WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| CORPORATE BONDS & NOTES - 117.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMUNICATION SERVICES - 14.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services - 3.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Altice Financing SA, Senior Secured Notes |
|
|
5.000 |
% |
|
|
1/15/28 |
|
|
|
750,000 |
|
|
$ |
610,507 |
(a)(b) |
| Altice Financing SA, Senior Secured Notes |
|
|
5.750 |
% |
|
|
8/15/29 |
|
|
|
1,390,000 |
|
|
|
1,102,354 |
(a)(b) |
| Altice France Holding SA, Senior Notes |
|
|
6.000 |
% |
|
|
2/15/28 |
|
|
|
850,000 |
|
|
|
375,930 |
(a) |
| Altice France Holding SA, Senior Secured Notes |
|
|
10.500 |
% |
|
|
5/15/27 |
|
|
|
1,670,000 |
|
|
|
907,654 |
(a) |
| Altice France SA, Senior Secured Notes |
|
|
5.500 |
% |
|
|
1/15/28 |
|
|
|
210,000 |
|
|
|
157,562 |
(a) |
| British Telecommunications PLC, Senior Notes |
|
|
9.625 |
% |
|
|
12/15/30 |
|
|
|
60,000 |
|
|
|
73,096 |
|
| Level 3 Financing Inc., Senior Secured Notes |
|
|
3.875 |
% |
|
|
11/15/29 |
|
|
|
840,000 |
|
|
|
742,555 |
(a) |
| Telecom Italia Capital SA, Senior Notes |
|
|
7.200 |
% |
|
|
7/18/36 |
|
|
|
1,130,000 |
|
|
|
1,022,298 |
|
| Telecom Italia SpA, Senior Notes |
|
|
5.303 |
% |
|
|
5/30/24 |
|
|
|
750,000 |
|
|
|
740,937 |
(a)(b) |
| Turk Telekomunikasyon AS, Senior Notes |
|
|
4.875 |
% |
|
|
6/19/24 |
|
|
|
300,000 |
|
|
|
294,750 |
(a) |
| Turk Telekomunikasyon AS, Senior Notes |
|
|
6.875 |
% |
|
|
2/28/25 |
|
|
|
500,000 |
|
|
|
489,617 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,517,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interactive Media & Services - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Match Group Holdings II LLC, Senior Notes |
|
|
3.625 |
% |
|
|
10/1/31 |
|
|
|
500,000 |
|
|
|
408,055 |
(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media - 4.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes |
|
|
4.250 |
% |
|
|
1/15/34 |
|
|
|
2,660,000 |
|
|
|
2,039,481 |
(a)(b) |
| Clear Channel Outdoor Holdings Inc., Senior Notes |
|
|
7.750 |
% |
|
|
4/15/28 |
|
|
|
720,000 |
|
|
|
566,959 |
(a)(b) |
| DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured
Notes |
|
|
5.875 |
% |
|
|
8/15/27 |
|
|
|
1,250,000 |
|
|
|
1,108,898 |
(a)(b) |
| DISH DBS Corp., Senior Notes |
|
|
7.750 |
% |
|
|
7/1/26 |
|
|
|
1,060,000 |
|
|
|
793,781 |
|
| DISH DBS Corp., Senior Notes |
|
|
7.375 |
% |
|
|
7/1/28 |
|
|
|
460,000 |
|
|
|
288,618 |
|
| DISH DBS Corp., Senior Notes |
|
|
5.125 |
% |
|
|
6/1/29 |
|
|
|
1,420,000 |
|
|
|
769,072 |
|
| United Group BV, Senior Secured Notes |
|
|
5.250 |
% |
|
|
2/1/30 |
|
|
|
750,000 |
EUR |
|
|
675,593 |
(c) |
| Virgin Media Finance PLC, Senior Notes |
|
|
5.000 |
% |
|
|
7/15/30 |
|
|
|
1,260,000 |
|
|
|
1,020,266 |
(a)(b) |
| Virgin Media Vendor Financing Notes III DAC, Senior Secured Notes |
|
|
4.875 |
% |
|
|
7/15/28 |
|
|
|
500,000 |
GBP |
|
|
521,984 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,784,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services - 5.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CSC Holdings LLC, Senior Notes |
|
|
11.250 |
% |
|
|
5/15/28 |
|
|
|
620,000 |
|
|
|
612,079 |
(a) |
| CSC Holdings LLC, Senior Notes |
|
|
5.750 |
% |
|
|
1/15/30 |
|
|
|
5,160,000 |
|
|
|
2,859,027 |
(a) |
| Millicom International Cellular SA, Senior Notes |
|
|
4.500 |
% |
|
|
4/27/31 |
|
|
|
750,000 |
|
|
|
593,258 |
(a) |
| Sprint Capital Corp., Senior Notes |
|
|
6.875 |
% |
|
|
11/15/28 |
|
|
|
560,000 |
|
|
|
592,111 |
|
| Sprint Capital Corp., Senior Notes |
|
|
8.750 |
% |
|
|
3/15/32 |
|
|
|
1,160,000 |
|
|
|
1,383,602 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
1 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Wireless Telecommunication Services - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sprint LLC, Senior Notes |
|
|
7.875 |
% |
|
|
9/15/23 |
|
|
|
2,960,000 |
|
|
$ |
2,964,159 |
(b) |
| Vmed O2 UK Financing I PLC, Senior Secured Notes |
|
|
4.500 |
% |
|
|
7/15/31 |
|
|
|
450,000 |
GBP |
|
|
445,604 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
9,449,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,159,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER DISCRETIONARY - 23.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automobile Components - 3.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adient Global Holdings Ltd., Senior Notes |
|
|
4.875 |
% |
|
|
8/15/26 |
|
|
|
530,000 |
|
|
|
510,893 |
(a)(b) |
| American Axle & Manufacturing Inc., Senior Notes |
|
|
6.500 |
% |
|
|
4/1/27 |
|
|
|
1,790,000 |
|
|
|
1,698,164 |
(b) |
| Clarios Global LP/Clarios US Finance Co., Senior Notes |
|
|
8.500 |
% |
|
|
5/15/27 |
|
|
|
310,000 |
|
|
|
313,702 |
(a) |
| JB Poindexter & Co. Inc., Senior Notes |
|
|
7.125 |
% |
|
|
4/15/26 |
|
|
|
1,800,000 |
|
|
|
1,762,555 |
(a)(b) |
| ZF North America Capital Inc., Senior Notes |
|
|
6.875 |
% |
|
|
4/14/28 |
|
|
|
500,000 |
|
|
|
498,878 |
(a) |
| ZF North America Capital Inc., Senior Notes |
|
|
7.125 |
% |
|
|
4/14/30 |
|
|
|
510,000 |
|
|
|
517,203 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,301,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automobiles - 2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ford Motor Co., Senior Notes |
|
|
3.250 |
% |
|
|
2/12/32 |
|
|
|
1,990,000 |
|
|
|
1,555,202 |
(b) |
| Ford Motor Credit Co. LLC, Senior Notes |
|
|
7.350 |
% |
|
|
3/6/30 |
|
|
|
500,000 |
|
|
|
509,436 |
|
| General Motors Co., Senior Notes |
|
|
6.125 |
% |
|
|
10/1/25 |
|
|
|
350,000 |
|
|
|
351,601 |
(b) |
| Nissan Motor Co. Ltd., Senior Notes |
|
|
4.810 |
% |
|
|
9/17/30 |
|
|
|
1,500,000 |
|
|
|
1,324,600 |
(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,740,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Broadline Retail - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marks & Spencer PLC, Senior Notes |
|
|
3.750 |
% |
|
|
5/19/26 |
|
|
|
300,000 |
GBP |
|
|
353,286 |
(c) |
| Marks & Spencer PLC, Senior Notes |
|
|
7.125 |
% |
|
|
12/1/37 |
|
|
|
470,000 |
|
|
|
442,709 |
(a) |
| MercadoLibre Inc., Senior Notes |
|
|
3.125 |
% |
|
|
1/14/31 |
|
|
|
1,800,000 |
|
|
|
1,441,892 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Broadline Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,237,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributors - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ritchie Bros Holdings Inc., Senior Notes |
|
|
7.750 |
