MHF - Western Asset Municipal High Income Fund

What this means for you

1607 Capital owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. April 30, 2026

   First Trust Portfolios L.P. sold down below 5% and stopped reporting.

   Original document →

2. July 21, 2025

   The fund said it may sell new shares.

   Original document →

3. July 16, 2025

   The fund said it may sell new shares.

   Original document →

4. May 9, 2025

   The fund said it may sell new shares.

   Original document →

5. Nov 14, 2024

   1607 Capital sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by Franklin Templeton Fund Adviser, LLC. Part of the FRANKLIN TEMPLETON fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $153 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 2% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 0.8% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 14 charge a lower management fee and 7 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $19 in the first year and about $113 over 10 years, assuming the holdings return 5% a year. As of Oct 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.41 a share. $0.25 of that was income; $0.16 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $7.00. The shares traded at $7.05, about 0.7% above that. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 10.9% below to 10.8% above. As of Oct 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 0.6% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.41 in the fiscal year ended Oct 31, 2025; $0.36 in the year ended Oct 31, 2024; $0.24 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.16 in the year ended Oct 31, 2025; $0.05 in the year ended Oct 31, 2024; none in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.84% a year in the fiscal year ended Oct 31, 2025; 0.77% a year in the year ended Oct 31, 2024; 0.75% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $155 million at Oct 31, 2025; $157 million at Oct 31, 2024; $146 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 2% on top of its own money at Oct 31, 2025; 4% at Oct 31, 2024; 5% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 22.1 million shares at Oct 31, 2025, up 2.4% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +6.8%, counting payouts; the holdings +2.6%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +22.7%, counting payouts; the holdings +12.5%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -0.4%, counting payouts; the holdings +2.5%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -23.3%, counting payouts; the holdings -12.2%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +21.3%, counting payouts; the holdings +5.3%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +21.6%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $12,200 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +6.2%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 19 reported a higher share return for that year and 26 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. M-S-R Energy Authority (CA) - 3.1%
2. Puerto Rico Sales Tax Financing - 2.8%
3. New Jersey Transportation Trust Fund Authority (NJ), NJ Njstrn 5 06/15/2042 - 2.8%
4. Jefferson (AL), County of - 2.4%
5. New York Transportation Development Corp (NY), NY Nyttrn 5.38 06/30/2060 - 2.1%
6. California Community Choice Financing Authority (CA) - 1.9%
7. Pennsylvania Economic Development Financing Authority (PA), PA Pasdev 5.25 06/30/2053 - 1.7%
8. Texas Transn Commn, TX Txstrn 5 04/01/2042 - 1.6%
9. New York City Transitional Finance Authority (NY), NY Nycgen 5 02/01/2047 - 1.5%
10. Hillsborough County Industrial Development Authority (FL), FL Hilmec 11/01/2038 - 1.5%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →