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WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS - 98.7%           

Alabama - 5.7%

           

Jefferson County, AL, Sewer Revenue:

           

Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F, Refunding (0.000% until 10/1/23; 7.900%)

      0.000 %      10/1/50      $ 3,020,000      $ 3,086,259  

Senior Lien, Warrants, Series A, Refunding, AGM

      5.500 %      10/1/53        400,000        447,260  

Subordinated Lien, Warrants, Series D, Refunding

      6.000 %      10/1/42        1,120,000        1,320,793  

Subordinated Lien, Warrants, Series D, Refunding

      6.500 %      10/1/53        3,000,000        3,576,690  

Lower Alabama Gas District, Natural Gas Revenue, Series A

      5.000 %      9/1/46        1,000,000        1,528,500  
          

 

 

  

Total Alabama

              9,959,502  
          

 

 

  

Alaska - 0.2%

           

Anchorage, AK, Port Revenue, Series A

      5.000 %      12/1/50        250,000        305,328 (a)  
          

 

 

  

Arizona - 3.7%

           

La Paz County, AZ, IDA Revenue, Charter School Solutions, Harmony Public School Project, Series A

      5.000 %      2/15/36        1,000,000        1,132,540 (b) 

Maricopa County, AZ, IDA Revenue, Legacy Traditional Schools Project, Series 2019, Refunding

      5.000 %      7/1/49        500,000        569,475 (b)  

Navajo Nation, AZ, Revenue, Series A, Refunding

      5.500 %      12/1/30        190,000        213,385 (b)  

Phoenix, AZ, IDA Revenue:

           

Basis School Inc., Refunding

      5.000 %      7/1/35        1,000,000        1,104,720 (b) 

Great Hearts Academies, Refunding

      5.000 %      7/1/41        1,200,000        1,339,308  

Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007

      5.000 %      12/1/37        1,500,000        2,189,025  
          

 

 

  

Total Arizona

              6,548,453  
          

 

 

  

California - 10.5%

           

Alameda, CA, Corridor Transportation Authority Revenue, Second Subordinated Lien, Series B, Refunding

      5.000 %      10/1/34        500,000        601,070  

Anaheim, CA, Public Financing Authority Lease Revenue, Series A, Refunding

      5.000 %      5/1/46        2,000,000        2,208,900  

California State Community Housing Agency, Essential Housing Revenue, Stoneridge Apartments, Series A

      4.000 %      2/1/56        500,000        546,795 (b)(c)(d) 

California State CSCDA Community Improvement Authority, Essential Housing Revenue, Series A

      4.000 %      8/1/56        500,000        554,155 (d)  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report      

 

1

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - (continued)

           

California State MFA Revenue:

           

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43      $ 500,000      $ 604,460 (a)  

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/47        200,000        240,376 (a)  

California State PCFA Water Furnishing Revenue, San Diego County Water Authority Desalination Project, Refunding

      5.000 %      7/1/39        700,000        848,428 (b)  

California Statewide CDA Revenue:

           

Provident Group-Pomona Properties LLC, Series A

      5.600 %      1/15/36        500,000        513,640 (b)  

Provident Group-Pomona Properties LLC, Series A

      5.750 %      1/15/45        360,000        368,518 (b)  

Golden State, CA, Tobacco Securitization Corp. Revenue, Tobacco Settlement Funded, Series A-1, Refunding

      5.250 %      6/1/47        700,000        731,073  

Inland Valley, CA, Development Agency, Successor Agency Tax Allocation Revenue, Series A, Refunding

      5.000 %      9/1/44        500,000        554,325  

Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A

      5.000 %      10/1/42        100,000        112,578 (b)  

Mountain House Public Financing Authority, CA, Utility Systems Revenue, Green Bond, Series A, BAM

      4.000 %      12/1/50        750,000        875,782  

M-S-R Energy Authority, CA, Natural Gas Revenue:

           

Series B

      6.500 %      11/1/39        1,000,000        1,674,460  

Series C

      7.000 %      11/1/34        2,000,000        3,215,900  

Series C

      6.500 %      11/1/39        2,000,000        3,348,920  

Redding, CA, Redevelopment Agency, Tax Allocation, Shastec Redevelopment Project

      5.000 %      9/1/29        600,000        602,052  

River Islands, CA, Public Financing Authority, Special Tax Revenue, Community Facilities District No. 2003-1, Refunding

      5.500 %      9/1/45        620,000        658,093  

Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A

      5.000 %      6/1/48        200,000        254,090  
          

 

 

  

Total California

              18,513,615  
          

 

 

  

Colorado - 3.4%

           

Aristation Metropolitan District, CO, GO, Convertible Unlimited & Special Revenue, Refunding and Improvements

      5.000 %      12/1/38        500,000        537,350  

 

See Notes to Schedule of Investments.

 

 

    

 

2

       Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Colorado - (continued)

           

Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-2

      4.000 %      8/1/49      $ 500,000      $ 568,680  

Colorado State High Performance Transportation Enterprise Revenue, C-470 Express Lanes

      5.000 %      12/31/51        150,000        169,443  

North Range, CO, Metropolitan District #2, GO, Series A, Refunding

      5.625 %      12/1/37        500,000        530,290  

Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008

      6.125 %      11/15/23        2,625,000        2,877,394  

Regional Transportation Authority, CO, Denver Transit Partners Eagle P3 Project, Series A, Refunding

      4.000 %      7/15/34        200,000        243,768  

Solaris, CO, Metropolitan District #3, GO, Subordinate Limited Tax, Series B

      7.000 %      12/15/46        500,000        521,465  

Village Metropolitan District, CO, Limited & Special Revenue, Series 2020, Refunding and Improvements

      5.000 %      12/1/40        500,000        544,555  
          

 

 

  

Total Colorado

              5,992,945  
          

 

 

  

Connecticut - 1.2%

           

Connecticut State Special Tax Revenue:

           

Transportation Infrastructure, Series A

      5.000 %      1/1/37        500,000        621,750  

Transportation Infrastructure, Series A

      5.000 %      5/1/38        550,000        716,496  

Connecticut State, GO, Series A

      4.000 %      4/15/37        600,000        718,092  
          

 

 

  

Total Connecticut

              2,056,338  
          

 

 

  

District of Columbia - 1.2%

           

District of Columbia Revenue:

           

Friendship Public Charter School Inc.

      5.000 %      6/1/42        2,000,000        2,093,460  

Ingleside Rock Creek Project, Series A

      4.125 %      7/1/27        100,000        101,916  
          

 

 

  

Total District of Columbia

              2,195,376  
          

 

 

  

Florida - 3.4%

           

Broward County, FL, Port Facilities Revenue:

           

Senior Bonds, Series B

      4.000 %      9/1/44        1,250,000        1,436,137 (a) 

Senior Bonds, Series B

      4.000 %      9/1/49        500,000        570,480 (a)  

Florida State Development Finance Corp.,

           

Educational Facilities Revenue:

           

Mater Academy Projects, Series A

      5.000 %      6/15/40        650,000        753,369  

Renaissance Charter School Inc. Projects, Series A

      6.000 %      6/15/35        250,000        284,663 (b)  

Renaissance Charter School Inc. Projects, Series A

      6.125 %      6/15/46        215,000        242,342 (b)  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report      

 

3

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Florida - (continued)

           

Florida State Mid-Bay Bridge Authority Revenue, Series A, Refunding

      5.000 %      10/1/28      $ 500,000      $ 586,405  

Miami-Dade County, FL, Aviation Revenue, Series A, Refunding

      5.000 %      10/1/49        650,000        804,947 (a)  

Palm Beach County, FL, Health Facilities Authority Revenue:

           

Sinai Residences Boca Raton Project, Series A

      7.500 %      6/1/49        400,000        434,512  

Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A

      5.000 %      6/1/55        350,000        371,116  

Reunion, FL, East Community Development District, Special Assessment Bond, Series A-2

      7.375 %      5/1/33        285,000        3 *(e)  

Santa Rosa, FL, Bay Bridge Authority Revenue

      6.250 %      7/1/28        657,252        578,381 *(e) 
          

 

 

  

Total Florida

              6,062,355  
          

 

 

  

Georgia - 0.3%

           

Georgia State Municipal Electric Authority Power Revenue, Project One Subordinated, Series A

      5.000 %      1/1/45        250,000        319,240  

Main Street Natural Gas Inc., GA, Gas Project Revenue, Series A

      5.000 %      5/15/43        150,000        183,576  
          

 

 

  

Total Georgia

              502,816  
          

 

 

  

Illinois - 13.1%

           

Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018

      5.000 %      4/1/42        500,000        594,580  

Chicago, IL, Board of Education, GO, Series C, Refunding, AGM

      5.000 %      12/1/32        250,000        314,970  

Chicago, IL, GO:

           

