As filed with the Securities and Exchange Commission on July 21, 2025
Securities Act Registration No. 333-287133
Investment Company Registration No. 811-05497
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-2
REGISTRATION STATEMENT
UNDER
THE
SECURITIES ACT OF 1933 ☒
Pre-Effective Amendment
No. ☐
Post-Effective Amendment No. 1 ☒
and/or
REGISTRATION
STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 ☒
Amendment No. 16 ☒
Western Asset Municipal High Income Fund Inc.
(Exact Name of Registrant as Specified in Charter)
One Madison Avenue
New
York, New York 10010
(Address of Principal Executive Offices)
(888) 777-0102
(Registrant’s Telephone Number, Including Area Code)
Jane Trust
Franklin
Templeton
One Madison Avenue, 17th Floor
New York, New York 10010
(Name and Address of Agent for Service)
Copies to:
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|
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| David W. Blass, Esq.
Ryan P. Brizek, Esq.
Debra Sutter, Esq.
Simpson Thacher & Bartlett LLP
900 G Street NW
Washington, DC 20001 |
|
Marc A. De Oliveira, Esq.
Franklin Templeton 100
First Stamford Place Stamford, CT 06902 |
Approximate Date of Proposed Public Offering: From time to time after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following
box ☐.
If any of the securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under
the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following box. ☒
If this
Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box ☒.
If this
Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following
box ☐.
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box ☐.
It is proposed
that this filing will become effective (check appropriate box)
| ☐ |
when declared effective pursuant to Section 8(c) |
If appropriate, check the following box:
| ☐ |
This post-effective amendment designates a new effective date for a previously filed registration statement.
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| ☐ |
This form is filed to register additional securities for an offering pursuant to Rule 462(b) under the
Securities Act and the Securities Act registration statement number of the earlier effective registration statement for the same offering is . |
| ☐ |
This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the
Securities Act registration statement number of the earlier effective registration statement for the same offering is . |
| ☐ |
This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the
Securities Act registration statement number of the earlier effective registration statement for the same offering is . |
Check each box that appropriately characterizes the Registrant:
| ☒ |
Registered Closed-End Fund
(closed-end company that is registered under the Investment Company Act of 1940 (“Investment Company Act”)). |
| ☐ |
Business Development Company (closed-end company that intends or has
elected to be regulated as a business development company under the Investment Company Act). |
| ☐ |
Interval Fund (Registered Closed-End Fund or a Business Development
Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act). |
| ☒ |
A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).
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| ☐ |
Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). |
| ☐ |
Emerging Growth Company (as defined by Rule 12b-2 under the Securities
Exchange Act of 1934 (“Exchange Act”). |
| ☐ |
If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. |
| ☐ |
New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months
preceding this filing). |
EXPLANATORY NOTE
This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File Nos.
333-287133 and 811-05497) of Western Asset Municipal High Income Fund Inc. (the “Registration Statement”) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the “Securities Act”), solely for the
purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form
N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities
Act, this Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.
D-1
PART C
OTHER INFORMATION
Item 25.
Financial Statements and Exhibits
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| (1) |
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Financial Statements for the fiscal year ended October 31, 2024 |
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| Part A |
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Financial Highlights |
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| Part B |
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Incorporated into Part B by reference to Registrant’s most recent Certified Shareholder Report on Form N-CSR, filed December 31, 2024 (File
No. 811-05497): |
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Schedule of Investments as of October 31, 2024 |
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Statement of Assets and Liabilities as of October 31, 2024 |
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Statement of Operations for the Year Ended October 31, 2024 |
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Statement of Changes in Net Assets for the Year Ended October 31, 2024 |
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Notes to Financial Statements for the Year Ended October 31, 2024 |
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Report of Independent Registered Public Accounting Firm for the Year Ended October 31, 2024 |
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| (2) |
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Exhibits |
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| (a)(1) |
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Articles of Incorporation, dated March 4, 1988 (4) |
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| (a)(2) |
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Articles of Amendment, dated October 14, 1988 (4) |
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| (a)(3) |
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Articles of Amendment, dated November 16, 1988 (4) |
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| (a)(4) |
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Articles of Amendment, dated September 20, 2006 (1) |
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| (b) |
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Fourth Amended and Restated By-Laws (2) |
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| (c) |
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Not Applicable |
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| (d) |
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Articles V and VIII of Registrant’s Articles of Incorporation are incorporated herein by reference. |
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| (e) |
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Dividend Reinvestment Plan (4) |
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| (f) |
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Not Applicable |
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| (g)(1) |
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Investment Management Agreement between the Registrant and Franklin Templeton Fund Adviser, LLC (f/k/a Legg Mason Partners Fund Advisor, LLC) (4) |
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| (g)(2) |
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Subadvisory Agreement between Franklin Templeton Fund Adviser, LLC (f/k/a Legg Mason Partners Fund Advisor, LLC) and Western Asset Management Company, LLC (4) |
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| (h)(1) |
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Distribution Agreement* |
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| (h)(2) |
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Sub-Placement Agent Agreement* |
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| (i) |
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Not Applicable |
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| (j)(1) |
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Custodian Services Agreement with The Bank of New York Mellon, dated January 1, 2018 (4) |
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| (j)(2) |
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Amendment No. 9 to the Custodian Services Agreement, dated May 1, 2021, with The Bank of New York Mellon, dated January 1, 2018 (4) |
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| (k)(1) |
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Transfer Agency and Services Agreement with Computershare Inc., dated March 14, 2016 (4) |
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| (k)(2) |
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Amendment No. 9 to the Transfer Agency and Services Agreement, dated March 19, 2021, with Computershare Inc., dated March 14, 2016 (4) |
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| (l) |
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Opinion and Consent of Venable LLP* |
1
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| (m) |
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Not Applicable |
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| (n) |
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Consent of Independent Registered Public Accounting Firm (4) |
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| (o) |
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Not Applicable |
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| (p) |
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Not Applicable |
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| (q) |
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Not Applicable |
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| (r)(1) |
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Code of Ethics of the Fund and FTFA (4) |
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| (r)(2) |
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Code of Ethics of Western Asset (4) |
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| (s) |
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Filing Fee Table (4) |
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| (t) |
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Power of Attorney (3) |
| (1) |
Filed on December 29, 2006 with the Registrant’s Form NSAR-B
(File No. 811-05497) and incorporated by reference herein. |
| (2) |
Filed on November 20, 2024 with the Registrant’s Form 8-K
(File No. 811-05497) and incorporated by reference herein. |
| (3) |
Filed on May 9, 2025 with the Registrant’s Registration Statement on Form N-2 (File Nos. 333-287133 and 811-05497) and incorporated by reference herein. |
| (4) |
Filed on July 16, 2025 with the Registrant’s Registration Statement on Form N-2 (File Nos. 333-287133 and 811-05497) and incorporated by reference herein. |
Item 26. Marketing Arrangements
Reference is made to the sales agreement for the Registrant’s common stock incorporated by reference herein or the form of underwriting
agreement to be filed as an exhibit in a post-effective amendment to the Registrant’s Registration Statement and the section entitled “Plan of Distribution” contained in Registrant’s Prospectus incorporated by reference herein.
Item 27. Other Expenses of Issuance and Distribution
The following table sets forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement:
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| SEC registration fees |
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$ |
11,483 |
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| Financial Industry Regulatory Authority fees |
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11,750 |
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| Accounting fees and expenses |
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10,000 |
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| Legal fees and expenses |
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170,000 |
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| Total |
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$ |
203,233 |
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Item 28. Persons Controlled by or Under Common Control with Registrant
None.
Item 29. Number of Holders of
Securities
At June 25, 2025:
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| Title of Class |
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Number of
Record Holders |
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| Common Stock, par value $0.01 per share |
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178 |
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Item 30. Indemnification
Sections (1) to (3) of Article VII of the Registrant’s charter, incorporated by reference as Exhibit (a) to this Registration
Statement, provide that:
2
To the maximum extent permitted by the Maryland General Corporation Law (the
“MGCL”), no current or former director or officer of the Registrant shall have any liability to the Registrant or its stockholders for damages. This limitation on liability applies to events occurring at the time a person serves as a
director or officer of the Registrant whether or not such person is a director or officer at the time of any proceeding in which liability is asserted.
The Registrant shall indemnify and advance expenses to its currently acting and its former directors to the fullest extent that
indemnification of directors is permitted by the MGCL. The Registrant shall indemnify and advance expenses to its officers to the same extent as its directors and may do so to such further extent as is consistent with law. The Board of Directors may
by By-Law, resolution or agreement make further provision for indemnification of directors, officers, employees and agents to the fullest extent permitted by the MGCL. The foregoing rights of indemnification
shall not be exclusive of any other rights to which those seeking indemnification may be entitled. The Board of Directors may take such action as is necessary to carry out these indemnification provisions and is expressly empowered to adopt, approve
and amend from time to time such By-Laws, resolutions or contracts implementing such provisions or such further indemnification arrangements as may be permitted by law. This indemnification applies to events
occurring at the time a person serves as a director or officer of the Registrant whether or not such person is a director or officer at the time of any proceeding in which liability is asserted.
No provision of the Registrant’s charter shall be effective to protect or purport to protect any director or officer of the Registrant
against any liability to the Registrant or its security holders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.
Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the “Securities Act”), may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is
against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
Item 31. Business and Other Connections of Adviser
The descriptions of FTFA and Western Asset under the caption “Management of the Fund” in the Prospectus and Statement of Additional
Information of this registration statement are incorporated by reference herein. Information as to the directors and officers of FTFA and Western Asset, together with information as to any other business, profession, vocation or employment of a
substantial nature engaged in by the directors and officers of FTFA and Western Asset in the last two years, is included in their respective applications for registration as an investment adviser on Form ADV (File Nos.
801-66785 and 801-08162, respectively) filed under the Investment Advisers Act of 1940, as amended, and is incorporated herein by reference.
Item 32. Location of Accounts and Records
The accounts and records of the Registrant are maintained at the office of the Registrant at One Madison Avenue, New York, New York 10010.
Item 33. Management Services
Not
applicable.
3
Item 34. Undertakings
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3. |
The Registrant undertakes: |
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(a) |
to file, during a period in which offers or sales are being made, a post-effective amendment to this
Registration Statement: |
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(1) |
to include any prospectus required by Section 10(a)(3) of the Securities Act; |
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(2) |
to reflect in the prospectus any facts or events after the effective date of the registration statement (or the
most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the
effective registration statement. |
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(3) |
to include any material information with respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in the Registration Statement. |
Provided,
however, that paragraphs a(1), a(2), and a(3) of this section do not apply to the extent the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part
of the registration statement.
| |
(b) |
that, for the purpose of determining any liability under the Securities Act, each post-effective amendment to
this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;
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(c) |
to remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering; |
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(d) |
that, for the purpose of determining liability under the Securities Act to any purchaser:
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(1) |
if the Registrant is relying on Rule 430B [17 CFR 230.430B]: |
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(A) |
Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
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(B) |
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B |
4
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relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to
be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration
statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is
part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of
sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or
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(2) |
if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities
Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. |
| |
(e) |
that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in
the initial distribution of securities: |
The undersigned Registrant undertakes that in a primary offering of securities
of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:
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(1) |
any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be
filed pursuant to Rule 424 under the Securities Act; |
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(2) |
free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used
or referred to by the undersigned Registrant; |
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(3) |
the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act
relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and |
5
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(4) |
any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser
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4. |
Registrant undertakes that, for the purpose of determining any liability under the Securities Act:
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(a) |
the information omitted from the form of prospectus filed as part of this registration statement in reliance
upon Rule 430A and contained in the form of prospectus filed by the Registrant under Rule 424(b)(1) shall be deemed to be a part of this registration statement as of the time it was declared effective; and |
| |
(b) |
each post-effective amendment that contains a form of prospectus will be deemed to be a new registration
statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof. |
| |
5. |
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
| |
6. |
Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the
“Securities Act”), may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication of such issue. |
| |
7. |
The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt
delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information. |
6
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended (the “1933 Act”) and the Investment Company Act of 1940, as
amended, the Registrant has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on the 21st day of July, 2025.
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| WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC. |
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| By: |
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/s/ Jane E. Trust |
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President, Chief Executive Officer and Director |
Pursuant to the requirements of the 1933 Act, this Amendment to the Registration Statement has been
signed by the following person in the capacity and on the date indicated.
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| Signature |
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Title |
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Date |
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| /s/ Jane E. Trust |
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President, Chief Executive Officer and Director (Principal Executive Officer) |
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July 21, 2025 |
| Jane Trust |
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| /s/ Christopher Berarducci |
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Treasurer and Principal Financial Officer |
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July 21, 2025 |
| Christopher Berarducci |
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| /s/ Robert D. Agdern* |
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Director |
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July 21, 2025 |
| Robert D. Agdern |
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| /s/ Carol L. Colman* |
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Director |
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July 21, 2025 |
| Carol L. Colman |
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| /s/ Eileen A. Kamerick* |
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Chair, Director |
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July 21, 2025 |
| Eileen A. Kamerick |
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| /s/ Nisha Kumar* |
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Director |
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July 21, 2025 |
| Nisha Kumar |
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| /s/ Anthony Grillo* |
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Director |
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July 21, 2025 |
| Anthony Grillo |
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| /s/ Peter Mason* |
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Director |
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July 21, 2025 |
| Peter Mason |
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| /s/ Hillary A. Sale* |
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Director |
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July 21, 2025 |
| Hillary A. Sale |
7
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| *By: |
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/s/ Jane E. Trust |
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Jane Trust |
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As Agent or Attorney-in-fact |
July 21, 2025
The
original power of attorney authorizing Jane Trust to execute this Registration Statement, and any amendments thereto, for the Directors of the Registrant on whose behalf this Registration Statement is filed, have been executed and are incorporated
by reference herein to Item 25, Exhibit (t).
8
Schedule of Exhibits to Form N-2
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| (h)(1) |
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Distribution Agreement |
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| (h)(2) |
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Sub-Placement Agent Agreement |
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| (l) |
|
Opinion and Consent of Venable LLP |
9
