WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
CORPORATE BONDS & NOTES - 97.4% | ||||||||||||||||
COMMUNICATION SERVICES - 14.0% | ||||||||||||||||
Diversified Telecommunication Services - 3.5% | ||||||||||||||||
Altice France Holding SA, Senior Secured Notes | 10.500 | % | 5/15/27 | 1,690,000 | $ | 1,940,331 | (a) | |||||||||
Altice France SA, Senior Secured Notes | 7.375 | % | 5/1/26 | 7,650,000 | 8,129,655 | (a) | ||||||||||
Altice France SA, Senior Secured Notes | 8.125 | % | 2/1/27 | 2,000,000 | 2,232,290 | (a) | ||||||||||
British Telecommunications PLC, Senior Notes | 9.625 | % | 12/15/30 | 60,000 | 97,867 | |||||||||||
Cogent Communications Group Inc., Senior Secured Notes | 5.375 | % | 3/1/22 | 820,000 | 847,482 | (a) | ||||||||||
Intelsat Jackson Holdings SA, Senior Secured Notes | 8.000 | % | 2/15/24 | 740,000 | 756,029 | (a) | ||||||||||
Telecom Italia Capital SA, Senior Notes | 6.000 | % | 9/30/34 | 780,000 | 949,966 | |||||||||||
Telecom Italia SpA, Senior Notes | 5.303 | % | 5/30/24 | 450,000 | 497,468 | (a) | ||||||||||
Turk Telekomunikasyon AS, Senior Notes | 6.875 | % | 2/28/25 | 500,000 | 521,791 | (a) | ||||||||||
Windstream Services LLC/ Windstream Finance Corp., Secured Notes | 10.500 | % | 6/30/24 | 3,160,000 | 63,200 | *(a)(b) | ||||||||||
Windstream Services LLC/ Windstream Finance Corp., Secured Notes | 9.000 | % | 6/30/25 | 890,000 | 53,400 | *(a)(b) | ||||||||||
|
| |||||||||||||||
Total Diversified Telecommunication Services | 16,089,479 | |||||||||||||||
|
| |||||||||||||||
Entertainment - 0.6% | ||||||||||||||||
Netflix Inc., Senior Notes | 5.875 | % | 11/15/28 | 1,040,000 | 1,275,856 | |||||||||||
Netflix Inc., Senior Notes | 6.375 | % | 5/15/29 | 1,250,000 | 1,579,688 | |||||||||||
|
| |||||||||||||||
Total Entertainment | 2,855,544 | |||||||||||||||
|
| |||||||||||||||
Interactive Media & Services - 0.0%†† | ||||||||||||||||
Match Group Holdings II LLC, Senior Notes | 5.000 | % | 12/15/27 | 70,000 | 74,887 | (a) | ||||||||||
|
| |||||||||||||||
Media - 6.4% | ||||||||||||||||
Cable Onda SA, Senior Notes | 4.500 | % | 1/30/30 | 1,480,000 | 1,591,466 | (a) | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | 5.125 | % | 5/1/27 | 3,140,000 | 3,348,355 | (a) | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | 5.000 | % | 2/1/28 | 5,300,000 | 5,610,050 | (a) | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | 4.500 | % | 5/1/32 | 520,000 | 551,793 | (a) |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
1 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Media - (continued) | ||||||||||||||||
DISH DBS Corp., Senior Notes | 5.875 | % | 11/15/24 | 2,996,000 | $ | 3,171,079 | ||||||||||
DISH DBS Corp., Senior Notes | 7.750 | % | 7/1/26 | 9,167,000 | 10,507,811 | |||||||||||
Univision Communications Inc., Senior Secured Notes | 9.500 | % | 5/1/25 | 1,710,000 | 1,881,000 | (a) | ||||||||||
UPC Holding BV, Senior Secured Notes | 5.500 | % | 1/15/28 | 995,000 | 1,040,924 | (a) | ||||||||||
Virgin Media Secured Finance PLC, Senior Secured Notes | 5.500 | % | 8/15/26 | 1,350,000 | 1,425,937 | (a) | ||||||||||
|
| |||||||||||||||
Total Media | 29,128,415 | |||||||||||||||
|
| |||||||||||||||
Wireless Telecommunication Services - 3.5% |
| |||||||||||||||
CSC Holdings LLC, Senior Notes | 5.375 | % | 2/1/28 | 500,000 | 534,690 | (a) | ||||||||||
CSC Holdings LLC, Senior Notes | 6.500 | % | 2/1/29 | 1,460,000 | 1,645,238 | (a) | ||||||||||
Sprint Capital Corp., Senior Notes | 6.875 | % | 11/15/28 | 560,000 | 716,450 | |||||||||||
Sprint Capital Corp., Senior Notes | 8.750 | % | 3/15/32 | 1,160,000 | 1,753,267 | |||||||||||
Sprint Communications Inc., Senior Notes | 11.500 | % | 11/15/21 | 3,455,000 | 3,848,006 | |||||||||||
Sprint Corp., Senior Notes | 7.250 | % | 9/15/21 | 1,440,000 | 1,521,144 | |||||||||||
Sprint Corp., Senior Notes | 7.875 | % | 9/15/23 | 2,960,000 | 3,446,550 | |||||||||||
VEON Holdings BV, Senior Notes | 7.504 | % | 3/1/22 | 1,050,000 | 1,136,452 | (c) | ||||||||||
VEON Holdings BV, Senior Notes | 7.504 | % | 3/1/22 | 450,000 | 487,051 | (a) | ||||||||||
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, Senior Notes | 7.748 | % | 2/2/21 | 820,000 | 844,003 | (a) | ||||||||||
|
| |||||||||||||||
Total Wireless Telecommunication Services |
| 15,932,851 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMUNICATION SERVICES | 64,081,176 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DISCRETIONARY - 14.0% | ||||||||||||||||
Auto Components - 2.2% | ||||||||||||||||
Adient Global Holdings Ltd., Senior Notes | 4.875 | % | 8/15/26 | 3,830,000 | 3,597,806 | (a) | ||||||||||
Adient US LLC, Senior Secured Notes | 9.000 | % | 4/15/25 | 1,020,000 | 1,134,113 | (a) | ||||||||||
American Axle & Manufacturing Inc., Senior Notes | 6.500 | % | 4/1/27 | 2,190,000 | 2,254,331 | |||||||||||
JB Poindexter & Co. Inc., Senior Notes | 7.125 | % | 4/15/26 | 2,770,000 | 2,954,039 | (a) | ||||||||||
|
| |||||||||||||||
Total Auto Components | 9,940,289 | |||||||||||||||
|
| |||||||||||||||
Automobiles - 1.2% | ||||||||||||||||
Ford Motor Co., Senior Notes | 8.500 | % | 4/21/23 | 1,190,000 | 1,317,330 | |||||||||||
Ford Motor Co., Senior Notes | 9.000 | % | 4/22/25 | 1,780,000 | 2,085,359 |
See Notes to Schedule of Investments.
2 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Automobiles - (continued) | ||||||||||||||||
Ford Motor Credit Co. LLC, Senior Notes | 3.200 | % | 1/15/21 | 460,000 | $ | 461,150 | ||||||||||
Ford Motor Credit Co. LLC, Senior Notes | 4.250 | % | 9/20/22 | 200,000 | 203,478 | |||||||||||
Ford Motor Credit Co. LLC, Senior Notes | 4.125 | % | 8/17/27 | 1,100,000 | 1,099,104 | |||||||||||
General Motors Co., Senior Notes | 6.125 | % | 10/1/25 | 350,000 | 411,250 | |||||||||||
|
| |||||||||||||||
Total Automobiles | 5,577,671 | |||||||||||||||
|
| |||||||||||||||
Diversified Consumer Services - 1.8% | ||||||||||||||||
Carriage Services Inc., Senior Notes | 6.625 | % | 6/1/26 | 2,140,000 | 2,270,669 | (a) | ||||||||||
Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes | 6.250 | % | 1/15/28 | 1,530,000 | 1,608,657 | (a) | ||||||||||
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes | 5.750 | % | 4/15/26 | 2,450,000 | 2,712,141 | (a) | ||||||||||
Service Corp. International, Senior Notes | 7.500 | % | 4/1/27 | 770,000 | 911,341 | |||||||||||
Weight Watchers International Inc., Senior Notes | 8.625 | % | 12/1/25 | 510,000 | 538,369 | (a) | ||||||||||
|
| |||||||||||||||
Total Diversified Consumer Services | 8,041,177 | |||||||||||||||
|
| |||||||||||||||
Hotels, Restaurants & Leisure - 5.3% | ||||||||||||||||
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes | 4.250 | % | 5/15/24 | 1,630,000 | 1,662,192 | (a) | ||||||||||
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes | 5.750 | % | 4/15/25 | 680,000 | 726,968 | (a) | ||||||||||
Colt Merger Sub Inc., Senior Secured Notes | 5.750 | % | 7/1/25 | 980,000 | 1,027,775 | (a) | ||||||||||
Hilton Domestic Operating Co. Inc., Senior Notes | 5.750 | % | 5/1/28 | 880,000 | 930,600 | (a) | ||||||||||
IRB Holding Corp., Senior Secured Notes | 7.000 | % | 6/15/25 | 1,160,000 | 1,240,359 | (a) | ||||||||||
Melco Resorts Finance Ltd., Senior Notes | 5.375 | % | 12/4/29 | 880,000 | 906,400 | (a) | ||||||||||
NCL Corp. Ltd., Senior Secured Notes | 12.250 | % | 5/15/24 | 2,480,000 | 2,766,750 | (a) | ||||||||||
NCL Corp. Ltd., Senior Secured Notes | 10.250 | % | 2/1/26 | 2,280,000 | 2,299,950 | (a) | ||||||||||
Saga PLC, Senior Notes | 3.375 | % | 5/12/24 | 1,400,000 | GBP | 1,524,030 | (c) | |||||||||
Silversea Cruise Finance Ltd., Senior Secured Notes | 7.250 | % | 2/1/25 | 1,335,000 | 1,344,345 | (a) |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
3 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Hotels, Restaurants & Leisure - (continued) | ||||||||||||||||
Viking Cruises Ltd., Senior Notes | 5.875 | % | 9/15/27 | 2,100,000 | $ | 1,494,937 | (a) | |||||||||
VOC Escrow Ltd., Senior Secured Notes | 5.000 | % | 2/15/28 | 1,680,000 | 1,398,289 | (a) | ||||||||||
Wyndham Hotels & Resorts Inc., Senior Notes | 4.375 | % | 8/15/28 | 1,050,000 | 1,060,054 | (a) | ||||||||||
Wynn Macau Ltd., Senior Notes | 5.625 | % | 8/26/28 | 1,770,000 | 1,783,363 | (a) | ||||||||||
Wynn Macau Ltd., Senior Notes | 5.125 | % | 12/15/29 | 720,000 | 708,678 | (a) | ||||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | 7.750 | % | 4/15/25 | 2,710,000 | 2,848,793 | (a) | ||||||||||
Yum! Brands Inc., Senior Notes | 7.750 | % | 4/1/25 | 620,000 | 692,850 | (a) | ||||||||||
|
| |||||||||||||||
Total Hotels, Restaurants & Leisure | 24,416,333 | |||||||||||||||
|
| |||||||||||||||
Household Durables - 0.3% | ||||||||||||||||
Newell Brands Inc., Senior Notes | 4.875 | % | 6/1/25 | 1,140,000 | 1,236,638 | |||||||||||
|
| |||||||||||||||
Specialty Retail - 2.7% | ||||||||||||||||
L Brands Inc., Senior Secured Notes | 6.875 | % | 7/1/25 | 920,000 | 996,811 | (a) | ||||||||||
Maxeda DIY Holding BV, Senior Secured Notes | 6.125 | % | 7/15/22 | 1,917,000 | EUR | 2,209,163 | (c) | |||||||||
Michaels Stores Inc., Senior Notes | 8.000 | % | 7/15/27 | 1,270,000 | 1,284,846 | (a) | ||||||||||
Party City Holdings Inc., Senior Secured Notes (6 mo. USD LIBOR + 5.000%) | 5.750 | % | 7/15/25 | 524,536 | 334,392 | (a)(d) | ||||||||||
PetSmart Inc., Senior Secured Notes | 5.875 | % | 6/1/25 | 4,520,000 | 4,661,250 | (a) | ||||||||||
Sally Holdings LLC/Sally Capital Inc., Senior Notes | 5.500 | % | 11/1/23 | 1,240,000 | 1,255,965 | |||||||||||
Sally Holdings LLC/Sally Capital Inc., Senior Notes | 5.625 | % | 12/1/25 | 1,820,000 | 1,850,530 | |||||||||||
|
| |||||||||||||||
Total Specialty Retail | 12,592,957 | |||||||||||||||
|
| |||||||||||||||
Textiles, Apparel & Luxury Goods - 0.5% | ||||||||||||||||
CBR Fashion Finance BV, Senior Secured Notes | 5.125 | % | 10/1/22 | 750,000 | EUR | 843,216 | (c) | |||||||||
Hanesbrands Inc., Senior Notes | 4.875 | % | 5/15/26 | 1,350,000 | 1,472,317 | (a) | ||||||||||
|
| |||||||||||||||
Total Textiles, Apparel & Luxury Goods | 2,315,533 | |||||||||||||||
|
| |||||||||||||||
TOTAL CONSUMER DISCRETIONARY | 64,120,598 | |||||||||||||||
|
| |||||||||||||||
CONSUMER STAPLES - 2.5% | ||||||||||||||||
Food Products - 1.7% | ||||||||||||||||
Kraft Heinz Foods Co., Senior Notes | 3.875 | % | 5/15/27 | 2,090,000 | 2,239,733 | (a) | ||||||||||
Kraft Heinz Foods Co., Senior Notes | 4.250 | % | 3/1/31 | 310,000 | 343,561 | (a) | ||||||||||
Kraft Heinz Foods Co., Senior Notes | 4.375 | % | 6/1/46 | 740,000 | 760,278 | |||||||||||
Kraft Heinz Foods Co., Senior Notes | 5.500 | % | 6/1/50 | 920,000 | 1,092,350 | (a) |
See Notes to Schedule of Investments.
4 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Food Products - (continued) | ||||||||||||||||
Pilgrim’s Pride Corp., Senior Notes | 5.750 | % | 3/15/25 | 305,000 | $ | 313,769 | (a) | |||||||||
Pilgrim’s Pride Corp., Senior Notes | 5.875 | % | 9/30/27 | 2,970,000 | 3,159,337 | (a) | ||||||||||
|
| |||||||||||||||
Total Food Products | 7,909,028 | |||||||||||||||
|
| |||||||||||||||
Household Products - 0.5% | ||||||||||||||||
Central Garden & Pet Co., Senior Notes | 6.125 | % | 11/15/23 | 280,000 | 286,971 | |||||||||||
Energizer Holdings Inc., Senior Notes | 6.375 | % | 7/15/26 | 530,000 | 563,130 | (a) | ||||||||||
Spectrum Brands Inc., Senior Notes | 6.125 | % | 12/15/24 | 380,000 | 392,785 | |||||||||||
Spectrum Brands Inc., Senior Notes | 5.750 | % | 7/15/25 | 840,000 | 869,400 | |||||||||||
|
| |||||||||||||||
Total Household Products | 2,112,286 | |||||||||||||||
|
| |||||||||||||||
Tobacco - 0.3% | ||||||||||||||||
Altria Group Inc., Senior Notes | 5.950 | % | 2/14/49 | 1,110,000 | 1,511,342 | |||||||||||
|
| |||||||||||||||
TOTAL CONSUMER STAPLES | 11,532,656 | |||||||||||||||
|
| |||||||||||||||
ENERGY - 21.5% | ||||||||||||||||
Oil, Gas & Consumable Fuels - 21.5% | ||||||||||||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp., Senior Notes | 5.250 | % | 1/15/25 | 1,400,000 | 1,313,984 | |||||||||||
Apache Corp., Senior Notes | 5.100 | % | 9/1/40 | 1,400,000 | 1,360,667 | |||||||||||
Berry Petroleum Co. LLC, Senior Notes | 7.000 | % | 2/15/26 | 365,000 | 300,599 | (a) | ||||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | 6.125 | % | 11/15/22 | 1,480,000 | 1,475,893 | (a) | ||||||||||
Continental Resources Inc., Senior Notes | 3.800 | % | 6/1/24 | 1,040,000 | 1,027,073 | |||||||||||
Continental Resources Inc., Senior Notes | 4.375 | % | 1/15/28 | 790,000 | 753,889 | |||||||||||
Continental Resources Inc., Senior Notes | 4.900 | % | 6/1/44 | 300,000 | 266,351 | |||||||||||
Diamondback Energy Inc., Senior Notes | 3.500 | % | 12/1/29 | 730,000 | 744,711 | |||||||||||
Ecopetrol SA, Senior Notes | 5.875 | % | 9/18/23 | 262,000 | 291,475 | |||||||||||
Ecopetrol SA, Senior Notes | 5.875 | % | 5/28/45 | 1,820,000 | 2,068,749 | |||||||||||
El Paso Natural Gas Co. LLC, Senior Notes | 8.375 | % | 6/15/32 | 70,000 | 96,726 | |||||||||||
Endeavor Energy Resources LP/EER Finance Inc., Senior Notes | 6.625 | % | 7/15/25 | 490,000 | 511,104 | (a) | ||||||||||
EQM Midstream Partners LP, Senior Notes | 6.000 | % | 7/1/25 | 680,000 | 722,500 | (a) |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
5 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Oil, Gas & Consumable Fuels - (continued) | ||||||||||||||||
EQM Midstream Partners LP, Senior Notes | 6.500 | % | 7/1/27 | 610,000 | $ | 668,813 | (a) | |||||||||
EQT Corp., Senior Notes | 3.900 | % | 10/1/27 | 1,380,000 | 1,338,158 | |||||||||||
EQT Corp., Senior Notes | 8.750 | % | 2/1/30 | 880,000 | 1,054,900 | |||||||||||
Gazprom PJSC Via Gaz Capital SA, Senior Notes | 6.510 | % | 3/7/22 | 1,920,000 | 2,062,719 | (a) | ||||||||||
KazMunayGas National Co. JSC, Senior Notes | 4.750 | % | 4/19/27 | 2,000,000 | 2,262,412 | (a) | ||||||||||
Kinder Morgan Inc., Senior Notes | 7.750 | % | 1/15/32 | 1,390,000 | 1,997,695 | |||||||||||
Lukoil International Finance BV, Senior Notes | 6.656 | % | 6/7/22 | 496,000 | 540,030 | (c) | ||||||||||
Lukoil International Finance BV, Senior Notes | 4.750 | % | 11/2/26 | 3,040,000 | 3,412,251 | (a) | ||||||||||
MEG Energy Corp., Secured Notes | 6.500 | % | 1/15/25 | 200,000 | 204,156 | (a) | ||||||||||
MEG Energy Corp., Senior Notes | 7.000 | % | 3/31/24 | 1,836,000 | 1,827,013 | (a) | ||||||||||
Montage Resources Corp., Senior Notes | 8.875 | % | 7/15/23 | 2,830,000 | 2,902,490 | |||||||||||
NGPL PipeCo LLC, Senior Notes | 7.768 | % | 12/15/37 | 1,430,000 | 1,746,304 | (a) | ||||||||||
Oasis Petroleum Inc., Senior Notes | 6.500 | % | 11/1/21 | 1,930,000 | 376,350 | |||||||||||
Oasis Petroleum Inc., Senior Notes | 6.875 | % | 3/15/22 | 70,000 | 13,825 | |||||||||||
Oasis Petroleum Inc., Senior Notes | 6.875 | % | 1/15/23 | 3,610,000 | 703,950 | |||||||||||
Occidental Petroleum Corp., Senior Notes | 6.950 | % | 7/1/24 | 1,190,000 | 1,234,625 | |||||||||||
Occidental Petroleum Corp., Senior Notes | 2.900 | % | 8/15/24 | 710,000 | 654,528 | |||||||||||
Occidental Petroleum Corp., Senior Notes | 5.550 | % | 3/15/26 | 450,000 | 443,889 | |||||||||||
Occidental Petroleum Corp., Senior Notes | 6.200 | % | 3/15/40 | 310,000 | 295,275 | |||||||||||
Pertamina Persero PT, Senior Notes | 5.250 | % | 5/23/21 | 1,610,000 | 1,662,969 | (a) | ||||||||||
Petrobras Global Finance BV, Senior Notes | 4.375 | % | 5/20/23 | 1,632,000 | 1,710,744 | |||||||||||
Petrobras Global Finance BV, Senior Notes | 5.999 | % | 1/27/28 | 2,760,000 | 3,065,670 | |||||||||||
Petrobras Global Finance BV, Senior Notes | 5.750 | % | 2/1/29 | 5,760,000 | 6,338,880 | |||||||||||
Petrobras Global Finance BV, Senior Notes | 6.875 | % | 1/20/40 | 2,190,000 | 2,485,223 | |||||||||||
Petrobras Global Finance BV, Senior Notes | 6.750 | % | 1/27/41 | 3,910,000 | 4,391,145 |
See Notes to Schedule of Investments.
6 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Oil, Gas & Consumable Fuels - (continued) | ||||||||||||||||
Petroleos Mexicanos, Senior Notes | 6.875 | % | 8/4/26 | 1,000,000 | $ | 1,022,345 | ||||||||||
Petroleos Mexicanos, Senior Notes | 6.375 | % | 1/23/45 | 4,882,000 | 4,018,496 | |||||||||||
Range Resources Corp., Senior Notes | 5.000 | % | 3/15/23 | 1,100,000 | 1,097,916 | |||||||||||
Range Resources Corp., Senior Notes | 4.875 | % | 5/15/25 | 770,000 | 720,354 | |||||||||||
Range Resources Corp., Senior Notes | 9.250 | % | 2/1/26 | 6,250,000 | 6,592,000 | (a) | ||||||||||
Rockies Express Pipeline LLC, Senior Notes | 7.500 | % | 7/15/38 | 1,020,000 | 1,086,300 | (a) | ||||||||||
Rockies Express Pipeline LLC, Senior Notes | 6.875 | % | 4/15/40 | 1,070,000 | 1,107,450 | (a) | ||||||||||
Sabine Pass Liquefaction LLC, Senior Secured Notes | 5.000 | % | 3/15/27 | 290,000 | 330,115 | |||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | 6.750 | % | 3/15/24 | 2,000,000 | 2,042,830 | |||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | 6.500 | % | 7/15/27 | 1,220,000 | 1,320,650 | |||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | 6.875 | % | 1/15/29 | 560,000 | 620,550 | |||||||||||
Transcontinental Gas Pipe Line Co. LLC, Senior Notes | 7.850 | % | 2/1/26 | 1,500,000 | 1,963,518 | |||||||||||
Transportadora de Gas del Peru SA, Senior Notes | 4.250 | % | 4/30/28 | 500,000 | 558,505 | (a) | ||||||||||
Transportadora de Gas del Sur SA, Senior Notes | 6.750 | % | 5/2/25 | 1,930,000 | 1,667,645 | (a) | ||||||||||
Western Midstream Operating LP, Senior Notes | 5.050 | % | 2/1/30 | 340,000 | 348,529 | |||||||||||
Western Midstream Operating LP, Senior Notes | 5.450 | % | 4/1/44 | 2,000,000 | 1,854,380 | |||||||||||
Western Midstream Operating LP, Senior Notes | 5.300 | % | 3/1/48 | 500,000 | 448,915 | |||||||||||
Western Midstream Operating LP, Senior Notes | 6.250 | % | 2/1/50 | 6,715,000 | 6,736,555 | |||||||||||
Williams Cos. Inc., Senior Notes | 3.700 | % | 1/15/23 | 500,000 | 531,128 | |||||||||||
Williams Cos. Inc., Senior Notes | 4.550 | % | 6/24/24 | 680,000 | 764,329 | |||||||||||
Williams Cos. Inc., Senior Notes | 7.500 | % | 1/15/31 | 340,000 | 448,434 | |||||||||||
Williams Cos. Inc., Senior Notes | 8.750 | % | 3/15/32 | 486,000 | 702,151 |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
7 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Oil, Gas & Consumable Fuels - (continued) | ||||||||||||||||
Williams Cos. Inc., Senior Notes | 5.750 | % | 6/24/44 | 1,510,000 | $ | 1,820,829 | ||||||||||
WPX Energy Inc., Senior Notes | 8.250 | % | 8/1/23 | 180,000 | 202,958 | |||||||||||
YPF SA, Senior Notes | 8.500 | % | 7/28/25 | 7,140,000 | 5,778,045 | (a) | ||||||||||
|
| |||||||||||||||
TOTAL ENERGY | 98,112,662 | |||||||||||||||
|
| |||||||||||||||
FINANCIALS - 16.5% | ||||||||||||||||
Banks - 12.7% | ||||||||||||||||
Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes | 4.875 | % | 4/21/25 | 540,000 | 566,274 | (a) | ||||||||||
Bank of America Corp., Junior Subordinated Notes (6.500% to 10/23/24 then 3 mo. USD LIBOR + 4.174%) | 6.500 | % | 10/23/24 | 1,200,000 | 1,356,198 | (d)(e) | ||||||||||
Bank of America Corp., Subordinated Notes | 4.250 | % | 10/22/26 | 1,000,000 | 1,159,327 | |||||||||||
Barclays Bank PLC, Subordinated Notes | 10.179 | % | 6/12/21 | 2,520,000 | 2,692,117 | (a) | ||||||||||
Barclays Bank PLC, Subordinated Notes | 7.625 | % | 11/21/22 | 3,430,000 | 3,815,187 | |||||||||||
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 | 1,620,000 | 1,773,026 | (d)(e) | ||||||||||
Barclays PLC, Subordinated Notes | 5.200 | % | 5/12/26 | 500,000 | 570,605 | |||||||||||
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + 3.054%) | 5.088 | % | 6/20/30 | 1,200,000 | 1,395,873 | (d) | ||||||||||
BBVA Banco Continental SA, Subordinated Notes (5.250% to 9/22/24 then 5 year Treasury Constant Maturity Rate + 2.750%) | 5.250 | % | 9/22/29 | 240,000 | 263,054 | (a)(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 | 4,590,000 | 4,426,481 | (a)(d) | ||||||||||
BNP Paribas SA, Junior Subordinated Notes (7.375% to 8/19/25 then USD 5 year ICE Swap Rate + 5.150%) | 7.375 | % | 8/19/25 | 1,360,000 | 1,550,529 | (a)(d)(e) | ||||||||||
CIT Group Inc., Senior Notes | 5.000 | % | 8/15/22 | 470,000 | 492,414 |
See Notes to Schedule of Investments.
8 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Banks - (continued) | ||||||||||||||||
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. USD LIBOR + 3.905%) | 5.950 | % | 5/15/25 | 2,040,000 | $ | 2,203,698 | (d)(e) | |||||||||
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%) | 6.300 | % | 5/15/24 | 3,180,000 | 3,408,483 | (d)(e) | ||||||||||
Citigroup Inc., Subordinated Notes | 4.125 | % | 7/25/28 | 500,000 | 575,142 | |||||||||||
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 | 2,569,050 | (a)(d)(e) | ||||||||||
HSBC Holdings PLC, Junior Subordinated Notes (6.000% to 5/22/27 then USD 5 year ICE Swap Rate + 3.746%) | 6.000 | % | 5/22/27 | 1,530,000 | 1,582,915 | (d)(e) | ||||||||||
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%) | 6.500 | % | 3/23/28 | 3,810,000 | 4,108,380 | (d)(e) | ||||||||||
Intesa Sanpaolo SpA, Subordinated Notes | 5.017 | % | 6/26/24 | 4,380,000 | 4,726,014 | (a) | ||||||||||
Intesa Sanpaolo SpA, Subordinated Notes | 5.710 | % | 1/15/26 | 4,250,000 | 4,728,024 | (a) | ||||||||||
JPMorgan Chase & Co., Junior Subordinated Notes (6.000% to 8/1/23 then 3 mo. USD LIBOR + 3.300%) | 6.000 | % | 8/1/23 | 1,630,000 | 1,720,076 | (d)(e) | ||||||||||
JPMorgan Chase & Co., Junior Subordinated Notes (6.100% to 10/1/24 then 3 mo. USD LIBOR + 3.330%) | 6.100 | % | 10/1/24 | 1,000,000 | 1,074,518 | (d)(e) | ||||||||||
Lloyds Banking Group PLC, Subordinated Notes | 4.650 | % | 3/24/26 | 840,000 | 955,123 | |||||||||||
Natwest Group PLC, Junior Subordinated Notes (7.648% to 9/30/31 then 3 mo. USD LIBOR + 2.500%) | 7.648 | % | 9/30/31 | 660,000 | 998,065 | (d)(e) | ||||||||||
Natwest Group PLC, Junior Subordinated Notes (8.625% to 8/15/21 then USD 5 year ICE Swap Rate + 7.598%) | 8.625 | % | 8/15/21 | 760,000 | 800,577 | (d)(e) |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
9 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Banks - (continued) | ||||||||||||||||
Natwest Group PLC, Subordinated Notes | 5.125 | % | 5/28/24 | 1,760,000 | $ | 1,951,300 | ||||||||||
NatWest Markets NV, Subordinated Notes | 7.750 | % | 5/15/23 | 490,000 | 556,728 | |||||||||||
Santander UK Group Holdings PLC, Junior Subordinated Notes (7.375% to 6/24/22 then GBP 5 year Swap Rate + 5.543%) | 7.375 | % | 6/24/22 | 1,240,000 | GBP | 1,760,770 | (c)(d)(e) | |||||||||
TC Ziraat Bankasi AS, Senior Notes | 5.125 | % | 9/29/23 | 1,890,000 | 1,779,696 | (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 | 2,170,000 | 2,538,507 | (a)(d) | ||||||||||
|
| |||||||||||||||
Total Banks | 58,098,151 | |||||||||||||||
|
| |||||||||||||||
Capital Markets - 1.6% | ||||||||||||||||
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then 5 year Treasury Constant Maturity Rate + 4.332%) | 7.250 | % | 9/12/25 | 1,770,000 | 1,950,354 | (a)(d)(e) | ||||||||||
Donnelley Financial Solutions Inc., Senior Notes | 8.250 | % | 10/15/24 | 1,330,000 | 1,388,048 | |||||||||||
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 | 3,890,000 | 4,218,491 | (a)(d)(e) | ||||||||||
|
| |||||||||||||||
Total Capital Markets | 7,556,893 | |||||||||||||||
|
| |||||||||||||||
Consumer Finance - 0.2% | ||||||||||||||||
Navient Corp., Senior Notes | 5.875 | % | 10/25/24 | 480,000 | 495,000 | |||||||||||
Navient Corp., Senior Notes | 6.750 | % | 6/15/26 | 410,000 | 427,169 | |||||||||||
|
| |||||||||||||||
Total Consumer Finance | 922,169 | |||||||||||||||
|
| |||||||||||||||
Diversified Financial Services - 2.0% | ||||||||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | 4.500 | % | 5/15/21 | 500,000 | 508,572 | |||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | 4.625 | % | 7/1/22 | 640,000 | 655,614 | |||||||||||
Banco Nacional de Comercio Exterior SNC, Senior Notes | 4.375 | % | 10/14/25 | 1,340,000 | 1,428,634 | (a) | ||||||||||
GE Capital International Funding Co. Unlimited Co., Senior Notes | 3.373 | % | 11/15/25 | 1,000,000 | 1,062,479 | |||||||||||
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK) | 6.500 | % | 9/15/24 | 3,520,000 | 2,059,200 | (a)(f) |
See Notes to Schedule of Investments.
10 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Diversified Financial Services - (continued) | ||||||||||||||||
International Lease Finance Corp., Senior Notes | 8.250 | % | 12/15/20 | 2,620,000 | $ | 2,671,063 | ||||||||||
International Lease Finance Corp., Senior Notes | 5.875 | % | 8/15/22 | 580,000 | 628,065 | |||||||||||
|
| |||||||||||||||
Total Diversified Financial Services | 9,013,627 | |||||||||||||||
|
| |||||||||||||||
TOTAL FINANCIALS | 75,590,840 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE - 7.3% | ||||||||||||||||
Health Care Providers & Services - 2.5% | ||||||||||||||||
Centene Corp., Senior Notes | 4.750 | % | 1/15/25 | 1,600,000 | 1,648,000 | |||||||||||
CHS/Community Health Systems Inc., Senior Secured Notes | 8.000 | % | 3/15/26 | 1,000,000 | 1,038,500 | (a) | ||||||||||
HCA Inc., Senior Notes | 5.625 | % | 9/1/28 | 1,690,000 | 2,012,942 | |||||||||||
HCA Inc., Senior Secured Notes | 4.125 | % | 6/15/29 | 1,000,000 | 1,153,433 | |||||||||||
LifePoint Health Inc., Senior Secured Notes | 6.750 | % | 4/15/25 | 900,000 | 972,000 | (a) | ||||||||||
Magellan Health Inc., Senior Notes | 4.900 | % | 9/22/24 | 3,020,000 | 3,151,808 | |||||||||||
Tenet Healthcare Corp., Senior Secured Notes | 7.500 | % | 4/1/25 | 750,000 | 824,186 | (a) | ||||||||||
Tenet Healthcare Corp., Senior Secured Notes | 4.625 | % | 6/15/28 | 590,000 | 613,494 | (a) | ||||||||||
|
| |||||||||||||||
Total Health Care Providers & Services |
| 11,414,363 | ||||||||||||||
|
| |||||||||||||||
Pharmaceuticals - 4.8% | ||||||||||||||||
Bausch Health Americas Inc., Senior Notes | 8.500 | % | 1/31/27 | 1,110,000 | 1,222,571 | (a) | ||||||||||
Bausch Health Cos. Inc., Senior Notes | 5.875 | % | 5/15/23 | 102,000 | 101,825 | (a) | ||||||||||
Bausch Health Cos. Inc., Senior Notes | 6.125 | % | 4/15/25 | 3,370,000 | 3,470,257 | (a) | ||||||||||
Bausch Health Cos. Inc., Senior Secured Notes | 7.000 | % | 3/15/24 | 700,000 | 727,300 | (a) | ||||||||||
Teva Pharmaceutical Finance Co. BV, Senior Notes | 2.950 | % | 12/18/22 | 2,440,000 | 2,372,229 | |||||||||||
Teva Pharmaceutical Finance IV BV, Senior Notes | 3.650 | % | 11/10/21 | 2,060,000 | 2,070,764 | |||||||||||
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | 2.200 | % | 7/21/21 | 2,730,000 | 2,730,887 | |||||||||||
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | 2.800 | % | 7/21/23 | 4,110,000 | 3,953,162 |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
11 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Pharmaceuticals - (continued) | ||||||||||||||||
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | 6.000 | % | 4/15/24 | 4,450,000 | $ | 4,682,846 | ||||||||||
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | 3.150 | % | 10/1/26 | 700,000 | 642,688 | |||||||||||
|
| |||||||||||||||
Total Pharmaceuticals | 21,974,529 | |||||||||||||||
|
| |||||||||||||||
TOTAL HEALTH CARE | 33,388,892 | |||||||||||||||
|
| |||||||||||||||
INDUSTRIALS - 8.0% | ||||||||||||||||
Aerospace & Defense - 0.6% | ||||||||||||||||
TransDigm Inc., Senior Secured Notes | 8.000 | % | 12/15/25 | 2,520,000 | 2,743,020 | (a) | ||||||||||
|
| |||||||||||||||
Airlines - 4.4% | ||||||||||||||||
Delta Air Lines Inc., Senior Notes | 3.400 | % | 4/19/21 | 310,000 | 310,770 | |||||||||||
Delta Air Lines Inc., Senior Notes | 3.625 | % | 3/15/22 | 2,470,000 | 2,456,457 | |||||||||||
Delta Air Lines Inc., Senior Notes | 3.800 | % | 4/19/23 | 3,410,000 | 3,278,258 | |||||||||||
Delta Air Lines Inc., Senior Notes | 2.900 | % | 10/28/24 | 840,000 | 771,817 | |||||||||||
Delta Air Lines Inc., Senior Notes | 7.375 | % | 1/15/26 | 690,000 | 718,987 | |||||||||||
Delta Air Lines Inc., Senior Secured Notes | 7.000 | % | 5/1/25 | 6,190,000 | 6,785,257 | (a) | ||||||||||
Delta Air Lines Pass-Through Certificates Trust | 8.021 | % | 8/10/22 | 121,422 | 114,129 | |||||||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes | 6.500 | % | 6/20/27 | 2,500,000 | 2,606,250 | (a) | ||||||||||
United Airlines Holdings Inc., Senior Notes | 4.250 | % | 10/1/22 | 2,530,000 | 2,344,209 | |||||||||||
United Airlines Holdings Inc., Senior Notes | 5.000 | % | 2/1/24 | 800,000 | 724,000 | |||||||||||
|
| |||||||||||||||
Total Airlines | 20,110,134 | |||||||||||||||
|
| |||||||||||||||
Building Products - 1.0% | ||||||||||||||||
Standard Industries Inc., Senior Notes | 5.000 | % | 2/15/27 | 2,440,000 | 2,554,912 | (a) | ||||||||||
Standard Industries Inc., Senior Notes | 4.750 | % | 1/15/28 | 1,820,000 | 1,920,100 | (a) | ||||||||||
|
| |||||||||||||||
Total Building Products | 4,475,012 | |||||||||||||||
|
| |||||||||||||||
Commercial Services & Supplies - 0.2% | ||||||||||||||||
GFL Environmental Inc., Senior Notes | 8.500 | % | 5/1/27 | 834,000 | 909,214 | (a) | ||||||||||
|
|
See Notes to Schedule of Investments.
12 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Industrial Conglomerates - 0.2% | ||||||||||||||||
Alfa SAB de CV, Senior Notes | 6.875 | % | 3/25/44 | 400,000 | $ | 466,918 | (a) | |||||||||
General Electric Co., Junior Subordinated Notes (5.000% to 1/21/21 then 3 mo. USD LIBOR + 3.330%) | 5.000 | % | 1/21/21 | 400,000 | 314,444 | (d)(e) | ||||||||||
|
| |||||||||||||||
Total Industrial Conglomerates | 781,362 | |||||||||||||||
|
| |||||||||||||||
Machinery - 0.5% | ||||||||||||||||
Allison Transmission Inc., Senior Notes | 4.750 | % | 10/1/27 | 1,434,000 | 1,503,635 | (a) | ||||||||||
Clark Equipment Co., Senior Secured Notes | 5.875 | % | 6/1/25 | 890,000 | 939,506 | (a) | ||||||||||
|
| |||||||||||||||
Total Machinery | 2,443,141 | |||||||||||||||
|
| |||||||||||||||
Trading Companies & Distributors - 1.1% | ||||||||||||||||
Ashtead Capital Inc., Secured Notes | 4.125 | % | 8/15/25 | 2,180,000 | 2,250,850 | (a) | ||||||||||
United Rentals North America Inc., Senior Notes | 5.500 | % | 5/15/27 | 500,000 | 536,488 | |||||||||||
United Rentals North America Inc., Senior Notes | 4.875 | % | 1/15/28 | 2,170,000 | 2,292,062 | |||||||||||
|
| |||||||||||||||
Total Trading Companies & Distributors |
| 5,079,400 | ||||||||||||||
|
| |||||||||||||||
TOTAL INDUSTRIALS | 36,541,283 | |||||||||||||||
|
| |||||||||||||||
INFORMATION TECHNOLOGY - 1.7% | ||||||||||||||||
Communications Equipment - 0.5% | ||||||||||||||||
CommScope Inc., Senior Notes | 8.250 | % | 3/1/27 | 1,920,000 | 2,078,294 | (a) | ||||||||||
CommScope Technologies LLC, Senior Notes | 6.000 | % | 6/15/25 | 36,000 | 36,956 | (a) | ||||||||||
|
| |||||||||||||||
Total Communications Equipment | 2,115,250 | |||||||||||||||
|
| |||||||||||||||
Semiconductors & Semiconductor Equipment - 0.1% |
| |||||||||||||||
Sensata Technologies UK Financing Co. PLC, Senior Notes | 6.250 | % | 2/15/26 | 250,000 | 263,329 | (a) | ||||||||||
|
| |||||||||||||||
Technology Hardware, Storage & Peripherals - 1.1% |
| |||||||||||||||
Dell International LLC/EMC Corp., Senior Notes | 7.125 | % | 6/15/24 | 1,010,000 | 1,048,885 | (a) | ||||||||||
Seagate HDD Cayman, Senior Notes | 4.750 | % | 6/1/23 | 410,000 | 442,378 | |||||||||||
Seagate HDD Cayman, Senior Notes | 4.750 | % | 1/1/25 | 1,330,000 | 1,452,508 |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
13 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Technology Hardware, Storage & Peripherals - (continued) |
| |||||||||||||||
Seagate HDD Cayman, Senior Notes | 4.875 | % | 6/1/27 | 630,000 | $ | 705,689 | ||||||||||
Western Digital Corp., Senior Notes | 4.750 | % | 2/15/26 | 1,390,000 | 1,505,912 | |||||||||||
|
| |||||||||||||||
Total Technology Hardware, Storage & Peripherals |
| 5,155,372 | ||||||||||||||
|
| |||||||||||||||
TOTAL INFORMATION TECHNOLOGY | 7,533,951 | |||||||||||||||
|
| |||||||||||||||
MATERIALS - 8.8% | ||||||||||||||||
Chemicals - 1.7% | ||||||||||||||||
Anagram International Inc./Anagram Holdings LLC, Secured Notes (5.000% Cash and 5.000% PIK) | 10.000 | % | 8/15/26 | 283,537 | 241,006 | (a)(f) | ||||||||||
Braskem America Finance Co., Senior Notes | 7.125 | % | 7/22/41 | 1,060,000 | 1,139,500 | (c) | ||||||||||
OCP SA, Senior Notes | 5.625 | % | 4/25/24 | 1,250,000 | 1,362,775 | (a) | ||||||||||
OCP SA, Senior Notes | 4.500 | % | 10/22/25 | 1,070,000 | 1,134,360 | (a) | ||||||||||
Orbia Advance Corp SAB de CV, Senior Notes | 5.875 | % | 9/17/44 | 2,000,000 | 2,342,590 | (a) | ||||||||||
Valvoline Inc., Senior Notes | 4.375 | % | 8/15/25 | 1,250,000 | 1,301,681 | |||||||||||
|
| |||||||||||||||
Total Chemicals | 7,521,912 | |||||||||||||||
|
| |||||||||||||||
Containers & Packaging - 2.4% | ||||||||||||||||
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK) | 6.500 | % | 6/30/27 | 1,080,000 | 1,111,050 | (a)(f) | ||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes | 6.000 | % | 2/15/25 | 3,890,000 | 4,061,160 | (a) | ||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes | 5.250 | % | 8/15/27 | 490,000 | 510,276 | (a) | ||||||||||
Greif Inc., Senior Notes | 6.500 | % | 3/1/27 | 1,680,000 | 1,793,089 | (a) | ||||||||||
Pactiv LLC, Senior Notes | 7.950 | % | 12/15/25 | 2,220,000 | 2,461,192 | |||||||||||
Trivium Packaging Finance BV, Senior Notes | 8.500 | % | 8/15/27 | 950,000 | 1,046,687 | (a) | ||||||||||
|
| |||||||||||||||
Total Containers & Packaging | 10,983,454 | |||||||||||||||
|
| |||||||||||||||
Metals & Mining - 3.1% | ||||||||||||||||
Anglo American Capital PLC, Senior Notes | 4.125 | % | 4/15/21 | 520,000 | 529,341 | (a) | ||||||||||
Anglo American Capital PLC, Senior Notes | 4.875 | % | 5/14/25 | 1,470,000 | 1,669,984 | (a) | ||||||||||
ArcelorMittal SA, Senior Notes | 7.250 | % | 10/15/39 | 1,140,000 | 1,466,567 |
See Notes to Schedule of Investments.
14 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Metals & Mining - (continued) | ||||||||||||||||
First Quantum Minerals Ltd., Senior Notes | 7.250 | % | 4/1/23 | 1,340,000 | $ | 1,363,818 | (a) | |||||||||
Freeport-McMoRan Inc., Senior Notes | 3.875 | % | 3/15/23 | 680,000 | 705,418 | |||||||||||
Freeport-McMoRan Inc., Senior Notes | 4.550 | % | 11/14/24 | 360,000 | 389,119 | |||||||||||
Freeport-McMoRan Inc., Senior Notes | 4.250 | % | 3/1/30 | 500,000 | 525,780 | |||||||||||
Freeport-McMoRan Inc., Senior Notes | 5.400 | % | 11/14/34 | 2,530,000 | 2,859,925 | |||||||||||
Southern Copper Corp., Senior Notes | 6.750 | % | 4/16/40 | 730,000 | 1,056,406 | |||||||||||
Southern Copper Corp., Senior Notes | 5.250 | % | 11/8/42 | 2,380,000 | 3,048,747 | |||||||||||
Teck Resources Ltd., Senior Notes | 6.000 | % | 8/15/40 | 460,000 | 499,563 | |||||||||||
|
| |||||||||||||||
Total Metals & Mining | 14,114,668 | |||||||||||||||
|
| |||||||||||||||
Paper & Forest Products - 1.6% | ||||||||||||||||
Inversiones CMPC SA, Senior Notes | 4.500 | % | 4/25/22 | 500,000 | 521,785 | (a) | ||||||||||
Inversiones CMPC SA, Senior Notes | 4.375 | % | 5/15/23 | 460,000 | 489,917 | (a) | ||||||||||
Mercer International Inc., Senior Notes | 7.375 | % | 1/15/25 | 2,370,000 | 2,441,100 | |||||||||||
Suzano Austria GmbH, Senior Notes | 5.750 | % | 7/14/26 | 3,400,000 | 3,896,604 | (a) | ||||||||||
|
| |||||||||||||||
Total Paper & Forest Products | 7,349,406 | |||||||||||||||
|
| |||||||||||||||
TOTAL MATERIALS | 39,969,440 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE - 1.2% | ||||||||||||||||
Equity Real Estate Investment Trusts (REITs) - 1.2% |
| |||||||||||||||
CoreCivic Inc., Senior Notes | 4.750 | % | 10/15/27 | 1,368,000 | 1,167,116 | |||||||||||
Diversified Healthcare Trust, Senior Notes | 9.750 | % | 6/15/25 | 660,000 | 736,797 | |||||||||||
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | 6.375 | % | 3/1/24 | 780,000 | 806,571 | |||||||||||
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | 5.250 | % | 8/1/26 | 1,570,000 | 1,653,061 | |||||||||||
XHR LP, Senior Secured Notes | 6.375 | % | 8/15/25 | 1,180,000 | 1,212,450 | (a) | ||||||||||
|
| |||||||||||||||
TOTAL REAL ESTATE | 5,575,995 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
15 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
UTILITIES - 1.9% | ||||||||||||||||
Electric Utilities - 0.6% | ||||||||||||||||
FirstEnergy Corp., Senior Notes | 7.375 | % | 11/15/31 | 330,000 | $ | 467,789 | ||||||||||
Pampa Energia SA, Senior Notes | 7.375 | % | 7/21/23 | 920,000 | 844,109 | (c) | ||||||||||
Pampa Energia SA, Senior Notes | 7.500 | % | 1/24/27 | 1,500,000 | 1,282,500 | (a) | ||||||||||
|
| |||||||||||||||
Total Electric Utilities | 2,594,398 | |||||||||||||||
|
| |||||||||||||||
Gas Utilities - 0.7% | ||||||||||||||||
Suburban Propane Partners LP/ Suburban Energy Finance Corp., Senior Notes | 5.875 | % | 3/1/27 | 3,100,000 | 3,224,000 | |||||||||||
|
| |||||||||||||||
Independent Power and Renewable Electricity Producers - 0.6% |
| |||||||||||||||
Listrindo Capital BV, Senior Notes | 4.950 | % | 9/14/26 | 1,000,000 | 1,038,750 | (a) | ||||||||||
Minejesa Capital BV, Senior Secured Notes | 5.625 | % | 8/10/37 | 1,780,000 | 1,885,545 | (a) | ||||||||||
|
| |||||||||||||||
Total Independent Power and Renewable Electricity Producers | 2,924,295 | |||||||||||||||
|
| |||||||||||||||
TOTAL UTILITIES | 8,742,693 | |||||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS & NOTES (Cost - $396,610,331) | 445,190,186 | |||||||||||||||
|
| |||||||||||||||
SOVEREIGN BONDS - 23.6% | ||||||||||||||||
Argentina - 1.9% | ||||||||||||||||
Argentine Republic Government International Bond, Senior Notes | 6.875 | % | 4/22/21 | 2,680,000 | 1,303,820 | *(b) | ||||||||||
Argentine Republic Government International Bond, Senior Notes | 5.625 | % | 1/26/22 | 5,780,000 | 2,774,400 | *(b) | ||||||||||
Argentine Republic Government International Bond, Senior Notes | 4.625 | % | 1/11/23 | 5,250,000 | 2,486,689 | *(b) | ||||||||||
Provincia de Buenos Aires, Senior Notes | 9.950 | % | 6/9/21 | 4,780,000 | 2,318,300 | *(a)(b) | ||||||||||
|
| |||||||||||||||
Total Argentina | 8,883,209 | |||||||||||||||
|
| |||||||||||||||
Armenia - 0.2% | ||||||||||||||||
Republic of Armenia International Bond, Senior Notes | 3.950 | % | 9/26/29 | 800,000 | 814,000 | (a) | ||||||||||
|
| |||||||||||||||
Brazil - 1.4% | ||||||||||||||||
Brazil Notas do Tesouro Nacional Serie F, Notes | 10.000 | % | 1/1/21 | 2,826,000 | BRL | 528,772 | ||||||||||
Brazil Notas do Tesouro Nacional Serie F, Notes | 10.000 | % | 1/1/23 | 18,677,000 | BRL | 3,837,536 | ||||||||||
Brazilian Government International Bond, Senior Notes | 4.625 | % | 1/13/28 | 1,750,000 | 1,936,699 | |||||||||||
|
| |||||||||||||||
Total Brazil | 6,303,007 | |||||||||||||||
|
| |||||||||||||||
Colombia - 0.8% | ||||||||||||||||
Colombia Government International Bond, Senior Notes | 7.375 | % | 9/18/37 | 2,542,000 | 3,654,125 | |||||||||||
|
|
See Notes to Schedule of Investments.
16 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Costa Rica - 0.1% | ||||||||||||||||
Costa Rica Government International Bond, Senior Notes | 7.158 | % | 3/12/45 | 500,000 | $ | 463,000 | (a) | |||||||||
|
| |||||||||||||||
Croatia - 0.2% | ||||||||||||||||
Croatia Government International Bond, Senior Notes | 5.500 | % | 4/4/23 | 450,000 | 501,118 | (c) | ||||||||||
Croatia Government International Bond, Senior Notes | 5.500 | % | 4/4/23 | 410,000 | 456,575 | (a) | ||||||||||
|
| |||||||||||||||
Total Croatia | 957,693 | |||||||||||||||
|
| |||||||||||||||
Dominican Republic - 0.9% | ||||||||||||||||
Dominican Republic International Bond, Senior Notes | 5.500 | % | 1/27/25 | 4,120,000 | 4,332,777 | (a) | ||||||||||
|
| |||||||||||||||
Egypt - 0.6% | ||||||||||||||||
Egypt Government International Bond, Senior Notes | 5.577 | % | 2/21/23 | 600,000 | 621,432 | (a) | ||||||||||
Egypt Government International Bond, Senior Notes | 7.600 | % | 3/1/29 | 1,950,000 | 2,056,314 | (a) | ||||||||||
|
| |||||||||||||||
Total Egypt | 2,677,746 | |||||||||||||||
|
| |||||||||||||||
Ghana - 0.5% | ||||||||||||||||
Ghana Government International Bond | 10.750 | % | 10/14/30 | 920,000 | 1,137,258 | (a) | ||||||||||
Ghana Government International Bond, Senior Notes | 8.125 | % | 1/18/26 | 270,000 | 277,335 | (a) | ||||||||||
Ghana Government International Bond, Senior Notes | 7.625 | % | 5/16/29 | 900,000 | 864,594 | (a) | ||||||||||
|
| |||||||||||||||
Total Ghana | 2,279,187 | |||||||||||||||
|
| |||||||||||||||
Guatemala - 0.3% | ||||||||||||||||
Guatemala Government Bond, Senior Notes | 4.375 | % | 6/5/27 | 1,370,000 | 1,492,012 | (a) | ||||||||||
|
| |||||||||||||||
Honduras - 0.4% | ||||||||||||||||
Honduras Government International Bond, Senior Notes | 7.500 | % | 3/15/24 | 400,000 | 442,600 | (c) | ||||||||||
Honduras Government International Bond, Senior Notes | 6.250 | % | 1/19/27 | 1,200,000 | 1,342,200 | (a) | ||||||||||
|
| |||||||||||||||
Total Honduras | 1,784,800 | |||||||||||||||
|
| |||||||||||||||
Hungary - 0.3% | ||||||||||||||||
Hungary Government International Bond, Senior Notes | 5.750 | % | 11/22/23 | 942,000 | 1,083,696 | |||||||||||
Hungary Government International Bond, Senior Notes | 5.375 | % | 3/25/24 | 300,000 | 345,978 | |||||||||||
|
| |||||||||||||||
Total Hungary | 1,429,674 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
17 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Indonesia - 4.3% | ||||||||||||||||
Indonesia Government International Bond, Senior Notes | 5.875 | % | 1/15/24 | 2,369,000 | $ | 2,733,222 | (a) | |||||||||
Indonesia Government International Bond, Senior Notes | 4.125 | % | 1/15/25 | 1,110,000 | 1,239,421 | (a) | ||||||||||
Indonesia Government International Bond, Senior Notes | 3.850 | % | 7/18/27 | 4,370,000 | 4,932,659 | (a) | ||||||||||
Indonesia Government International Bond, Senior Notes | 3.500 | % | 1/11/28 | 520,000 | 573,375 | |||||||||||
Indonesia Government International Bond, Senior Notes | 6.625 | % | 2/17/37 | 4,635,000 | 6,637,760 | (c) | ||||||||||
Indonesia Treasury Bond, Senior Notes | 8.250 | % | 7/15/21 | 7,604,000,000 | IDR | 542,188 | ||||||||||
Indonesia Treasury Bond, Senior Notes | 7.000 | % | 5/15/22 | 40,240,000,000 | IDR | 2,881,530 | ||||||||||
Indonesia Treasury Bond, Senior Notes | 8.375 | % | 3/15/34 | 209,000,000 | IDR | 15,631 | ||||||||||
|
| |||||||||||||||
Total Indonesia | 19,555,786 | |||||||||||||||
|
| |||||||||||||||
Ivory Coast - 0.3% | ||||||||||||||||
Ivory Coast Government | ||||||||||||||||
International Bond, Senior Notes | 5.750 | % | 12/31/32 | 1,245,000 | 1,223,496 | (a) | ||||||||||
|
| |||||||||||||||
Jamaica - 0.4% | ||||||||||||||||
Jamaica Government International Bond, Senior Notes | 6.750 | % | 4/28/28 | 1,000,000 | 1,167,900 | |||||||||||
Jamaica Government International Bond, Senior Notes | 8.000 | % | 3/15/39 | 500,000 | 664,250 | |||||||||||
|
| |||||||||||||||
Total Jamaica | 1,832,150 | |||||||||||||||
|
| |||||||||||||||
Kenya - 0.1% | ||||||||||||||||
Kenya Government International Bond, Senior Notes | 7.250 | % | 2/28/28 | 600,000 | 609,132 | (a) | ||||||||||
|
| |||||||||||||||
Mexico - 1.1% | ||||||||||||||||
Mexico Government International Bond, Senior Notes | 3.600 | % | 1/30/25 | 2,200,000 | 2,392,500 | |||||||||||
Mexico Government International Bond, Senior Notes | 3.750 | % | 1/11/28 | 2,400,000 | 2,595,804 | |||||||||||
|
| |||||||||||||||
Total Mexico | 4,988,304 | |||||||||||||||
|
| |||||||||||||||
Nigeria - 0.5% | ||||||||||||||||
Nigeria Government International Bond, Senior Notes | 7.875 | % | 2/16/32 | 2,200,000 | 2,238,676 | (c) | ||||||||||
|
| |||||||||||||||
Oman - 0.2% | ||||||||||||||||
Oman Government International Bond, Senior Notes | 5.625 | % | 1/17/28 | 1,000,000 | 979,520 | (a) | ||||||||||
|
|
See Notes to Schedule of Investments.
18 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Panama - 0.1% | ||||||||||||||||
Panama Government International Bond, Senior Notes | 6.700 | % | 1/26/36 | 460,000 | $ | 679,326 | ||||||||||
|
| |||||||||||||||
Paraguay - 0.2% | ||||||||||||||||
Paraguay Government International Bond, Senior Notes | 5.000 | % | 4/15/26 | 730,000 | 843,150 | (a) | ||||||||||
|
| |||||||||||||||
Peru - 1.4% | ||||||||||||||||
Peruvian Government International Bond, Senior Notes | 7.350 | % | 7/21/25 | 750,000 | 968,359 | |||||||||||
Peruvian Government International Bond, Senior Notes | 2.783 | % | 1/23/31 | 730,000 | 796,795 | |||||||||||
Peruvian Government International Bond, Senior Notes | 8.750 | % | 11/21/33 | 2,604,000 | 4,446,825 | |||||||||||
|
| |||||||||||||||
Total Peru | 6,211,979 | |||||||||||||||
|
| |||||||||||||||
Poland - 0.3% | ||||||||||||||||
Republic of Poland Government International Bond, Senior Notes | 5.125 | % | 4/21/21 | 1,390,000 | 1,436,206 | |||||||||||
|
| |||||||||||||||
Russia - 2.9% | ||||||||||||||||
Russian Federal Bond - OFZ | 7.000 | % | 1/25/23 | 74,770,000 | RUB | 1,065,035 | ||||||||||
Russian Federal Bond - OFZ | 7.750 | % | 9/16/26 | 375,770,000 | RUB | 5,688,561 | ||||||||||
Russian Foreign Bond - Eurobond, Senior Notes | 12.750 | % | 6/24/28 | 42,000 | 72,589 | (c) | ||||||||||
Russian Foreign Bond - Eurobond, Senior Notes | 5.875 | % | 9/16/43 | 4,400,000 | 6,229,256 | (a) | ||||||||||
|
| |||||||||||||||
Total Russia | 13,055,441 | |||||||||||||||
|
| |||||||||||||||
Senegal - 0.1% | ||||||||||||||||
Senegal Government International Bond, Senior Notes | 6.250 | % | 7/30/24 | 450,000 | 476,014 | (c) | ||||||||||
|
| |||||||||||||||
South Africa - 0.7% | ||||||||||||||||
Republic of South Africa Government International Bond, Senior Notes | 4.875 | % | 4/14/26 | 1,500,000 | 1,538,805 | |||||||||||
Republic of South Africa Government International Bond, Senior Notes | 5.650 | % | 9/27/47 | 1,800,000 | 1,623,150 | |||||||||||
|
| |||||||||||||||
Total South Africa | 3,161,955 | |||||||||||||||
|
| |||||||||||||||
Sri Lanka - 0.6% | ||||||||||||||||
Sri Lanka Government International Bond, Senior Notes | 6.250 | % | 7/27/21 | 2,700,000 | 2,585,250 | (c) | ||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
19 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Turkey - 1.4% | ||||||||||||||||
Turkey Government International Bond, Senior Notes | 4.250 | % | 4/14/26 | 5,000,000 | $ | 4,556,365 | ||||||||||
Turkey Government International Bond, Senior Notes | 4.875 | % | 10/9/26 | 1,800,000 | 1,664,037 | |||||||||||
|
| |||||||||||||||
Total Turkey | 6,220,402 | |||||||||||||||
|
| |||||||||||||||
Ukraine - 1.1% | ||||||||||||||||
Ukraine Government International Bond, Senior Notes | 7.750 | % | 9/1/20 | 1,810,000 | 1,810,000 | (a) | ||||||||||
Ukraine Government International Bond, Senior Notes | 7.375 | % | 9/25/32 | 3,300,000 | 3,356,140 | (a) | ||||||||||
|
| |||||||||||||||
Total Ukraine | 5,166,140 | |||||||||||||||
|
| |||||||||||||||
Uruguay - 0.3% | ||||||||||||||||
Uruguay Government International Bond, Senior Notes | 9.875 | % | 6/20/22 | 62,870,000 | UYU | 1,519,628 | (c) | |||||||||
|
| |||||||||||||||
TOTAL SOVEREIGN BONDS (Cost - $99,278,830) | 107,853,785 | |||||||||||||||
|
| |||||||||||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 9.1% | ||||||||||||||||
U.S. Government Obligations - 9.1% | ||||||||||||||||
U.S. Treasury Notes | 1.375 | % | 1/31/21 | 2,350,000 | 2,361,664 | |||||||||||
U.S. Treasury Notes | 2.250 | % | 4/30/21 | 3,000,000 | 3,041,803 | (g) | ||||||||||
U.S. Treasury Notes | 1.375 | % | 5/31/21 | 3,000,000 | 3,027,530 | (g) | ||||||||||
U.S. Treasury Notes | 1.750 | % | 7/31/21 | 300,000 | 304,352 | |||||||||||
U.S. Treasury Notes | 1.625 | % | 12/31/21 | 2,500,000 | 2,549,170 | |||||||||||
U.S. Treasury Notes | 1.125 | % | 2/28/22 | 3,000,000 | 3,043,945 | (g) | ||||||||||
U.S. Treasury Notes | 1.625 | % | 5/31/23 | 2,500,000 | 2,601,856 | (g) | ||||||||||
U.S. Treasury Notes | 2.750 | % | 8/31/23 | 4,250,000 | 4,580,703 | (g) | ||||||||||
U.S. Treasury Notes | 2.875 | % | 9/30/23 | 2,700,000 | 2,925,809 | (g) | ||||||||||
U.S. Treasury Notes | 2.125 | % | 11/30/23 | 4,750,000 | 5,052,441 | (g) | ||||||||||
U.S. Treasury Notes | 2.125 | % | 3/31/24 | 3,000,000 | 3,208,535 | (g) | ||||||||||
U.S. Treasury Notes | 2.000 | % | 6/30/24 | 3,250,000 | 3,473,818 | (g) | ||||||||||
U.S. Treasury Notes | 1.500 | % | 1/31/27 | 1,500,000 | 1,602,481 | |||||||||||
U.S. Treasury Notes | 0.500 | % | 5/31/27 | 750,000 | 751,963 | |||||||||||
U.S. Treasury Notes | 0.625 | % | 5/15/30 | 3,300,000 | 3,282,211 | |||||||||||
|
| |||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $39,986,436) | 41,808,281 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
20 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
SENIOR LOANS - 7.5% | ||||||||||||||||
COMMUNICATION SERVICES - 0.5% | ||||||||||||||||
Media - 0.5% | ||||||||||||||||
Charter Communications Operating LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%) | 1.910 | % | 2/1/27 | 994,987 | $ | 978,430 | (d)(h)(i) | |||||||||
iHeartCommunications Inc., New Term Loan (1 mo. USD LIBOR + 3.000%) | 3.156 | % | 5/1/26 | 1,106,866 | 1,051,061 | (d)(h)(i) | ||||||||||
|
| |||||||||||||||
TOTAL COMMUNICATION SERVICES | 2,029,491 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DISCRETIONARY - 4.4% | ||||||||||||||||
Diversified Consumer Services - 0.3% | ||||||||||||||||
Prime Security Services Borrower LLC, 2019 Refinancing Term Loan B1 | 4.250 | % | 9/23/26 | 1,349,769 | 1,347,378 | (d)(h)(i) | ||||||||||
|
| |||||||||||||||
Hotels, Restaurants & Leisure - 2.6% | ||||||||||||||||
1011778 BC Unlimited Liability Co., Term Loan B4 (1 mo. USD LIBOR + 1.750%) | 1.906 | % | 11/19/26 | 2,811,374 | 2,711,973 | (d)(h)(i) | ||||||||||
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%) | 2.906 | % | 12/23/24 | 1,283,544 | 1,210,543 | (d)(h)(i) | ||||||||||
Four Seasons Hotels Ltd., Restated Term Loan (1 mo. USD LIBOR + 2.000%) | 2.156 | % | 11/30/23 | 742,308 | 722,822 | (d)(h)(i) | ||||||||||
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%) | 1.925 | % | 6/22/26 | 3,140,813 | 3,031,277 | (d)(h)(i) | ||||||||||
Wyndham Hotels & Resorts Inc., Term Loan B (1 mo. USD LIBOR + 1.750%) | 1.906 | % | 5/30/25 | 4,464,454 | 4,303,662 | (d)(h)(i) | ||||||||||
|
| |||||||||||||||
Total Hotels, Restaurants & Leisure | 11,980,277 | |||||||||||||||
|
| |||||||||||||||
Specialty Retail - 1.5% | ||||||||||||||||
Michaels Stores Inc., 2018 New Replacement Term Loan B | 3.500-3.568 | % | 1/30/23 | 835,208 | 804,149 | (d)(h)(i) | ||||||||||
Party City Holdings Inc., 2018 Replacement Term Loan | 3.250-4.100 | % | 8/19/22 | 3,149,635 | 2,228,367 | (d)(h)(i) | ||||||||||
PetSmart Inc., Term Loan B2 (3 mo. USD LIBOR + 4.000%) | 5.000 | % | 3/11/22 | 3,725,314 | 3,725,764 | (d)(h)(i) | ||||||||||
Total Specialty Retail | 6,758,280 | |||||||||||||||
|
| |||||||||||||||
TOTAL CONSUMER DISCRETIONARY | 20,085,935 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
21 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
ENERGY - 0.5% | ||||||||||||||||
Oil, Gas & Consumable Fuels - 0.5% | ||||||||||||||||
Chesapeake Energy Corp., Term Loan A (3 mo. USD LIBOR + 8.000%) | 9.000 | % | 6/24/24 | 3,610,000 | $ | 2,395,011 | *(b)(d)(h)(i) | |||||||||
|
| |||||||||||||||
FINANCIALS - 0.4% | ||||||||||||||||
Diversified Financial Services - 0.4% | ||||||||||||||||
Trans Union LLC, Term Loan B5 (1 mo. USD LIBOR + 1.750%) | 1.906 | % | 11/16/26 | 1,971,885 | 1,929,367 | (d)(h)(i) | ||||||||||
|
| |||||||||||||||
INDUSTRIALS - 1.7% | ||||||||||||||||
Airlines - 1.7% | ||||||||||||||||
Delta Air Lines Inc., Initial Term Loan (3 mo. USD LIBOR + 4.750%) | 5.750 | % | 4/27/23 | 3,570,000 | 3,568,326 | (d)(h)(i)(j) | ||||||||||
JetBlue Airways Corp., Term Loan (3 mo. USD LIBOR + 5.250%) | 6.250 | % | 6/17/24 | 1,910,000 | 1,910,000 | (d)(h)(i) | ||||||||||
Mileage Plus Holdings Inc., Initial Term Loan (3 mo. USD LIBOR + 5.250%) | 6.250 | % | 6/20/27 | 2,110,000 | 2,129,441 | (d)(h)(i) | ||||||||||
|
| |||||||||||||||
TOTAL INDUSTRIALS | 7,607,767 | |||||||||||||||
|
| |||||||||||||||
TOTAL SENIOR LOANS | 34,047,571 | |||||||||||||||
|
| |||||||||||||||
CONVERTIBLE BONDS & NOTES - 0.9% | ||||||||||||||||
COMMUNICATION SERVICES - 0.9% | ||||||||||||||||
Media - 0.9% | ||||||||||||||||
DISH Network Corp., Senior Notes (Cost - $3,289,378) | 3.375 | % | 8/15/26 | 4,030,000 | 3,984,759 | |||||||||||
|
|
SHARES | ||||||||||||||||
COMMON STOCKS - 0.0%†† | ||||||||||||||||
CONSUMER DISCRETIONARY - 0.0%†† | ||||||||||||||||
Specialty Retail - 0.0%†† | ||||||||||||||||
Party City Holdings Inc. | 53,377 | 146,253 | *(k) | |||||||||||||
|
| |||||||||||||||
ENERGY - 0.0%†† | ||||||||||||||||
Energy Equipment & Services - 0.0%†† | ||||||||||||||||
Hercules Offshore Inc. (Escrow) | 37,071 | 30,283 | *(k)(l) | |||||||||||||
KCAD Holdings I Ltd. | 77,972,021 | 0 | *(k)(l)(m) | |||||||||||||
|
| |||||||||||||||
Total Energy Equipment & Services | 30,283 | |||||||||||||||
|
| |||||||||||||||
Oil, Gas & Consumable Fuels - 0.0%†† | ||||||||||||||||
MWO Holdings LLC | 417 | 31,980 | *(k)(l) | |||||||||||||
|
| |||||||||||||||
TOTAL ENERGY | 62,263 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | 208,516 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
22 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.0%†† |
| |||||||||||||||
Argentina - 0.0%†† | ||||||||||||||||
Argentina Treasury Bond | 1.000 | % | 8/5/21 | 8,451,860 | ARS | $ | 66,020 | (k) | ||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $576,614,393) | 633,159,118 | |||||||||||||||
|
| |||||||||||||||
SHARES | ||||||||||||||||
SHORT-TERM INVESTMENTS - 0.3% | ||||||||||||||||
Dreyfus Government Cash Management, Institutional Shares | 0.038 | % | 1,310,522 | 1,310,522 | ||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 138.8% (Cost - $577,924,915) | 634,469,640 | |||||||||||||||
Liabilities in Excess of Other Assets - (38.8)% | (177,267,928 | ) | ||||||||||||||
|
| |||||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 457,201,712 | ||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
23 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
† | Face amount denominated in U.S. dollars, unless otherwise noted. |
‡ | Securities held by the Fund are subject to a lien, granted to the lender, to the extent of the borrowing outstanding and any additional expenses. |
†† | 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) | The coupon payment on these securities is currently in default as of August 31, 2020. |
(c) | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
(d) | 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) | Security has no maturity date. The date shown represents the next call date. |
(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) | All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
(h) | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
(i) | 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. |
(j) | All or a portion of this loan is unfunded as of August 31, 2020. The interest rate for fully unfunded term loans is to be determined. |
(k) | Security is valued in good faith in accordance with procedures approved by the Board of Directors (Note 1). |
(l) | Security is valued using significant unobservable inputs (Note 1). |
(m) | Value is less than $1. |
Abbreviation(s) used in this schedule:
ARS | — Argentine Peso | |
BRL | — Brazilian Real | |
EUR | — Euro | |
GBP | — British Pound | |
ICE | — Intercontinental Exchange | |
IDR | — Indonesian Rupiah | |
JSC | — Joint Stock Company | |
LIBOR | — London Interbank Offered Rate | |
OFZ | — Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation) | |
OJSC | — Open Joint Stock Company | |
PIK | — Payment-In-Kind | |
PJSC | — Private Joint Stock Company | |
RUB | — Russian Ruble | |
USD | — United States Dollar | |
UYU | — Uruguayan Peso |
See Notes to Schedule of Investments.
24 | Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | August 31, 2020 |
At August 31, 2020, 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 | ||||||||||||||||||
Deutsche Bank AG | 0.240 | % | 6/5/2020 | 9/3/2020 | $ | 30,775,375 | | U.S. Government & Agency Obligations | | $ | 30,956,441 |
* | Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements. |
At August 31, 2020, the Fund had the following open forward foreign currency contracts:
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
USD | 674,470 | EUR | 600,000 | BNP Paribas SA | 10/16/20 | $ | (42,264 | ) | ||||||||||||||
USD | 677,189 | EUR | 600,000 | BNP Paribas SA | 10/16/20 | (39,546 | ) | |||||||||||||||
USD | 686,686 | EUR | 610,000 | BNP Paribas SA | 10/16/20 | (41,994 | ) | |||||||||||||||
USD | 1,039,366 | EUR | 920,397 | BNP Paribas SA | 10/16/20 | (60,101 | ) | |||||||||||||||
MXN | 860,000 | USD | 38,100 | Citibank N.A. | 10/16/20 | 979 | ||||||||||||||||
USD | 680,273 | GBP | 545,051 | Citibank N.A. | 10/16/20 | (48,532 | ) | |||||||||||||||
MXN | 651,611 | USD | 28,468 | Goldman Sachs Group Inc. | 10/16/20 | 1,142 | ||||||||||||||||
|
| |||||||||||||||||||||
Total | $ | (230,316 | ) | |||||||||||||||||||
|
|
Abbreviation(s) used in this table:
EUR | — Euro | |
GBP | — British Pound | |
MXN | — Mexican Peso | |
USD | — United States Dollar |
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2020 Quarterly Report |
25 |
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 following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(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 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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.
The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of
26 |
Notes to Schedule of Investments (unaudited) (continued)
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.
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 – 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) |
27 |
Notes to Schedule of Investments (unaudited) (continued)
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 | — | $ | 445,190,186 | — | $ | 445,190,186 | ||||||||||
Sovereign Bonds | — | 107,853,785 | — | 107,853,785 | ||||||||||||
U.S. Government & Agency Obligations | — | 41,808,281 | — | 41,808,281 | ||||||||||||
Senior Loans | — | 34,047,571 | — | 34,047,571 | ||||||||||||
Convertible Bonds & Notes | — | 3,984,759 | — | 3,984,759 | ||||||||||||
Common Stocks: | ||||||||||||||||
Consumer Discretionary | — | 146,253 | — | 146,253 | ||||||||||||
Energy | — | — | $ | 62,263 | 62,263 | |||||||||||
Non-U.S. Treasury Inflation Protected Securities | — | 66,020 | — | 66,020 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | — | 633,096,855 | 62,263 | 633,159,118 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments† | $ | 1,310,522 | — | — | 1,310,522 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,310,522 | $ | 633,096,855 | $ | 62,263 | $ | 634,469,640 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments: | ||||||||||||||||
Forward Foreign Currency Contracts | — | $ | 2,121 | — | $ | 2,121 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,310,522 | $ | 633,098,976 | $ | 62,263 | $ | 634,471,761 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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 | — | $ | 232,437 | — | $ | 232,437 |
† | See Schedule of Investments for additional detailed categorizations. |
28 |