NPORT-EX 2 LMF2700LM022924.htm HTML

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  
CORPORATE BONDS & NOTES - 109.3%          
COMMUNICATION SERVICES - 11.8%          

Diversified Telecommunication Services - 3.7%

         

Altice Financing SA, Senior Secured Notes

     5.000     1/15/28        750,000     $ 664,313 (a) 

Altice Financing SA, Senior Secured Notes

     5.750     8/15/29        1,390,000       1,198,660 (a) 

Altice France Holding SA, Senior Notes

     6.000     2/15/28        1,150,000       581,775 (a)  

Altice France Holding SA, Senior Secured Notes

     10.500     5/15/27        1,170,000       765,519 (a)  

Altice France SA, Senior Secured Notes

     5.500     1/15/28        210,000       171,577 (a)  

British Telecommunications PLC, Senior Notes

     9.625     12/15/30        60,000       73,474  

Telecom Italia Capital SA, Senior Notes

     7.200     7/18/36        1,130,000       1,124,231  

Telecom Italia SpA, Senior Notes

     5.303     5/30/24        750,000       747,919 (a)  

Turk Telekomunikasyon AS, Senior Notes

     4.875     6/19/24        300,000       298,440 (a)  

Turk Telekomunikasyon AS, Senior Notes

     6.875     2/28/25        500,000       499,808 (a)  
         

 

 

 

Total Diversified Telecommunication Services

            6,125,716  
         

 

 

 

Entertainment - 0.5%

         

Banijay Entertainment SASU, Senior Secured Notes

     8.125     5/1/29        870,000       900,590 (a)  
         

 

 

 

Interactive Media & Services - 0.3%

         

Match Group Holdings II LLC, Senior Notes

     3.625     10/1/31        500,000       421,680 (a)  
         

 

 

 

Media - 3.8%

         

CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes

     4.250     1/15/34        1,230,000       920,831 (a)  

Clear Channel Outdoor Holdings Inc., Senior Notes

     7.750     4/15/28        720,000       623,242 (a)  

DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured Notes

     5.875     8/15/27        750,000       708,427 (a)  

DISH DBS Corp., Senior Notes

     7.375     7/1/28        460,000       224,887  

DISH DBS Corp., Senior Notes

     5.125     6/1/29        2,320,000       991,800  

iHeartCommunications Inc., Senior Secured Notes

     6.375     5/1/26        480,000       409,200  

United Group BV, Senior Secured Notes

     5.250     2/1/30        540,000 EUR      558,936 (b) 

Univision Communications Inc., Senior Secured Notes

     6.625     6/1/27        350,000       339,550 (a)  

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

1


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Media - continued

         

Virgin Media Finance PLC, Senior Notes

     5.000     7/15/30        1,260,000     $ 1,089,063 (a) 

Virgin Media Vendor Financing Notes III

         

DAC, Senior Secured Notes

     4.875     7/15/28        500,000 GBP      562,942 (a) 
         

 

 

 

Total Media

            6,428,878  
         

 

 

 

Wireless Telecommunication Services - 3.5%

         

CSC Holdings LLC, Senior Notes

     5.750     1/15/30        3,660,000       2,155,740 (a) 

CSC Holdings LLC, Senior Notes

     4.500     11/15/31        800,000       594,748 (a)  

Millicom International Cellular SA, Senior Notes

     4.500     4/27/31        750,000       647,812 (a)  

Sprint Capital Corp., Senior Notes

     6.875     11/15/28        560,000       596,029  

Sprint Capital Corp., Senior Notes

     8.750     3/15/32        1,160,000       1,401,892  

Vmed O2 UK Financing I PLC, Senior Secured Notes

     4.500     7/15/31        450,000 GBP      473,078 (a)  
         

 

 

 

Total Wireless Telecommunication Services

            5,869,299  
         

 

 

 

Total Communication Services

            19,746,163  
         

 

 

 
CONSUMER DISCRETIONARY - 22.3%          

Automobile Components - 2.9%

         

Adient Global Holdings Ltd., Senior Notes

     4.875     8/15/26        530,000       514,238 (a)  

American Axle & Manufacturing Inc.,

         

Senior Notes

     6.500     4/1/27        1,450,000       1,433,385  

JB Poindexter & Co. Inc., Senior Notes

     8.750     12/15/31        1,800,000       1,846,247 (a) 

ZF North America Capital Inc., Senior Notes

     6.875     4/14/28        500,000       510,891 (a)  

ZF North America Capital Inc., Senior Notes

     7.125     4/14/30        510,000       531,764 (a)  
         

 

 

 

Total Automobile Components

            4,836,525  
         

 

 

 

Automobiles - 2.3%

         

Ford Motor Co., Senior Notes

     3.250     2/12/32        1,990,000       1,633,102  

Ford Motor Credit Co. LLC, Senior Notes

     7.350     3/6/30        500,000       530,349  

General Motors Co., Senior Notes

     6.125     10/1/25        350,000       352,952  

Nissan Motor Co. Ltd., Senior Notes

     4.810     9/17/30        1,500,000       1,382,078 (a) 
         

 

 

 

Total Automobiles

            3,898,481  
         

 

 

 

Broadline Retail - 1.8%

         

Amazon.com Inc., Senior Notes

     2.100     5/12/31        750,000       630,375  

Marks & Spencer PLC, Senior Notes

     3.750     5/19/26        300,000 GBP      363,993 (b)  

Marks & Spencer PLC, Senior Notes

     7.125     12/1/37        470,000       484,838 (a)  

MercadoLibre Inc., Senior Notes

     3.125     1/14/31        1,800,000       1,508,290  
         

 

 

 

Total Broadline Retail

            2,987,496  
         

 

 

 

 

See Notes to Schedule of Investments.

 

 

 

2

 

 Western Asset Global High Income Fund Inc. 2024 Quarterly Report

 


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Distributors - 0.7%

         

Ritchie Bros Holdings Inc., Senior Notes

     7.750     3/15/31        1,110,000     $ 1,168,275 (a) 

Diversified Consumer Services - 2.0%

         

APCOA Parking Holdings GmbH, Senior Secured Notes

     4.625     1/15/27        1,730,000 EUR      1,833,084 (a) 

Carriage Services Inc., Senior Notes

     4.250     5/15/29        510,000       443,906 (a)  

Service Corp. International, Senior Notes

     7.500     4/1/27        770,000       795,827  

StoneMor Inc., Senior Secured Notes

     8.500     5/15/29        330,000       239,788 (a)  
         

 

 

 

Total Diversified Consumer Services

            3,312,605  
         

 

 

 

Hotels, Restaurants & Leisure - 11.9%

         

888 Acquisitions Ltd., Senior Secured Notes

     7.558     7/15/27        1,350,000 EUR      1,424,792 (a) 

Carnival Holdings Bermuda Ltd., Senior Notes

     10.375     5/1/28        30,000       32,749 (a)  

Carnival PLC, Senior Notes

     1.000     10/28/29        2,760,000 EUR      2,336,939  

Carrols Restaurant Group Inc., Senior Notes

     5.875     7/1/29        460,000       469,797 (a)  

Full House Resorts Inc., Senior Secured Notes

     8.250     2/15/28        710,000       666,381 (a)  

IRB Holding Corp., Senior Secured Notes

     7.000     6/15/25        1,160,000       1,162,482 (a) 

Las Vegas Sands Corp., Senior Notes

     3.900     8/8/29        1,260,000       1,140,331  

Melco Resorts Finance Ltd., Senior Notes

     5.375     12/4/29        530,000       477,348 (a)  

NCL Corp. Ltd., Senior Notes

     5.875     3/15/26        490,000       478,975 (a)  

NCL Corp. Ltd., Senior Secured Notes

     8.125     1/15/29        190,000       200,049 (a)  

NCL Finance Ltd., Senior Notes

     6.125     3/15/28        1,830,000       1,786,160 (a) 

Royal Caribbean Cruises Ltd., Senior Notes

     5.375     7/15/27        1,900,000       1,865,475 (a) 

Royal Caribbean Cruises Ltd., Senior Notes

     5.500     4/1/28        1,170,000       1,152,508 (a) 

Saga PLC, Senior Notes

     3.375     5/12/24        810,000 GBP      1,012,015 (b) 

Saga PLC, Senior Notes

     5.500     7/15/26        310,000 GBP      348,861 (b)  

Sands China Ltd., Senior Notes

     3.100     3/8/29        680,000       587,373  

Sands China Ltd., Senior Notes

     3.250     8/8/31        650,000       542,366  

Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes

     5.625     2/15/29        764,000       737,940 (a)  

VOC Escrow Ltd., Senior Secured Notes

     5.000     2/15/28        160,000       153,802 (a)  

Wheel Bidco Ltd., Senior Secured Notes

     6.750     7/15/26        450,000 GBP      486,190 (a)  

Wynn Macau Ltd., Senior Notes

     5.625     8/26/28        850,000       799,698 (a)  

Wynn Macau Ltd., Senior Notes

     5.125     12/15/29        270,000       243,534 (a)  

 

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

3


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Hotels, Restaurants & Leisure - continued

         

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes

     5.125     10/1/29        1,330,000     $ 1,255,546 (a) 

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes

     7.125     2/15/31        470,000       485,655 (a)  
         

 

 

 

Total Hotels, Restaurants & Leisure

            19,846,966  
         

 

 

 

Specialty Retail - 0.7%

         

Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes

     8.750     1/15/32        200,000       190,147 (a)  

Michaels Cos. Inc., Senior Secured Notes

     5.250     5/1/28        590,000       458,819 (a)  

Sally Holdings LLC/Sally Capital Inc., Senior Notes

     6.750     3/1/32        560,000       558,768  
         

 

 

 

Total Specialty Retail

            1,207,734  
         

 

 

 

Total Consumer Discretionary

            37,258,082  
         

 

 

 
CONSUMER STAPLES - 0.5%          

Food Products - 0.5%

         

Bellis Acquisition Co. PLC, Senior Secured Notes

     3.250     2/16/26        320,000 GBP      383,250 (b) 

FAGE International SA/FAGE USA Dairy Industry Inc., Senior Notes

     5.625     8/15/26        500,000       490,871 (a)  
         

 

 

 

Total Consumer Staples

            874,121  
         

 

 

 
ENERGY - 26.0%          

Energy Equipment & Services - 0.6%

         

Noble Finance II LLC, Senior Notes

     8.000     4/15/30        500,000       514,449 (a)  

Sunnova Energy Corp., Senior Notes

     5.875     9/1/26        540,000       439,520 (a)  
         

 

 

 

Total Energy Equipment & Services

            953,969  
         

 

 

 

Oil, Gas & Consumable Fuels - 25.4%

         

Apache Corp., Senior Notes

     5.100     9/1/40        1,400,000       1,172,766  

Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes

     7.625     12/15/25        100,000       100,955 (a)  

Continental Resources Inc., Senior Notes

     3.800     6/1/24        1,040,000       1,034,567  

Continental Resources Inc., Senior Notes

     4.375     1/15/28        790,000       759,871  

Continental Resources Inc., Senior Notes

     4.900     6/1/44        300,000       243,641  

Crescent Energy Finance LLC, Senior Notes

     9.250     2/15/28        400,000       418,987 (a)  

Diamondback Energy Inc., Senior Notes

     3.500     12/1/29        730,000       670,620  

Ecopetrol SA, Senior Notes

     5.875     5/28/45        2,490,000       1,846,176 (c) 

Ecopetrol SA, Senior Notes

     5.875     11/2/51        320,000       226,718  

El Paso Natural Gas Co. LLC, Senior Notes

     8.375     6/15/32        70,000       80,956  

 

 

 

See Notes to Schedule of Investments.

 

 

 

4

 

 Western Asset Global High Income Fund Inc. 2024 Quarterly Report

 


Western Asset Global High Income Fund Inc.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Oil, Gas & Consumable Fuels - continued

          

Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%)

     6.625     2/15/28        680,000      $ 632,513 (d)(e) 

EQM Midstream Partners LP, Senior Notes

     4.500     1/15/29        1,060,000        994,550 (a)  

EQM Midstream Partners LP, Senior Notes

     7.500     6/1/30        510,000        542,602 (a)  

EQM Midstream Partners LP, Senior Notes

     4.750     1/15/31        1,540,000        1,433,454 (a) 

EQT Corp., Senior Notes

     3.900     10/1/27        1,380,000        1,306,909  

Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes

     8.375     11/1/33        470,000        505,224 (a)  

KazMunayGas National Co. JSC, Senior Notes

     3.500     4/14/33        500,000        407,312 (a)  

Kinder Morgan Inc., Senior Notes

     7.750     1/15/32        1,390,000        1,565,843  

NGPL PipeCo LLC, Senior Notes

     7.768     12/15/37        1,430,000        1,583,771 (a) 

Occidental Petroleum Corp., Senior Notes

     6.950     7/1/24        204,000        204,758  

Occidental Petroleum Corp., Senior Notes

     2.900     8/15/24        710,000        700,127  

Occidental Petroleum Corp., Senior Notes

     5.550     3/15/26        450,000        450,897  

Occidental Petroleum Corp., Senior Notes

     6.200     3/15/40        310,000        315,081  

Petrobras Global Finance BV, Senior Notes

     6.750     1/27/41        2,910,000        2,888,609  

Petroleos del Peru SA, Senior Notes

     4.750     6/19/32        1,750,000        1,374,880 (a) 

Petroleos del Peru SA, Senior Notes

     5.625     6/19/47        500,000        342,218 (a)  

Petroleos Mexicanos, Senior Notes

     6.500     6/2/41        250,000        165,621  

Petroleos Mexicanos, Senior Notes

     6.375     1/23/45        3,732,000        2,339,344  

Range Resources Corp., Senior Notes

     4.875     5/15/25        770,000        759,961  

Range Resources Corp., Senior Notes

     8.250     1/15/29        430,000        448,947  

Rockies Express Pipeline LLC, Senior Notes

     6.875     4/15/40        330,000        325,224 (a)  

SilverBow Resources Inc., Secured Notes (3 mo. Term SOFR + 7.750%)

     13.135     12/15/28        600,000        595,567 (a)(e) 

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes

     9.000     10/15/26        960,000        950,742 (a)  

Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes

     6.500     7/15/27        1,220,000        1,233,429  

Transcontinental Gas Pipe Line Co. LLC, Senior Notes

     7.850     2/1/26        1,500,000        1,559,023  

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

5


Western Asset Global High Income Fund Inc.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Oil, Gas & Consumable Fuels - continued

          

Venture Global LNG Inc., Senior Secured Notes

     9.875     2/1/32        660,000      $ 695,314 (a)  

Western Midstream Operating LP, Senior Notes

     4.050     2/1/30        340,000        314,632  

Western Midstream Operating LP, Senior Notes

     5.450     4/1/44        2,000,000        1,794,010  

Western Midstream Operating LP, Senior Notes

     5.300     3/1/48        500,000        431,273  

Western Midstream Operating LP, Senior Notes

     5.250     2/1/50        6,216,000        5,503,117  

Williams Cos. Inc., Senior Notes

     4.550     6/24/24        680,000        677,016  

Williams Cos. Inc., Senior Notes

     7.500     1/15/31        340,000        378,384  

Williams Cos. Inc., Senior Notes

     8.750     3/15/32        486,000        580,253  

Williams Cos. Inc., Senior Notes

     5.750     6/24/44        1,510,000        1,485,915  

YPF SA, Senior Notes

     8.500     7/28/25        550,000        537,244 (a)  
          

 

 

 

Total Oil, Gas & Consumable Fuels

             42,579,021  
          

 

 

 

Total Energy

             43,532,990  
          

 

 

 
FINANCIALS - 16.5%           

Banks - 10.5%

          

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        1,340,000        1,175,589 (a)(d)(e) 

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        1,800,000        1,800,308 (d)(e) 

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        521,115 (a)(e) 

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        2,422,838 (a)(d)(e) 

Comerica Bank, Senior Notes

     2.500     7/23/24        620,000        611,149  

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        2,207,408 (a)(d)(e) 

HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then SOFR + 4.250%)

     8.113     11/3/33        950,000        1,073,269 (e) 

Intesa Sanpaolo SpA, Subordinated Notes

     5.710     1/15/26        2,250,000        2,230,313 (a) 

 

See Notes to Schedule of Investments.

 

 

 

6

 

 Western Asset Global High Income Fund Inc. 2024 Quarterly Report

 


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY    RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Banks - continued

          

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      $ 499,756 (d)(e) 

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        2,329,231 (d)(e) 

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        2,655,316 (a)(e) 
          

 

 

 

Total Banks

             17,526,292  
          

 

 

 

Capital Markets - 1.2%

          

Credit Suisse AG AT1 Claim

                  4,900,000        600,250 *(f) 

StoneX Group Inc., Senior Secured Notes

     7.875     3/1/31        330,000       
334,457
(a)(g) 
 

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       
594,000
 
(b)(d)(e)  

UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year Treasury Constant Maturity Rate + 4.745%)

     9.250     11/13/28        500,000       
535,050
 
(a)(d)(e)  
          

 

 

 

Total Capital Markets

             2,063,757  
          

 

 

 

Consumer Finance - 0.5%

          

Navient Corp., Senior Notes

     5.875     10/25/24        480,000        479,199  

Navient Corp., Senior Notes

     6.750     6/15/26        410,000        412,057  
          

 

 

 

Total Consumer Finance

             891,256  
          

 

 

 

Financial Services - 4.3%

          

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes

     3.400     10/29/33        4,000,000        3,326,100  

GE Capital International Funding Co. Unlimited Co., Senior Notes

     3.373     11/15/25        1,000,000        968,855  

Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)

     6.500     9/15/24        2,207,656        2,100,032 (a)(h) 

GTCR W-2 Merger Sub LLC, Senior Secured Notes

     7.500     1/15/31        210,000        219,202 (a) 

 

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

7


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Financial Services - continued

         

GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV, Senior Secured Notes

     8.500     1/15/31        100,000  GBP     136,174 (a)  

VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes

     6.375     2/1/30        530,000       387,727 (a)  
         

 

 

 

Total Financial Services

            7,138,090  
         

 

 

 

Total Financials

            27,619,395  
         

 

 

 
HEALTH CARE - 5.9%          

Health Care Equipment & Supplies - 0.4%

         

Medline Borrower LP, Senior Secured Notes

     3.875     4/1/29        700,000       628,249 (a)  

Health Care Providers & Services - 1.6%

         

Centene Corp., Senior Notes

     2.625     8/1/31        500,000       409,447  

CHS/Community Health Systems Inc., Senior Secured Notes

     4.750     2/15/31        250,000       190,469 (a)  

CHS/Community Health Systems Inc., Senior Secured Notes

     10.875     1/15/32        700,000       713,686 (a)  

Legacy LifePoint Health LLC, Senior Secured Notes

     4.375     2/15/27        580,000       538,672 (a)  

Tenet Healthcare Corp., Secured Notes

     6.250     2/1/27        860,000       858,672  
         

 

 

 

Total Health Care Providers & Services

            2,710,946  
         

 

 

 

Pharmaceuticals - 3.9%

         

Bausch Health Cos. Inc., Senior Secured Notes

     4.875     6/1/28        840,000       479,589 (a)  

Cidron Aida Finco Sarl, Senior Secured Notes

     5.000     4/1/28        672,000 EUR      705,364 (a)  

Par Pharmaceutical Inc., Senior Secured Notes

     7.500     4/1/27        310,000       196,831 *(a)(i) 

Teva Pharmaceutical Finance

         

Netherlands III BV, Senior Notes

     6.000     4/15/24        4,450,000       4,447,918  

Teva Pharmaceutical Finance

         

Netherlands III BV, Senior Notes

     3.150     10/1/26        700,000       649,177  
         

 

 

 

Total Pharmaceuticals

            6,478,879  
         

 

 

 

Total Health Care

            9,818,074  
         

 

 

 
INDUSTRIALS - 13.4%          

Aerospace & Defense - 1.5%

         

Boeing Co., Senior Notes

     2.950     2/1/30        1,000,000       877,200  

Bombardier Inc., Senior Notes

     7.500     2/1/29        620,000       629,371 (a)  

TransDigm Inc., Senior Secured Notes

     7.125     12/1/31        940,000       965,446 (a)  
         

 

 

 

Total Aerospace & Defense

            2,472,017  
         

 

 

 

 

 

 

See Notes to Schedule of Investments.

 

 

 

8

 

 Western Asset Global High Income Fund Inc. 2024 Quarterly Report

 


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Building Products - 0.6%

          

Standard Industries Inc., Senior Notes

     5.000     2/15/27        360,000      $ 347,028 (a)  

Standard Industries Inc., Senior Notes

     4.375     7/15/30        640,000        571,210 (a)  
          

 

 

 

Total Building Products

             918,238  
          

 

 

 

Commercial Services & Supplies - 1.9%

          

CoreCivic Inc., Senior Notes

     8.250     4/15/26        1,700,000        1,738,641  

CoreCivic Inc., Senior Notes

     4.750     10/15/27        80,000        75,495  

GEO Group Inc., Secured Notes

     10.500     6/30/28        880,000        900,178  

GFL Environmental Inc., Senior Secured Notes

     6.750     1/15/31        440,000        450,609 (a)  
          

 

 

 

Total Commercial Services & Supplies

             3,164,923  
          

 

 

 

Industrial Conglomerates - 0.2%

          

Alfa SAB de CV, Senior Notes

     6.875     3/25/44        400,000        396,160 (a)  
  

 

 

   

 

 

    

 

 

    

 

 

 

Machinery - 0.5%

          

Titan International Inc., Senior Secured Notes

     7.000     4/30/28        810,000        804,882  
  

 

 

   

 

 

    

 

 

    

 

 

 

Passenger Airlines - 7.6%

          

American Airlines Group Inc., Senior Notes

     3.750     3/1/25        2,030,000        1,984,997 (a) 

American Airlines Inc., Senior Secured Notes

     8.500     5/15/29        1,200,000        1,262,260 (a) 

Delta Air Lines Inc., Senior Notes

     2.900     10/28/24        840,000        823,897  

Delta Air Lines Inc., Senior Notes

     7.375     1/15/26        690,000        712,304  

Delta Air Lines Inc., Senior Secured Notes

     7.000     5/1/25        6,050,000        6,151,001 (a)(c) 

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes

     8.000     9/20/25        2,078,693        1,505,244 (a) 

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes

     8.000     9/20/25        490,000        354,824 (a)  
          

 

 

 

Total Passenger Airlines

             12,794,527  
          

 

 

 

Trading Companies & Distributors - 1.1%

          

H&E Equipment Services Inc., Senior Notes

     3.875     12/15/28        1,280,000        1,156,241 (a) 

United Rentals North America Inc., Senior Notes

     5.500     5/15/27        750,000        745,804  
          

 

 

 

Total Trading Companies & Distributors

             1,902,045  
          

 

 

 

Total Industrials

             22,452,792  
          

 

 

 
INFORMATION TECHNOLOGY - 1.8%           

Communications Equipment - 0.6%

          

CommScope Inc., Senior Notes

     7.125     7/1/28        182,000        72,988 (a)  

CommScope Inc., Senior Secured Notes

     4.750     9/1/29        270,000        185,227 (a)  

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

9


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Communications Equipment - continued

          

CommScope Technologies LLC, Senior Notes

     5.000     3/15/27        810,000      $ 290,766 (a) 

Viasat Inc., Senior Notes

     7.500     5/30/31        660,000        464,475 (a)  
          

 

 

 

Total Communications Equipment

             1,013,456  
          

 

 

 

Technology Hardware, Storage & Peripherals - 1.2%

          

Seagate HDD Cayman, Senior Notes

     4.750     1/1/25        1,330,000        1,312,202  

Seagate HDD Cayman, Senior Notes

     4.875     6/1/27        630,000        610,709  
          

 

 

 

Total Technology Hardware, Storage & Peripherals

             1,922,911  
          

 

 

 

Total Information Technology

             2,936,367  
          

 

 

 
MATERIALS - 6.4%           

Chemicals - 1.4%

          

Braskem Netherlands Finance BV, Senior Notes

     5.875     1/31/50        750,000        543,289 (b)  

Orbia Advance Corp. SAB de CV, Senior Notes

     5.875     9/17/44        1,000,000        892,883 (a)  

Sasol Financing USA LLC, Senior Notes

     8.750     5/3/29        930,000        931,483 (a)  
          

 

 

 

Total Chemicals

             2,367,655  
          

 

 

 

Construction Materials - 0.5%

          

Smyrna Ready Mix Concrete LLC, Senior Secured Notes

     8.875     11/15/31        730,000        774,361 (a)  
          

 

 

 

Containers & Packaging - 1.6%

          

Ardagh Packaging Finance PLC/Ardagh

          

Holdings USA Inc., Senior Notes

     5.250     8/15/27        1,840,000        1,336,662 (a) 

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes

     5.250     8/15/27        500,000        363,223 (a)  

Pactiv LLC, Senior Notes

     8.375     4/15/27        1,020,000        1,062,075  
          

 

 

 

Total Containers & Packaging

             2,761,960  
          

 

 

 

Metals & Mining - 2.9%

          

Anglo American Capital PLC, Senior Notes

     4.875     5/14/25        359,000        355,175 (a)  

ArcelorMittal SA, Senior Notes

     7.000     10/15/39        1,140,000        1,218,020  

First Quantum Minerals Ltd., Secured Notes

     9.375     3/1/29        630,000        653,664 (a)  

First Quantum Minerals Ltd., Senior Notes

     7.500     4/1/25        200,000        200,000 (a)  

First Quantum Minerals Ltd., Senior Notes

     6.875     3/1/26        480,000        480,000 (a)  

 

See Notes to Schedule of Investments.

 

 

 

10

 

 Western Asset Global High Income Fund Inc. 2024 Quarterly Report

 


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Metals & Mining - continued

         

Southern Copper Corp., Senior Notes

     5.250     11/8/42        1,620,000     $
 
1,524,130
(c) 
 

Teck Resources Ltd., Senior Notes

     6.000     8/15/40        460,000       454,341  
         

 

 

 

Total Metals & Mining

            4,885,330  
         

 

 

 

Total Materials

            10,789,306  
         

 

 

 
REAL ESTATE - 2.4%          

Health Care REITs - 0.1%

         

Diversified Healthcare Trust, Senior Notes

     4.375     3/1/31        140,000       106,548  
         

 

 

 

Hotel & Resort REITs - 0.6%

         

Service Properties Trust, Senior Notes

     5.500     12/15/27        640,000       603,241  

Service Properties Trust, Senior Notes

     4.375     2/15/30        560,000       432,249  
         

 

 

 

Total Hotel & Resort REITs

            1,035,490  
         

 

 

 

Real Estate Management & Development - 1.3%

 

      

China Aoyuan Group Ltd., Senior Secured Notes

     7.950     6/21/24        400,000       9,124 *(b)(i)  

China Aoyuan Group Ltd., Senior Secured Notes

     7.950     2/19/25        200,000       4,500 *(b)(i)  

Country Garden Holdings Co. Ltd., Senior Secured Notes

           1/27/24        400,000       34,424 *(b)(j)  

Cushman & Wakefield US Borrower LLC, Senior Secured Notes

     8.875     9/1/31        180,000       187,555 (a)  

Heimstaden AB, Senior Notes

     4.250     3/9/26        500,000 EUR      303,756 (b) 

Samhallsbyggnadsbolaget i Norden AB, Senior Notes

     2.375     9/4/26        1,920,000 EUR      1,616,714 (b) 
         

 

 

 

Total Real Estate Management & Development

 

         2,156,073  
         

 

 

 

Specialized REITs - 0.4%

         

Iron Mountain Inc., Senior Notes

     7.000     2/15/29        710,000       721,407 (a)  
         

 

 

 

Total Real Estate

            4,019,518  
         

 

 

 
UTILITIES - 2.3%          

Electric Utilities - 0.9%

         

Eskom Holdings SOC Ltd., Senior Notes

     4.314     7/23/27        680,000       625,417 (b)  

FirstEnergy Corp., Senior Notes

     7.375     11/15/31        330,000       383,378  

Vistra Operations Co. LLC, Senior Notes

     7.750     10/15/31        550,000       569,391 (a)  
         

 

 

 

Total Electric Utilities

            1,578,186  
         

 

 

 

Gas Utilities - 1.4%

         

Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes

     5.875     3/1/27        2,340,000       2,307,369  
         

 

 

 

Total Utilities

            3,885,555  
         

 

 

 

Total Corporate Bonds & Notes (Cost - $172,201,055)

            182,932,363  
         

 

 

 

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

11


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  
SOVEREIGN BONDS - 20.4%           

Angola - 0.6%

          

Angolan Government International Bond, Senior Notes

     8.000     11/26/29        1,200,000      $ 1,068,780 (a) 
          

 

 

 

Argentina - 0.8%

          

Provincia de Buenos Aires, Senior Notes,

          

Step bond (6.375% to 9/1/24 then 6.625%)

     6.375     9/1/37        160,627        62,444 (a)  

Provincia de Cordoba, Senior Notes

     6.990     6/1/27        390,000        319,800 (a)  

Provincia de Cordoba, Senior Notes

          

(6.875% PIK)

     6.875     2/1/29        1,370,000        1,003,525  
          

 

 

 

Total Argentina

             1,385,769  
          

 

 

 

Bahamas - 0.2%

          

Bahamas Government International Bond, Senior Notes

     9.000     6/16/29        425,000        409,063 (a)  
          

 

 

 

Colombia - 1.4%

          

Colombia Government International Bond, Senior Notes

     3.250     4/22/32        1,000,000        772,810  

Colombia Government International Bond, Senior Notes

     7.375     9/18/37        1,042,000        1,025,861  

Colombia Government International Bond, Senior Notes

     4.125     2/22/42        830,000        555,370  
          

 

 

 

Total Colombia

             2,354,041  
          

 

 

 

Costa Rica - 0.3%

          

Costa Rica Government International Bond, Senior Notes

     7.158     3/12/45        500,000        519,500 (a)  
          

 

 

 

Dominican Republic - 1.4%

          

Dominican Republic International Bond, Senior Notes

     4.500     1/30/30        620,000        564,239 (a)  

Dominican Republic International Bond, Senior Notes

     4.875     9/23/32        1,910,000        1,702,258 (a) 
          

 

 

 

Total Dominican Republic

             2,266,497  
          

 

 

 

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        210,720 (a)  
          

 

 

 

Egypt - 0.9%

          

Egypt Government International Bond, Senior Notes

     7.625     5/29/32        1,780,000        1,520,478 (b) 
          

 

 

 

 

See Notes to Schedule of Investments.

 

 

 

12

 

 Western Asset Global High Income Fund Inc. 2024 Quarterly Report

 


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Indonesia - 0.6%

         

Indonesia Government International Bond, Senior Notes

     6.625     2/17/37        945,000     $ 1,054,517 (b) 

Indonesia Treasury Bond

     8.375     3/15/34        209,000,000 IDR      15,033  
         

 

 

 

Total Indonesia

            1,069,550  
         

 

 

 

Ivory Coast - 0.8%

         

Ivory Coast Government International Bond, Senior Notes

     6.125     6/15/33        1,500,000       1,318,676 (a) 
         

 

 

 

Jamaica - 0.4%

         

Jamaica Government International Bond, Senior Notes

     8.000     3/15/39        500,000       588,890  
         

 

 

 

Jordan - 0.5%

         

Jordan Government International Bond, Senior Notes

     5.850     7/7/30        960,000       870,485 (a)  
         

 

 

 

Kenya - 0.3%

         

Republic of Kenya Government International Bond, Senior Notes

     8.000     5/22/32        600,000       542,250 (a)  
         

 

 

 

Mexico - 4.3%

         

Mexican Bonos, Bonds

     7.750     5/29/31        77,360,000 MXN      4,210,439  

Mexico Government International Bond, Senior Notes

     2.659     5/24/31        2,020,000       1,674,359  

Mexico Government International Bond, Senior Notes

     3.500     2/12/34        1,500,000       1,241,414  
         

 

 

 

Total Mexico

            7,126,212  
         

 

 

 

Nigeria - 1.2%

         

Nigeria Government International Bond, Senior Notes

     7.143     2/23/30        920,000       814,200 (a)  

Nigeria Government International Bond, Senior Notes

     7.696     2/23/38        1,450,000       1,170,679 (b) 
         

 

 

 

Total Nigeria

            1,984,879  
         

 

 

 

Oman - 1.0%

         

Oman Government International Bond, Senior Notes

     5.625     1/17/28        1,600,000       1,604,000 (a) 

Panama - 0.8%

         

Panama Government International Bond, Senior Notes

     2.252     9/29/32        1,890,000       1,329,656  

Peru - 1.2%

         

Peruvian Government International Bond, Senior Notes

     8.750     11/21/33        1,604,000       1,968,677  

 

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

13


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Philippines - 0.4%

         

Philippine Government International Bond, Senior Notes

     2.650     12/10/45        1,000,000     $ 652,935  
         

 

 

 

Qatar - 0.9%

         

Qatar Government International Bond, Senior Notes

     3.750     4/16/30        1,500,000       1,434,267 (a) 
         

 

 

 

Senegal - 0.2%

         

Senegal Government International Bond, Senior Notes

     6.250     5/23/33        450,000       375,032 (a)  
         

 

 

 

Supranational - 0.5%

         

European Bank for Reconstruction & Development, Senior Notes

     4.250     2/7/28        13,000,000,000 IDR      777,270  
         

 

 

 

Turkey - 1.3%

         

Turkey Government International Bond, Senior Notes

     5.125     2/17/28        2,000,000       1,887,580  

Turkey Government International Bond, Senior Notes

     4.875     4/16/43        500,000       347,512  

Total Turkey

            2,235,092  
         

 

 

 

Ukraine - 0.3%

         

Ukraine Government International Bond, Senior Notes

     7.375     9/25/34        1,950,000       512,183 *(a)(i) 
         

 

 

 

Total Sovereign Bonds (Cost - $32,513,422)

 

         34,124,902  
         

 

 

 
SENIOR LOANS - 4.4%          
COMMUNICATION SERVICES - 0.4%          

Media - 0.4%

         
         

 

 

 

iHeartCommunications Inc., New Term Loan (1 mo. Term SOFR + 3.114%)

     8.441     5/1/26        720,000       637,200 (e)(k)(l) 
         

 

 

 
CONSUMER DISCRETIONARY - 0.9%          

Diversified Consumer Services - 0.1%

         

WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%)

     8.941     4/13/28        324,000       170,709 (e)(k)(l) 
         

 

 

 

Hotels, Restaurants & Leisure - 0.8%

         

Caesars Entertainment Inc., Incremental Term Loan B1 (3 mo. Term SOFR + 2.750%)

     8.040     2/6/31        1,400,000       1,400,588 (e)(k)(l)(m) 
         

 

 

 

Total Consumer Discretionary

            1,571,297  
         

 

 

 
FINANCIALS - 1.3%          

Banks - 0.2%

         

Mercury Borrower Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 3.614%)

     8.941     8/2/28        400,000       397,900 (e)(k)(l) 
         

 

 

 

 

 

 

See Notes to Schedule of Investments.

 

 

 

14

 

 Western Asset Global High Income Fund Inc. 2024 Quarterly Report

 


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(Percentages shown based on Fund net assets)   

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Consumer Finance - 0.2%

          

Blackhawk Network Holdings Inc., Term Loan

           2/27/29        240,000      $ 238,050 (m) 
          

 

 

 

Financial Services - 0.9%

          

Boost Newco Borrower LLC, Initial USD Term Loan (1 mo. Term SOFR + 3.000%)

     8.326     1/31/31        1,050,000        1,055,250 (e)(k)(l)(m) 

Nexus Buyer LLC, Amendment No. 5 Term Loan

           12/11/28        400,000        396,000 (m) 
          

 

 

 

Total Financial Services

             1,451,250  
          

 

 

 

Total Financials

             2,087,200  
          

 

 

 
INDUSTRIALS - 1.0%           

Building Products - 0.1%

          

ACProducts Holdings Inc., Initial Term Loan

           5/17/28        200,000        180,023 (m) 
          

 

 

 

Passenger Airlines - 0.9%

          

United Airlines Inc., Term Loan B (3 mo. Term SOFR + 2.750%)

     8.076     2/22/31        1,450,000        1,450,906 (e)(k)(l)(n) 
          

 

 

 

Total Industrials

             1,630,929  
          

 

 

 
INFORMATION TECHNOLOGY - 0.8%           

IT Services - 0.4%

          

Redstone Holdco 2 LP, First Lien Initial Term Loan

           4/27/28        800,000        666,128 (m) 
          

 

 

 

Software - 0.4%

          

DCert Buyer Inc., First Lien Initial Term Loan

           10/16/26        700,000        695,825 (m) 
          

 

 

 

Total Information Technology

             1,361,953  
          

 

 

 

Total Senior Loans (Cost - $7,346,917)

             7,288,579  
          

 

 

 
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 2.8%

 

       

U.S. Government Obligations - 2.8%

          

U.S. Treasury Notes

     4.125     1/31/25        1,730,000        1,715,074  

U.S. Treasury Notes

     2.750     5/31/29        2,150,000        1,997,526  

U.S. Treasury Notes

     3.500     2/15/33        1,000,000        943,477  
          

 

 

 

Total U.S. Government & Agency Obligations (Cost - $4,673,367)

 

        4,656,077  
          

 

 

 
CONVERTIBLE BONDS & NOTES - 1.7%           
COMMUNICATION SERVICES - 1.7%           

Media - 1.7%

          

DISH Network Corp., Senior Notes

     2.375     3/15/24        1,220,000        1,204,811  

DISH Network Corp., Senior Notes

     3.375     8/15/26        2,900,000        1,729,125  
          

 

 

 

Total Convertible Bonds & Notes (Cost - $3,165,495)

 

        2,933,936  
          

 

 

 

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

15


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024

(Percentages shown based on Fund net assets)

  

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

COLLATERALIZED MORTGAGE OBLIGATIONS (0) -1.6%

          

Citigroup Commercial Mortgage Trust, 2015-GC29 D

     3.110     4/10/48        320,000      $ 269,827 (a) 

Citigroup Commercial Mortgage Trust, 2015-P1 D

     3.225     9/15/48        540,000        464,011 (a)  

CSAIL Commercial Mortgage Trust, 2015-C3 C

     4.350     8/15/48        519,000        435,659 (e)  

GS Mortgage Securities Corp., 2024-70P E

     8.666     3/10/41        330,000        332,422 (a)(e)  

Morgan Stanley Capital Trust, 2015-UBS8 C

     4.559     12/15/48        510,000        434,113 (e)  

Morgan Stanley Capital Trust, 2016- BNK2 B

     3.485     11/15/49        530,000        430,868  

UBS Commercial Mortgage Trust, 2018- C15 C

     5.140     12/15/51        345,000        306,998 (e)  
          

 

 

 

Total Collateralized Mortgage Obligations (Cost - $2,499,256)

 

        2,673,898  
          

 

 

 
           EXPIRATION
DATE
     WARRANTS         
WARRANTS - 0.0%††           
INDUSTRIALS - 0.0%††           

Passenger Airlines - 0.0%††

          

flyExclusive Inc. (Cost - $12,086)

       5/28/28        12,623        5,112
       

 

 

    

 

 

 
                  Shares         
COMMON STOCKS - 0.0%††           
ENERGY - 0.0%††           

Energy Equipment & Services - 0.0%††

          

KCAD Holdings I Ltd. (Cost - $637,539)

          77,972,021        0 *(f)(n)(p)  
       

 

 

    

 

 

 

Total Investments before Short-Term Investments (Cost - $223,049,137)

 

     234,614,867  
       

 

 

    

 

 

 
     RATE     MATURITY
DATE
     FACE
AMOUNT†
        
SHORT-TERM INVESTMENTS - 4.5%           
U.S. TREASURY BILLS - 3.9%           

U.S. Treasury Bills

     4.377     3/5/24        4,000,000        3,997,660 (q)  

U.S. Treasury Bills

     5.042     3/12/24        2,500,000        2,495,971 (q)  
          

 

 

 

Total U.S. Treasury Bills (Cost - $6,493,635)

 

          6,493,631  
          

 

 

 

 

See Notes to Schedule of Investments.

 

 

 

16

 

 Western Asset Global High Income Fund Inc. 2024 Quarterly Report

 


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024
(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 - $1,098,877)

   5.272%    1,098,877    $ 1,098,877 (r)(s) 
        

 

 

 

Total Short-Term Investments (Cost - $7,592,512)

        7,592,508  
        

 

 

 

Total Investments - 144.7% (Cost - $230,641,649)

        242,207,375  
        

 

 

 

Liabilities in Excess of Other Assets - (44.7)%

        (74,838,759
        

 

 

 

Total Net Assets - 100.0%

         $ 167,368,616  
        

 

 

 

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

17


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024

 

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)

All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements.

 

(d)

Security has no maturity date. The date shown represents the next call date.

 

(e)

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.

 

(f)

Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).

 

(g)

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

 

(h)

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.

 

(i)

The coupon payment on this security is currently in default as of February 29, 2024.

 

(j)

The maturity principal is currently in default as of February 29, 2024.

 

(k)

Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

 

(l)

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.

 

(m)

All or a portion of this loan has not settled as of February 29, 2024. Interest rates are not effective until settlement date. Interest rates shown, if any, are for the settled portion of the loan.

 

(n)

Security is valued using significant unobservable inputs (Note 1).

 

(o)

Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.

 

(p)

Value is less than $1.

 

(q)

Rate shown represents yield-to-maturity.

 

(r)

Rate shown is one-day yield as of the end of the reporting period.

 

(s)

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 February 29, 2024, the total market value of investments in Affiliated Companies was $1,098,877 and the cost was $1,098,877 (Note 2).

 

See Notes to Schedule of Investments.

 

 

 

18

 

 Western Asset Global High Income Fund Inc. 2024 Quarterly Report

 


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024

 

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
PIK       Payment-In-Kind
SOFR       Secured Overnight Financing Rate
USD       United States Dollar

 

At February 29, 2024, 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.

     5.700     2/6/2024        3/12/2024     $ 3,021,181        Corporate Bonds & Notes      $ 3,172,084  

Goldman Sachs Group Inc.

     5.850     10/20/2023        TBD ***      1,132,651        Corporate Bonds & Notes        1,550,827  

Goldman Sachs Group Inc.

     6.000     12/14/2023        TBD ***      793,087        Corporate Bonds & Notes        1,133,781  
         

 

 

       

 

 

 
          $ 4,946,919         $ 5,856,692  
         

 

 

       

 

 

 

 

*

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 February 29, 2024.

At February 29, 2024, the Fund had the following open forward foreign currency contracts:

 

Currency
Purchased
     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 
EUR      135,493        USD        147,694      Citibank N.A.      4/19/24      $ (947
USD      7,184,728        EUR        6,519,829      Citibank N.A.      4/19/24        123,363  
USD      2,931,603        GBP        2,299,188      Citibank N.A.      4/19/24        28,452  
CAD      28,985        USD        21,649      Morgan Stanley & Co. Inc.      4/19/24        (275
                 

 

 

 

Net unrealized appreciation on open forward foreign currency contracts

     $ 150,593  
                 

 

 

 

 

See Notes to Schedule of Investments.

 

 

Western Asset Global High Income Fund Inc. 2024 Quarterly Report 

 

 

 

19


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of Investments (unaudited) (cont’d)    February 29, 2024

 

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.

 

 

 

20

 

 Western Asset Global High Income Fund Inc. 2024 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.

 

  Western Asset Global High Income Fund Inc. 2024 Quarterly Report   

 

 

21


Notes to Schedule of Investments (unaudited) (cont’d)

 

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 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.

 

 

 

22

   Western Asset Global High Income Fund Inc. 2024 Quarterly Report  


Notes to Schedule of Investments (unaudited) (cont’d)

 

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

     —       $ 182,932,363        —      $ 182,932,363  

Sovereign Bonds

     —         34,124,902        —        34,124,902  

Senior Loans:

          

Industrials

     —         180,023      $ 1,450,906       1,630,929  

Other Senior Loans

     —         5,657,650        —        5,657,650  

U.S. Government & Agency Obligations

     —         4,656,077        —        4,656,077  

Convertible Bonds & Notes

     —         2,933,936        —        2,933,936  

Collateralized Mortgage Obligations

     —         2,673,898        —        2,673,898  

Warrants

   $ 5,112        —         —        5,112  

Common Stocks

     —         —         0     0
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Long-Term Investments

     5,112        233,158,849        1,450,906       234,614,867  
  

 

 

    

 

 

    

 

 

   

 

 

 

Short-Term Investments†:

          

U.S. Treasury Bills

     —         6,493,631        —        6,493,631  

Money Market Funds

     1,098,877        —         —        1,098,877  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Short-Term Investments

     1,098,877        6,493,631        —        7,592,508  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Investments

   $ 1,103,989      $ 239,652,480      $ 1,450,906     $ 242,207,375  
  

 

 

    

 

 

    

 

 

   

 

 

 

Other Financial Instruments:

          

Forward Foreign Currency Contracts††

     —       $ 151,815        —      $ 151,815  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,103,989      $ 239,804,295      $ 1,450,906     $ 242,359,190  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

  Western Asset Global High Income Fund Inc. 2024 Quarterly Report   

 

 

23


Notes to Schedule of Investments (unaudited) (cont’d)

 

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††

   —     $ 1,222        —       $ 1,222  

 

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 February 29, 2024. The following transactions were effected in such company for the period ended February 29, 2024.

 

     AFFILIATE
VALUE AT
MAY 31,
2023
     PURCHASED      SOLD  
     COST      SHARES      PROCEEDS      SHARES  

Western Asset Premier Institutional Government Reserves, Premium Shares

   $ 263,193      $ 55,437,631        55,437,631      $ 54,601,947        54,601,947  

(CONT’D)

   REALIZED
GAIN (LOSS)
     DIVIDEND
INCOME
     NET INCREASE
(DECREASE) IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
     AFFILIATE
VALUE AT
FEBRUARY 29,
2024
 

Western Asset Premier Institutional Government Reserves, Premium Shares

     —       $ 70,835     

 

— 

 

   $ 1,098,877  

 

 

 

24

  Western Asset Global High Income Fund Inc. 2024 Quarterly Report