% |
|
|
3/15/31 |
|
|
|
1,110,000 |
|
|
|
1,149,427 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Consumer Services - 2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| APCOA Parking Holdings GmbH, Senior Secured Notes |
|
|
4.625 |
% |
|
|
1/15/27 |
|
|
|
1,730,000 |
EUR |
|
|
1,670,765 |
(a) |
| Carriage Services Inc., Senior Notes |
|
|
4.250 |
% |
|
|
5/15/29 |
|
|
|
600,000 |
|
|
|
521,220 |
(a)(b) |
| Service Corp. International, Senior Notes |
|
|
7.500 |
% |
|
|
4/1/27 |
|
|
|
770,000 |
|
|
|
792,974 |
|
| StoneMor Inc., Senior Secured Notes |
|
|
8.500 |
% |
|
|
5/15/29 |
|
|
|
1,050,000 |
|
|
|
877,186 |
(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,862,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
2 |
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Hotels, Restaurants & Leisure - 13.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 888 Acquisitions Ltd., Senior Secured Notes |
|
|
7.558 |
% |
|
|
7/15/27 |
|
|
|
1,350,000 |
EUR |
|
$ |
1,397,632 |
(a) |
| Carnival Holdings Bermuda Ltd., Senior Notes |
|
|
10.375 |
% |
|
|
5/1/28 |
|
|
|
30,000 |
|
|
|
32,655 |
(a)(b) |
| Carnival PLC, Senior Notes |
|
|
1.000 |
% |
|
|
10/28/29 |
|
|
|
2,760,000 |
EUR |
|
|
2,024,385 |
|
| Carrols Restaurant Group Inc., Senior Notes |
|
|
5.875 |
% |
|
|
7/1/29 |
|
|
|
460,000 |
|
|
|
396,290 |
(a) |
| IRB Holding Corp., Senior Secured Notes |
|
|
7.000 |
% |
|
|
6/15/25 |
|
|
|
1,160,000 |
|
|
|
1,161,044 |
(a)(b) |
| Las Vegas Sands Corp., Senior Notes |
|
|
3.900 |
% |
|
|
8/8/29 |
|
|
|
1,260,000 |
|
|
|
1,110,837 |
(b) |
| Melco Resorts Finance Ltd., Senior Notes |
|
|
5.375 |
% |
|
|
12/4/29 |
|
|
|
780,000 |
|
|
|
654,755 |
(a)(b) |
| NCL Corp. Ltd., Senior Notes |
|
|
3.625 |
% |
|
|
12/15/24 |
|
|
|
1,180,000 |
|
|
|
1,130,385 |
(a)(b) |
| NCL Corp. Ltd., Senior Notes |
|
|
5.875 |
% |
|
|
3/15/26 |
|
|
|
750,000 |
|
|
|
707,860 |
(a)(b) |
| NCL Corp. Ltd., Senior Notes |
|
|
7.750 |
% |
|
|
2/15/29 |
|
|
|
570,000 |
|
|
|
542,769 |
(a)(b) |
| NCL Finance Ltd., Senior Notes |
|
|
6.125 |
% |
|
|
3/15/28 |
|
|
|
2,030,000 |
|
|
|
1,832,075 |
(a)(b) |
| Royal Caribbean Cruises Ltd., Senior Notes |
|
|
5.375 |
% |
|
|
7/15/27 |
|
|
|
1,900,000 |
|
|
|
1,789,640 |
(a)(b) |
| Royal Caribbean Cruises Ltd., Senior Notes |
|
|
5.500 |
% |
|
|
4/1/28 |
|
|
|
1,170,000 |
|
|
|
1,097,811 |
(a)(b) |
| Saga PLC, Senior Notes |
|
|
3.375 |
% |
|
|
5/12/24 |
|
|
|
810,000 |
GBP |
|
|
978,356 |
(c) |
| Saga PLC, Senior Notes |
|
|
5.500 |
% |
|
|
7/15/26 |
|
|
|
310,000 |
GBP |
|
|
300,359 |
(c) |
| Sands China Ltd., Senior Notes |
|
|
3.350 |
% |
|
|
3/8/29 |
|
|
|
1,680,000 |
|
|
|
1,401,416 |
|
| Sands China Ltd., Senior Notes |
|
|
4.875 |
% |
|
|
6/18/30 |
|
|
|
830,000 |
|
|
|
725,876 |
|
| Sands China Ltd., Senior Notes |
|
|
3.500 |
% |
|
|
8/8/31 |
|
|
|
650,000 |
|
|
|
523,446 |
|
| Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes |
|
|
5.625 |
% |
|
|
2/15/29 |
|
|
|
764,000 |
|
|
|
710,964 |
(a)(b) |
| VOC Escrow Ltd., Senior Secured Notes |
|
|
5.000 |
% |
|
|
2/15/28 |
|
|
|
160,000 |
|
|
|
148,655 |
(a)(b) |
| Wheel Bidco Ltd., Senior Secured Notes |
|
|
6.750 |
% |
|
|
7/15/26 |
|
|
|
450,000 |
GBP |
|
|
471,748 |
(a) |
| Wynn Macau Ltd., Senior Notes |
|
|
5.500 |
% |
|
|
1/15/26 |
|
|
|
540,000 |
|
|
|
507,401 |
(a) |
| Wynn Macau Ltd., Senior Notes |
|
|
5.625 |
% |
|
|
8/26/28 |
|
|
|
1,200,000 |
|
|
|
1,059,859 |
(a) |
| Wynn Macau Ltd., Senior Notes |
|
|
5.125 |
% |
|
|
12/15/29 |
|
|
|
270,000 |
|
|
|
221,325 |
(a) |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes |
|
|
5.125 |
% |
|
|
10/1/29 |
|
|
|
1,330,000 |
|
|
|
1,191,821 |
(a)(b) |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes |
|
|
7.125 |
% |
|
|
2/15/31 |
|
|
|
470,000 |
|
|
|
462,295 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,581,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Specialty Retail - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Michaels Cos. Inc., Senior Notes |
|
|
7.875 |
% |
|
|
5/1/29 |
|
|
|
590,000 |
|
|
|
409,519 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,282,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
3 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| CONSUMER STAPLES - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Food Products - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bellis Acquisition Co. PLC, Senior Secured Notes |
|
|
3.250 |
% |
|
|
2/16/26 |
|
|
|
320,000 |
GBP |
|
$ |
348,826 |
(c) |
| FAGE International SA/FAGE USA Dairy Industry Inc., Senior Notes |
|
|
5.625 |
% |
|
|
8/15/26 |
|
|
|
500,000 |
|
|
|
481,105 |
(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER STAPLES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
829,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY - 27.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noble Finance II LLC, Senior Notes |
|
|
8.000 |
% |
|
|
4/15/30 |
|
|
|
500,000 |
|
|
|
517,509 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels - 27.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Apache Corp., Senior Notes |
|
|
5.100 |
% |
|
|
9/1/40 |
|
|
|
1,400,000 |
|
|
|
1,165,333 |
|
| Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes |
|
|
7.625 |
% |
|
|
12/15/25 |
|
|
|
100,000 |
|
|
|
100,381 |
(a)(b) |
| Continental Resources Inc., Senior Notes |
|
|
3.800 |
% |
|
|
6/1/24 |
|
|
|
1,040,000 |
|
|
|
1,021,960 |
|
| Continental Resources Inc., Senior Notes |
|
|
4.375 |
% |
|
|
1/15/28 |
|
|
|
790,000 |
|
|
|
744,297 |
|
| Continental Resources Inc., Senior Notes |
|
|
4.900 |
% |
|
|
6/1/44 |
|
|
|
300,000 |
|
|
|
230,291 |
(b) |
| Diamondback Energy Inc., Senior Notes |
|
|
3.500 |
% |
|
|
12/1/29 |
|
|
|
730,000 |
|
|
|
660,907 |
|
| Ecopetrol SA, Senior Notes |
|
|
8.875 |
% |
|
|
1/13/33 |
|
|
|
440,000 |
|
|
|
446,413 |
|
| Ecopetrol SA, Senior Notes |
|
|
5.875 |
% |
|
|
5/28/45 |
|
|
|
3,300,000 |
|
|
|
2,329,109 |
(d) |
| Ecopetrol SA, Senior Notes |
|
|
5.875 |
% |
|
|
11/2/51 |
|
|
|
320,000 |
|
|
|
216,391 |
|
| El Paso Natural Gas Co. LLC, Senior Notes |
|
|
8.375 |
% |
|
|
6/15/32 |
|
|
|
70,000 |
|
|
|
79,782 |
|
| Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year Treasury Constant Maturity Rate +
5.694%) |
|
|
6.500 |
% |
|
|
11/15/26 |
|
|
|
280,000 |
|
|
|
256,074 |
(b)(e)(f) |
| Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%) |
|
|
6.625 |
% |
|
|
2/15/28 |
|
|
|
870,000 |
|
|
|
701,768 |
(e)(f) |
| EQM Midstream Partners LP, Senior Notes |
|
|
