 100% of its assets in municipal obligations rated below investment grade (commonly referred to as "junk bonds"). Investment grade securities are those rated in the Baa/BBB categories or above by at least one National Recognized Statistical Rating Organization that provides such a rating or unrated securities that the subadviser determined to be of comparable credit quality. For credit ratings purposes, pre-refunded bonds are deemed to be unrated. The subadviser determines the credit quality of pre-refunded bonds based on the quality of the escrowed collateral and such other factors as the subadviser deems appropriate.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Directors (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

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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: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $138956390 | &nbsp;&nbsp; — | &nbsp;&nbsp; $138956390 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 4811010 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4811010 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 143767400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 143767400 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 5235000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5235000 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $63568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63568 |
| Total Short-Term Investments | &nbsp;&nbsp; 63568 | &nbsp;&nbsp; 5235000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5298568 |
| **Total Investments** | &nbsp;&nbsp; **$63568** | &nbsp;&nbsp; **$149002400** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$149065968** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended July 31, 2025. The following transactions were effected in such company for the period ended July 31, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>October 31, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>October 31, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $203 | $2657793 | 2657793 | $2594428 | 2594428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>July 31, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $1695 |  | $63568 |

---

------

Western Asset Municipal High Income Fund Inc. 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Western Asset Municipal High Income Fund Inc.

- **b. Investment Company Act file number:** 811-05497

- **c. CIK number of Registrant:** 0000830487

- **d. LEI of Registrant:** 549300V8S0EC6SV7H926

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-888-777-0102

**Item A.2. Information about the Series.**

- **a. Name of Series:** Western Asset Municipal High Income Fund Inc.

- **c. LEI of Series:** 549300V8S0EC6SV7H926

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $150699785.40

**Total Liabilities:** $3614120.16

**Net Assets:** $147085665.24

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 81.07000000 | **1-Year:** 2667.29000000 | **5-Year:** 17582.29000000 | **10-Year:** 77136.32000000 | **30-Year:** 10399.95000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 44.56000000 | **1-Year:** 524.12000000 | **5-Year:** 2331.23000000 | **10-Year:** 10049.47000000 | **30-Year:** 670.27000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -2.71%               | 0.21%                | -1.96%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $277.00                  | $-1370251.41                               |
| Month 2  | $-1013.78                | $654223.41                                 |
| Month 3  | $-56458.95               | $-1512464.17                               |

**Designated Index Information**

- **Index Name:** BBG POINT MUNI index

- **Index Identifier:** 7425

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DIRECTOR OF THE ST OF NEVADA D                          | State of Nevada Department of Business & Industry                            | CUSIP: 25490LAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458336.35    | 0.31%             | 2045-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                          | County of Miami-Dade Seaport Department                                      | CUSIP: 59335KFB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $744698.25    | 0.51%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                          | New York Liberty Development Corp                                            | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1155214.94   | 0.79%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                          | Industrial Development Authority of the City of Phoenix Arizona/The          | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000222.50   | 0.68%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC                           | Omaha Public Power District                                                  | CUSIP: 682001HC9<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $437534.75    | 0.30%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                          | City & County Honolulu HI Wastewater System Revenue                          | CUSIP: 4387014P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $164101.31    | 0.11%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                            | CUSIP: 4521524T5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    400000 | PA      | $417036.56    | 0.28%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                          | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60635H4A4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    700000 | PA      | $687342.74    | 0.47%             | 2044-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                           | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CEX2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4097986.80   | 2.79%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                             | City of New York NY                                                          | CUSIP: 64966QCU2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    750000 | PA      | $706918.58    | 0.48%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                              | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264577.53    | 0.18%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                          | Salt Verde Financial Corp                                                    | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559534.70   | 1.06%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                          | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KFK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2111109.00   | 1.44%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                          | Florida Development Finance Corp                                             | CUSIP: 34061UBU1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250099.43    | 0.17%             | 2035-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R                          | State of Connecticut Special Tax Revenue                                     | CUSIP: 207758XR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513847.90    | 0.35%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                           | Parish of St John the Baptist LA                                             | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248368.20    | 0.17%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $217101.33    | 0.15%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                           | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    750000 | PA      | $656934.90    | 0.45%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                           | Orange County Health Facilities Authority                                    | CUSIP: 68450LJR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $177841.12    | 0.12%             | 2056-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE                          | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986659.20    | 0.67%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                            | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1202699.67   | 0.82%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE AK PORT REVENUE                               | Municipality of Anchorage AK                                                 | CUSIP: 033252AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243644.63    | 0.17%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                              | City of Chicago IL                                                           | CUSIP: 167486G29<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516621.15    | 0.35%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                           | Arlington Higher Education Finance Corp                                      | CUSIP: 041806HK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $184917.98    | 0.13%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                          | Public Finance Authority                                                     | CUSIP: 74439YDW8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    280000 | PA      | $209346.76    | 0.14%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                            | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    550000 | PA      | $577545.49    | 0.39%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                         | CUSIP: 19648FZN7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    400000 | PA      | $374495.04    | 0.25%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                           | New Hope Cultural Education Facilities Finance Corp                          | CUSIP: 64542UFM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $320748.96    | 0.22%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                          | Tobacco Settlement Financing Corp                                            | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149049.36    | 0.10%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                            | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308538.81    | 0.21%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN HOUSE CA PUBLIC FING                           | Mountain House Public Financing Authority                                    | CUSIP: 62412PBN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $688598.03    | 0.47%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                          | Port Authority of New York & New Jersey                                      | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $845022.60    | 0.57%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                          | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979419.80    | 0.67%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                          | Main Street Natural Gas Inc                                                  | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264341.73    | 0.18%             | 2053-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE                          | City of Valparaiso IN                                                        | CUSIP: 92028RAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1005849.57   | 0.68%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                          | Tennessee Energy Acquisition Corp                                            | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400509.76    | 0.27%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                          | North Carolina Turnpike Authority                                            | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $490972.55    | 0.33%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                          | M-S-R Energy Authority                                                       | CUSIP: 55374SAH3<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2375617.60   | 1.62%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                             | Oregon State Facilities Authority                                            | CUSIP: 68608JXF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.68%             | 2034-08-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU                          | New Mexico Municipal Energy Acquisition Authority                            | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    400000 | PA      | $424686.80    | 0.29%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS CNTY FL HLTH FACS AU                          | Highlands County Health Facilities Authority                                 | CUSIP: 431022TN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.07%             | 2032-11-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR                          | City & County Honolulu HI Wastewater System Revenue                          | CUSIP: 438701J47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $278839.47    | 0.19%             | 2041-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BATTERY PARK CITY NY AUTH                               | Battery Park City Authority                                                  | CUSIP: 07133AJC7<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.14%             | 2038-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE FL INDL DEV REVENU                          | City of Gainesville FL                                                       | CUSIP: 362824AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.14%             | 2033-05-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                          | Chandler Industrial Development Authority                                    | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $596867.94    | 0.41%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                          | Love Field Airport Modernization Corp                                        | CUSIP: 54714CBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20176.86     | 0.01%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $47289.23     | 0.03%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                           | Louisiana Public Facilities Authority                                        | CUSIP: 54639TCG5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700684.25    | 0.48%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                          | Central Texas Regional Mobility Authority                                    | CUSIP: 155498LX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426173.00    | 0.29%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                            | Illinois Sports Facilities Authority/The                                     | CUSIP: 452143FN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265667.45    | 0.18%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND VLY MI ST UNIV REVENUE                            | Grand Valley State University                                                | CUSIP: 386545HC4<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.10%             | 2031-12-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL W                          | Mission Economic Development Corp                                            | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152412.30    | 0.10%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                          | Maryland Health & Higher Educational Facilities Authority                    | CUSIP: 574217V28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.07%             | 2041-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $379651.92    | 0.26%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                              | City of Austin TX Airport System Revenue                                     | CUSIP: 052398GX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605514.06    | 0.41%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1305182.75   | 0.89%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                           | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250EB6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1261434.50   | 0.86%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                           | Philadelphia Authority for Industrial Development                            | CUSIP: 71780CAZ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    400000 | PA      | $378796.24    | 0.26%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN                          | Indiana Finance Authority                                                    | CUSIP: 45471ATD4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $173268.34    | 0.12%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                          | Tarrant County Cultural Education Facilities Finance Corp                    | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    700000 | PA      | $701168.09    | 0.48%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                          | Maryland Health & Higher Educational Facilities Authority                    | CUSIP: 57421CAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $270398.25    | 0.18%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                          | Chicago O'Hare International Airport                                         | CUSIP: 1675932L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491839.25    | 0.33%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INLAND VLY CA DEV AGY SUCCESSO                          | Inland Valley Development Agency                                             | CUSIP: 45750TAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503867.50    | 0.34%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                          | South Carolina Jobs-Economic Development Authority                           | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    400000 | PA      | $350727.04    | 0.24%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                          | Florida Development Finance Corp                                             | CUSIP: 34061UBV9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    215000 | PA      | $212433.95    | 0.14%             | 2046-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                          | Virginia Small Business Financing Authority                                  | CUSIP: 928104MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208634.52    | 0.14%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                                    | Municipal Electric Authority of Georgia                                      | CUSIP: 62620HHP0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    350000 | PA      | $355277.34    | 0.24%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                           | New York City Municipal Water Finance Authority                              | CUSIP: 64972GCQ5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.07%             | 2048-06-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORPM                          | New York City Housing Development Corp                                       | CUSIP: 64972ESV2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.07%             | 2060-11-01      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU                          | Newark Higher Education Finance Corp                                         | CUSIP: 650346EA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $252200.90    | 0.17%             | 2056-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                               | City of Chicago IL Waterworks Revenue                                        | CUSIP: 167736P43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1300138.94   | 0.88%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                          | Tobacco Securitization Authority of Southern California                      | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $190062.08    | 0.13%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                           | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    250000 | PA      | $242941.98    | 0.17%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116EX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $441736.15    | 0.30%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                 | Florida Development Finance Corp                                             | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957563.20    | 0.65%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                          | Metropolitan Government Nashville & Davidson County Sports Authority         | CUSIP: 592090JZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354965.28    | 0.24%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C                          | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    525000 | PA      | $545101.25    | 0.37%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                            | Illinois Finance Authority                                                   | CUSIP: 45204FYS8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256867.60    | 0.17%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                           | Chicago Transit Authority Sales Tax Receipts Fund                            | CUSIP: 16772PBT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980285.40    | 0.67%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                           | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008413.40   | 1.37%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                           | New York City Housing Development Corp                                       | CUSIP: 64970HAY0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.07%             | 2033-03-15      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                          | Utah Charter School Finance Authority                                        | CUSIP: 91754TSB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248760.88    | 0.17%             | 2042-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $493319.18    | 0.34%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    172000 | PA      | $161198.40    | 0.11%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                             | City of New York NY                                                          | CUSIP: 64966QAA8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.20%             | 2048-03-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                          | Palm Beach County Health Facilities Authority                                | CUSIP: 696507VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $86790.50     | 0.06%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                            | Michigan Finance Authority                                                   | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    400000 | PA      | $333509.24    | 0.23%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                           | New York City Municipal Water Finance Authority                              | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.27%             | 2039-06-15      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP ECON                          | Maryland Economic Development Corp                                           | CUSIP: 57420NCU3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    400000 | PA      | $381305.04    | 0.26%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                          | Maricopa County Industrial Development Authority                             | CUSIP: 56681NEN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459388.30    | 0.31%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX SPL TAX REVENUE                            | City of Arlington TX Special Tax Revenue                                     | CUSIP: 04184RDD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482776.20    | 0.33%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                          | Massachusetts Development Finance Agency                                     | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $483304.90    | 0.33%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                          | Industrial Development Authority of the City of Phoenix Arizona/The          | CUSIP: 71885FEK9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1184441.88   | 0.81%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                          | River Islands Public Financing Authority                                     | CUSIP: 76827QGR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302302.02    | 0.21%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SANTA FE NM RETMNT FAC REVENUE                          | City of Santa Fe NM                                                          | CUSIP: 802170AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $219484.88    | 0.15%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                           | New York City Industrial Development Agency                                  | CUSIP: 64971PKL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    300000 | PA      | $258909.99    | 0.18%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                          | Northern Tobacco Securitization Corp                                         | CUSIP: 66585VBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $202136.05    | 0.14%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                          | New Jersey Economic Development Authority                                    | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500742.35   | 1.02%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                            | Cumberland County Municipal Authority                                        | CUSIP: 230614TE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135054.90    | 0.09%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                          | Massachusetts Development Finance Agency                                     | CUSIP: 57584Y3V9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508108.50    | 0.35%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                          | City of Salt Lake City UT Airport Revenue                                    | CUSIP: 795576MD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999891.10    | 0.68%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN                          | State of Ohio                                                                | CUSIP: 67759YAQ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    700000 | PA      | $661731.70    | 0.45%             | 2053-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $805478.43    | 0.55%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $433377.56    | 0.29%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476043.55    | 0.32%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                          | New York Liberty Development Corp                                            | CUSIP: 649519FB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $516822.18    | 0.35%             | 2052-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST PORT AUTH PORT FAC                          | Virginia Port Authority                                                      | CUSIP: 928077JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254585.68    | 0.17%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                              | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1379999.79   | 0.94%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX INDL DEV AUTH                             | Gulf Coast Industrial Development Authority                                  | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.07%             | 2041-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                           | Alameda Corridor Transportation Authority                                    | CUSIP: 010869JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601074.42    | 0.41%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $303724.58    | 0.21%             | 2054-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                          | Chicago O'Hare International Airport                                         | CUSIP: 167593YL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493720.15    | 0.34%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307838.73    | 0.21%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST UNIV                                        | Illinois State University                                                    | CUSIP: 452272B55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105811.73    | 0.07%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EXEMPT FACS                          | Public Finance Authority                                                     | CUSIP: 74443QAC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    550000 | PA      | $551100.06    | 0.37%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                          | Colorado Health Facilities Authority                                         | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252025.25    | 0.17%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                          | Palm Beach County Health Facilities Authority                                | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1448674.51   | 0.98%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                          | City of Chicago IL Wastewater Transmission Revenue                           | CUSIP: 167727ZH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504198.50    | 0.34%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                           | Metropolitan Transportation Authority                                        | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    400000 | PA      | $420330.48    | 0.29%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHL                          | Louisiana Public Facilities Authority                                        | CUSIP: 54639TCT7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    500000 | PA      | $416520.20    | 0.28%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                            | Michigan Finance Authority                                                   | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14434.69     | 0.01%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                           | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000052.90   | 0.68%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                              | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523135.35    | 0.36%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                   | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890514.70    | 0.61%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV                          | Build NYC Resource Corp                                                      | CUSIP: 12008ETL0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $278319.75    | 0.19%             | 2062-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                              | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542371.00    | 0.37%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TROY NY CAPITAL RESOURCE CORP                           | Troy Capital Resource Corp                                                   | CUSIP: 897579BY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450230.15    | 0.31%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                          | Washington Health Care Facilities Authority                                  | CUSIP: 93978HYD1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    370000 | PA      | $336039.11    | 0.23%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                            | CUSIP: 4521522M2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1159890.93   | 0.79%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                           | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521098.70   | 1.03%             | 2045-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA INDL DEV AUTH                              | Lancaster Industrial Development Authority                                   | CUSIP: 514349CY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454117.80    | 0.31%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                          | Northern Tobacco Securitization Corp                                         | CUSIP: 66585VBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $384973.96    | 0.26%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                          | Palm Beach County Health Facilities Authority                                | CUSIP: 696507UT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $312662.74    | 0.21%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                          | Village Community Development District No 15                                 | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $338427.32    | 0.23%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                          | Palm Beach County Health Facilities Authority                                | CUSIP: 69651ABZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354137.18    | 0.24%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                              | City of Chicago IL                                                           | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $482911.45    | 0.33%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                          | Utah Infrastructure Agency                                                   | CUSIP: 917467AT9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    550000 | PA      | $564728.23    | 0.38%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                            | CUSIP: 452153AR0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1299508.63   | 0.88%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                          | Virginia Small Business Financing Authority                                  | CUSIP: 928104PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019415.20   | 0.69%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL                          | Maryland Health & Higher Educational Facilities Authority                    | CUSIP: 57421CGC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.27%             | 2046-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                              | Public Finance Authority                                                     | CUSIP: 74442PQV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93142.01     | 0.06%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH MIDWESTERN DI                          | Indiana Finance Authority                                                    | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203105.44    | 0.14%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                      | New York State Dormitory Authority (TOBs)                                    | CUSIP: 64990FYN8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1522355.58   | 1.04%             | 2045-03-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A                          | California Community Choice Financing Authority                              | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562155.80   | 1.06%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                          | Indiana Finance Authority                                                    | CUSIP: 45505MPT7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016331.60   | 0.69%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                              | City of Austin TX Airport System Revenue                                     | CUSIP: 052398HW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $291769.65    | 0.20%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH SENIOR                          | Tulsa County Industrial Authority                                            | CUSIP: 899530AY5<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500796.15    | 0.34%             | 2037-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                          | Mobile County Industrial Development Authority                               | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $264149.20    | 0.18%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY AZ INDL DEV AUTH E                          | La Paz County Industrial Development Authority                               | CUSIP: 50376FAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000267.50   | 0.68%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                          | New Jersey Economic Development Authority                                    | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    650000 | PA      | $652709.20    | 0.44%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                   | CUSIP: 167505VY9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1799622.83   | 1.22%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                          | Mobile County Industrial Development Authority                               | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218636.53    | 0.15%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HLTH CARE SYS R                          | City of Grand Forks ND                                                       | CUSIP: 38546WDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $426472.74    | 0.29%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HLTHCARE SY                          | Public Finance Authority                                                     | CUSIP: 74447GAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $291349.62    | 0.20%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR TRANSMISSION                          | City of Chicago IL Wastewater Transmission Revenue                           | CUSIP: 167727YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300312.27    | 0.20%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                                    | Municipal Electric Authority of Georgia                                      | CUSIP: 62620HHQ8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253734.23    | 0.17%             | 2064-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                          | M-S-R Energy Authority                                                       | CUSIP: 55374SAJ9<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2367510.60   | 1.61%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority         | New York City Municipal Water Finance Authority (TOBs)                       | CUSIP: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1470879.84   | 1.00%             | 2052-06-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA                          | City of Galveston TX Wharves & Terminal Revenue                              | CUSIP: 364568JZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $771585.38    | 0.52%             | 2038-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT                          | Allegheny County Hospital Development Authority                              | CUSIP: 01728A5C6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    350000 | PA      | $322811.51    | 0.22%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                             | Indiana Finance Authority                                                    | CUSIP: 45506EBU6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $431652.35    | 0.29%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                          | New Jersey Turnpike Authority                                                | CUSIP: 646140GC1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    700000 | PA      | $718897.76    | 0.49%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE                           | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016193.10   | 0.69%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VILLAGE MET DIST CO                                     | Village Metropolitan District/The                                            | CUSIP: 92708CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494763.75    | 0.34%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $146739.15    | 0.10%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299990.07    | 0.20%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST PORT AUTH PORT FAC                          | Virginia Port Authority                                                      | CUSIP: 928077JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305502.81    | 0.21%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                            | Ohio Air Quality Development Authority                                       | CUSIP: 677525XA0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    140000 | PA      | $139670.97    | 0.09%             | 2028-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                          | California Municipal Finance Authority                                       | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    700000 | PA      | $679192.92    | 0.46%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                           | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $604964.65    | 0.41%             | 2032-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                          | Mid-Bay Bridge Authority                                                     | CUSIP: 342814DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501746.80    | 0.34%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                           | Buckeye Tobacco Settlement Financing Authority                               | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $650745.04    | 0.44%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT PIERCE FL UTILITIES AUTH                           | Fort Pierce Utilities Authority                                              | CUSIP: 348430PV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $126880.01    | 0.09%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                           | Parish of St John the Baptist LA                                             | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502885.70    | 0.34%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| N RANGE CO MET DIST #2                                  | North Range Metropolitan District No 2                                       | CUSIP: 66176MAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491113.05    | 0.33%             | 2037-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                          | Kentucky Public Energy Authority                                             | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211209.80    | 0.14%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                          | Chandler Industrial Development Authority                                    | CUSIP: 158862CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $805477.36    | 0.55%             | 2035-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                            | New Hampshire Business Finance Authority                                     | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $334928.76    | 0.23%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                          | State of Connecticut                                                         | CUSIP: 20772KGF0<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    600000 | PA      | $593882.82    | 0.40%             | 2037-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                            | Ohio Air Quality Development Authority                                       | CUSIP: 677525WF0<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    350000 | PA      | $331834.86    | 0.23%             | 2042-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                              | Port of Seattle WA                                                           | CUSIP: 735389V70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502050.15    | 0.34%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                          | Chandler Industrial Development Authority                                    | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251230.15    | 0.17%             | 2037-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                   | Chicago Board of Education                                                   | CUSIP: 167505XQ4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1191219.38   | 0.81%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                          | Utah Charter School Finance Authority                                        | CUSIP: 91754TYA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354475.14    | 0.24%             | 2039-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                           | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2451035.08   | 1.67%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STHRN UTE INDIAN TRIBE OF STHR                          | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado        | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316790.25    | 0.22%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A                          | St Louis County Industrial Development Authority                             | CUSIP: 791524BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996412.20   | 1.36%             | 2043-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                                  | Regional Transportation Authority                                            | CUSIP: 759911XV7<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    930000 | PA      | $1002803.00   | 0.68%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                           | Metropolitan Transportation Authority                                        | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $213229.83    | 0.14%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                          | Washington Health Care Facilities Authority                                  | CUSIP: 93978HVT9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    535000 | PA      | $461707.68    | 0.31%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                            | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487016.50    | 0.33%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST G                          | Southeast Alabama Gas Supply District/The                                    | CUSIP: 84131TAZ5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    350000 | PA      | $369478.45    | 0.25%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI                          | Illinois Finance Authority                                                   | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    350000 | PA      | $349891.89    | 0.24%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TN WTR SWR & GAS R                          | City of Clarksville TN Water Sewer & Gas Revenue                             | CUSIP: 182618PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $424795.25    | 0.29%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                          | Florida Development Finance Corp                                             | CUSIP: 34061UFW3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $643743.95    | 0.44%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AK TOBACCO SECURITIZATIO                          | Northern Tobacco Securitization Corp                                         | CUSIP: 66585VCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $171720.70    | 0.12%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                          | Kentucky Public Energy Authority                                             | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509328.80   | 1.03%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDLD                          | Philadelphia Authority for Industrial Development                            | CUSIP: 71783DBX2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511189.40    | 0.35%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                          | Public Finance Authority                                                     | CUSIP: 74439YDQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $529214.04    | 0.36%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                          | Virginia Small Business Financing Authority                                  | CUSIP: 928104QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478043.90    | 0.33%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                          | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306204.00    | 0.21%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                              | City of Detroit MI                                                           | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    700000 | PA      | $748687.24    | 0.51%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI                          | Love Field Airport Modernization Corp                                        | CUSIP: 54714CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20040.94     | 0.01%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                          | Maryland Economic Development Corp                                           | CUSIP: 57420VRN5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    350000 | PA      | $294650.69    | 0.20%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D                          | State of Nevada Department of Business & Industry                            | CUSIP: 25490LAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299382.87    | 0.20%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                          | California Pollution Control Financing Authority                             | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $705143.04    | 0.48%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN                           | Alameda Corridor Transportation Authority                                    | CUSIP: 010869GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507713.25    | 0.35%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN                          | California Community Housing Agency                                          | CUSIP: 13013FAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $343290.35    | 0.23%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA CONVENTION C                          | Lancaster County Convention Center Authority                                 | CUSIP: 514042BE9<br>LEI: 549300F347A3TMO7B762 | Long             | DBT              | MUN               | US        |    500000 | PA      | $461283.10    | 0.31%             | 2057-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                          | M-S-R Energy Authority                                                       | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1183755.30   | 0.80%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                           | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    350000 | PA      | $333214.25    | 0.23%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                           | Empire State Development Corp (TOBs)                                         | CUSIP: 64985TEP2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1817775.00   | 1.24%             | 2047-03-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves | Western Asset Premier Institutional Government Reserves                      | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |     63568 | NS      | $63568.42     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                          | California Public Finance Authority                                          | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241369.13    | 0.16%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                            | Illinois Finance Authority                                                   | CUSIP: 45204FYV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $225216.30    | 0.15%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                           | Chicago Transit Authority Sales Tax Receipts Fund                            | CUSIP: 16772PCB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499973.80    | 0.34%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761368.65    | 0.52%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                 | New York State Housing Finance Agency                                        | CUSIP: 64986MC78<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1065000.00   | 0.72%             | 2035-05-01      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                          | River Islands Public Financing Authority                                     | CUSIP: 76827QJZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $536647.42    | 0.36%             | 2053-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT                          | Clackamas County Hospital Facility Authority                                 | CUSIP: 179027WP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492233.05    | 0.33%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                           | Metropolitan Transportation Authority                                        | CUSIP: 59261AJ65<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $276881.48    | 0.19%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVAJO NATION AZ                                        | Navajo Nation                                                                | CUSIP: 639185AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190873.75    | 0.13%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3093665.90   | 2.10%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                            | New Hampshire Business Finance Authority                                     | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $900129.60    | 0.61%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH                          | West Virginia Economic Development Authority                                 | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    150000 | PA      | $146278.41    | 0.10%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                               | Municipal Electric Authority of Georgia                                      | CUSIP: 6262075E0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250259.30    | 0.17%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                              | City of Chicago IL                                                           | CUSIP: 167486P52<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    550000 | PA      | $566820.60    | 0.39%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                           | Orange County Health Facilities Authority                                    | CUSIP: 68450LHL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243326.80    | 0.17%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                          | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97712JGT4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257744.48    | 0.18%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                          | New York State Dormitory Authority                                           | CUSIP: 65000BPS1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $422327.25    | 0.29%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                            | New Hampshire Business Finance Authority                                     | CUSIP: 63607YCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $752410.40    | 0.51%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                               | Municipal Electric Authority of Georgia                                      | CUSIP: 6262077J7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $238234.25    | 0.16%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                           | Colorado High Performance Transportation Enterprise                          | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $140081.79    | 0.10%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                           | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250EX8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $818508.80    | 0.56%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                          | New York Transportation Development Corp                                     | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $90581.39     | 0.06%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                           | Parish of St John the Baptist LA                                             | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $396761.64    | 0.27%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R                          | New York State Thruway Authority                                             | CUSIP: 650010CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $660157.05    | 0.45%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA                          | Michigan Finance Authority                                                   | CUSIP: 59447NBD7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $218612.03    | 0.15%             | 2054-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                           | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971XU71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2257905.15   | 1.54%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REUNION E FL CDD SPL ASSMNT                             | Reunion East Community Development District                                  | CUSIP: 761311AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $2.85         | 0.00%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                           | Black Belt Energy Gas District                                               | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    200000 | PA      | $210726.26    | 0.14%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN NY LOCAL DEV CORP R                          | Brookhaven Local Development Corp                                            | CUSIP: 113168BC1<br>LEI: 549300384JET720NAQ98 | Long             | DBT              | MUN               | US        |    735000 | PA      | $779294.41    | 0.53%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL PORT FACS REVE                          | County of Broward FL Port Facilities Revenue                                 | CUSIP: 11506KHB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020583.40   | 0.69%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                          | Public Finance Authority                                                     | CUSIP: 74439YBF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962088.20    | 0.65%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                          | Main Street Natural Gas Inc                                                  | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148361.10    | 0.10%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                             | City of New York NY                                                          | CUSIP: 64966LCP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.14%             | 2040-08-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                          | Arizona Industrial Development Authority                                     | CUSIP: 04052BPS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $349250.40    | 0.24%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A                          | Metropolitan Washington Airports Authority Aviation Revenue                  | CUSIP: 592647MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $651087.42    | 0.44%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV                          | Arizona Industrial Development Authority                                     | CUSIP: 04052EAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.14%             | 2048-02-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                          | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $2710684.05   | 1.84%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB                          | Iowa Tobacco Settlement Authority                                            | CUSIP: 888805CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $123774.69    | 0.08%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL                           | Indiana Finance Authority                                                    | CUSIP: 455054AF3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    520000 | PA      | $520000.00    | 0.35%             | 2040-10-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                          | Michigan Strategic Fund                                                      | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242568.90    | 0.16%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

**Name of Applicant:** Western Asset Municipal High Income Fund Inc.

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer