WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
CORPORATE BONDS & NOTES - 110.0% | ||||||||||||||||
COMMUNICATION SERVICES - 17.9% | ||||||||||||||||
Diversified Telecommunication Services - 5.6% | ||||||||||||||||
Altice France Holding SA, Senior Secured Notes | 10.500 | % | 5/15/27 | 990,000 | $ | 1,114,913 | (a) | |||||||||
Altice France SA, Senior Secured Notes | 7.375 | % | 5/1/26 | 6,300,000 | 6,576,885 | (a) | ||||||||||
Altice France SA, Senior Secured Notes | 8.125 | % | 2/1/27 | 856,000 | 934,029 | (a) | ||||||||||
British Telecommunications PLC, Senior Notes | 9.625 | % | 12/15/30 | 60,000 | 95,037 | |||||||||||
Cogent Communications Group Inc., Senior Secured Notes | 5.375 | % | 3/1/22 | 220,000 | 225,796 | (a) | ||||||||||
Frontier Communications Corp., Senior Secured Notes | 5.000 | % | 5/1/28 | 1,240,000 | 1,279,153 | (a) | ||||||||||
Intelsat Jackson Holdings SA, Senior Secured Notes | 8.000 | % | 2/15/24 | 740,000 | 765,278 | (a) | ||||||||||
Lumen Technologies Inc., Senior Notes | 4.500 | % | 1/15/29 | 1,380,000 | 1,380,310 | (a) | ||||||||||
Telecom Italia SpA, Senior Notes | 5.303 | % | 5/30/24 | 450,000 | 487,888 | (a) | ||||||||||
Turk Telekomunikasyon AS, Senior Notes | 6.875 | % | 2/28/25 | 500,000 | 557,491 | (a) | ||||||||||
|
| |||||||||||||||
Total Diversified Telecommunication Services | 13,416,780 | |||||||||||||||
|
| |||||||||||||||
Media - 6.5% | ||||||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | 5.125 | % | 5/1/27 | 3,140,000 | 3,293,656 | (a) | ||||||||||
DISH DBS Corp., Senior Notes | 5.875 | % | 11/15/24 | 2,546,000 | 2,667,877 | |||||||||||
DISH DBS Corp., Senior Notes | 7.750 | % | 7/1/26 | 6,717,000 | 7,400,556 | |||||||||||
Univision Communications Inc., Senior Secured Notes | 9.500 | % | 5/1/25 | 1,710,000 | 1,871,937 | (a) | ||||||||||
Virgin Media Secured Finance PLC, Senior Secured Notes | 5.500 | % | 8/15/26 | 510,000 | 531,930 | (a) | ||||||||||
|
| |||||||||||||||
Total Media | 15,765,956 | |||||||||||||||
|
| |||||||||||||||
Wireless Telecommunication Services - 5.8% | ||||||||||||||||
Sprint Capital Corp., Senior Notes | 6.875 | % | 11/15/28 | 560,000 | 709,450 | |||||||||||
Sprint Capital Corp., Senior Notes | 8.750 | % | 3/15/32 | 1,160,000 | 1,727,240 | |||||||||||
Sprint Communications Inc., Senior Notes | 11.500 | % | 11/15/21 | 3,455,000 | 3,694,691 | |||||||||||
Sprint Corp., Senior Notes | 7.250 | % | 9/15/21 | 1,440,000 | 1,483,358 | |||||||||||
Sprint Corp., Senior Notes | 7.875 | % | 9/15/23 | 2,960,000 | 3,421,168 | |||||||||||
T-Mobile USA Inc., Senior Secured Notes | 2.550 | % | 2/15/31 | 1,250,000 | 1,244,612 | (a) | ||||||||||
VEON Holdings BV, Senior Notes | 7.504 | % | 3/1/22 | 1,050,000 | 1,122,256 | (b) | ||||||||||
VEON Holdings BV, Senior Notes | 7.504 | % | 3/1/22 | 450,000 | 480,967 | (a) | ||||||||||
|
| |||||||||||||||
Total Wireless Telecommunication Services | 13,883,742 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMUNICATION SERVICES | 43,066,478 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
1 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
CONSUMER DISCRETIONARY - 15.5% | ||||||||||||||||
Auto Components - 1.9% | ||||||||||||||||
Adient Global Holdings Ltd., Senior Notes | 4.875 | % | 8/15/26 | 530,000 | $ | 535,963 | (a) | |||||||||
Adient US LLC, Senior Secured Notes | 9.000 | % | 4/15/25 | 1,020,000 | 1,130,925 | (a) | ||||||||||
American Axle & Manufacturing Inc., Senior Notes | 6.500 | % | 4/1/27 | 1,190,000 | 1,244,014 | |||||||||||
JB Poindexter & Co. Inc., Senior Notes | 7.125 | % | 4/15/26 | 1,520,000 | 1,607,400 | (a) | ||||||||||
|
| |||||||||||||||
Total Auto Components | 4,518,302 | |||||||||||||||
|
| |||||||||||||||
Automobiles - 2.3% | ||||||||||||||||
Ford Motor Co., Senior Notes | 9.000 | % | 4/22/25 | 1,780,000 | 2,155,687 | |||||||||||
Ford Motor Credit Co. LLC, Senior Notes | 4.250 | % | 9/20/22 | 200,000 | 206,328 | |||||||||||
Ford Motor Credit Co. LLC, Senior Notes | 2.900 | % | 2/16/28 | 450,000 | 443,902 | |||||||||||
Ford Motor Credit Co. LLC, Senior Notes | 4.000 | % | 11/13/30 | 880,000 | 900,900 | |||||||||||
General Motors Co., Senior Notes | 6.125 | % | 10/1/25 | 350,000 | 416,916 | |||||||||||
Nissan Motor Co. Ltd., Senior Notes | 4.810 | % | 9/17/30 | 1,120,000 | 1,250,941 | (a) | ||||||||||
|
| |||||||||||||||
Total Automobiles | 5,374,674 | |||||||||||||||
|
| |||||||||||||||
Diversified Consumer Services - 1.1% | ||||||||||||||||
Carriage Services Inc., Senior Notes | 6.625 | % | 6/1/26 | 1,120,000 | 1,179,987 | (a) | ||||||||||
Service Corp. International, Senior Notes | 7.500 | % | 4/1/27 | 770,000 | 938,291 | |||||||||||
Weight Watchers International Inc., Senior Notes | 8.625 | % | 12/1/25 | 510,000 | 533,233 | (a) | ||||||||||
|
| |||||||||||||||
Total Diversified Consumer Services | 2,651,511 | |||||||||||||||
|
| |||||||||||||||
Hotels, Restaurants & Leisure - 8.4% | ||||||||||||||||
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes | 4.250 | % | 5/15/24 | 842,000 | 851,262 | (a) | ||||||||||
Carnival Corp., Senior Notes | 7.625 | % | 3/1/26 | 460,000 | 484,150 | (a) | ||||||||||
Carnival Corp., Senior Notes | 5.750 | % | 3/1/27 | 1,210,000 | 1,229,844 | (a) | ||||||||||
Full House Resorts Inc., Senior Secured Notes | 8.250 | % | 2/15/28 | 640,000 | 680,000 | (a) | ||||||||||
IRB Holding Corp., Senior Secured Notes | 7.000 | % | 6/15/25 | 1,160,000 | 1,261,019 | (a) | ||||||||||
NCL Corp. Ltd., Senior Secured Notes | 12.250 | % | 5/15/24 | 1,480,000 | 1,761,200 | (a) | ||||||||||
NCL Corp. Ltd., Senior Secured Notes | 10.250 | % | 2/1/26 | 2,280,000 | 2,656,200 | (a) | ||||||||||
Saga PLC, Senior Notes | 3.375 | % | 5/12/24 | 760,000 | GBP | 977,920 | (b) | |||||||||
Silversea Cruise Finance Ltd., Senior Secured Notes | 7.250 | % | 2/1/25 | 1,335,000 | 1,384,375 | (a) | ||||||||||
Viking Cruises Ltd., Senior Notes | 5.875 | % | 9/15/27 | 200,000 | 192,915 | (a) | ||||||||||
Viking Cruises Ltd., Senior Notes | 7.000 | % | 2/15/29 | 1,430,000 | 1,455,025 | (a) | ||||||||||
Viking Ocean Cruises Ship VII Ltd., Secured Notes | 5.625 | % | 2/15/29 | 710,000 | 716,390 | (a) | ||||||||||
VOC Escrow Ltd., Senior Secured Notes | 5.000 | % | 2/15/28 | 1,724,000 | 1,707,475 | (a) | ||||||||||
Wynn Macau Ltd., Senior Notes | 4.875 | % | 10/1/24 | 250,000 | 253,168 | (a) |
See Notes to Schedule of Investments.
2 | Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Hotels, Restaurants & Leisure - (continued) | ||||||||||||||||
Wynn Macau Ltd., Senior Notes | 5.625 | % | 8/26/28 | 960,000 | $ | 1,000,200 | (a) | |||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | 7.750 | % | 4/15/25 | 2,710,000 | 2,944,185 | (a) | ||||||||||
Yum! Brands Inc., Senior Notes | 7.750 | % | 4/1/25 | 620,000 | 681,101 | (a) | ||||||||||
|
| |||||||||||||||
Total Hotels, Restaurants & Leisure | 20,236,429 | |||||||||||||||
|
| |||||||||||||||
Specialty Retail - 1.7% | ||||||||||||||||
L Brands Inc., Senior Secured Notes | 6.875 | % | 7/1/25 | 920,000 | 1,006,489 | (a) | ||||||||||
Michaels Stores Inc., Senior Notes | 8.000 | % | 7/15/27 | 870,000 | 930,195 | (a) | ||||||||||
Party City Holdings Inc., Senior Secured Notes | 8.750 | % | 2/15/26 | 690,000 | 705,094 | (a) | ||||||||||
PetSmart Inc./PetSmart Finance Corp., Senior Secured Notes | 4.750 | % | 2/15/28 | 250,000 | 258,853 | (a) | ||||||||||
Sally Holdings LLC/Sally Capital Inc., Senior Notes | 5.500 | % | 11/1/23 | 1,240,000 | 1,250,075 | |||||||||||
|
| |||||||||||||||
Total Specialty Retail | 4,150,706 | |||||||||||||||
|
| |||||||||||||||
Textiles, Apparel & Luxury Goods - 0.1% | ||||||||||||||||
Hanesbrands Inc., Senior Notes | 4.875 | % | 5/15/26 | 250,000 | 269,617 | (a) | ||||||||||
|
| |||||||||||||||
TOTAL CONSUMER DISCRETIONARY | 37,201,239 | |||||||||||||||
|
| |||||||||||||||
CONSUMER STAPLES - 1.1% | ||||||||||||||||
Food Products - 0.8% | ||||||||||||||||
Kraft Heinz Foods Co., Senior Notes | 4.375 | % | 6/1/46 | 740,000 | 808,085 | |||||||||||
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed Ingredients Inc., Secured Notes | 4.625 | % | 3/1/29 | 1,050,000 | 1,065,514 | (a)(c) | ||||||||||
|
| |||||||||||||||
Total Food Products | 1,873,599 | |||||||||||||||
|
| |||||||||||||||
Household Products - 0.3% | ||||||||||||||||
Spectrum Brands Inc., Senior Notes | 5.750 | % | 7/15/25 | 840,000 | 866,250 | |||||||||||
|
| |||||||||||||||
TOTAL CONSUMER STAPLES | 2,739,849 | |||||||||||||||
|
| |||||||||||||||
ENERGY - 25.5% | ||||||||||||||||
Oil, Gas & Consumable Fuels - 25.5% | ||||||||||||||||
Apache Corp., Senior Notes | 5.100 | % | 9/1/40 | 1,400,000 | 1,431,087 | |||||||||||
Berry Petroleum Co. LLC, Senior Notes | 7.000 | % | 2/15/26 | 285,000 | 275,327 | (a) | ||||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | 7.625 | % | 12/15/25 | 490,000 | 527,772 | (a) | ||||||||||
Cheniere Energy Partners LP, Senior Notes | 4.000 | % | 3/1/31 | 870,000 | 877,900 | (a)(c) | ||||||||||
Chesapeake Energy Corp., Senior Notes | 5.500 | % | 2/1/26 | 150,000 | 156,659 | (a) | ||||||||||
Chesapeake Energy Corp., Senior Notes | 5.875 | % | 2/1/29 | 170,000 | 181,797 | (a) | ||||||||||
Continental Resources Inc., Senior Notes | 3.800 | % | 6/1/24 | 1,040,000 | 1,067,024 | |||||||||||
Continental Resources Inc., Senior Notes | 4.375 | % | 1/15/28 | 790,000 | 832,241 |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
3 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Oil, Gas & Consumable Fuels - (continued) | ||||||||||||||||
Continental Resources Inc., Senior Notes | 4.900 | % | 6/1/44 | 300,000 | $ | 300,473 | ||||||||||
Diamondback Energy Inc., Senior Notes | 3.500 | % | 12/1/29 | 730,000 | 768,013 | |||||||||||
Ecopetrol SA, Senior Notes | 5.875 | % | 5/28/45 | 1,500,000 | 1,625,370 | |||||||||||
El Paso Natural Gas Co. LLC, Senior Notes | 8.375 | % | 6/15/32 | 70,000 | 101,120 | |||||||||||
EnLink Midstream LLC, Senior Notes | 5.625 | % | 1/15/28 | 520,000 | 525,525 | (a) | ||||||||||
EQM Midstream Partners LP, Senior Notes | 6.500 | % | 7/1/27 | 610,000 | 655,216 | (a) | ||||||||||
EQT Corp., Senior Notes | 3.900 | % | 10/1/27 | 1,380,000 | 1,433,075 | |||||||||||
EQT Corp., Senior Notes | 8.500 | % | 2/1/30 | 880,000 | 1,152,087 | |||||||||||
Kinder Morgan Inc., Senior Notes | 7.750 | % | 1/15/32 | 1,390,000 | 2,002,098 | |||||||||||
Lukoil International Finance BV, Senior Notes | 6.656 | % | 6/7/22 | 496,000 | 531,614 | (b) | ||||||||||
MEG Energy Corp., Secured Notes | 6.500 | % | 1/15/25 | 200,000 | 206,500 | (a) | ||||||||||
MEG Energy Corp., Senior Notes | 5.875 | % | 2/1/29 | 360,000 | 366,408 | (a) | ||||||||||
NGPL PipeCo LLC, Senior Notes | 7.768 | % | 12/15/37 | 1,430,000 | 1,925,307 | (a) | ||||||||||
Northern Oil and Gas Inc., Senior Notes | 8.125 | % | 3/1/28 | 510,000 | 503,791 | (a) | ||||||||||
Occidental Petroleum Corp., Senior Notes | 6.950 | % | 7/1/24 | 440,000 | 486,200 | |||||||||||
Occidental Petroleum Corp., Senior Notes | 2.900 | % | 8/15/24 | 710,000 | 691,845 | |||||||||||
Occidental Petroleum Corp., Senior Notes | 5.550 | % | 3/15/26 | 450,000 | 481,014 | |||||||||||
Occidental Petroleum Corp., Senior Notes | 6.200 | % | 3/15/40 | 310,000 | 335,575 | |||||||||||
PBF Holding Co. LLC/PBF Finance Corp., Senior Secured Notes | 9.250 | % | 5/15/25 | 380,000 | 370,928 | (a) | ||||||||||
Petrobras Global Finance BV, Senior Notes | 4.375 | % | 5/20/23 | 690,000 | 738,128 | |||||||||||
Petrobras Global Finance BV, Senior Notes | 6.875 | % | 1/20/40 | 2,190,000 | 2,506,783 | |||||||||||
Petrobras Global Finance BV, Senior Notes | 6.750 | % | 1/27/41 | 3,910,000 | 4,422,796 | |||||||||||
Petroleos Mexicanos, Senior Notes | 6.375 | % | 1/23/45 | 4,132,000 | 3,543,190 | |||||||||||
Range Resources Corp., Senior Notes | 5.000 | % | 3/15/23 | 1,100,000 | 1,107,563 | |||||||||||
Range Resources Corp., Senior Notes | 4.875 | % | 5/15/25 | 770,000 | 763,070 | |||||||||||
Range Resources Corp., Senior Notes | 9.250 | % | 2/1/26 | 4,580,000 | 4,989,727 | |||||||||||
Range Resources Corp., Senior Notes | 8.250 | % | 1/15/29 | 430,000 | 462,927 | (a) | ||||||||||
Rockies Express Pipeline LLC, Senior Notes | 6.875 | % | 4/15/40 | 1,070,000 | 1,187,700 | (a) | ||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | 6.500 | % | 7/15/27 | 1,220,000 | 1,314,745 | |||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | 6.875 | % | 1/15/29 | 560,000 | 621,950 | |||||||||||
Transcontinental Gas Pipe Line Co. LLC, Senior Notes | 7.850 | % | 2/1/26 | 1,500,000 | 1,931,661 | |||||||||||
Transportadora de Gas del Sur SA, Senior Notes | 6.750 | % | 5/2/25 | 1,430,000 | 1,260,559 | (a) |
See Notes to Schedule of Investments.
4 | Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Oil, Gas & Consumable Fuels - (continued) | ||||||||||||||||
Western Midstream Operating LP, Senior Notes | 5.300 | % | 2/1/30 | 340,000 | $ | 368,936 | ||||||||||
Western Midstream Operating LP, Senior Notes | 5.450 | % | 4/1/44 | 2,000,000 | 2,125,000 | |||||||||||
Western Midstream Operating LP, Senior Notes | 5.300 | % | 3/1/48 | 500,000 | 526,250 | |||||||||||
Western Midstream Operating LP, Senior Notes | 6.500 | % | 2/1/50 | 6,216,000 | 7,163,940 | |||||||||||
Williams Cos. Inc., Senior Notes | 3.700 | % | 1/15/23 | 500,000 | 525,599 | |||||||||||
Williams Cos. Inc., Senior Notes | 4.550 | % | 6/24/24 | 680,000 | 756,141 | |||||||||||
Williams Cos. Inc., Senior Notes | 7.500 | % | 1/15/31 | 340,000 | 462,335 | |||||||||||
Williams Cos. Inc., Senior Notes | 8.750 | % | 3/15/32 | 486,000 | 729,840 | |||||||||||
Williams Cos. Inc., Senior Notes | 5.750 | % | 6/24/44 | 1,510,000 | 1,896,012 | |||||||||||
WPX Energy Inc., Senior Notes | 8.250 | % | 8/1/23 | 180,000 | 207,682 | |||||||||||
YPF SA, Senior Notes | 8.500 | % | 7/28/25 | 2,830,000 | 2,026,988 | (a) | ||||||||||
|
| |||||||||||||||
TOTAL ENERGY | 61,451,488 | |||||||||||||||
|
| |||||||||||||||
FINANCIALS - 15.7% | ||||||||||||||||
Banks - 11.5% | ||||||||||||||||
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 | 1,338,360 | (d)(e) | ||||||||||
Barclays Bank PLC, Subordinated Notes | 10.179 | % | 6/12/21 | 2,520,000 | 2,586,760 | (a) | ||||||||||
Barclays Bank PLC, Subordinated Notes | 7.625 | % | 11/21/22 | 366,000 | 402,612 | |||||||||||
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 | 900,000 | 1,016,365 | (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 | 1,840,000 | 1,942,138 | (a)(e) | ||||||||||
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 | 1,574,805 | (a)(d)(e) | ||||||||||
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. USD LIBOR + 3.905%) | 5.950 | % | 5/15/25 | 540,000 | 587,250 | (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 | 1,030,000 | 1,090,564 | (d)(e) | ||||||||||
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 | 2,617,060 | (a)(d)(e) |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
5 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Banks - (continued) | ||||||||||||||||
Intesa Sanpaolo SpA, Subordinated Notes | 5.710 | % | 1/15/26 | 4,250,000 | $ | 4,791,908 | (a) | |||||||||
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 | 1,088,852 | (d)(e) | ||||||||||
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 | 989,815 | (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 | 786,387 | (d)(e) | ||||||||||
NatWest Markets NV, Subordinated Notes | 7.750 | % | 5/15/23 | 490,000 | 551,443 | |||||||||||
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 | 1,800,990 | (b)(d)(e) | |||||||||
TC Ziraat Bankasi AS, Senior Notes | 5.125 | % | 9/29/23 | 1,890,000 | 1,931,119 | (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 | 2,577,743 | (a)(e) | ||||||||||
|
| |||||||||||||||
Total Banks | 27,674,171 | |||||||||||||||
|
| |||||||||||||||
Capital Markets - 1.2% | ||||||||||||||||
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 | 2,012,481 | (a)(d)(e) | ||||||||||
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 | 820,000 | 897,445 | (a)(d)(e) | ||||||||||
|
| |||||||||||||||
Total Capital Markets | 2,909,926 | |||||||||||||||
|
| |||||||||||||||
Consumer Finance - 0.4% | ||||||||||||||||
Navient Corp., Senior Notes | 5.875 | % | 10/25/24 | 480,000 | 506,400 | |||||||||||
Navient Corp., Senior Notes | 6.750 | % | 6/15/26 | 410,000 | 439,469 | |||||||||||
|
| |||||||||||||||
Total Consumer Finance | 945,869 | |||||||||||||||
|
| |||||||||||||||
Diversified Financial Services - 2.6% | ||||||||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | 4.625 | % | 10/15/27 | 1,640,000 | 1,839,839 | |||||||||||
GE Capital International Funding Co. Unlimited Co., Senior Notes | 3.373 | % | 11/15/25 | 1,000,000 | 1,091,784 | |||||||||||
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK) | 6.500 | % | 9/15/24 | 3,647,600 | 3,394,457 | (a)(f) | ||||||||||
|
| |||||||||||||||
Total Diversified Financial Services | 6,326,080 | |||||||||||||||
|
| |||||||||||||||
TOTAL FINANCIALS | 37,856,046 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
6 | Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
HEALTH CARE - 7.2% | ||||||||||||||||
Health Care Providers & Services - 1.1% | ||||||||||||||||
CHS/Community Health Systems Inc., Senior Secured Notes | 8.000 | % | 3/15/26 | 750,000 | $ | 801,525 | (a) | |||||||||
Magellan Health Inc., Senior Notes | 4.900 | % | 9/22/24 | 820,000 | 900,463 | |||||||||||
Tenet Healthcare Corp., Senior Secured Notes | 7.500 | % | 4/1/25 | 750,000 | 815,336 | (a) | ||||||||||
|
| |||||||||||||||
Total Health Care Providers & Services | 2,517,324 | |||||||||||||||
|
| |||||||||||||||
Pharmaceuticals - 6.1% | ||||||||||||||||
Bausch Health Americas Inc., Senior Notes | 8.500 | % | 1/31/27 | 1,110,000 | 1,229,508 | (a) | ||||||||||
Bausch Health Cos. Inc., Senior Notes | 6.125 | % | 4/15/25 | 2,630,000 | 2,695,645 | (a) | ||||||||||
Bausch Health Cos. Inc., Senior Secured Notes | 7.000 | % | 3/15/24 | 700,000 | 715,890 | (a) | ||||||||||
Teva Pharmaceutical Finance Co. BV, Senior Notes | 2.950 | % | 12/18/22 | 2,440,000 | 2,450,187 | |||||||||||
Teva Pharmaceutical Finance IV BV, Senior Notes | 3.650 | % | 11/10/21 | 460,000 | 464,497 | |||||||||||
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | 2.800 | % | 7/21/23 | 1,910,000 | 1,874,187 | |||||||||||
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | 6.000 | % | 4/15/24 | 4,450,000 | 4,649,471 | |||||||||||
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | 3.150 | % | 10/1/26 | 700,000 | 657,307 | |||||||||||
|
| |||||||||||||||
Total Pharmaceuticals | 14,736,692 | |||||||||||||||
|
| |||||||||||||||
TOTAL HEALTH CARE | 17,254,016 | |||||||||||||||
|
| |||||||||||||||
INDUSTRIALS - 15.5% | ||||||||||||||||
Aerospace & Defense - 1.1% | ||||||||||||||||
TransDigm Inc., Senior Secured Notes | 8.000 | % | 12/15/25 | 2,520,000 | 2,746,170 | (a) | ||||||||||
|
| |||||||||||||||
Airlines - 12.3% | ||||||||||||||||
Delta Air Lines Inc., Senior Notes | 3.400 | % | 4/19/21 | 310,000 | 310,685 | |||||||||||
Delta Air Lines Inc., Senior Notes | 3.625 | % | 3/15/22 | 2,470,000 | 2,508,663 | |||||||||||
Delta Air Lines Inc., Senior Notes | 3.800 | % | 4/19/23 | 2,570,000 | 2,635,849 | |||||||||||
Delta Air Lines Inc., Senior Notes | 2.900 | % | 10/28/24 | 840,000 | 836,628 | |||||||||||
Delta Air Lines Inc., Senior Notes | 7.375 | % | 1/15/26 | 690,000 | 808,969 | |||||||||||
Delta Air Lines Inc., Senior Secured Notes | 7.000 | % | 5/1/25 | 6,050,000 | 7,053,547 | (a) | ||||||||||
Delta Air Lines Pass-Through Certificates Trust | 8.021 | % | 8/10/22 | 108,488 | 108,973 | |||||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes | 5.750 | % | 1/20/26 | 1,330,000 | 1,396,753 | (a) |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
7 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Airlines - (continued) | ||||||||||||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes | 6.500 | % | 6/20/27 | 2,500,000 | $ | 2,734,375 | (a) | |||||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes | 8.000 | % | 9/20/25 | 5,260,000 | 5,929,125 | (a) | ||||||||||
United Airlines Holdings Inc., Senior Notes | 4.250 | % | 10/1/22 | 2,530,000 | 2,564,787 | |||||||||||
United Airlines Holdings Inc., Senior Notes | 5.000 | % | 2/1/24 | 2,300,000 | 2,364,687 | |||||||||||
United Airlines Pass-Through Trust | 4.875 | % | 1/15/26 | 240,000 | 248,201 | |||||||||||
|
| |||||||||||||||
Total Airlines | 29,501,242 | |||||||||||||||
|
| |||||||||||||||
Building Products - 0.5% | ||||||||||||||||
Standard Industries Inc., Senior Notes | 5.000 | % | 2/15/27 | 1,240,000 | 1,282,625 | (a) | ||||||||||
|
| |||||||||||||||
Commercial Services & Supplies - 0.4% | ||||||||||||||||
GFL Environmental Inc., Senior Notes | 8.500 | % | 5/1/27 | 834,000 | 918,964 | (a) | ||||||||||
|
| |||||||||||||||
Industrial Conglomerates - 0.2% | ||||||||||||||||
Alfa SAB de CV, Senior Notes | 6.875 | % | 3/25/44 | 400,000 | 491,400 | (a) | ||||||||||
|
| |||||||||||||||
Trading Companies & Distributors - 1.0% | ||||||||||||||||
H&E Equipment Services Inc., Senior Notes | 3.875 | % | 12/15/28 | 2,020,000 | 1,946,775 | (a) | ||||||||||
United Rentals North America Inc., Senior Notes | 5.500 | % | 5/15/27 | 500,000 | 529,687 | |||||||||||
|
| |||||||||||||||
Total Trading Companies & Distributors | 2,476,462 | |||||||||||||||
|
| |||||||||||||||
TOTAL INDUSTRIALS | 37,416,863 | |||||||||||||||
|
| |||||||||||||||
INFORMATION TECHNOLOGY - 2.5% | ||||||||||||||||
Communications Equipment - 0.9% | ||||||||||||||||
CommScope Inc., Senior Notes | 8.250 | % | 3/1/27 | 1,920,000 | 2,025,591 | (a) | ||||||||||
CommScope Technologies LLC, Senior Notes | 6.000 | % | 6/15/25 | 32,000 | 32,582 | (a) | ||||||||||
|
| |||||||||||||||
Total Communications Equipment | 2,058,173 | |||||||||||||||
|
| |||||||||||||||
Semiconductors & Semiconductor Equipment - 0.1% | ||||||||||||||||
Sensata Technologies UK Financing Co. PLC, Senior Notes | 6.250 | % | 2/15/26 | 250,000 | 258,569 | (a) | ||||||||||
|
| |||||||||||||||
Technology Hardware, Storage & Peripherals - 1.5% | ||||||||||||||||
Dell International LLC/EMC Corp., Senior Notes | 7.125 | % | 6/15/24 | 1,010,000 | 1,046,158 | (a) | ||||||||||
Seagate HDD Cayman, Senior Notes | 4.750 | % | 6/1/23 | 410,000 | 438,782 | |||||||||||
Seagate HDD Cayman, Senior Notes | 4.750 | % | 1/1/25 | 1,330,000 | 1,442,219 | |||||||||||
Seagate HDD Cayman, Senior Notes | 4.875 | % | 6/1/27 | 630,000 | 702,122 | |||||||||||
|
| |||||||||||||||
Total Technology Hardware, Storage & Peripherals | 3,629,281 | |||||||||||||||
|
| |||||||||||||||
TOTAL INFORMATION TECHNOLOGY | 5,946,023 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
8 | Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
MATERIALS - 6.2% | ||||||||||||||||
Chemicals - 1.1% | �� | |||||||||||||||
Braskem America Finance Co., Senior Notes | 7.125 | % | 7/22/41 | 1,060,000 | $ | 1,203,100 | (b) | |||||||||