4.500 |
% |
|
|
1/15/29 |
|
|
|
1,060,000 |
|
|
|
964,145 |
(a)(b) |
| EQM Midstream Partners LP, Senior Notes |
|
|
7.500 |
% |
|
|
6/1/30 |
|
|
|
510,000 |
|
|
|
523,542 |
(a)(b) |
| EQM Midstream Partners LP, Senior Notes |
|
|
4.750 |
% |
|
|
1/15/31 |
|
|
|
1,540,000 |
|
|
|
1,362,451 |
(a)(b) |
| EQT Corp., Senior Notes |
|
|
3.900 |
% |
|
|
10/1/27 |
|
|
|
1,380,000 |
|
|
|
1,289,876 |
(b) |
| KazMunayGas National Co. JSC, Senior Notes |
|
|
3.500 |
% |
|
|
4/14/33 |
|
|
|
500,000 |
|
|
|
377,251 |
(a) |
| Kinder Morgan Inc., Senior Notes |
|
|
7.750 |
% |
|
|
1/15/32 |
|
|
|
1,390,000 |
|
|
|
1,554,464 |
|
| NGPL PipeCo LLC, Senior Notes |
|
|
7.768 |
% |
|
|
12/15/37 |
|
|
|
1,430,000 |
|
|
|
1,508,840 |
(a)(b) |
| Occidental Petroleum Corp., Senior Notes |
|
|
6.950 |
% |
|
|
7/1/24 |
|
|
|
204,000 |
|
|
|
205,350 |
|
| Occidental Petroleum Corp., Senior Notes |
|
|
2.900 |
% |
|
|
8/15/24 |
|
|
|
710,000 |
|
|
|
690,876 |
|
| Occidental Petroleum Corp., Senior Notes |
|
|
5.550 |
% |
|
|
3/15/26 |
|
|
|
450,000 |
|
|
|
446,643 |
|
| Occidental Petroleum Corp., Senior Notes |
|
|
6.200 |
% |
|
|
3/15/40 |
|
|
|
310,000 |
|
|
|
306,499 |
|
| Petrobras Global Finance BV, Senior Notes |
|
|
6.875 |
% |
|
|
1/20/40 |
|
|
|
850,000 |
|
|
|
826,528 |
(d) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
4 |
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Oil, Gas & Consumable Fuels - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Petrobras Global Finance BV, Senior Notes |
|
|
6.750 |
% |
|
|
1/27/41 |
|
|
|
3,910,000 |
|
|
$ |
3,725,232 |
(b) |
| Petroleos del Peru SA, Senior Notes |
|
|
4.750 |
% |
|
|
6/19/32 |
|
|
|
1,750,000 |
|
|
|
1,299,452 |
(a)(b) |
| Petroleos del Peru SA, Senior Notes |
|
|
5.625 |
% |
|
|
6/19/47 |
|
|
|
500,000 |
|
|
|
320,414 |
(a) |
| Petroleos Mexicanos, Senior Notes |
|
|
6.500 |
% |
|
|
6/2/41 |
|
|
|
250,000 |
|
|
|
155,890 |
|
| Petroleos Mexicanos, Senior Notes |
|
|
6.375 |
% |
|
|
1/23/45 |
|
|
|
3,732,000 |
|
|
|
2,271,218 |
|
| Range Resources Corp., Senior Notes |
|
|
4.875 |
% |
|
|
5/15/25 |
|
|
|
770,000 |
|
|
|
753,399 |
(b) |
| Range Resources Corp., Senior Notes |
|
|
8.250 |
% |
|
|
1/15/29 |
|
|
|
430,000 |
|
|
|
446,798 |
(b) |
| Rockies Express Pipeline LLC, Senior Notes |
|
|
6.875 |
% |
|
|
4/15/40 |
|
|
|
330,000 |
|
|
|
298,258 |
(a)(b) |
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes |
|
|
9.000 |
% |
|
|
10/15/26 |
|
|
|
960,000 |
|
|
|
927,264 |
(a)(b) |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes |
|
|
6.500 |
% |
|
|
7/15/27 |
|
|
|
1,220,000 |
|
|
|
1,227,381 |
|
| Transcontinental Gas Pipe Line Co. LLC, Senior Notes |
|
|
7.850 |
% |
|
|
2/1/26 |
|
|
|
1,500,000 |
|
|
|
1,568,542 |
(b) |
| Transportadora de Gas del Sur SA, Senior Notes |
|
|
6.750 |
% |
|
|
5/2/25 |
|
|
|
180,000 |
|
|
|
170,230 |
(a) |
| Venture Global LNG Inc., Senior Secured Notes |
|
|
8.375 |
% |
|
|
6/1/31 |
|
|
|
450,000 |
|
|
|
454,337 |
(a) |
| Western Midstream Operating LP, Senior Notes |
|
|
4.050 |
% |
|
|
2/1/30 |
|
|
|
340,000 |
|
|
|
303,637 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
5.450 |
% |
|
|
4/1/44 |
|
|
|
2,000,000 |
|
|
|
1,682,044 |
(b) |
| Western Midstream Operating LP, Senior Notes |
|
|
5.300 |
% |
|
|
3/1/48 |
|
|
|
500,000 |
|
|
|
410,399 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
5.250 |
% |
|
|
2/1/50 |
|
|
|
6,216,000 |
|
|
|
5,037,011 |
(b) |
| Williams Cos. Inc., Senior Notes |
|
|
4.550 |
% |
|
|
6/24/24 |
|
|
|
680,000 |
|
|
|
672,884 |
|
| Williams Cos. Inc., Senior Notes |
|
|
7.500 |
% |
|
|
1/15/31 |
|
|
|
340,000 |
|
|
|
372,567 |
|
| Williams Cos. Inc., Senior Notes |
|
|
8.750 |
% |
|
|
3/15/32 |
|
|
|
486,000 |
|
|
|
569,743 |
|
| Williams Cos. Inc., Senior Notes |
|
|
5.750 |
% |
|
|
6/24/44 |
|
|
|
1,510,000 |
|
|
|
1,431,540 |
(b) |
| YPF SA, Senior Notes |
|
|
8.500 |
% |
|
|
7/28/25 |
|
|
|
2,830,000 |
|
|
|
2,678,462 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
44,785,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ENERGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,303,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
5 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| FINANCIALS - 18.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks - 12.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to 1/24/32 then 10 year Treasury Constant Maturity Rate
+ 5.034%) |
|
|
6.625 |
% |
|
|
1/24/32 |
|
|
|
1,840,000 |
|
|
$ |
1,482,148 |
(a)(b)(e)(f) |
| Barclays PLC, Junior Subordinated Notes (8.000% to 6/15/24 then 5 year Treasury Constant Maturity Rate +
5.672%) |
|
|
8.000 |
% |
|
|
6/15/24 |
|
|
|
1,400,000 |
|
|
|
1,374,403 |
(b)(e)(f) |
| BBVA Bancomer SA, Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury Constant Maturity Rate +
2.650%) |
|
|
5.125 |
% |
|
|
1/18/33 |
|
|
|
570,000 |
|
|
|
496,249 |
(a)(f) |
| BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5 year Treasury Constant Maturity Rate +
4.899%) |
|
|
7.750 |
% |
|
|
8/16/29 |
|
|
|
2,400,000 |
|
|
|
2,335,488 |
(a)(b)(e)(f) |
| Comerica Bank, Senior Notes |
|
|
2.500 |
% |
|
|
7/23/24 |
|
|
|
620,000 |
|
|
|
590,507 |
|
| Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year ICE Swap Rate + 6.185%) |
|
|
8.125 |
% |
|
|
12/23/25 |
|
|
|
2,160,000 |
|
|
|
2,158,799 |
(a)(b)(e)(f) |
| HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then SOFR + 4.250%) |
|
|
8.113 |
% |
|
|
11/3/33 |
|
|
|
950,000 |
|
|
|
1,033,497 |
(b)(f) |
| Intesa Sanpaolo SpA, Subordinated Notes |
|
|
5.710 |
% |
|
|
1/15/26 |
|
|
|
2,250,000 |
|
|
|
2,164,335 |
(a) |
| Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year Treasury Constant Maturity Rate +
2.600%) |
|
|
4.198 |
% |
|
|
6/1/32 |
|
|
|
2,450,000 |
|
|
|
1,868,787 |
(a)(b)(f) |
| JPMorgan Chase & Co., Junior Subordinated Notes (6.100% to 10/1/24 then 3 mo. Term SOFR +
3.592%) |
|
|
6.100 |
% |
|
|
10/1/24 |
|
|
|
500,000 |
|
|
|
497,813 |
(b)(e)(f) |
| Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 then 5 year Treasury Constant Maturity Rate
+ 3.913%) |
|
|
8.000 |
% |
|
|
9/27/29 |
|
|
|
2,360,000 |
|
|
|
2,142,251 |
(b)(e)(f) |
| TC Ziraat Bankasi AS, Senior Notes |
|
|
5.125 |
% |
|
|
9/29/23 |
|
|
|
1,890,000 |
|
|
|
1,890,284 |
(a) |
| UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%) |
|
|
7.296 |
% |
|
|
4/2/34 |
|
|
|
2,600,000 |
|
|
|
2,505,495 |
(a)(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,540,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Markets - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UBS Group AG, Junior Subordinated Notes (6.875% to 8/7/25 then USD 5 year ICE Swap Rate + 4.590%) |
|
|
6.875 |
% |
|
|
8/7/25 |
|
|
|
600,000 |
|
|
|
564,472 |
(c)(e)(f) |
| UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%) |
|
|
7.000 |
% |
|
|
1/31/24 |
|
|
|
720,000 |
|
|
|
715,680 |
(a)(b)(e)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,280,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
6 |
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Consumer Finance - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Navient Corp., Senior Notes |
|
|
5.875 |
% |
|
|
10/25/24 |
|
|
|
480,000 |
|
|
$ |
473,269 |
(b) |
| Navient Corp., Senior Notes |
|
|
6.750 |
% |
|
|
6/15/26 |
|
|
|
410,000 |
|
|
|
403,260 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
876,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Services - 5.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes |
|
|
3.400 |
% |
|
|
10/29/33 |
|
|
|
4,000,000 |
|
|
|
3,174,631 |
|
| GE Capital International Funding Co. Unlimited Co., Senior Notes |
|
|
3.373 |
% |
|
|
11/15/25 |
|
|
|
1,000,000 |
|
|
|
951,148 |
(b) |
| Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK) |
|
|
6.500 |
% |
|
|
9/15/24 |
|
|
|
4,077,656 |
|
|
|
3,834,138 |
(a)(g) |
| Huarong Finance 2019 Co. Ltd., Senior Notes |
|
|
2.125 |
% |
|
|
9/30/23 |
|
|
|
400,000 |
|
|
|
398,944 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,358,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL FINANCIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,055,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HEALTH CARE - 6.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Centene Corp., Senior Notes |
|
|
2.625 |
% |
|
|
8/1/31 |
|
|
|
500,000 |
|
|
|
398,222 |
|
| CHS/Community Health Systems Inc., Senior Secured Notes |
|
|
4.750 |
% |
|
|
2/15/31 |
|
|
|
250,000 |
|
|
|
186,475 |
(a)(b) |
| Legacy LifePoint Health LLC, Senior Secured Notes |
|
|
4.375 |
% |
|
|
2/15/27 |
|
|
|
580,000 |
|
|
|
502,683 |
(a)(b) |
| Tenet Healthcare Corp., Secured Notes |
|
|
6.250 |
% |
|
|
2/1/27 |
|
|
|
860,000 |
|
|
|
847,724 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,935,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals - 5.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bausch Health Cos. Inc., Senior Notes |
|
|
5.250 |
% |
|
|
1/30/30 |
|
|
|
470,000 |
|
|
|
198,916 |
(a) |
| Bausch Health Cos. Inc., Senior Secured Notes |
|
|
4.875 |
% |
|
|
6/1/28 |
|
|
|
840,000 |
|
|
|
499,223 |
(a) |
| Cidron Aida Finco Sarl, Senior Secured Notes |
|
|
5.000 |
% |
|
|
4/1/28 |
|
|
|
672,000 |
EUR |
|
|
668,957 |
(a) |
| Par Pharmaceutical Inc., Senior Secured Notes |
|
|
7.500 |
% |
|
|
4/1/27 |
|
|
|
310,000 |
|
|
|
220,988 |
*(a)(h) |
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
6.000 |
% |
|
|
4/15/24 |
|
|
|
4,450,000 |
|
|
|
4,426,545 |
(b) |
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
3.150 |
% |
|
|
10/1/26 |
|
|
|
700,000 |
|
|
|
633,585 |
|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
5.125 |
% |
|
|
5/9/29 |
|
|
|
2,030,000 |
|
|
|
1,879,739 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,527,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL HEALTH CARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,463,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
7 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| INDUSTRIALS - 15.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bombardier Inc., Senior Notes |
|
|
7.500 |
% |
|
|
2/1/29 |
|
|
|
620,000 |
|
|
$ |
608,099 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Building Products - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Standard Industries Inc., Senior Notes |
|
|
5.000 |
% |
|
|
2/15/27 |
|
|
|
360,000 |
|
|
|
341,652 |
(a)(b) |
| Standard Industries Inc., Senior Notes |
|
|
4.375 |
% |
|
|
7/15/30 |
|
|
|
640,000 |
|
|
|
549,251 |
(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
890,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial Services & Supplies - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CoreCivic Inc., Senior Notes |
|
|
8.250 |
% |
|
|
4/15/26 |
|
|
|
1,700,000 |
|
|
|
1,708,275 |
(b) |
| CoreCivic Inc., Senior Notes |
|
|
4.750 |
% |
|
|
10/15/27 |
|
|
|
240,000 |
|
|
|
214,889 |
|
| GEO Group Inc., Secured Notes |
|
|
10.500 |
% |
|
|
6/30/28 |
|
|
|
880,000 |
|
|
|
881,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,804,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Industrial Conglomerates - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alfa SAB de CV, Senior Notes |
|
|
6.875 |
% |
|
|
3/25/44 |
|
|
|
400,000 |
|
|
|
384,098 |
(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Titan International Inc., Senior Secured Notes |
|
|
7.000 |
% |
|
|
4/30/28 |
|
|
|
810,000 |
|
|
|
772,462 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger Airlines - 11.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| American Airlines Group Inc., Senior Notes |
|
|
3.750 |
% |
|
|
3/1/25 |
|
|
|
2,030,000 |
|
|
|
1,944,548 |
(a)(b) |
| American Airlines Inc., Senior Secured Notes |
|
|
7.250 |
% |
|
|
2/15/28 |
|
|
|
670,000 |
|
|
|
658,827 |
(a) |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes |
|
|
5.500 |
% |
|
|
4/20/26 |
|
|
|
192,500 |
|
|
|
189,098 |
(a)(b) |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes |
|
|
5.750 |
% |
|
|
4/20/29 |
|
|
|
140,000 |
|
|
|
134,035 |
(a)(b) |
| Delta Air Lines Inc., Senior Notes |
|
|
2.900 |
% |
|
|
10/28/24 |
|
|
|
840,000 |
|
|
|
814,396 |
(b) |
| Delta Air Lines Inc., Senior Notes |
|
|
7.375 |
% |
|
|
1/15/26 |
|
|
|
690,000 |
|
|
|
710,609 |
|
| Delta Air Lines Inc., Senior Secured Notes |
|
|
7.000 |
% |
|
|
5/1/25 |
|
|
|
6,050,000 |
|
|
|
6,135,756 |
(a)(b)(d) |
| Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd., Senior Secured Notes |
|
|
5.750 |
% |
|
|
1/20/26 |
|
|
|
110,000 |
|
|
|
101,893 |
(a)(b) |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes |
|
|
6.500 |
% |
|
|
6/20/27 |
|
|
|
2,000,000 |
|
|
|
1,995,042 |
(a)(b) |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes |
|
|
8.000 |
% |
|
|
9/20/25 |
|
|
|
2,956,000 |
|
|
|
2,962,149 |
(a)(b) |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes |
|
|
8.000 |
% |
|
|
9/20/25 |
|
|
|
410,000 |
|
|
|
410,810 |
(a)(b) |
| United Airlines Holdings Inc., Senior Notes |
|
|
5.000 |
% |
|
|
2/1/24 |
|
|
|
2,300,000 |
|
|
|
2,287,382 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Passenger Airlines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,344,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
8 |
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Trading Companies & Distributors - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| H&E Equipment Services Inc., Senior Notes |
|
|
3.875 |
% |
|
|
12/15/28 |
|
|
|
1,280,000 |
|
|
$ |
1,118,786 |
(a)(b) |
| United Rentals North America Inc., Senior Notes |
|
|
5.500 |
% |
|
|
5/15/27 |
|
|
|
250,000 |
|
|
|
245,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,364,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,168,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INFORMATION TECHNOLOGY - 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Communications Equipment - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CommScope Inc., Senior Notes |
|
|
7.125 |
% |
|
|
7/1/28 |
|
|
|
182,000 |
|
|
|
101,577 |
(a)(b) |
| CommScope Inc., Senior Secured Notes |
|
|
4.750 |
% |
|
|
9/1/29 |
|
|
|
270,000 |
|
|
|
200,890 |
(a) |
| CommScope Technologies LLC, Senior Notes |
|
|
5.000 |
% |
|
|
3/15/27 |
|
|
|
1,560,000 |
|
|
|
868,919 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Communications Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,171,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Seagate HDD Cayman, Senior Notes |
|
|
4.750 |
% |
|
|
1/1/25 |
|
|
|
1,330,000 |
|
|
|
1,303,986 |
|
| Seagate HDD Cayman, Senior Notes |
|
|
4.875 |
% |
|
|
6/1/27 |
|
|
|
630,000 |
|
|
|
603,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,907,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,079,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MATERIALS - 6.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Braskem America Finance Co., Senior Notes |
|
|
7.125 |
% |
|
|
7/22/41 |
|
|
|
1,060,000 |
|
|
|
962,197 |
(c) |
| Orbia Advance Corp. SAB de CV, Senior Notes |
|
|
5.875 |
% |
|
|
9/17/44 |
|
|
|
1,000,000 |
|
|
|
877,092 |
(a)(b) |
| Sasol Financing USA LLC, Senior Notes |
|
|
8.750 |
% |
|
|
5/3/29 |
|
|
|
930,000 |
|
|
|
908,857 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,748,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Containers & Packaging - 1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ardagh Packaging Finance PLC/Ardagh |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Holdings USA Inc., Senior Notes |
|
|
5.250 |
% |
|
|
8/15/27 |
|
|
|
1,840,000 |
|
|
|
1,578,325 |
(a)(b) |
| Ardagh Packaging Finance PLC/Ardagh |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Holdings USA Inc., Senior Notes |
|
|
5.250 |
% |
|
|
8/15/27 |
|
|
|
500,000 |
|
|
|
428,893 |
(a)(b) |
| Pactiv LLC, Senior Notes |
|
|
8.375 |
% |
|
|
4/15/27 |
|
|
|
1,020,000 |
|
|
|
1,030,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,037,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Metals & Mining - 2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Anglo American Capital PLC, Senior Notes |
|
|
4.875 |
% |
|
|
5/14/25 |
|
|
|
359,000 |
|
|
|
353,385 |
(a) |
| ArcelorMittal SA, Senior Notes |
|
|
7.000 |
% |
|
|
10/15/39 |
|
|
|
1,140,000 |
|
|
|
1,176,105 |
(b) |
| Arsenal AIC Parent LLC, Senior Secured Notes |
|
|
8.000 |
% |
|
|
10/1/30 |
|
|
|
170,000 |
|
|
|
173,823 |
(a) |
| First Quantum Minerals Ltd., Senior Notes |
|
|
8.625 |
% |
|
|
6/1/31 |
|
|
|
490,000 |
|
|
|
499,247 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
9 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Metals & Mining - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Southern Copper Corp., Senior Notes |
|
|
5.250 |
% |
|
|
11/8/42 |
|
|
|
1,620,000 |
|
|
$ |
1,499,540 |
(d) |
| Teck Resources Ltd., Senior Notes |
|
|
6.000 |
% |
|
|
8/15/40 |
|
|
|
460,000 |
|
|
|
436,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Metals & Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,138,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MATERIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,923,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE - 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care REITs - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Healthcare Trust, Senior Notes |
|
|
4.375 |
% |
|
|
3/1/31 |
|
|
|
140,000 |
|
|
|
105,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel & Resort REITs - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Properties Trust, Senior Notes |
|
|
5.500 |
% |
|
|
12/15/27 |
|
|
|
640,000 |
|
|
|
567,144 |
(b) |
| Service Properties Trust, Senior Notes |
|
|
4.950 |
% |
|
|
10/1/29 |
|
|
|
480,000 |
|
|
|
378,970 |
(b) |
| Service Properties Trust, Senior Notes |
|
|
4.375 |
% |
|
|
2/15/30 |
|
|
|
560,000 |
|
|
|
425,819 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hotel & Resort REITs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,371,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| China Aoyuan Group Ltd., Senior Secured Notes |
|
|
7.950 |
% |
|
|
2/19/24 |
|
|
|
200,000 |
|
|
|
6,000 |
*(c)(h) |
| China Aoyuan Group Ltd., Senior Secured Notes |
|
|
7.950 |
% |
|
|
6/21/24 |
|
|
|
400,000 |
|
|
|
12,000 |
*(c)(h) |
| Country Garden Holdings Co. Ltd., Senior Secured Notes |
|
|
8.000 |
% |
|
|
1/27/24 |
|
|
|
400,000 |
|
|
|
50,520 |
(c) |
| Cushman & Wakefield US Borrower LLC, Senior Secured Notes |
|
|
8.875 |
% |
|
|
9/1/31 |
|
|
|
180,000 |
|
|
|
181,638 |
(a) |
| Heimstaden AB, Senior Notes |
|
|
4.250 |
% |
|
|
3/9/26 |
|
|
|
500,000 |
EUR |
|
|
286,037 |
(c) |
| Samhallsbyggnadsbolaget i Norden AB, Senior Notes |
|
|
1.125 |
% |
|
|
9/4/26 |
|
|
|
1,920,000 |
EUR |
|
|
1,362,332 |
(c) |
| Times China Holdings Ltd., Senior Secured Notes |
|
|
6.750 |
% |
|
|
7/8/25 |
|
|
|
200,000 |
|
|
|
6,500 |
*(c)(h) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
1,905,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL REAL ESTATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,382,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UTILITIES - 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric Utilities - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eskom Holdings SOC Ltd., Senior Notes |
|
|
4.314 |
% |
|
|
7/23/27 |
|
|
|
680,000 |
|
|
|
605,169 |
(c) |
| FirstEnergy Corp., Senior Notes |
|
|
7.375 |
% |
|
|
11/15/31 |
|
|
|
330,000 |
|
|
|
367,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
972,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas Utilities - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes |
|
|
5.875 |
% |
|
|
3/1/27 |
|
|
|
2,340,000 |
|
|
|
2,286,532 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UTILITIES |
|
|
|
|
|
|
|
|
|
|
|
3,259,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS & NOTES
(Cost - $188,105,399) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
195,907,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
10 |
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| SOVEREIGN BONDS - 18.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Angola - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Angolan Government International Bond, Senior Notes |
|
|
8.000 |
% |
|
|
11/26/29 |
|
|
|
1,200,000 |
|
|
$ |
993,342 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentina - 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentine Republic Government International Bond, Senior Notes, Step bond (3.625% to 7/9/24 then 4.125%) |
|
|
3.625 |
% |
|
|
7/9/35 |
|
|
|
298,291 |
|
|
|
88,649 |
|
| Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%) |
|
|
6.375 |
% |
|
|
9/1/37 |
|
|
|
160,627 |
|
|
|
60,795 |
(a) |
| Provincia de Cordoba, Senior Notes |
|
|
6.875 |
% |
|
|
12/10/25 |
|
|
|
250,002 |
|
|
|
211,252 |
(a) |
| Provincia de Cordoba, Senior Notes |
|
|
6.990 |
% |
|
|
6/1/27 |
|
|
|
1,340,000 |
|
|
|
1,085,400 |
(a) |
| Provincia de Cordoba, Senior Notes (6.875% PIK) |
|
|
6.875 |
% |
|
|
2/1/29 |
|
|
|
2,180,000 |
|
|
|
1,711,050 |
(a)(g) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Argentina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,157,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bahamas - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bahamas Government International Bond, Senior Notes |
|
|
9.000 |
% |
|
|
6/16/29 |
|
|
|
425,000 |
|
|
|
380,365 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colombia - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colombia Government International Bond, Senior Notes |
|
|
3.250 |
% |
|
|
4/22/32 |
|
|
|
1,000,000 |
|
|
|
751,476 |
(b) |
| Colombia Government International Bond, Senior Notes |
|
|
7.375 |
% |
|
|
9/18/37 |
|
|
|
1,042,000 |
|
|
|
1,012,044 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Colombia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,763,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Costa Rica - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Costa Rica Government International Bond, Senior Notes |
|
|
7.158 |
% |
|
|
3/12/45 |
|
|
|
500,000 |
|
|
|
504,301 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dominican Republic - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dominican Republic International Bond, Senior Notes |
|
|
4.500 |
% |
|
|
1/30/30 |
|
|
|
620,000 |
|
|
|
542,312 |
(a) |
| Dominican Republic International Bond, Senior Notes |
|
|
4.875 |
% |
|
|
9/23/32 |
|
|
|
1,910,000 |
|
|
|
1,625,391 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Dominican Republic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,167,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ecuador - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ecuador Government International Bond, Senior Notes, Step bond (2.500% to 7/31/24 then 5.000%) |
|
|
2.500 |
% |
|
|
7/31/40 |
|
|
|
480,000 |
|
|
|
158,792 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Egypt - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Egypt Government International Bond, Senior Notes |
|
|
7.625 |
% |
|
|
5/29/32 |
|
|
|
1,780,000 |
|
|
|
1,028,044 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
11 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Indonesia - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indonesia Government International Bond, Senior Notes |
|
|
6.625 |
% |
|
|
2/17/37 |
|
|
|
945,000 |
|
|
$ |
1,055,042 |
(c) |
| Indonesia Treasury Bond |
|
|
8.375 |
% |
|
|
3/15/34 |
|
|
|
209,000,000 |
IDR |
|
|
15,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Indonesia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,070,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ivory Coast - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ivory Coast Government International Bond, Senior Notes |
|
|
6.125 |
% |
|
|
6/15/33 |
|
|
|
1,500,000 |
|
|
|
1,287,488 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jamaica - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jamaica Government International Bond, Senior Notes |
|
|
8.000 |
% |
|
|
3/15/39 |
|
|
|
500,000 |
|
|
|
591,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jordan - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jordan Government International Bond, Senior Notes |
|
|
5.850 |
% |
|
|
7/7/30 |
|
|
|
960,000 |
|
|
|
890,990 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kenya - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Republic of Kenya Government International Bond, Senior Notes |
|
|
8.000 |
% |
|
|
5/22/32 |
|
|
|
600,000 |
|
|
|
498,349 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexico - 4.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexican Bonos, Bonds |
|
|
7.750 |
% |
|
|
5/29/31 |
|
|
|
77,360,000 |
MXN |
|
|
4,150,004 |
|
| Mexico Government International Bond, Senior Notes |
|
|
2.659 |
% |
|
|
5/24/31 |
|
|
|
2,020,000 |
|
|
|
1,676,313 |
|
| Mexico Government International Bond, Senior Notes |
|
|
3.500 |
% |
|
|
2/12/34 |
|
|
|
1,500,000 |
|
|
|
1,246,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,073,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nigeria - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nigeria Government International Bond, Senior Notes |
|
|
7.143 |
% |
|
|
2/23/30 |
|
|
|
920,000 |
|
|
|
752,100 |
(a) |
| Nigeria Government International Bond, Senior Notes |
|
|
7.696 |
% |
|
|
2/23/38 |
|
|
|
1,450,000 |
|
|
|
1,058,964 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Nigeria |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,811,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oman - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oman Government International Bond, Senior Notes |
|
|
5.625 |
% |
|
|
1/17/28 |
|
|
|
1,000,000 |
|
|
|
989,227 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Peru - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Peruvian Government International Bond, Senior Notes |
|
|
8.750 |
% |
|
|
11/21/33 |
|
|
|
1,604,000 |
|
|
|
2,002,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Russia - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Russian Federal Bond - OFZ |
|
|
7.750 |
% |
|
|
9/16/26 |
|
|
|
375,770,000 |
RUB |
|
|
1,175,812 |
*(h) |
| Russian Federal Bond - OFZ |
|
|
6.900 |
% |
|
|
5/23/29 |
|
|
|
206,130,000 |
RUB |
|
|
644,996 |
*(h) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Russia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,820,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
12 |
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Senegal - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Senegal Government International Bond, Senior Notes |
|
|
6.250 |
% |
|
|
5/23/33 |
|
|
|
450,000 |
|
|
$ |
369,047 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Turkey - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Turkey Government International Bond, Senior Notes |
|
|
5.125 |
% |
|
|
2/17/28 |
|
|
|
2,000,000 |
|
|
|
1,802,384 |
|
| Turkey Government International Bond, Senior Notes |
|
|
4.875 |
% |
|
|
4/16/43 |
|
|
|
500,000 |
|
|
|
333,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Turkey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,135,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ukraine - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ukraine Government International Bond, Senior Notes |
|
|
7.375 |
% |
|
|
9/25/34 |
|
|
|
1,950,000 |
|
|
|
522,803 |
*(a)(h) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SOVEREIGN BONDS
(Cost - $36,563,429) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,215,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT & AGENCY OBLIGATIONS - 3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government Obligations - 3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Notes |
|
|
3.250 |
% |
|
|
8/31/24 |
|
|
|
2,050,000 |
|
|
|
2,007,736 |
|
| U.S. Treasury Notes |
|
|
4.125 |
% |
|
|
1/31/25 |
|
|
|
2,130,000 |
|
|
|
2,100,463 |
|
| U.S. Treasury Notes |
|
|
2.750 |
% |
|
|
5/31/29 |
|
|
|
1,000,000 |
|
|
|
923,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost - $5,101,754) |
|
|
|
|
|
|
|
|
|
|
|
5,032,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONVERTIBLE BONDS & NOTES - 2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMUNICATION SERVICES - 2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media - 2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISH Network Corp., Senior Notes |
|
|
2.375 |
% |
|
|
3/15/24 |
|
|
|
1,220,000 |
|
|
|
1,157,475 |
(b) |
| DISH Network Corp., Senior Notes |
|
|
0.000 |
% |
|
|
12/15/25 |
|
|
|
370,000 |
|
|
|
240,056 |
|
| DISH Network Corp., Senior Notes |
|
|
3.375 |
% |
|
|
8/15/26 |
|
|
|
3,850,000 |
|
|
|
2,348,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONVERTIBLE BONDS & NOTES
(Cost - $3,912,813) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,746,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SENIOR LOANS - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER DISCRETIONARY - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Consumer Services - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%)
(Cost - $243,030) |
|
|
8.946 |
% |
|
|
4/13/28 |
|
|
|
324,000 |
|
|
|
245,025 |
(f)(i)(j) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
EXPIRATION
DATE |
|
|
WARRANTS |
|
|
|
|
| WARRANTS - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIALS - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Markets - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EG Acquisition Corp., Class A Shares
(Cost - $13,797) |
|
|
|
|
|
|
5/28/28 |
|
|
|
14,410 |
|
|
|
3,603 |
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
13 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Percentages shown based on Fund net assets)
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
|
SHARES |
|
|
VALUE |
|
| COMMON STOCKS - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| KCAD Holdings I Ltd.
(Cost - $637,539) |
|
|
|
|
|
|
|
|
|
|
77,972,021 |
|
|
$ |
0 |
*(k)(l)(m) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $234,577,761) |
|
|
|
236,150,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
|
|
| SHORT-TERM INVESTMENTS - 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills
(Cost - $1,249,270) |
|
|
4.336 |
% |
|
|
9/5/23 |
|
|
|
1,250,000 |
|
|
|
1,249,275 |
(n) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
SHARES |
|
|
|
|
| MONEY MARKET FUNDS - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $1,942,721) |
|
|
5.261 |
% |
|
|
|
|
|
|
1,942,721 |
|
|
|
1,942,721 |
(o)(p) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(Cost - $3,191,991) |
|
|
|
|
|
|
|
|
|
|
|
3,191,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 144.1%
(Cost - $237,769,752) |
|
|
|
|
|
|
|
|
|
|
|
239,342,271 |
|
| Liabilities in Excess of Other Assets - (44.1)% |
|
|
|
|
|
|
|
|
|
|
|
(73,237,606 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
166,104,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
14 |
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
| † |
Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† |
Represents less than 0.1%. |
| * |
Non-income producing security. |
| (a) |
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. |
| (b) |
All or a portion of this security is pledged as collateral pursuant to the loan agreement.
|
| (c) |
Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to
securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
| (d) |
All or a portion of this security is held by the counterparty as collateral for open reverse repurchase
agreements. |
| (e) |
Security has no maturity date. The date shown represents the next call date. |
| (f) |
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. |
| (g) |
Payment-in-kind security for
which the issuer has the option at each interest payment date of making interest payments in cash or additional securities. |
| (h) |
The coupon payment on this security is currently in default as of August 31, 2023. |
| (i) |
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are
attributable to multiple contracts under the same loan. |
| (j) |
Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive
approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
| (k) |
Security is valued in good faith in accordance with procedures approved by the Board of Directors (Note 1).
|
| (l) |
Security is valued using significant unobservable inputs (Note 1). |
| (m) |
Value is less than $1. |
| (n) |
Rate shown represents
yield-to-maturity. |
| (o) |
Rate shown is one-day yield as of the end of the reporting period.