Series A

      5.000 %      1/1/44        500,000        586,885  

Series A, Refunding

      5.000 %      1/1/28        500,000        614,150  

Series A, Refunding

      6.000 %      1/1/38        300,000        365,490  

Series C, Refunding

      5.000 %      1/1/25        500,000        573,045  

Series D, Refunding

      5.500 %      1/1/34        1,250,000        1,414,400  

Chicago, IL, Motor Fuel Tax Revenue, Refunding, AGM

      5.000 %      1/1/32        1,000,000        1,091,740  

Chicago, IL, O’Hare International Airport Revenue:

           

Senior Lien, Series G

      5.000 %      1/1/42        500,000        592,845 (a)  

Series A, Refunding

      5.000 %      1/1/31        1,500,000        1,734,000 (a) 

Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:

           

Second Lien

      5.000 %      12/1/51        1,000,000        1,167,070  

Second Lien, Series A, Refunding

      5.000 %      12/1/55        500,000        621,135  

 

See Notes to Schedule of Investments.

 

 

    

 

4

       Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - (continued)

           

Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding

      5.000 %      1/1/38      $ 500,000      $ 600,490  

Chicago, IL, Waterworks Revenue:

           

Second Lien, Series 2017, Refunding

      5.000 %      11/1/29        500,000        631,730  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/32        1,260,000        1,575,214  

Illinois State Finance Authority, Revenue, Franciscan Communities Inc.:

           

Series A, Refunding

      5.250 %      5/15/47        130,000        144,712 (f)  

Series A, Refunding

      5.250 %      5/15/47        870,000        915,266  

Illinois State Sports Facilities Authority Revenue, State Tax Supported, Series 2019, Refunding, BAM

      5.000 %      6/15/30        250,000        323,388  

Illinois State University, Auxiliary Facilities System Revenue, Series A, Refunding, AGM

      5.000 %      4/1/28        100,000        125,696  

Illinois State, GO:

           

Series 2006

      5.500 %      1/1/30        300,000        387,708  

Series 2016, Refunding

      5.000 %      2/1/26        250,000        293,935  

Series 2016, Refunding

      5.000 %      2/1/29        300,000        355,794  

Series A, Refunding

      5.000 %      10/1/29        1,100,000        1,345,773  

Series A, Refunding

      5.000 %      10/1/30        550,000        667,744  

Series B, Refunding

      5.000 %      9/1/27        400,000        485,880  

Series D

      5.000 %      11/1/27        1,400,000        1,682,030  

Metropolitan Pier & Exposition Authority, IL, Revenue:

           

McCormick Place Expansion Project, Series A

      5.000 %      6/15/57        350,000        403,616  

McCormick Place Expansion Project, Series A, Refunding

      4.000 %      6/15/50        1,000,000        1,096,700  

McCormick Place Expansion Project, Series A, Refunding

      5.000 %      6/15/50        250,000        298,778  

McCormick Place Expansion Project, Series B, Refunding

      5.000 %      6/15/42        750,000        920,400  

Regional Transportation Authority, IL, GO, Series A, Refunding, NATL

      6.000 %      7/1/29        930,000        1,197,784  
          

 

 

  

Total Illinois

              23,122,948  
          

 

 

  

Indiana - 1.7%

           

Indiana State Finance Authority Revenue:

           

Marion General Hospital, Series A

      4.000 %      7/1/45        200,000        224,268  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report      

 

5

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Indiana - (continued)

           

Private Activity Ohio River Bridges East End Crossing Project, Series A

      5.000 %      7/1/48      $ 2,000,000      $ 2,143,240 (a) 

Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project

      7.000 %      1/1/44        500,000        567,365 (a)  
          

 

 

  

Total Indiana

              2,934,873  
          

 

 

  

Kentucky - 1.9%

           

Kentucky State PEA, Gas Supply Revenue:

           

Series A

      4.000 %      6/1/26        1,500,000        1,753,980 (c)(g) 

Series C

      4.000 %      6/1/25        1,400,000        1,599,374 (c)(g) 
          

 

 

  

Total Kentucky

              3,353,354  
          

 

 

  

Louisiana - 1.2%

           

Louisiana State PFA, Lease Revenue:

           

Provident Group, Flagship Properties

      5.000 %      7/1/42        700,000        824,887  

Provident Group, Flagship Properties, Series A

      4.000 %      7/1/49        500,000        560,615  

St. John the Baptist Parish, LA, State Revenue:

           

Marathon Oil Corp. Project, Refunding

      2.200 %      7/1/26        250,000        259,992 (c)(g) 

Marathon Oil Corp. Project, Series B-2, Refunding

      2.375 %      7/1/26        400,000        419,624 (c)(g) 
          

 

 

  

Total Louisiana

              2,065,118  
          

 

 

  

Maryland - 2.4%

           

Maryland State EDC Revenue:

           

Morgan State University Project

      4.250 %      7/1/50        350,000        392,966  

Seagirt Marine Terminal Project, Series A

      5.000 %      6/1/44        400,000        454,332 (a)  

Maryland State Health & Higher EFA Revenue:

           

Frederick Health System

      4.000 %      7/1/40        300,000        352,581  

Mercy Medical Center, Refunding

      6.250 %      7/1/31        3,000,000        3,070,020  
          

 

 

  

Total Maryland

              4,269,899  
          

 

 

  

Massachusetts - 0.5%

           

Massachusetts State DFA Revenue:

           

Wellforce Issue, Series A, Refunding

      5.000 %      7/1/36        500,000        610,015  

Wellforce Issue, Series A, Refunding

      5.000 %      7/1/44        250,000        299,025  
          

 

 

  

Total Massachusetts

              909,040  
          

 

 

  

Michigan - 1.0%

           

Detroit, MI, Downtown Development Authority Revenue, Catalyst Development, Series A, Refunding, AGM

      5.000 %      7/1/43        250,000        284,610  

Michigan State Finance Authority Limited Obligation Revenue:

           

Higher Education, Thomas M Cooley Law School Project, Refunding

      6.000 %      7/1/24        210,000        218,413 (b)  

 

See Notes to Schedule of Investments.

 

 

    

 

6

       Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Michigan - (continued)

           

Higher Education, Thomas M Cooley Law School Project, Refunding

      6.750 %      7/1/44      $ 230,000      $ 242,284 (b) 

Michigan State Finance Authority Revenue:

           

Henry Ford Health System, Series A

      4.000 %      11/15/50        400,000        461,776  

Tobacco Settlement Asset Backed Senior Bonds, Series A, Refunding

      4.000 %      6/1/49        100,000        116,408  

Tobacco Settlement Asset Backed Senior Bonds, Series B-1, Refunding

      5.000 %      6/1/49        100,000        123,555  

Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project

      5.000 %      12/31/43        250,000        306,125 (a)  
          

 

 

  

Total Michigan

              1,753,171  
          

 

 

  

Missouri - 2.0%

           

Missouri State HEFA Revenue, Senior Living Facilities:

           

Lutheran Senior Services

      6.000 %      2/1/41        500,000        501,655  

Lutheran Senior Services, Refunding

      5.000 %      2/1/44        750,000        806,745  

St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village of Sunset Hills, Series A

      5.875 %      9/1/43        2,000,000        2,170,240  
          

 

 

  

Total Missouri

              3,478,640  
          

 

 

  

Nebraska - 2.0%

           

Central Plains Energy Project, NE, Gas Project Revenue, Project #3, Series A, Refunding

      5.000 %      9/1/42        3,340,000        3,567,521  
          

 

 

  

Nevada - 0.5%

           

State of Nevada Department of Business & Industry Revenue:

           

Charter School Lease Revenue, Somerset Academy, Series A

      5.000 %      12/15/35        300,000        322,197 (b)  

Charter School Lease Revenue, Somerset Academy, Series A

      5.125 %      12/15/45        500,000        531,690 (b)  
          

 

 

  

Total Nevada

              853,887  
          

 

 

  

New Jersey - 9.2%

           

Gloucester County, NJ, PCFA Revenue, Keystone Urban Renewal, Logan Generating, Series A, Refunding

      5.000 %      12/1/24        350,000        369,971 (a)  

New Jersey State EDA Revenue:

           

Private Activity-The Goethals Bridge Replacement Project

      5.375 %      1/1/43        1,500,000        1,665,090 (a) 

Transit Transportation Project, Series A

      5.000 %      11/1/32        1,500,000        1,912,995  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report      

 

7

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New Jersey - (continued)

           

New Jersey State EDA, Special Facility Revenue, Port Newark Container Terminal LLC Project, Refunding

      5.000 %      10/1/37      $ 125,000      $ 146,328 (a)  

New Jersey State Health Care Facilities Financing Authority Revenue, Hackensack Meridian Health, Series A, Refunding

      5.000 %      7/1/38        100,000        122,558  

New Jersey State Higher Education, Student Assistance Authority Revenue, Subordinated, Series 1B

      5.000 %      12/1/44        640,000        685,158 (a)  

New Jersey State Transportation Trust Fund Authority Revenue:

           

Transportation Program, Series AA

      5.250 %      6/15/32        4,720,000        5,521,173  

Transportation Program, Series AA

      5.000 %      6/15/46        1,000,000        1,208,230  

Transportation System, Series A, Refunding

      5.000 %      12/15/28        1,000,000        1,285,840  

New Jersey State, GO, COVID-19 Emergency, Series A

      5.000 %      6/1/29        1,250,000        1,640,350  

Salem County, NJ, PCFA Revenue, Chambers Project, Series A, Refunding

      5.000 %      12/1/23        1,445,000        1,525,284 (a)  

Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding

      5.250 %      6/1/46        150,000        185,143  
          

 

 

  

Total New Jersey

              16,268,120  
          

 

 

  

New Mexico - 0.4%

           

Santa Fe, NM, Retirement Facilities Revenue:

           

EL Castillo Retirement Residences Project, Series A

      5.000 %      5/15/49        250,000        273,163  

EL Castillo Retirement Residences Project, Series B

      2.625 %      5/15/25        400,000        400,844  
          

 

 

  

Total New Mexico

              674,007  
          

 

 

  

New York - 5.4%

           

Brookhaven, NY, Local Development Corp., Long Island Community Hospital Project, Series A

      5.000 %      10/1/34        735,000        954,280  

MTA, NY, Transportation Revenue:

           

Green Bonds, Series A-2

      5.000 %      11/15/24        100,000        113,664  

Green Bonds, Series A-2

      5.000 %      5/15/30        400,000        503,544 (c)(g)  

Green Bonds, Series D

      4.000 %      11/15/49        250,000        286,103  

Green Bonds, Series D-1

      5.000 %      11/15/43        250,000        313,413  

Green Bonds, Series E, Refunding

      5.000 %      11/15/30        250,000        326,972  

Green Bonds, Series E, Refunding

      4.000 %      11/15/45        250,000        287,520  

New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Refunding

      4.000 %      3/1/45        300,000        349,677  

 

See Notes to Schedule of Investments.

 

 

    

 

8

       Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - (continued)

           

New York State Liberty Development Corp., Liberty Revenue, 3 World Trade Center Project, Class 1, Refunding

      5.000 %      11/15/44      $ 1,205,000      $ 1,309,040 (b) 

New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Subordinated, Series B, Refunding

      4.000 %      1/1/50        750,000        871,552  

New York State Transportation Development Corp., Special Facilities Revenue:

           

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

      5.000 %      1/1/33        750,000        897,232 (a)  

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

      4.375 %      10/1/45        250,000        292,353 (a)  

John F. Kennedy Terminal 4 International Airport Project, Series C, Refunding

      4.000 %      12/1/42        500,000        602,015  

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/41        300,000        339,054 (a)  

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.250 %      1/1/50        500,000        566,540 (a)  

Port Authority of New York & New Jersey Revenue, Series 221

      4.000 %      7/15/55        750,000        866,025 (a)  

Troy Capital Resource Corp., NY, Revenue, Rensselaer Polytechnic Institute Project, Series A, Refunding

      4.000 %      9/1/40        500,000        578,820  
          

 

 

  

Total New York

              9,457,804  
          

 

 

  

North Carolina - 0.3%

           

North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding

      5.000 %      7/1/47        500,000        572,285  
          

 

 

  

Ohio - 1.4%

           

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

           

Senior Bonds, Series A-2, Refunding

      4.000 %      6/1/48        250,000        290,513  

Senior Bonds, Series B-2, Refunding

      5.000 %      6/1/55        800,000        932,888  

Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding

      2.500 %      10/1/29        350,000        388,237 (a)(c)(g) 

Ohio State Private Activity Revenue, Portsmouth Bypass Project

      5.000 %      6/30/53        700,000        782,369 (a)  
          

 

 

  

Total Ohio

              2,394,007  
          

 

 

  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report      

 

9

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Oklahoma - 0.3%

           

Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A

      6.250 %      11/1/31      $ 143,075      $ 715 *(e)  

Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau Inc. Project, Refunding

      5.250 %      11/15/37        500,000        557,980  
          

 

 

  

Total Oklahoma

              558,695  
          

 

 

  

Oregon - 0.8%

           

Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living, Willamette View Project, Refunding

      5.000 %      11/15/37        500,000        546,805  

Yamhill County, OR, Hospital Authority Revenue, Friendsview Retirement Community, Series A, Refunding

      5.000 %      11/15/51        725,000        770,595  
          

 

 

  

Total Oregon

              1,317,400  
          

 

 

  

Pennsylvania - 4.6%

           

Allegheny County, PA, HDA Revenue, University Pittsburgh Medical Center, Series A, Refunding

      4.000 %      7/15/38        350,000        412,174  

Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue Bonds, Series 2018

      5.000 %      6/1/33        200,000        251,846  

Cumberland County, PA, Municipal Authority Revenue:

           

Diakon Lutheran Social Ministries 2015, Refunding

      5.000 %      1/1/28        45,000        53,108 (f)  

Diakon Lutheran Social Ministries 2015, Refunding

      5.000 %      1/1/28        305,000        344,931  

Erie County, PA, Convention Center Authority Guaranteed Hotel Revenue, County Guaranty, Refunding

      5.000 %      1/15/36        750,000        870,390  

Lancaster, PA, IDA Revenue, Willow Valley Communities Project

      5.000 %      12/1/49        500,000        570,730  

Pennsylvania State Turnpike Commission Revenue, Subordinated, Series B, Refunding

      5.000 %      6/1/39        3,170,000        3,727,413  

Philadelphia, PA, Authority for IDR:

           

A String Theory Charter School Project

      5.000 %      6/15/40        400,000        466,912  

City Service Agreement Revenue, Rebuild Project

      5.000 %      5/1/38        500,000        618,030  

Discovery Charter School Project

      6.250 %      4/1/37        500,000        517,375  

Lease Revenue, Refunding

      5.000 %      10/1/30        250,000        323,842  
          

 

 

  

Total Pennsylvania

              8,156,751  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

    

 

10

       Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Puerto Rico - 2.3%

           

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27      $ 240,000      $ 216,290  

CAB, Restructured, Series A-1

      0.000 %      7/1/46        210,000        66,455  

CAB, Restructured, Series A-1

      0.000 %      7/1/51        1,800,000        413,874  

Restructured, Series A-1

      4.550 %      7/1/40        50,000        56,127  

Restructured, Series A-1

      5.000 %      7/1/58        1,220,000        1,391,056  

Restructured, Series A-2

      4.329 %      7/1/40        330,000        365,571  

Restructured, Series A-2A

      4.550 %      7/1/40        1,380,000        1,549,091  
          

 

 

  

Total Puerto Rico

              4,058,464  
          

 

 

  

Tennessee - 0.4%

           

Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A

      5.000 %      9/1/30        250,000        310,170  

Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018

      4.000 %      11/1/25        400,000        461,468 (c)(g) 
          

 

 

  

Total Tennessee

              771,638  
          

 

 

  

Texas - 10.6%

           

Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A

      5.000 %      12/1/46        200,000        223,280  

Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM

      5.000 %      2/15/41        500,000        569,220  

Central Texas Regional Mobility Authority Revenue, Senior Lien, Series E

      4.000 %      1/1/50        500,000        576,625  

City of Austin, TX, Airport System Revenue, Series B

      5.000 %      11/15/37        500,000        631,905 (a)  

Grand Parkway Transportation Corp., TX, System Toll Revenue, Convertible CAB, Series B, Step bond (0.000% until 10/1/28; 5.500%)

      0.000 %      10/1/35        1,500,000        1,766,835  

Gulf Coast, TX, IDA, Solid Waste Disposal Revenue, Citgo Petroleum Corp. Project

      4.875 %      5/1/25        1,000,000        1,018,580 (a) 

Love Field, TX, Airport Modernization Corp., General Airport Revenue:

           

Series 2017

      5.000 %      11/1/33        20,000        23,665 (a)  

Series 2017

      5.000 %      11/1/36        20,000        23,530 (a)  

Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project

      5.250 %      11/1/40        5,000,000        5,103,700  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report      

 

11

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Texas - (continued)

           

New Hope Cultural Education Facilities Finance Corp., TX, Senior Living Revenue:

           

Cardinal Bay Inc., Village on the Park Carriage Inn Project, Series A

      5.000 %      7/1/46      $ 100,000      $ 100,702  

Cardinal Bay Inc., Village on the Park Carriage Inn Project, Series A

      5.000 %      7/1/51        150,000        150,347  

Cardinal Bay Inc., Village on the Park Carriage Inn Project, Series B

      5.000 %      7/1/46        150,000        110,372  

New Hope, Cultural Education Facilities Finance Corp., TX, Retirement Facility Revenue:

           

MRC Crestview, Refunding

      5.000 %      11/15/36        550,000        586,404  

Westminster Manor Project, Refunding

      5.000 %      11/1/40        1,000,000        1,110,130  

New Hope, Cultural Education Facilities Finance Corp., TX, Student Housing Revenue, Collegiate Housing Stephenville II LLC, Tartleton State University Project, Series A

      5.000 %      4/1/39        1,165,000        1,312,873 (f)  

Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue, Buckner Retirement Services Inc. Project, Refunding

      5.000 %      11/15/37        700,000        821,576  

Texas State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D

      6.250 %      12/15/26        760,000        909,492  

Texas State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, Series 2012

      5.000 %      12/15/28        1,500,000        1,648,095  

Texas State Private Activity Bond Surface Transportation Corp. Revenue:

           

Senior Lien, Blueridge Transportation Group LLC

      5.000 %      12/31/40        1,000,000        1,149,790 (a) 

Senior Lien, Blueridge Transportation Group LLC

      5.000 %      12/31/50        500,000        568,255 (a)  

Willacy County, TX, Jail Public Facilities Corp. Project Revenue

      7.500 %      11/1/25        290,000        262,801  
          

 

 

  

Total Texas

              18,668,177  
          

 

 

  

U.S. Virgin Islands - 1.4%

           

Virgin Islands Public Finance Authority Revenue, Subordinated, Matching Fund Loan, Diageo Project, Series A

      6.750 %      10/1/37        2,400,000        2,412,960  
          

 

 

  

Utah - 0.8%

           

Utah Infrastructure Agency, Telecommunication Revenue, Series A

      5.250 %      10/15/33        550,000        671,137  

 

See Notes to Schedule of Investments.

 

 

    

 

12

       Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Utah - (continued)

           

Utah State Charter School Finance Authority, Charter School Revenue:

           

Summit Academy Inc., Series A, Refunding, UT CSCE

      5.000 %      4/15/39      $ 350,000      $ 430,948  

Syracuse Arts Academy Project, UT CSCE

      5.000 %      4/15/42        250,000        289,298  
          

 

 

  

Total Utah

              1,391,383  
          

 

 

  

Virginia - 2.6%

           

Virginia State Port Authority, Port Facilities Revenue:

           

Series B, Refunding

      5.000 %      7/1/41        250,000        298,437 (a)  

Series B, Refunding

      5.000 %      7/1/45        300,000        356,052 (a)  

Virginia State Small Business Financing Authority Revenue:

           

Bon Secours Mercy Health, Series A, Refunding

      4.000 %      12/1/49        400,000        470,620  

National Senior Campuses, Inc., Series A, Refunding

      5.000 %      1/1/34        200,000        246,106  

Senior Lien, Elizabeth River Crossing OpCo LLC Project

      5.250 %      1/1/32        1,000,000        1,052,670 (a) 

Senior Lien, Elizabeth River Crossing OpCo LLC Project

      5.500 %      1/1/42        2,000,000        2,097,580 (a) 
          

 

 

  

Total Virginia

              4,521,465  
          

 

 

  

Washington - 0.4%

           

Washington State Health Care Facilities Authority Revenue:

           

Commonspirit Health, Series B, Refunding

      5.000 %      8/1/26        250,000        301,915 (c)(g) 

Seattle Cancer Care Alliance, Refunding

      5.000 %      9/1/50        250,000        319,660  
          

 

 

  

Total Washington

              621,575  
          

 

 

  

Wisconsin - 1.9%

           

Public Finance Authority, WI, Limited Obligation Pilot Revenue:

           

American Dream @ Meadowlands Project, Series 2017

      5.000 %      12/1/27        250,000        251,133 (b)  

American Dream @ Meadowlands Project, Series 2017

      7.000 %      12/1/50        250,000        251,040 (b)  

Public Finance Authority, WI, Revenue:

           

Carmelite System Inc., Obligated Group, Series 2020

      5.000 %      1/1/40        100,000        117,374  

Celanese Project, Series B, Refunding

      5.000 %      12/1/25        550,000        648,928 (a)  

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report      

 

13

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Wisconsin - (continued)

           

Church Home of Hartford Inc. Project, Refunding

      5.000 %      9/1/38      $ 250,000      $ 260,797 (b)  

Public Finance Authority, WI, Student Housing Revenue:

           

Appalachian State University Project, Series A, AGM

      4.000 %      7/1/45        600,000        667,326  

CHF Wilmington LLC, University of North Carolina at Wilmington Project, AGM

      5.000 %      7/1/53        1,000,000        1,168,230  
          

 

 

  

Total Wisconsin

              3,364,828  
          

 

 

  

TOTAL MUNICIPAL BONDS

(Cost - $155,214,564)

              173,654,738  
          

 

 

  
MUNICIPAL BONDS DEPOSITED IN TENDER OPTION BOND TRUST(h) - 1.2%

 

      

New York - 1.2%

           

New York State Urban Development Corp. Revenue, State Personal Income Tax Revenue Bonds, Bidding Group 3, Series E, Refunding (Cost - $2,060,847)

      4.000 %      3/15/41        1,740,000        2,069,935  
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS

(Cost - $157,275,411)

 

 

