WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| CORPORATE BONDS & NOTES - 90.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMUNICATION SERVICES - 13.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services - 3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Altice Financing SA, Senior Secured Notes |
|
|
5.000 |
% |
|
|
1/15/28 |
|
|
|
1,250,000 |
|
|
$ |
1,000,248 |
(a) |
| Altice Financing SA, Senior Secured Notes |
|
|
5.750 |
% |
|
|
8/15/29 |
|
|
|
4,240,000 |
|
|
|
3,288,971 |
(a) |
| Altice France Holding SA, Senior Notes |
|
|
6.000 |
% |
|
|
2/15/28 |
|
|
|
480,000 |
|
|
|
234,589 |
(a) |
| Altice France Holding SA, Senior Secured Notes |
|
|
8.000 |
% |
|
|
5/15/27 |
|
|
|
720,000 |
EUR |
|
|
460,592 |
(b) |
| Altice France Holding SA, Senior Secured Notes |
|
|
10.500 |
% |
|
|
5/15/27 |
|
|
|
4,870,000 |
|
|
|
2,954,556 |
(a) |
| Altice France SA, Senior Secured Notes |
|
|
5.500 |
% |
|
|
10/15/29 |
|
|
|
1,400,000 |
|
|
|
1,002,599 |
(a) |
| Level 3 Financing Inc., Senior Secured Notes |
|
|
3.875 |
% |
|
|
11/15/29 |
|
|
|
1,490,000 |
|
|
|
1,187,294 |
(a) |
| Telecom Italia SpA, Senior Notes |
|
|
5.303 |
% |
|
|
5/30/24 |
|
|
|
2,020,000 |
|
|
|
1,965,475 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,094,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interactive Media & Services - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Match Group Holdings II LLC, Senior Notes |
|
|
3.625 |
% |
|
|
10/1/31 |
|
|
|
360,000 |
|
|
|
296,244 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media - 5.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes |
|
|
4.750 |
% |
|
|
3/1/30 |
|
|
|
1,000,000 |
|
|
|
855,984 |
(b) |
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes |
|
|
4.250 |
% |
|
|
1/15/34 |
|
|
|
12,570,000 |
|
|
|
9,512,948 |
(a) |
| Clear Channel Outdoor Holdings Inc., Senior Notes |
|
|
7.750 |
% |
|
|
4/15/28 |
|
|
|
570,000 |
|
|
|
448,151 |
(a) |
| Clear Channel Outdoor Holdings Inc., Senior Notes |
|
|
7.500 |
% |
|
|
6/1/29 |
|
|
|
1,140,000 |
|
|
|
844,890 |
(a) |
| DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured
Notes |
|
|
5.875 |
% |
|
|
8/15/27 |
|
|
|
2,080,000 |
|
|
|
1,886,165 |
(a) |
| DISH DBS Corp., Senior Notes |
|
|
5.875 |
% |
|
|
11/15/24 |
|
|
|
333,000 |
|
|
|
291,669 |
|
| DISH DBS Corp., Senior Notes |
|
|
7.750 |
% |
|
|
7/1/26 |
|
|
|
2,300,000 |
|
|
|
1,413,063 |
|
| DISH DBS Corp., Senior Notes |
|
|
7.375 |
% |
|
|
7/1/28 |
|
|
|
1,780,000 |
|
|
|
954,863 |
|
| DISH DBS Corp., Senior Notes |
|
|
5.125 |
% |
|
|
6/1/29 |
|
|
|
4,778,000 |
|
|
|
2,223,400 |
|
| Sirius XM Radio Inc., Senior Notes |
|
|
4.125 |
% |
|
|
7/1/30 |
|
|
|
1,000,000 |
|
|
|
817,455 |
(a) |
| TalkTalk Telecom Group Ltd., Senior Notes |
|
|
3.875 |
% |
|
|
2/20/25 |
|
|
|
500,000 |
GBP |
|
|
516,237 |
(b) |
| Virgin Media Vendor Financing Notes III DAC, Senior Secured Notes |
|
|
4.875 |
% |
|
|
7/15/28 |
|
|
|
2,000,000 |
GBP |
|
|
2,021,512 |
(a) |
| VZ Secured Financing BV, Senior Secured Notes |
|
|
5.000 |
% |
|
|
1/15/32 |
|
|
|
680,000 |
|
|
|
548,390 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,334,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services - 4.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CSC Holdings LLC, Senior Notes |
|
|
11.250 |
% |
|
|
5/15/28 |
|
|
|
1,850,000 |
|
|
|
1,796,193 |
(a) |
| CSC Holdings LLC, Senior Notes |
|
|
5.750 |
% |
|
|
1/15/30 |
|
|
|
5,740,000 |
|
|
|
2,718,378 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
1 |
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Wireless Telecommunication Services - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CSC Holdings LLC, Senior Notes |
|
|
4.625 |
% |
|
|
12/1/30 |
|
|
|
6,570,000 |
|
|
$ |
2,930,070 |
(a) |
| CSC Holdings LLC, Senior Notes |
|
|
4.500 |
% |
|
|
11/15/31 |
|
|
|
1,000,000 |
|
|
|
698,281 |
(a) |
| Millicom International Cellular SA, Senior Notes |
|
|
4.500 |
% |
|
|
4/27/31 |
|
|
|
1,750,000 |
|
|
|
1,346,712 |
(a) |
| Sprint Capital Corp., Senior Notes |
|
|
6.875 |
% |
|
|
11/15/28 |
|
|
|
2,190,000 |
|
|
|
2,323,356 |
|
| Sprint Capital Corp., Senior Notes |
|
|
8.750 |
% |
|
|
3/15/32 |
|
|
|
5,910,000 |
|
|
|
7,149,457 |
|
| Sprint LLC, Senior Notes |
|
|
7.875 |
% |
|
|
9/15/23 |
|
|
|
360,000 |
|
|
|
361,193 |
|
| Vmed O2 UK Financing I PLC, Senior Secured Notes |
|
|
4.750 |
% |
|
|
7/15/31 |
|
|
|
500,000 |
|
|
|
416,282 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,739,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,465,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER DISCRETIONARY - 21.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automobile Components - 3.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adient Global Holdings Ltd., Senior Notes |
|
|
4.875 |
% |
|
|
8/15/26 |
|
|
|
3,529,000 |
|
|
|
3,356,470 |
(a) |
| American Axle & Manufacturing Inc., Senior Notes |
|
|
6.500 |
% |
|
|
4/1/27 |
|
|
|
5,293,000 |
|
|
|
5,026,942 |
|
| American Axle & Manufacturing Inc., Senior Notes |
|
|
5.000 |
% |
|
|
10/1/29 |
|
|
|
830,000 |
|
|
|
692,799 |
|
| JB Poindexter & Co. Inc., Senior Notes |
|
|
7.125 |
% |
|
|
4/15/26 |
|
|
|
4,338,000 |
|
|
|
4,246,316 |
(a) |
| ZF North America Capital Inc., Senior Notes |
|
|
6.875 |
% |
|
|
4/14/28 |
|
|
|
880,000 |
|
|
|
892,042 |
(a) |
| ZF North America Capital Inc., Senior Notes |
|
|
7.125 |
% |
|
|
4/14/30 |
|
|
|
1,220,000 |
|
|
|
1,242,129 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,456,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automobiles - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ford Motor Co., Senior Notes |
|
|
3.250 |
% |
|
|
2/12/32 |
|
|
|
1,000,000 |
|
|
|
787,604 |
|
| Ford Motor Credit Co. LLC, Senior Notes |
|
|
7.350 |
% |
|
|
3/6/30 |
|
|
|
1,000,000 |
|
|
|
1,022,367 |
|
| Ford Motor Credit Co. LLC, Senior Notes |
|
|
3.625 |
% |
|
|
6/17/31 |
|
|
|
6,020,000 |
|
|
|
4,940,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,750,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Broadline Retail - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marks & Spencer PLC, Senior Notes |
|
|
7.125 |
% |
|
|
12/1/37 |
|
|
|
790,000 |
|
|
|
752,116 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributors - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ritchie Bros Holdings Inc., Senior Notes |
|
|
7.750 |
% |
|
|
3/15/31 |
|
|
|
1,770,000 |
|
|
|
1,838,456 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Consumer Services - 2.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| APCOA Parking Holdings GmbH, Senior Secured Notes |
|
|
4.625 |
% |
|
|
1/15/27 |
|
|
|
430,000 |
EUR |
|
|
410,752 |
(b) |
| APCOA Parking Holdings GmbH, Senior Secured Notes |
|
|
4.625 |
% |
|
|
1/15/27 |
|
|
|
4,050,000 |
EUR |
|
|
3,868,708 |
(a) |
| Carriage Services Inc., Senior Notes |
|
|
4.250 |
% |
|
|
5/15/29 |
|
|
|
600,000 |
|
|
|
516,972 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
2 |
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Diversified Consumer Services - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Corp. International, Senior Notes |
|
|
7.500 |
% |
|
|
4/1/27 |
|
|
|
1,975,000 |
|
|
$ |
2,029,404 |
|
| StoneMor Inc., Senior Secured Notes |
|
|
8.500 |
% |
|
|
5/15/29 |
|
|
|
2,330,000 |
|
|
|
1,968,034 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,793,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure - 12.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 888 Acquisitions Ltd., Senior Secured Notes |
|
|
7.558 |
% |
|
|
7/15/27 |
|
|
|
2,600,000 |
EUR |
|
|
2,679,376 |
(a) |
| Caesars Entertainment Inc., Senior Secured Notes |
|
|
7.000 |
% |
|
|
2/15/30 |
|
|
|
1,000,000 |
|
|
|
1,005,140 |
(a) |
| Carnival Holdings Bermuda Ltd., Senior Notes |
|
|
10.375 |
% |
|
|
5/1/28 |
|
|
|
1,510,000 |
|
|
|
1,652,957 |
(a) |
| Carnival PLC, Senior Notes |
|
|
1.000 |
% |
|
|
10/28/29 |
|
|
|
5,780,000 |
EUR |
|
|
3,967,012 |
|
| Carrols Restaurant Group Inc., Senior Notes |
|
|
5.875 |
% |
|
|
7/1/29 |
|
|
|
1,880,000 |
|
|
|
1,549,308 |
(a) |
| Full House Resorts Inc., Senior Secured Notes |
|
|
8.250 |
% |
|
|
2/15/28 |
|
|
|
3,300,000 |
|
|
|
3,091,704 |
(a) |
| IRB Holding Corp., Senior Secured Notes |
|
|
7.000 |
% |
|
|
6/15/25 |
|
|
|
1,230,000 |
|
|
|
1,237,767 |
(a) |
| Las Vegas Sands Corp., Senior Notes |
|
|
3.200 |
% |
|
|
8/8/24 |
|
|
|
900,000 |
|
|
|
872,273 |
|
| Las Vegas Sands Corp., Senior Notes |
|
|
3.900 |
% |
|
|
8/8/29 |
|
|
|
600,000 |
|
|
|
536,107 |
|
| Melco Resorts Finance Ltd., Senior Notes |
|
|
5.375 |
% |
|
|
12/4/29 |
|
|
|
2,007,000 |
|
|
|
1,667,470 |
(a) |
| NCL Corp. Ltd., Senior Notes |
|
|
3.625 |
% |
|
|
12/15/24 |
|
|
|
1,610,000 |
|
|
|
1,550,866 |
(a) |
| NCL Corp. Ltd., Senior Notes |
|
|
5.875 |
% |
|
|
3/15/26 |
|
|
|
500,000 |
|
|
|
468,232 |
(a) |
| NCL Corp. Ltd., Senior Notes |
|
|
7.750 |
% |
|
|
2/15/29 |
|
|
|
5,051,000 |
|
|
|
4,802,036 |
(a) |
| NCL Finance Ltd., Senior Notes |
|
|
6.125 |
% |
|
|
3/15/28 |
|
|
|
4,540,000 |
|
|
|
4,090,173 |
(a) |
| Royal Caribbean Cruises Ltd., Senior Notes |
|
|
5.375 |
% |
|
|
7/15/27 |
|
|
|
2,980,000 |
|
|
|
2,789,574 |
(a) |
| Royal Caribbean Cruises Ltd., Senior Notes |
|
|
5.500 |
% |
|
|
4/1/28 |
|
|
|
1,840,000 |
|
|
|
1,717,704 |
(a) |
| Royal Caribbean Cruises Ltd., Senior Notes |
|
|
7.250 |
% |
|
|
1/15/30 |
|
|
|
1,660,000 |
|
|
|
1,682,815 |
(a) |
| Saga PLC, Senior Notes |
|
|
3.375 |
% |
|
|
5/12/24 |
|
|
|
2,310,000 |
GBP |
|
|
2,716,020 |
(b) |
| Sands China Ltd., Senior Notes |
|
|
3.350 |
% |
|
|
3/8/29 |
|
|
|
1,820,000 |
|
|
|
1,518,410 |
|
| Sands China Ltd., Senior Notes |
|
|
4.875 |
% |
|
|
6/18/30 |
|
|
|
1,470,000 |
|
|
|
1,309,993 |
|
| Viking Cruises Ltd., Senior Secured Notes |
|
|
13.000 |
% |
|
|
5/15/25 |
|
|
|
1,200,000 |
|
|
|
1,260,830 |
(a) |
| Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes |
|
|
5.625 |
% |
|
|
2/15/29 |
|
|
|
2,550,000 |
|
|
|
2,335,545 |
(a) |
| VOC Escrow Ltd., Senior Secured Notes |
|
|
5.000 |
% |
|
|
2/15/28 |
|
|
|
140,000 |
|
|
|
128,577 |
(a) |
| Wynn Macau Ltd., Senior Notes |
|
|
5.500 |
% |
|
|
1/15/26 |
|
|
|
240,000 |
|
|
|
223,188 |
(a) |
| Wynn Macau Ltd., Senior Notes |
|
|
5.625 |
% |
|
|
8/26/28 |
|
|
|
2,470,000 |
|
|
|
2,157,965 |
(a) |
| Wynn Macau Ltd., Senior Notes |
|
|
5.125 |
% |
|
|
12/15/29 |
|
|
|
1,674,000 |
|
|
|
1,408,303 |
(a) |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes |
|
|
7.125 |
% |
|
|
2/15/31 |
|
|
|
1,080,000 |
|
|
|
1,074,429 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,493,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Specialty Retail - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Michaels Cos. Inc., Senior Notes |
|
|
7.875 |
% |
|
|
5/1/29 |
|
|
|
1,800,000 |
|
|
|
1,215,000 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
3 |
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Specialty Retail - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PetSmart Inc./PetSmart Finance Corp., Senior Notes |
|
|
7.750 |
% |
|
|
2/15/29 |
|
|
|
500,000 |
|
|
$ |
497,369 |
(a) |
| Sally Holdings LLC/Sally Capital Inc., Senior Notes |
|
|
5.625 |
% |
|
|
12/1/25 |
|
|
|
1,590,000 |
|
|
|
1,569,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,281,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86,367,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER STAPLES - 2.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Staples Distribution & Retail - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bellis Acquisition Co. PLC, Senior Secured Notes |
|
|
3.250 |
% |
|
|
2/16/26 |
|
|
|
4,970,000 |
GBP |
|
|
5,298,076 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Food Products - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FAGE International SA/FAGE USA Dairy Industry Inc., Senior Notes |
|
|
5.625 |
% |
|
|
8/15/26 |
|
|
|
1,550,000 |
|
|
|
1,467,650 |
(a) |
| Pilgrim’s Pride Corp., Senior Notes |
|
|
5.875 |
% |
|
|
9/30/27 |
|
|
|
3,620,000 |
|
|
|
3,580,623 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,048,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Household Products - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Spectrum Brands Inc., Senior Notes |
|
|
5.750 |
% |
|
|
7/15/25 |
|
|
|
1,210,000 |
|
|
|
1,210,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER STAPLES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,556,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY - 15.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noble Finance II LLC, Senior Notes |
|
|
8.000 |
% |
|
|
4/15/30 |
|
|
|
850,000 |
|
|
|
865,058 |
(a) |
| Sunnova Energy Corp., Senior Notes |
|
|
5.875 |
% |
|
|
9/1/26 |
|
|
|
2,000,000 |
|
|
|
1,829,796 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Energy Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,694,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels - 15.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Apache Corp., Senior Notes |
|
|
5.100 |
% |
|
|
9/1/40 |
|
|
|
1,480,000 |
|
|
|
1,204,565 |
|
| Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes |
|
|
7.625 |
% |
|
|
12/15/25 |
|
|
|
730,000 |
|
|
|
738,623 |
(a) |
| Continental Resources Inc., Senior Notes |
|
|
3.800 |
% |
|
|
6/1/24 |
|
|
|
300,000 |
|
|
|
294,150 |
|
| Continental Resources Inc., Senior Notes |
|
|
4.375 |
% |
|
|
1/15/28 |
|
|
|
220,000 |
|
|
|
206,744 |
|
| Continental Resources Inc., Senior Notes |
|
|
4.900 |
% |
|
|
6/1/44 |
|
|
|
1,050,000 |
|
|
|
816,883 |
|
| Ecopetrol SA, Senior Notes |
|
|
8.875 |
% |
|
|
1/13/33 |
|
|
|
880,000 |
|
|
|
872,163 |
|
| Ecopetrol SA, Senior Notes |
|
|
5.875 |
% |
|
|
5/28/45 |
|
|
|
3,100,000 |
|
|
|
2,126,863 |
|
| Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%) |
|
|
6.625 |
% |
|
|
2/15/28 |
|
|
|
3,080,000 |
|
|
|
2,367,963 |
(c)(d) |
| EQM Midstream Partners LP, Senior Notes |
|
|
4.500 |
% |
|
|
1/15/29 |
|
|
|
1,020,000 |
|
|
|
910,822 |
(a) |
| EQM Midstream Partners LP, Senior Notes |
|
|
7.500 |
% |
|
|
6/1/30 |
|
|
|
780,000 |
|
|
|
790,043 |
(a) |
| EQM Midstream Partners LP, Senior Notes |
|
|
4.750 |
% |
|
|
1/15/31 |
|
|
|
230,000 |
|
|
|
201,743 |
(a) |
| EQT Corp., Senior Notes |
|
|
3.900 |
% |
|
|
10/1/27 |
|
|
|
1,440,000 |
|
|
|
1,332,604 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
4 |
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Oil, Gas & Consumable Fuels - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kinder Morgan Inc., Senior Notes |
|
|
7.750 |
% |
|
|
1/15/32 |
|
|
|
6,920,000 |
|
|
$ |
7,816,770 |
|
| NGPL PipeCo LLC, Senior Notes |
|
|
7.768 |
% |
|
|
12/15/37 |
|
|
|
1,520,000 |
|
|
|
1,625,146 |
(a) |
| Occidental Petroleum Corp., Senior Notes |
|
|
2.900 |
% |
|
|
8/15/24 |
|
|
|
1,330,000 |
|
|
|
1,281,553 |
|
| Occidental Petroleum Corp., Senior Notes |
|
|
5.875 |
% |
|
|
9/1/25 |
|
|
|
4,970,000 |
|
|
|
4,940,472 |
|
| Occidental Petroleum Corp., Senior Notes |
|
|
5.550 |
% |
|
|
3/15/26 |
|
|
|
750,000 |
|
|
|
741,112 |
|
| Occidental Petroleum Corp., Senior Notes |
|
|
6.200 |
% |
|
|
3/15/40 |
|
|
|
1,070,000 |
|
|
|
1,055,956 |
|
| Petrobras Global Finance BV, Senior Notes |
|
|
5.750 |
% |
|
|
2/1/29 |
|
|
|
660,000 |
|
|
|
649,440 |
|
| Petrobras Global Finance BV, Senior Notes |
|
|
6.750 |
% |
|
|
1/27/41 |
|
|
|
5,120,000 |
|
|
|
4,887,921 |
|
| Petroleos del Peru SA, Senior Notes |
|
|
4.750 |
% |
|
|
6/19/32 |
|
|
|
1,500,000 |
|
|
|
1,148,388 |
(a) |
| Petroleos Mexicanos, Senior Notes |
|
|
6.500 |
% |
|
|
6/2/41 |
|
|
|
1,000,000 |
|
|
|
635,920 |
|
| Range Resources Corp., Senior Notes |
|
|
4.875 |
% |
|
|
5/15/25 |
|
|
|
790,000 |
|
|
|
774,956 |
|
| Range Resources Corp., Senior Notes |
|
|
8.250 |
% |
|
|
1/15/29 |
|
|
|
620,000 |
|
|
|
646,102 |
|
| Rockies Express Pipeline LLC, Senior Notes |
|
|
6.875 |
% |
|
|
4/15/40 |
|
|
|
1,140,000 |
|
|
|
1,030,645 |
(a) |
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes |
|
|
9.000 |
% |
|
|
10/15/26 |
|
|
|
1,430,000 |
|
|
|
1,390,425 |
(a) |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes |
|
|
6.500 |
% |
|
|
7/15/27 |
|
|
|
670,000 |
|
|
|
665,750 |
|
| Transportadora de Gas del Sur SA, Senior Notes |
|
|
6.750 |
% |
|
|
5/2/25 |
|
|
|
450,000 |
|
|
|
427,106 |
(a) |
| Venture Global LNG Inc., Senior Secured Notes |
|
|
8.375 |
% |
|
|
6/1/31 |
|
|
|
750,000 |
|
|
|
757,131 |
(a) |
| Western Midstream Operating LP, Senior Notes |
|
|
4.300 |
% |
|
|
2/1/30 |
|
|
|
2,900,000 |
|
|
|
2,606,370 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
5.300 |
% |
|
|
3/1/48 |
|
|
|
1,070,000 |
|
|
|
894,836 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
5.500 |
% |
|
|
2/1/50 |
|
|
|
9,585,000 |
|
|
|
7,865,547 |
|
| Williams Cos. Inc., Senior Notes |
|
|
4.550 |
% |
|
|
6/24/24 |
|
|
|
1,030,000 |
|
|
|
1,016,388 |
|
| Williams Cos. Inc., Senior Notes |
|
|
7.500 |
% |
|
|
1/15/31 |
|
|
|
620,000 |
|
|
|
682,191 |
|
| Williams Cos. Inc., Senior Notes |
|
|
5.750 |
% |
|
|
6/24/44 |
|
|
|
3,190,000 |
|
|
|
3,112,628 |
|
| YPF SA, Senior Notes |
|
|
8.500 |
% |
|
|
7/28/25 |
|
|
|
1,600,000 |
|
|
|
1,473,186 |
(a) |
| YPF SA, Senior Notes |
|
|
6.950 |
% |
|
|
7/21/27 |
|
|
|
1,530,000 |
|
|
|
1,257,516 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,246,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ENERGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,941,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
5 |
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| FINANCIALS - 11.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks - 6.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
4,200,000 |
|
|
$ |
3,250,800 |
(a)(c)(d) |
| 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 |
|
|
|
2,670,000 |
|
|
|
2,529,558 |
(c)(d) |
| 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 |
|
|
|
960,000 |
|
|
|
833,888 |
(a)(d) |
| 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 |
|
|
|
1,470,000 |
|
|
|
1,426,488 |
(a)(c)(d) |
| 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 |
|
|
|
2,290,000 |
|
|
|
2,302,881 |
(a)(c)(d) |
| HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then SOFR + 4.250%) |
|
|
8.113 |
% |
|
|
11/3/33 |
|
|
|
1,440,000 |
|
|
|
1,599,486 |
(d) |
| Intesa Sanpaolo SpA, Subordinated Notes |
|
|
5.017 |
% |
|
|
6/26/24 |
|
|
|
3,120,000 |
|
|
|
3,023,255 |
(a) |
| Intesa Sanpaolo SpA, Subordinated Notes |
|
|
5.710 |
% |
|
|
1/15/26 |
|
|
|
2,800,000 |
|
|
|
2,667,433 |
(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 |
|
|
|
560,000 |
|
|
|
417,765 |
(a)(d) |
| Lloyds Banking Group PLC, Junior Subordinated Notes (6.750% to 6/27/26 then 5 year Treasury Constant Maturity Rate
+ 4.815%) |
|
|
6.750 |
% |
|
|
6/27/26 |
|
|
|
2,060,000 |
|
|
|
1,887,057 |
(c)(d) |
| 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 |
|
|
|
1,840,000 |
|
|
|
1,685,716 |
(c)(d) |
| TC Ziraat Bankasi AS, Senior Notes |
|
|
5.125 |
% |
|
|
9/29/23 |
|
|
|
2,040,000 |
|
|
|
2,032,966 |
(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 |
|
|
|
2,710,000 |
|
|
|
2,555,265 |
(a)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,212,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
6 |
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Capital Markets - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit Suisse Group AG, Junior Subordinated Notes (5.250% to 8/11/27 then 5 year Treasury Constant Maturity Rate +
4.889%) |
|
|
5.250 |
% |
|
|
2/11/27 |
|
|
|
7,450,000 |
|
|
$ |
315,357 |
*(a)(c)(e) |
| Credit Suisse Group AG, Junior Subordinated Notes (6.375% to 8/21/26 then 5 year Treasury Constant Maturity Rate +
4.822%) |
|
|
6.375 |
% |
|
|
8/21/26 |
|
|
|
1,380,000 |
|
|
|
58,415 |
*(a)(c)(e) |
| Credit Suisse Group AG, Junior Subordinated Notes (9.750% to 12/23/27 then 5 year Treasury Constant Maturity Rate
+ 6.383%) |
|
|
9.750 |
% |
|
|
6/23/27 |
|
|
|
1,730,000 |
|
|
|
73,231 |
*(a)(c)(e) |
| Goldman Sachs Group Inc., Subordinated Notes |
|
|
6.750 |
% |
|
|
10/1/37 |
|
|
|
1,880,000 |
|
|
|
2,023,637 |
|
| 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 |
|
|
|
1,220,000 |
|
|
|
1,119,998 |
(b)(c)(d) |
| 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 |
|
|
|
1,470,000 |
|
|
|
1,423,178 |
(a)(c)(d) |
| UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%) |
|
|
6.537 |
% |
|
|
8/12/33 |
|
|
|
1,150,000 |
|
|
|
1,178,766 |
(a)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,192,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Finance - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Navient Corp., Senior Notes |
|
|
5.875 |
% |
|
|
10/25/24 |
|
|
|
1,080,000 |
|
|
|
1,062,357 |
|
| Navient Corp., Senior Notes |
|
|
6.750 |
% |
|
|
6/15/26 |
|
|
|
1,400,000 |
|
|
|
1,351,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,413,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Services - 2.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GE Capital International Funding Co. Unlimited Co., Senior Notes |
|
|
3.373 |
% |
|
|
11/15/25 |
|
|
|
600,000 |
|
|
|
572,202 |
|
| Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK) |
|
|
6.500 |
% |
|
|
9/15/24 |
|
|
|
6,560,102 |
|
|
|
6,012,596 |
(a)(f) |
| Huarong Finance 2017 Co. Ltd., Senior Notes (3 mo. USD LIBOR + 1.325%) |
|
|
6.502 |
% |
|
|
7/3/23 |
|
|
|
880,000 |
|
|
|
880,000 |
(b)(d) |
| Huarong Finance 2019 Co. Ltd., Senior Notes |
|
|
2.125 |
% |
|
|
9/30/23 |
|
|
|
1,090,000 |
|
|
|
1,077,376 |
(b) |
| Huarong Finance II Co. Ltd., Senior Notes |
|
|
4.625 |
% |
|
|
6/3/26 |
|
|
|
700,000 |
|
|
|
623,904 |
(b) |
| Huarong Finance II Co. Ltd., Senior Notes |
|
|
4.875 |
% |
|
|
11/22/26 |
|
|
|
650,000 |
|
|
|
575,693 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,741,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MetLife Capital Trust IV, Junior Subordinated Notes |
|
|
7.875 |
% |
|
|
12/15/37 |
|
|
|
1,010,000 |
|
|
|
1,059,731 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
7 |
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Apollo Commercial Real Estate Finance Inc., Senior Secured Notes |
|
|
4.625 |
% |
|
|
6/15/29 |
|
|
|
750,000 |
|
|
$ |
585,657 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL FINANCIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,205,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HEALTH CARE - 6.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services - 3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CHS/Community Health Systems Inc., Senior Secured Notes |
|
|
4.750 |
% |
|
|
2/15/31 |
|
|
|
1,440,000 |
|
|
|
1,089,934 |
(a) |
| HCA Inc., Senior Notes |
|
|
7.690 |
% |
|
|
6/15/25 |
|
|
|
490,000 |
|
|
|
503,735 |
|
| HCA Inc., Senior Notes |
|
|
7.500 |
% |
|
|
11/15/95 |
|
|
|
6,265,000 |
|
|
|
7,066,855 |
|
| Tenet Healthcare Corp., Secured Notes |
|
|
6.250 |
% |
|
|
2/1/27 |
|
|
|
3,910,000 |
|
|
|
3,874,314 |
|
| Tenet Healthcare Corp., Senior Notes |
|
|
6.125 |
% |
|
|
10/1/28 |
|
|
|
1,890,000 |
|
|
|
1,821,317 |
|
| Tenet Healthcare Corp., Senior Notes |
|
|
6.875 |
% |
|
|
11/15/31 |
|
|
|
250,000 |
|
|
|
249,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,605,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals - 3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bausch Health Cos. Inc., Senior Notes |
|
|
5.250 |
% |
|
|
1/30/30 |
|
|
|
1,020,000 |
|
|
|
424,636 |
(a) |
| Bausch Health Cos. Inc., Senior Secured Notes |
|
|
4.875 |
% |
|
|
6/1/28 |
|
|
|
1,660,000 |
|
|
|
990,091 |
(a) |
| Cidron Aida Finco Sarl, Senior Secured Notes |
|
|
5.000 |
% |
|
|
4/1/28 |
|
|
|
637,000 |
EUR |
|
|
630,827 |
(a) |
| Par Pharmaceutical Inc., Senior Secured Notes |
|
|
7.500 |
% |
|
|
4/1/27 |
|
|
|
70,000 |
|
|
|
51,829 |
*(a)(e) |
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
6.000 |
% |
|
|
4/15/24 |
|
|
|
3,510,000 |
|
|
|
3,490,301 |
|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
3.150 |
% |
|
|
10/1/26 |
|
|
|
1,150,000 |
|
|
|
1,031,902 |
|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
5.125 |
% |
|
|
5/9/29 |
|
|
|
6,200,000 |
|
|
|
5,630,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,250,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL HEALTH CARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,856,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INDUSTRIALS - 9.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bombardier Inc., Senior Notes |
|
|
7.500 |
% |
|
|
2/1/29 |
|
|
|
2,410,000 |
|
|
|
2,384,876 |
(a) |
| Building Products - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Standard Industries Inc., Senior Notes |
|
|
5.000 |
% |
|
|
2/15/27 |
|
|
|
860,000 |
|
|
|
820,448 |
(a) |
| Standard Industries Inc., Senior Notes |
|
|
4.375 |
% |
|
|
7/15/30 |
|
|
|
342,000 |
|
|
|
296,513 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,116,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial Services & Supplies - 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CoreCivic Inc., Senior Notes |
|
|
8.250 |
% |
|
|
4/15/26 |
|
|
|
3,530,000 |
|
|
|
3,565,300 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
8 |
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Commercial Services & Supplies - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CoreCivic Inc., Senior Notes |
|
|
4.750 |
% |
|
|
10/15/27 |
|
|
|
3,160,000 |
|
|
$ |
2,709,282 |
|
| GEO Group Inc., Secured Notes |
|
|
10.500 |
% |
|
|
6/30/28 |
|
|
|
1,810,000 |
|
|
|
1,816,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,090,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Titan International Inc., Senior Secured Notes |
|
|
7.000 |
% |
|
|
4/30/28 |
|
|
|
1,080,000 |
|
|
|
1,010,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger Airlines - 6.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| American Airlines Group Inc., Senior Notes |
|
|
3.750 |
% |
|
|
3/1/25 |
|
|
|
5,470,000 |
|
|
|
5,195,864 |
(a) |
| American Airlines Inc., Senior Secured Notes |
|
|
7.250 |
% |
|
|
2/15/28 |
|
|
|
1,060,000 |
|
|
|
1,054,783 |
(a) |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes |
|
|
5.500 |
% |
|
|
4/20/26 |
|
|
|
430,000 |
|
|
|
426,384 |
(a) |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes |
|
|
5.750 |
% |
|
|
4/20/29 |
|
|
|
450,000 |
|
|
|
437,346 |
(a) |
| Delta Air Lines Inc., Senior Notes |
|
|
2.900 |
% |
|
|
10/28/24 |
|
|
|
2,580,000 |
|
|
|
2,479,047 |
|
| Delta Air Lines Inc., Senior Notes |
|
|
7.375 |
% |
|
|
1/15/26 |
|
|
|
720,000 |
|
|
|
751,235 |
|
| Delta Air Lines Inc., Senior Secured Notes |
|
|
7.000 |
% |
|
|
5/1/25 |
|
|
|
6,330,000 |
|
|
|
6,469,543 |
(a) |
| Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd., Senior Secured Notes |
|
|
5.750 |
% |
|
|
1/20/26 |
|
|
|
290,000 |
|
|
|
274,769 |
(a) |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes |
|
|
6.500 |
% |
|
|
6/20/27 |
|
|
|
2,096,000 |
|
|
|
2,103,120 |
(a) |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes |
|
|
8.000 |
% |
|
|
9/20/25 |
|
|
|
3,965,999 |
|
|
|
3,999,551 |
(a) |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes |
|
|
8.000 |
% |
|
|
9/20/25 |
|
|
|
620,000 |
|
|
|
625,186 |
(a) |
| United Airlines Holdings Inc., Senior Notes |
|
|
5.000 |
% |
|
|
2/1/24 |
|
|
|
800,000 |
|
|
|
794,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Passenger Airlines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,611,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading Companies & Distributors - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| H&E Equipment Services Inc., Senior Notes |
|
|
3.875 |
% |
|
|
12/15/28 |
|
|
|
1,420,000 |
|
|
|
1,230,970 |
(a) |
| United Rentals North America Inc., Senior Notes |
|
|
5.500 |
% |
|
|
5/15/27 |
|
|
|
376,000 |
|
|
|
370,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,601,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,816,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INFORMATION TECHNOLOGY - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Communications Equipment - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CommScope Inc., Senior Notes |
|
|
8.250 |
% |
|
|
3/1/27 |
|
|
|
1,050,000 |
|
|
|
841,447 |
(a) |
| CommScope Inc., Senior Notes |
|
|
7.125 |
% |
|
|
7/1/28 |
|
|
|
440,000 |
|
|
|
312,976 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
9 |
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Communications Equipment - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CommScope Inc., Senior Secured Notes |
|
|
4.750 |
% |
|
|
9/1/29 |
|
|
|
670,000 |
|
|
$ |
528,872 |
(a) |
| CommScope Technologies LLC, Senior Notes |
|
|
5.000 |
% |
|
|
3/15/27 |
|
|
|
2,660,000 |
|
|
|
1,855,313 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Communications Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,538,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Seagate HDD Cayman, Senior Notes |
|
|
4.750 |
% |
|
|
1/1/25 |
|
|
|
670,000 |
|
|
|
660,960 |
|
| Seagate HDD Cayman, Senior Notes |
|
|
4.875 |
% |
|
|
6/1/27 |
|
|
|
400,000 |
|
|
|
383,317 |
|
| Vericast Corp., Senior Secured Notes |
|
|
11.000 |
% |
|
|
9/15/26 |
|
|
|
650,000 |
|
|
|
681,687 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,725,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,264,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MATERIALS - 5.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sasol Financing USA LLC, Senior Notes |
|
|
8.750 |
% |
|
|
5/3/29 |
|
|
|
1,540,000 |
|
|
|
1,501,819 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Containers & Packaging - 1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK) |
|
|
6.500 |
% |
|
|
6/30/27 |
|
|
|
1,280,000 |
|
|
|
1,038,881 |
(a)(f) |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes |
|
|
5.250 |
% |
|
|
8/15/27 |
|
|
|
3,028,000 |
|
|
|
2,568,914 |
(a) |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes |
|
|
5.250 |
% |
|
|
8/15/27 |
|
|
|
1,510,000 |
|
|
|
1,281,064 |
(a) |
| Canpack SA/Canpack US LLC, Senior Notes |
|
|
3.875 |
% |
|
|
11/15/29 |
|
|
|
1,050,000 |
|
|
|
855,881 |
(a) |
| Pactiv LLC, Senior Notes |
|
|
8.375 |
% |
|
|
4/15/27 |
|
|
|
750,000 |
|
|
|
760,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,505,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Metals & Mining - 3.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ArcelorMittal SA, Senior Notes |
|
|
7.000 |
% |
|
|
10/15/39 |
|
|
|
2,960,000 |
|
|
|
3,093,937 |
|
| First Quantum Minerals Ltd., Senior Notes |
|
|
8.625 |
% |
|
|
6/1/31 |
|
|
|
790,000 |
|
|
|
810,643 |
(a) |
| Freeport-McMoRan Inc., Senior Notes |
|
|
5.450 |
% |
|
|
3/15/43 |
|
|
|
4,280,000 |
|
|
|
3,996,637 |
|
| Teck Resources Ltd., Senior Notes |
|
|
6.000 |
% |
|
|
8/15/40 |
|
|
|
1,050,000 |
|
|
|
1,027,083 |
|
| Vale Overseas Ltd., Senior Notes |
|
|
6.875 |
% |
|
|
11/21/36 |
|
|
|
2,320,000 |
|
|
|
2,428,130 |
|
| Vale Overseas Ltd., Senior Notes |
|
|
6.875 |
% |
|
|
11/10/39 |
|
|
|
1,500,000 |
|
|
|
1,571,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Metals & Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,927,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MATERIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,934,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE - 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care REITs - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Healthcare Trust, Senior Notes |
|
|
4.375 |
% |
|
|
3/1/31 |
|
|
|
240,000 |
|
|
|
175,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel & Resort REITs - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Properties Trust, Senior Notes |
|
|
5.500 |
% |
|
|
12/15/27 |
|
|
|
1,660,000 |
|
|
|
1,461,097 |
|
| Service Properties Trust, Senior Notes |
|
|
3.950 |
% |
|
|
1/15/28 |
|
|
|
526,000 |
|
|
|
412,637 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
10 |
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Hotel & Resort REITs - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Properties Trust, Senior Notes |
|
|
4.950 |
% |
|
|
10/1/29 |
|
|
|
600,000 |
|
|
$ |
466,424 |
|
| Service Properties Trust, Senior Notes |
|
|
4.375 |
% |
|
|
2/15/30 |
|
|
|
2,120,000 |
|
|
|
1,588,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hotel & Resort REITs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,928,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| China Aoyuan Group Ltd., Senior Secured Notes |
|
|
— |
|
|
|
2/19/23 |
|
|
|
770,000 |
|
|
|
41,009 |
*(b)(g) |
| China Aoyuan Group Ltd., Senior Secured Notes |
|
|
7.950 |
% |
|
|
6/21/24 |
|
|
|
1,000,000 |
|
|
|
55,496 |
*(b)(e) |
| Country Garden Holdings Co. Ltd., Senior Secured Notes |
|
|
8.000 |
% |
|
|
1/27/24 |
|
|
|
2,016,000 |
|
|
|
1,324,748 |
(b) |
| Heimstaden AB, Senior Notes |
|
|
4.250 |
% |
|
|
3/9/26 |
|
|
|
900,000 |
EUR |
|
|
537,504 |
(b) |
| Samhallsbyggnadsbolaget i Norden AB, Senior Notes |
|
|
1.750 |
% |
|
|
1/14/25 |
|
|
|
230,000 |
EUR |
|
|
208,072 |
(b) |
| Samhallsbyggnadsbolaget i Norden AB, Senior Notes |
|
|
1.125 |
% |
|
|
9/4/26 |
|
|
|
2,280,000 |
EUR |
|
|
1,750,263 |
(b) |
| Times China Holdings Ltd., Senior Secured Notes |
|
|
6.750 |
% |
|
|
7/8/25 |
|
|
|
1,230,000 |
|
|
|
93,471 |
*(b)(e) |
| Yuzhou Group Holdings Co. Ltd., Senior Secured Notes |
|
|
6.000 |
% |
|
|
10/25/23 |
|
|
|
650,000 |
|
|
|
30,344 |
*(b)(e) |
| Yuzhou Group Holdings Co. Ltd., Senior Secured Notes |
|
|
8.500 |
% |
|
|
2/26/24 |
|
|
|
750,000 |
|
|
|
36,888 |
*(b)(e) |
| Yuzhou Group Holdings Co. Ltd., Senior Secured Notes |
|
|
8.375 |
% |
|
|
10/30/24 |
|
|
|
1,250,000 |
|
|
|
58,354 |
*(b)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,136,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL REAL ESTATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,240,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UTILITIES - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric Utilities - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eskom Holdings SOC Ltd. |
|
|
4.314 |
% |
|
|
7/23/27 |
|
|
|
500,000 |
|
|
|
443,154 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas Utilities - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes |
|
|
5.875 |
% |
|
|
3/1/27 |
|
|
|
3,290,000 |
|
|
|
3,181,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UTILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,624,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS & NOTES
(Cost - $360,216,262) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
366,273,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SOVEREIGN BONDS - 4.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Angola - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Angolan Government International Bond, Senior Notes |
|
|
8.000 |
% |
|
|
11/26/29 |
|
|
|
1,600,000 |
|
|
|
1,359,960 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
11 |
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Argentina - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentine Republic Government International Bond, Senior Notes, Step bond (1.500% to 7/9/23 then 3.625%) |
|
|
1.500 |
% |
|
|
7/9/35 |
|
|
|
160,362 |
|
|
$ |
48,238 |
|
| Provincia de Buenos Aires, Senior Notes, Step bond (5.250% to 9/1/23, 6.375% to 9/1/24 then 6.625%) |
|
|
5.250 |
% |
|
|
9/1/37 |
|
|
|
376,221 |
|
|
|
144,375 |
(a) |
| Provincia de Cordoba, Senior Notes |
|
|
6.875 |
% |
|
|
12/10/25 |
|
|
|
758,340 |
|
|
|
572,546 |
(b) |
| Provincia de Cordoba, Senior Notes |
|
|
6.875 |
% |
|
|
12/10/25 |
|
|
|
416,670 |
|
|
|
314,586 |
(a) |
| Provincia de Cordoba, Senior Notes |
|
|
6.990 |
% |
|
|
6/1/27 |
|
|
|
2,660,000 |
|
|
|
1,835,400 |
(a) |
| Provincia de Cordoba, Senior Notes (6.875% PIK) |
|
|
6.875 |
% |
|
|
2/1/29 |
|
|
|
340,000 |
|
|
|
224,400 |
(a)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Argentina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,139,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bahamas - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bahamas Government International Bond, Senior Notes |
|
|
6.950 |
% |
|
|
11/20/29 |
|
|
|
1,630,000 |
|
|
|
1,300,110 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dominican Republic - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dominican Republic International Bond, Senior Notes |
|
|
4.875 |
% |
|
|
9/23/32 |
|
|
|
1,090,000 |
|
|
|
930,472 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexico - 2.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexican Bonos, Bonds |
|
|
7.750 |
% |
|
|
5/29/31 |
|
|
|
149,470,000 |
MXN |
|
|
8,264,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Russia - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Russian Federal Bond - OFZ |
|
|
7.750 |
% |
|
|
9/16/26 |
|
|
|
315,370,000 |
RUB |
|
|
1,756,558 |
*(e)(h) |
| Russian Federal Bond - OFZ |
|
|
7.050 |
% |
|
|
1/19/28 |
|
|
|
198,450,000 |
RUB |
|
|
1,105,334 |
*(e)(h) |
| Russian Federal Bond - OFZ |
|
|
6.900 |
% |
|
|
5/23/29 |
|
|
|
121,280,000 |
RUB |
|
|
67,754 |
*(e)(h) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Russia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,929,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SOVEREIGN BONDS
(Cost - $21,871,103) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,923,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONVERTIBLE BONDS & NOTES - 1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMUNICATION SERVICES - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISH Network Corp., Senior Notes |
|
|
2.375 |
% |
|
|
3/15/24 |
|
|
|
3,780,000 |
|
|
|
3,364,200 |
|
| DISH Network Corp., Senior Notes |
|
|
0.000 |
% |
|
|
12/15/25 |
|
|
|
2,720,000 |
|
|
|
1,451,936 |
|
| DISH Network Corp., Senior Notes |
|
|
3.375 |
% |
|
|
8/15/26 |
|
|
|
1,680,000 |
|
|
|
861,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,677,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INDUSTRIALS - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger Airlines - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Spirit Airlines Inc., Senior Notes |
|
|
1.000 |
% |
|
|
5/15/26 |
|
|
|
1,940,000 |
|
|
|
1,577,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONVERTIBLE BONDS & NOTES
(Cost - $8,316,938) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,254,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
12 |
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| ASSET-BACKED SECURITIES - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Magnetite Ltd., 2015-12A ER (3 mo. USD LIBOR + 5.680%)
(Cost -
$3,363,765) |
|
|
10.940 |
% |
|
|
10/15/31 |
|
|
|
3,400,000 |
|
|
$ |
2,992,407 |
(a)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SENIOR LOANS - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER DISCRETIONARY - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Consumer Services - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%)
(Cost - $3,107,371) |
|
|
8.717 |
% |
|
|
4/13/28 |
|
|
|
4,350,000 |
|
|
|
2,841,985 |
(d)(i)(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT & AGENCY OBLIGATIONS - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government Obligations - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Notes
(Cost - $441,055) |
|
|
1.500 |
% |
|
|
2/29/24 |
|
|
|
450,000 |
|
|
|
438,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
EXPIRATION
DATE |
|
|
WARRANTS |
|
|
|
|
| WARRANTS - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIALS - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Markets - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EG Acquisition Corp., Class A Shares
(Cost - $20,515) |
|
|
|
|
|
|
5/28/28 |
|
|
|
21,426 |
|
|
|
6,516 |
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
SHARES |
|
|
|
|
| COMMON STOCKS - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| KCAD Holdings I Ltd.
(Cost - $3,494,814) |
|
|
|
|
|
|
|
|
|
|
427,421,041 |
|
|
|
0 |
*(h)(l)(m) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $400,831,823) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
397,730,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
|
|
| SHORT-TERM INVESTMENTS - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. TREASURY BILLS - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills
(Cost - $1,740,103) |
|
|
4.950 |
% |
|
|
8/10/23 |
|
|
|
1,750,000 |
|
|
|
1,740,529 |
(n) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
13 |
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
|
|
|
SHARES |
|
|
VALUE |
|
| MONEY MARKET FUNDS - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $2,416,876) |
|
|
5.044 |
% |
|
|
|
|
|
|
2,416,876 |
|
|
$ |
2,416,876 |
(o)(p) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(Cost - $4,156,979) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,157,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 99.4%
(Cost - $404,988,802) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
401,888,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Assets in Excess of Liabilities - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,486,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
404,374,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| † |
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) |
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. |
| (c) |
Security has no maturity date. The date shown represents the next call date. |
| (d) |
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. |
| (e) |
The coupon payment on this security is currently in default as of June 30, 2023. |
| (f) |
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. |
| (g) |
The maturity principal is currently in default as of June 30, 2023. |
| (h) |
Security is valued using significant unobservable inputs (Note 1). |
| (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) |
All or a portion of this loan has not settled as of June 30, 2023. Interest rates are not effective until
settlement date. Interest rates shown, if any, are for the settled portion of the loan. |
| (l) |
Security is valued in good faith in accordance with procedures approved by the Board of Directors (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 June 30, 2023, the total market value of investments in Affiliated Companies
was $2,416,876 and the cost was $2,416,876 (Note 2). |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
14 |
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
June 30, 2023 |
Abbreviation(s) used in this schedule:
|
|
|
| EUR |
|
— Euro |
| GBP |
|
— British Pound |
| ICE |
|
— Intercontinental Exchange |
| 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 |
At June 30, 2023, the Fund had the following open forward foreign currency contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency
Purchased |
|
|
Currency
Sold |
|
|
Counterparty |
|
Settlement
Date |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| USD |
|
|
13,279,617 |
|
|
|
EUR |
|
|
|
12,106,354 |
|
|
Bank of America N.A. |
|
|
7/18/23 |
|
|
$ |
57,008 |
|
| CAD |
|
|
470 |
|
|
|
USD |
|
|
|
349 |
|
|
BNP Paribas SA |
|
|
7/18/23 |
|
|
|
5 |
|
| GBP |
|
|
839,367 |
|
|
|
USD |
|
|
|
1,065,139 |
|
|
Morgan Stanley & Co. Inc. |
|
|
7/18/23 |
|
|
|
996 |
|
| USD |
|
|
1,250,292 |
|
|
|
EUR |
|
|
|
1,139,951 |
|
|
Morgan Stanley & Co. Inc. |
|
|
7/18/23 |
|
|
|
5,234 |
|
| USD |
|
|
1,457,206 |
|
|
|
GBP |
|
|
|
1,147,000 |
|
|
Morgan Stanley & Co. Inc. |
|
|
7/18/23 |
|
|
|
325 |
|
| USD |
|
|
8,865,381 |
|
|
|
GBP |
|
|
|
7,109,082 |
|
|
Morgan Stanley & Co. Inc. |
|
|
7/18/23 |
|
|
|
(164,337 |
) |
| EUR |
|
|
566,343 |
|
|
|
USD |
|
|
|
626,223 |
|
|
Citibank N.A. |
|
|
7/19/23 |
|
|
|
(7,627 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net unrealized depreciation on open forward foreign currency contracts |
|
|
$ |
(108,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbreviation(s) used in this table:
|
|
|
| CAD |
|
— Canadian Dollar |
| EUR |
|
— Euro |
| GBP |
|
— British Pound |
| 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.
|
|
|
|
|
|
|
Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report |
|
15 |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset High Income Opportunity Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund seeks high current income. Capital appreciation is a secondary objective. In seeking
to fulfill its investment objectives, the Fund invests, under normal market conditions, at least 80% of its net assets in high-yield securities and up to 20% in common stock equivalents, including options, warrants and rights.
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 (the “Valuation Committee”). The Valuation Committee is responsible for making fair value
Notes to Schedule of Investments (unaudited) (continued)
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 |
|
|
— |
|
|
$ |
366,273,220 |
|
|
|
— |
|
|
$ |
366,273,220 |
|
| Sovereign Bonds |
|
|
— |
|
|
|
14,994,205 |
|
|
$ |
2,929,646 |
|
|
|
17,923,851 |
|
| Convertible Bonds & Notes |
|
|
— |
|
|
|
7,254,356 |
|
|
|
— |
|
|
|
7,254,356 |
|
| Asset-Backed Securities |
|
|
— |
|
|
|
2,992,407 |
|
|
|
— |
|
|
|
2,992,407 |
|
| Senior Loans |
|
|
— |
|
|
|
2,841,985 |
|
|
|
— |
|
|
|
2,841,985 |
|
| U.S. Government & Agency Obligations |
|
|
— |
|
|
|
438,448 |
|
|
|
— |
|
|
|
438,448 |
|
| Warrants |
|
$ |
6,516 |
|
|
|
— |
|
|
|
— |
|
|
|
6,516 |
|
| Common Stocks |
|
|
— |
|
|
|
— |
|
|
|
0 |
* |
|
|
0 |
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments |
|
|
6,516 |
|
|
|
394,794,621 |
|
|
|
2,929,646 |
|
|
|
397,730,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Investments†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills |
|
|
— |
|
|
|
1,740,529 |
|
|
|
— |
|
|
|
1,740,529 |
|
| Money Market Funds |
|
|
2,416,876 |
|
|
|
— |
|
|
|
— |
|
|
|
2,416,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Investments |
|
|
2,416,876 |
|
|
|
1,740,529 |
|
|
|
— |
|
|
|
4,157,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments |
|
$ |
2,423,392 |
|
|
$ |
396,535,150 |
|
|
$ |
2,929,646 |
|
|
$ |
401,888,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Contracts†† |
|
|
— |
|
|
$ |
63,568 |
|
|
|
— |
|
|
$ |
63,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
2,423,392 |
|
|
$ |
396,598,718 |
|
|
$ |
2,929,646 |
|
|
$ |
401,951,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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†† |
|
|
— |
|
|
$ |
171,964 |
|
|
|
— |
|
|
$ |
171,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| † |
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 June 30, 2023. The following transactions were effected in such company for the period ended June 30, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Affiliate
Value at
September 30, |
|
|
Purchased |
|
|
Sold |
|
| |
|
2022 |
|
|
Cost |
|
|
Shares |
|
|
Proceeds |
|
|
Shares |
|
| Western Asset Premier Institutional Government Reserves, Premium Shares |
|
$ |
2,535,492 |
|
|
$ |
61,568,284 |
|
|
|
61,568,284 |
|
|
$ |
61,686,900 |
|
|
|
61,686,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (cont’d) |
|
Realized
Gain (Loss) |
|
|
Dividend
Income |
|
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation) |
|
|
Affiliate
Value at
June 30,
2023 |
|
| Western Asset Premier Institutional Government Reserves, Premium Shares |
|
|
— |
|
|
$ |
80,566 |
|
|
|
— |
|
|
$ |
2,416,876 |
|
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