|
| (p) |
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company”
represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2023, the total market value of investments in Affiliated Companies
was $1,942,721 and the cost was $1,942,721 (Note 2). |
Abbreviation(s) used in this schedule:
|
|
|
|
|
| EUR |
|
— |
|
Euro |
| GBP |
|
— |
|
British Pound |
| ICE |
|
— |
|
Intercontinental Exchange |
| IDR |
|
— |
|
Indonesian Rupiah |
| JSC |
|
— |
|
Joint Stock Company |
| LIBOR |
|
— |
|
London Interbank Offered Rate |
| MXN |
|
— |
|
Mexican Peso |
| OFZ |
|
— |
|
Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation) |
| PIK |
|
— |
|
Payment-In-Kind |
| RUB |
|
— |
|
Russian Ruble |
| SOFR |
|
— |
|
Secured Overnight Financing Rate |
| USD |
|
— |
|
United States Dollar |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global High Income Fund Inc. 2023 Quarterly Report |
|
15 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
August 31, 2023 |
At
August 31, 2023, the Fund had the following open reverse repurchase agreements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Counterparty |
|
Rate |
|
|
Effective
Date |
|
|
Maturity
Date |
|
|
Face Amount
of Reverse
Repurchase
Agreements |
|
|
Asset Class
of Collateral* |
|
Collateral
Value** |
|
| Goldman Sachs Group Inc. |
|
|
5.650 |
% |
|
|
7/28/2023 |
|
|
|
TBD*** |
|
|
$ |
840,497 |
|
|
Corporate Bonds & Notes
Cash |
|
$
|
833,184
105,381 |
|
| Goldman Sachs Group Inc. |
|
|
5.750 |
% |
|
|
8/28/2023 |
|
|
|
9/28/2023 |
|
|
|
3,073,906 |
|
|
Corporate Bonds & Notes
Cash |
|
|
3,164,399
385,404 |
|
| Goldman Sachs Group Inc. |
|
|
5.850 |
% |
|
|
7/28/2023 |
|
|
|
TBD*** |
|
|
|
1,618,072 |
|
|
Corporate Bonds & Notes
Cash |
|
|
1,526,236
202,872 |
|
| Goldman Sachs Group Inc. |
|
|
6.000 |
% |
|
|
7/28/2023 |
|
|
|
TBD*** |
|
|
|
1,110,420 |
|
|
Corporate Bonds & Notes
Cash |
|
|
1,080,313
139,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$6,642,895 |
|
|
|
|
$ |
7,437,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse
repurchase agreements. |
| ** |
Including accrued interest. |
| *** |
TBD — To Be Determined; These reverse repurchase agreements have no maturity dates because they are
renewed daily and can be terminated by either the Fund or the counterparty in accordance with the terms of the agreements. The rates for these agreements are variable. The rate disclosed is the rate as of August 31, 2023. |
At August 31, 2023, the Fund had the following open forward foreign currency contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency
Purchased |
|
|
Currency
Sold |
|
|
Counterparty |
|
Settlement
Date |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| CAD |
|
|
28,985 |
|
|
|
USD |
|
|
|
21,871 |
|
|
BNP Paribas SA |
|
|
10/20/23 |
|
|
$ |
(404 |
) |
| MXN |
|
|
6,620,331 |
|
|
|
USD |
|
|
|
380,934 |
|
|
Goldman Sachs Group Inc. |
|
|
10/20/23 |
|
|
|
3,847 |
|
| EUR |
|
|
108,400 |
|
|
|
USD |
|
|
|
122,328 |
|
|
Morgan Stanley & Co. Inc. |
|
|
10/20/23 |
|
|
|
(4,498 |
) |
| GBP |
|
|
857,806 |
|
|
|
USD |
|
|
|
1,102,952 |
|
|
Morgan Stanley & Co. Inc. |
|
|
10/20/23 |
|
|
|
(16,114 |
) |
| USD |
|
|
7,575,015 |
|
|
|
EUR |
|
|
|
6,860,556 |
|
|
Morgan Stanley & Co. Inc. |
|
|
10/20/23 |
|
|
|
117,672 |
|
| USD |
|
|
3,933,551 |
|
|
|
GBP |
|
|
|
3,062,340 |
|
|
Morgan Stanley & Co. Inc. |
|
|
10/20/23 |
|
|
|
53,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net unrealized appreciation on open forward foreign currency contracts |
|
|
$ |
154,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbreviation(s) used in this table:
|
|
|
|
|
| CAD |
|
— |
|
Canadian Dollar |
| EUR |
|
— |
|
Euro |
| GBP |
|
— |
|
British Pound |
| MXN |
|
— |
|
Mexican Peso |
| USD |
|
— |
|
United States Dollar |
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 Global High Income Fund Inc. 2023 Quarterly Report |
|
|
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Global High Income Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a
non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors
authorized 100 million shares of $0.001 par value common stock. The Fund’s primary investment objective is high current income. The Fund’s secondary investment objective is total return. Under normal market conditions, the Fund
invests in a global portfolio of securities consisting of below investment grade fixed income securities, emerging market fixed income securities and investment grade fixed income securities.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946,
Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles
(“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may
include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party
pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest
rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each
fund on the day of valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or
other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). 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.
Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the
oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee
Notes to Schedule of Investments (unaudited) (continued)
(the “Valuation Committee”). The Valuation Committee is responsible for making
fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Directors. When determining the reliability of third party pricing information for investments
owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible
methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or
fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the
issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions;
information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable
companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the
policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are
reported to the Board of Directors quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach
and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income
approach uses valuation techniques to discount estimated future cash flows to present value.
Notes to Schedule of Investments (unaudited) (continued)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation
techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
| |
• |
|
Level 1 – unadjusted quoted prices in active markets for identical investments |
| |
• |
|
Level 2 – other significant observable inputs (including quoted prices for similar investments,
interest rates, prepayment speeds, credit risk, etc.) |
| |
• |
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the
fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk
associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities 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†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds & Notes |
|
|
— |
|
|
$ |
195,907,835 |
|
|
|
— |
|
|
$ |
195,907,835 |
|
| Sovereign Bonds |
|
|
— |
|
|
|
31,215,676 |
|
|
|
— |
|
|
|
31,215,676 |
|
| U.S. Government & Agency Obligations |
|
|
— |
|
|
|
5,032,105 |
|
|
|
— |
|
|
|
5,032,105 |
|
| Convertible Bonds & Notes |
|
|
— |
|
|
|
3,746,031 |
|
|
|
— |
|
|
|
3,746,031 |
|
| Senior Loans |
|
|
— |
|
|
|
245,025 |
|
|
|
— |
|
|
|
245,025 |
|
| Warrants |
|
|
— |
|
|
|
3,603 |
|
|
|
— |
|
|
|
3,603 |
|
| Common Stocks |
|
|
— |
|
|
|
— |
|
|
$ |
0 |
* |
|
|
0 |
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments |
|
|
— |
|
|
|
236,150,275 |
|
|
|
0 |
* |
|
|
236,150,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Investments†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills |
|
|
— |
|
|
|
1,249,275 |
|
|
|
— |
|
|
|
1,249,275 |
|
| Money Market Funds |
|
$ |
1,942,721 |
|
|
|
— |
|
|
|
— |
|
|
|
1,942,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Investments |
|
|
1,942,721 |
|
|
|
1,249,275 |
|
|
|
— |
|
|
|
3,191,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments |
|
$ |
1,942,721 |
|
|
$ |
237,399,550 |
|
|
$ |
0 |
* |
|
$ |
239,342,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Contracts†† |
|
|
— |
|
|
$ |
175,091 |
|
|
|
— |
|
|
$ |
175,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
1,942,721 |
|
|
$ |
237,574,641 |
|
|
$ |
0 |
* |
|
$ |
239,517,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Schedule of Investments (unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
| DESCRIPTION |
|
QUOTED PRICES
(LEVEL 1) |
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3) |
|
|
TOTAL |
|
| Other Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Contracts†† |
|
|
— |
|
|
$ |
21,016 |
|
|
|
— |
|
|
$ |
21,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| † |
See Schedule of Investments for additional detailed categorizations. |
| * |
Amount represents less than $1. |
| †† |
Reflects the unrealized appreciation (depreciation) of the instruments. |
2. Transactions with affiliated company
As defined by
the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for
all or some portion of the period ended August 31, 2023. The following transactions were effected in such company for the period ended August 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Affiliate
Value at
May 31,
2023 |
|
|
Purchased |
|
|
Sold |
|
| |
|
Cost |
|
|
Shares |
|
|
Proceeds |
|
|
Shares |
|
| Western Asset Premier Institutional Government Reserves, Premium Shares |
|
$ |
263,193 |
|
|
$ |
9,576,568 |
|
|
|
9,576,568 |
|
|
$ |
7,897,040 |
|
|
|
7,897,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (cont’d) |
|
Realized
Gain (Loss) |
|
|
Dividend
Income |
|
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation) |
|
|
Affiliate
Value at
August 31,
2023 |
|
| Western Asset Premier Institutional Government Reserves, Premium Shares |
|
|
— |
|
|
$ |
15,949 |
|
|
|
— |
|
|
$ |
1,942,721 |
|
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