         175,724,673  
          

 

 

  
SHORT-TERM INVESTMENTS - 0.9%           
MUNICIPAL BONDS - 0.9%           

Mississippi - 0.2%

           

Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR, Chevron USA Inc. Project, Series A

      0.010 %      12/1/30        375,000        375,000 (i)(j)  
          

 

 

  

Texas - 0.7%

           

Gulf Coast, TX, IDA Revenue, ExxonMobil Project

      0.010 %      11/1/41        1,200,000        1,200,000 (i)(j)  
          

 

 

  

TOTAL MUNICIPAL BONDS

(Cost - $1,575,000)

              1,575,000  
          

 

 

  
                  SHARES         
MONEY MARKET FUNDS - 0.0%††           

Dreyfus Government Cash Management, Institutional Shares

(Cost - $52,249)

      0.030 %         52,249        52,249  
          

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost - $1,627,249)

              1,627,249  
          

 

 

  

TOTAL INVESTMENTS - 100.8%

(Cost - $158,902,660)

              177,351,922  
          

 

 

  

TOB Floating Rate Notes - (0.7)%

              (1,305,000 ) 

Other Liabilities in Excess of Other Assets - (0.1)%

              (18,107 ) 
          

 

 

  

TOTAL NET ASSETS - 100.0%

            $ 176,028,815  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

    

 

14

       Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report  

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

††

Represents less than 0.1%.

 

*

Non-income producing security.

 

(a)

Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).

 

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

 

(c)

Maturity date shown represents the mandatory tender date.

 

(d)

Securities traded on a when-issued or delayed delivery basis.

 

(e)

The coupon payment on this security is currently in default as of January 31, 2021.

 

(f)

Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.

 

(g)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

 

(h)

Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust.

 

(i)

Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the Remarketing Agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System.

 

(j)

Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

 

See Notes to Schedule of Investments.

 

    

 

   Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report      

 

15

WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    January 31, 2021

 

Abbreviation(s) used in this schedule:

 

AGM    — Assured Guaranty Municipal Corporation — Insured Bonds
BAM    — Build America Mutual — Insured Bonds
CAB    — Capital Appreciation Bonds
CDA    — Communities Development Authority
CSCE    — Charter School Credit Enhancement
DFA    — Development Finance Agency
EDA    — Economic Development Authority
EDC    — Economic Development Corporation
EFA    — Educational Facilities Authority
GO    — General Obligation
HDA    — Housing Development Authority
HEFA    — Health & Educational Facilities Authority
IDA    — Industrial Development Authority
IDR    — Industrial Development Revenue
MFA    — Municipal Finance Authority
MTA    — Metropolitan Transportation Authority
NATL    — National Public Finance Guarantee Corporation — Insured Bonds
PCFA    — Pollution Control Financing Authority
PEA    — Public Energy Authority
PFA    — Public Facilities Authority

At January 31, 2021, the Fund had the following open futures contracts:

 

     Number of
Contracts		      Expiration
Date		      Notional
Amount		      Market
Value		      Unrealized
Appreciation		  
Contracts to Sell:               

U.S. Treasury Ultra Long-Term Bonds

      2        3/21      $ 428,645      $ 409,438      $ 19,207  

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.

 

 

    

 

16

       Western Asset Municipal High Income Fund Inc. 2021 Quarterly Report  

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

Western Asset Municipal High Income Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund seeks high current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing primarily in intermediate and long-term municipal debt securities issued by state and local governments. However, the Fund may invest in municipal obligations of any maturity.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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 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 of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

 

    

 

    

 

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Notes to Schedule of Investments (unaudited) (continued)

 

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

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

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

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 – 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.

 

 

    

 

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Notes to Schedule of Investments (unaudited) (continued)

 

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

 

ASSETS

  

DESCRIPTION

    QUOTED PRICES
(LEVEL 1)		      OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)		      SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)		      TOTAL  

Long-Term Investments†:

            

Municipal Bonds

      —        $ 173,654,738        —        $ 173,654,738  

Municipal Bonds Deposited in

            

Tender Option Bond Trust

      —          2,069,935        —          2,069,935  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      —          175,724,673        —          175,724,673  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†:

            

Municipal Bonds

      —          1,575,000        —          1,575,000  

Money Market Funds

    $ 52,249        —          —          52,249  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      52,249        1,575,000        —          1,627,249  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 52,249      $ 177,299,673        —        $ 177,351,922  
  

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments:

            

Futures Contracts

    $ 19,207        —          —        $ 19,207  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 71,456      $ 177,299,673        —        $ 177,371,129  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

 

    

 

    

 

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