INEOS Quattro Finance 2 PLC, Senior Secured Notes | 3.375 | % | 1/15/26 | 230,000 | 229,713 | (a) | ||||||||||
Orbia Advance Corp. SAB de CV, Senior Notes | 5.875 | % | 9/17/44 | 1,000,000 | 1,190,010 | (a) | ||||||||||
|
| |||||||||||||||
Total Chemicals | 2,622,823 | |||||||||||||||
|
| |||||||||||||||
Containers & Packaging - 1.8% | ||||||||||||||||
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK) | 6.500 | % | 6/30/27 | 1,080,000 | 1,143,450 | (a)(f) | ||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes | 6.000 | % | 2/15/25 | 890,000 | 920,883 | (a) | ||||||||||
Pactiv LLC, Senior Notes | 7.950 | % | 12/15/25 | 1,020,000 | 1,150,050 | |||||||||||
Trivium Packaging Finance BV, Senior Notes | 8.500 | % | 8/15/27 | 950,000 | 1,020,561 | (a) | ||||||||||
|
| |||||||||||||||
Total Containers & Packaging | 4,234,944 | |||||||||||||||
|
| |||||||||||||||
Metals & Mining - 3.3% | ||||||||||||||||
Anglo American Capital PLC, Senior Notes | 4.875 | % | 5/14/25 | 1,470,000 | 1,681,390 | (a) | ||||||||||
ArcelorMittal SA, Senior Notes | 7.250 | % | 10/15/39 | 1,140,000 | 1,643,516 | |||||||||||
First Quantum Minerals Ltd., Senior Notes | 7.250 | % | 4/1/23 | 1,340,000 | 1,368,843 | (a) | ||||||||||
Freeport-McMoRan Inc., Senior Notes | 3.875 | % | 3/15/23 | 680,000 | 708,737 | |||||||||||
Southern Copper Corp., Senior Notes | 5.250 | % | 11/8/42 | 1,620,000 | 2,041,583 | |||||||||||
Teck Resources Ltd., Senior Notes | 6.000 | % | 8/15/40 | 460,000 | 584,418 | |||||||||||
|
| |||||||||||||||
Total Metals & Mining | 8,028,487 | |||||||||||||||
|
| |||||||||||||||
TOTAL MATERIALS | 14,886,254 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE - 1.0% | ||||||||||||||||
Equity Real Estate Investment Trusts (REITs) - 1.0% | ||||||||||||||||
CoreCivic Inc., Senior Notes | 4.750 | % | 10/15/27 | 668,000 | 602,870 | |||||||||||
Diversified Healthcare Trust, Senior Notes | 9.750 | % | 6/15/25 | 660,000 | 744,150 | |||||||||||
Diversified Healthcare Trust, Senior Notes | 4.375 | % | 3/1/31 | 350,000 | 346,937 | |||||||||||
Service Properties Trust, Senior Notes | 5.500 | % | 12/15/27 | 680,000 | 733,326 | |||||||||||
|
| |||||||||||||||
TOTAL REAL ESTATE | 2,427,283 | |||||||||||||||
|
| |||||||||||||||
UTILITIES - 1.9% | ||||||||||||||||
Electric Utilities - 0.5% | ||||||||||||||||
FirstEnergy Corp., Senior Notes | 7.375 | % | 11/15/31 | 330,000 | 454,418 | |||||||||||
Pampa Energia SA, Senior Notes | 7.500 | % | 1/24/27 | 900,000 | 760,275 | (a) | ||||||||||
|
| |||||||||||||||
Total Electric Utilities | 1,214,693 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
9 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Gas Utilities - 1.1% | ||||||||||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes | 5.875 | % | 3/1/27 | 2,400,000 | $ | 2,514,960 | ||||||||||
|
| |||||||||||||||
Independent Power and Renewable Electricity Producers - 0.3% |
| |||||||||||||||
Minejesa Capital BV, Senior Secured Notes | 5.625 | % | 8/10/37 | 780,000 | 826,800 | (a) | ||||||||||
|
| |||||||||||||||
TOTAL UTILITIES | 4,556,453 | |||||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS & NOTES (Cost - $223,761,504) | 264,801,992 | |||||||||||||||
|
| |||||||||||||||
SOVEREIGN BONDS - 17.8% | ||||||||||||||||
Argentina - 1.0% | ||||||||||||||||
Argentine Republic Government International Bond, Senior Notes | 1.000 | % | 7/9/29 | 508,291 | 201,283 | |||||||||||
Argentine Republic Government International Bond, Senior Notes, Step bond (0.125% to 7/9/21 then 0.500%) | 0.125 | % | 7/9/30 | 2,798,700 | 1,018,727 | |||||||||||
Provincia de Buenos Aires, Senior Notes | 9.950 | % | 6/9/21 | 3,280,000 | 1,131,600 | *(a)(g) | ||||||||||
|
| |||||||||||||||
Total Argentina | 2,351,610 | |||||||||||||||
|
| |||||||||||||||
Brazil - 1.7% | ||||||||||||||||
Brazil Notas do Tesouro Nacional Serie F, Notes | 10.000 | % | 1/1/23 | 8,677,000 | BRL | 1,658,185 | ||||||||||
Brazil Notas do Tesouro Nacional Serie F, Notes | 10.000 | % | 1/1/25 | 1,242,000 | BRL | 240,542 | ||||||||||
Brazilian Government International Bond, Senior Notes | 3.875 | % | 6/12/30 | 2,200,000 | 2,192,850 | |||||||||||
|
| |||||||||||||||
Total Brazil | 4,091,577 | |||||||||||||||
|
| |||||||||||||||
Colombia - 0.6% | ||||||||||||||||
Colombia Government International Bond, Senior Notes | 7.375 | % | 9/18/37 | 1,042,000 | 1,388,465 | |||||||||||
|
| |||||||||||||||
Costa Rica - 0.2% | ||||||||||||||||
Costa Rica Government International Bond, Senior Notes | 7.158 | % | 3/12/45 | 500,000 | 493,750 | (a) | ||||||||||
|
| |||||||||||||||
Croatia - 0.4% | ||||||||||||||||
Croatia Government International Bond, Senior Notes | 5.500 | % | 4/4/23 | 450,000 | 495,724 | (b) | ||||||||||
Croatia Government International Bond, Senior Notes | 5.500 | % | 4/4/23 | 410,000 | 451,660 | (a) | ||||||||||
|
| |||||||||||||||
Total Croatia | 947,384 | |||||||||||||||
|
| |||||||||||||||
Egypt - 0.9% | ||||||||||||||||
Egypt Government International Bond, Senior Notes | 7.600 | % | 3/1/29 | 1,950,000 | 2,153,482 | (a) | ||||||||||
|
|
See Notes to Schedule of Investments.
10 | Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Ghana - 0.6% | ||||||||||||||||
Ghana Government International Bond | 10.750 | % | 10/14/30 | 920,000 | $ | 1,205,145 | (a) | |||||||||
Ghana Government International Bond, Senior Notes | 8.125 | % | 1/18/26 | 270,000 | 305,923 | (a) | ||||||||||
|
| |||||||||||||||
Total Ghana | 1,511,068 | |||||||||||||||
|
| |||||||||||||||
Guatemala - 0.2% | ||||||||||||||||
Guatemala Government Bond, Senior Notes | 4.375 | % | 6/5/27 | 370,000 | 400,917 | (a) | ||||||||||
|
| |||||||||||||||
Honduras - 0.4% | ||||||||||||||||
Honduras Government International Bond, Senior Notes | 7.500 | % | 3/15/24 | 400,000 | 438,004 | (b) | ||||||||||
Honduras Government International Bond, Senior Notes | 6.250 | % | 1/19/27 | 450,000 | 509,630 | (a) | ||||||||||
|
| |||||||||||||||
Total Honduras | 947,634 | |||||||||||||||
|
| |||||||||||||||
Indonesia - 1.8% | ||||||||||||||||
Indonesia Government International Bond, Senior Notes | 1.850 | % | 3/12/31 | 2,250,000 | 2,138,229 | |||||||||||
Indonesia Government International Bond, Senior Notes | 6.625 | % | 2/17/37 | 1,135,000 | 1,530,814 | (b) | ||||||||||
Indonesia Treasury Bond | 8.375 | % | 3/15/34 | 209,000,000 | IDR | 16,251 | ||||||||||
Indonesia Treasury Bond, Senior Notes | 8.250 | % | 7/15/21 | 7,604,000,000 | IDR | 543,137 | ||||||||||
|
| |||||||||||||||
Total Indonesia | 4,228,431 | |||||||||||||||
|
| |||||||||||||||
Ivory Coast - 0.4% | ||||||||||||||||
Ivory Coast Government International Bond, Senior Notes | 5.750 | % | 12/31/32 | 1,060,417 | 1,067,172 | (a) | ||||||||||
|
| |||||||||||||||
Jamaica - 0.3% | ||||||||||||||||
Jamaica Government International Bond, Senior Notes | 8.000 | % | 3/15/39 | 500,000 | 700,000 | |||||||||||
|
| |||||||||||||||
Kenya - 0.3% | ||||||||||||||||
Kenya Government International Bond, Senior Notes | 7.250 | % | 2/28/28 | 600,000 | 664,548 | (a) | ||||||||||
|
| |||||||||||||||
Nigeria - 1.0% | ||||||||||||||||
Nigeria Government International Bond, Senior Notes | 7.875 | % | 2/16/32 | 2,200,000 | 2,375,395 | (b) | ||||||||||
|
| |||||||||||||||
Oman - 0.4% | ||||||||||||||||
Oman Government International Bond, Senior Notes | 5.625 | % | 1/17/28 | 1,000,000 | 1,036,270 | (a) | ||||||||||
|
| |||||||||||||||
Paraguay - 0.8% | ||||||||||||||||
Paraguay Government International Bond, Senior Notes | 2.739 | % | 1/29/33 | 1,990,000 | 1,915,375 | (a) | ||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
11 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
Peru - 2.1% | ||||||||||||||||
Peruvian Government International Bond, Senior Notes | 7.350 | % | 7/21/25 | 750,000 | $ | 941,179 | ||||||||||
Peruvian Government International Bond, Senior Notes | 1.862 | % | 12/1/32 | 1,800,000 | 1,668,375 | |||||||||||
Peruvian Government International Bond, Senior Notes | 8.750 | % | 11/21/33 | 1,604,000 | 2,525,819 | |||||||||||
|
| |||||||||||||||
Total Peru | 5,135,373 | |||||||||||||||
|
| |||||||||||||||
Russia - 2.7% | ||||||||||||||||
Russian Federal Bond - OFZ | 7.000 | % | 1/25/23 | 74,770,000 | RUB | 1,036,941 | ||||||||||
Russian Federal Bond - OFZ | 7.750 | % | 9/16/26 | 375,770,000 | RUB | 5,383,947 | ||||||||||
Russian Foreign Bond - Eurobond, Senior Notes | 12.750 | % | 6/24/28 | 42,000 | 70,826 | (b) | ||||||||||
|
| |||||||||||||||
Total Russia | 6,491,714 | |||||||||||||||
|
| |||||||||||||||
Senegal - 0.2% | ||||||||||||||||
Senegal Government International Bond, Senior Notes | 6.250 | % | 7/30/24 | 450,000 | 498,521 | (b) | ||||||||||
|
| |||||||||||||||
Turkey - 1.0% | ||||||||||||||||
Turkey Government International Bond, Senior Notes | 4.250 | % | 4/14/26 | 2,500,000 | 2,451,500 | |||||||||||
|
| |||||||||||||||
Ukraine - 0.8% | ||||||||||||||||
Ukraine Government International Bond, Senior Notes | 7.375 | % | 9/25/32 | 1,950,000 | 2,011,476 | (a) | ||||||||||
|
| |||||||||||||||
TOTAL SOVEREIGN BONDS (Cost - $40,838,778) | 42,861,662 | |||||||||||||||
|
| |||||||||||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 11.2% | ||||||||||||||||
U.S. Government Obligations - 11.2% | ||||||||||||||||
U.S. Treasury Notes | 1.750 | % | 7/31/21 | 200,000 | 201,423 | |||||||||||
U.S. Treasury Notes | 1.625 | % | 5/31/23 | 2,500,000 | 2,581,641 | (h) | ||||||||||
U.S. Treasury Notes | 2.750 | % | 8/31/23 | 4,250,000 | 4,520,771 | (h) | ||||||||||
U.S. Treasury Notes | 2.875 | % | 9/30/23 | 2,700,000 | 2,885,625 | (h) | ||||||||||
U.S. Treasury Notes | 2.125 | % | 11/30/23 | 4,750,000 | 4,996,963 | (h) | ||||||||||
U.S. Treasury Notes | 2.125 | % | 3/31/24 | 3,000,000 | 3,168,633 | (h) | ||||||||||
U.S. Treasury Notes | 2.000 | % | 6/30/24 | 3,250,000 | 3,428,623 | (h) | ||||||||||
U.S. Treasury Notes | 0.625 | % | 8/15/30 | 2,000,000 | 1,867,812 | |||||||||||
U.S. Treasury Notes | 0.875 | % | 11/15/30 | 1,500,000 | 1,430,625 | |||||||||||
U.S. Treasury Notes | 1.125 | % | 2/15/31 | 2,000,000 | 1,951,250 | |||||||||||
|
| |||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $25,814,489) |
| 27,033,366 | ||||||||||||||
|
|
See Notes to Schedule of Investments.
12 | Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | RATE | MATURITY DATE | FACE AMOUNT† | VALUE | ||||||||||||
SENIOR LOANS - 2.6% | ||||||||||||||||
CONSUMER DISCRETIONARY - 0.8% | ||||||||||||||||
Hotels, Restaurants & Leisure - 0.4% | ||||||||||||||||
Royal Caribbean Cruises Ltd., First Lien Term Loan A | — | 4/5/22 | 1,000,000 | $ | 941,667 | (i) | ||||||||||
|
| |||||||||||||||
Specialty Retail - 0.4% | ||||||||||||||||
PetSmart Inc., Term Loan B (the greater of 3 mo. USD LIBOR or 0.750% + 3.500%) | 4.250 | % | 1/29/28 | 1,060,000 | 1,068,778 | (e)(j)(k) | ||||||||||
|
| |||||||||||||||
TOTAL CONSUMER DISCRETIONARY | 2,010,445 | |||||||||||||||
|
| |||||||||||||||
INDUSTRIALS - 1.2% | ||||||||||||||||
Airlines - 1.2% | ||||||||||||||||
Delta Air Lines Inc., Initial Term Loan (the greater of 1 mo. USD LIBOR or 1.000% + 4.750%) | 5.750 | % | 4/29/23 | 1,058,416 | 1,068,752 | (e)(i)(j)(k) | ||||||||||
Jetblue Airways Corp., Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 5.250%) | 6.250 | % | 6/17/24 | 1,862,250 | 1,925,619 | (e)(j)(k) | ||||||||||
|
| |||||||||||||||
TOTAL INDUSTRIALS | 2,994,371 | |||||||||||||||
|
| |||||||||||||||
MATERIALS - 0.6% | ||||||||||||||||
Chemicals - 0.6% | ||||||||||||||||
INEOS US Petrochem LLC, 2026 Dollar Term Loan B (the greater of 1 mo. USD LIBOR or 0.500% + 2.750%) | 3.250 | % | 1/29/26 | 1,320,000 | 1,323,182 | (e)(i)(j)(k) | ||||||||||
|
| |||||||||||||||
TOTAL SENIOR LOANS (Cost - $6,232,546) | 6,327,998 | |||||||||||||||
|
| |||||||||||||||
CONVERTIBLE BONDS & NOTES - 1.3% | ||||||||||||||||
COMMUNICATION SERVICES - 1.3% | ||||||||||||||||
Media - 1.3% | ||||||||||||||||
DISH Network Corp., Senior Notes (Cost - $2,790,169) | 3.375 | % | 8/15/26 | 3,370,000 | 3,177,327 | |||||||||||
|
| |||||||||||||||
SHARES | ||||||||||||||||
COMMON STOCKS - 0.5% | ||||||||||||||||
CONSUMER DISCRETIONARY - 0.2% | ||||||||||||||||
Specialty Retail - 0.2% | ||||||||||||||||
Party City Holdings Inc. | 53,377 | 408,867 | * | |||||||||||||
|
| |||||||||||||||
ENERGY - 0.3% | ||||||||||||||||
Energy Equipment & Services - 0.0%†† | ||||||||||||||||
Hercules Offshore Inc. (Escrow) | 37,071 | 22,071 | *(l)(m) | |||||||||||||
KCAD Holdings I Ltd. | 77,972,021 | 0 | *(l)(m)(n) | |||||||||||||
|
| |||||||||||||||
Total Energy Equipment & Services | 22,071 | |||||||||||||||
|
|
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
13 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
SECURITY‡ | SHARES | VALUE | ||||||||||||||
Oil, Gas & Consumable Fuels - 0.3% | ||||||||||||||||
Oasis Petroleum Inc. | 14,025 | $ | 797,462 | * | ||||||||||||
|
| |||||||||||||||
TOTAL ENERGY | 819,533 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS (Cost - $2,848,932) | 1,228,400 | |||||||||||||||
|
| |||||||||||||||
RATE | ||||||||||||||||
CONVERTIBLE PREFERRED STOCKS - 0.4% | ||||||||||||||||
ENERGY - 0.4% | ||||||||||||||||
Oil, Gas & Consumable Fuels - 0.4% | ||||||||||||||||
Targa Resources Corp., Non Voting Shares (Cost - $882,000) | 9.500 | % | 840 | 892,462 | (c) | |||||||||||
|
| |||||||||||||||
MATURITY DATE | FACE AMOUNT† | |||||||||||||||
NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.0%†† |
| |||||||||||||||
Argentina - 0.0%†† | ||||||||||||||||
Argentina Treasury Bond (Cost - $83,880) | 1.000 | % | 8/5/21 | 10,060,312 | ARS | 69,774 | (l) | |||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $303,252,298) |
| 346,392,981 | ||||||||||||||
|
| |||||||||||||||
SHARES | ||||||||||||||||
SHORT-TERM INVESTMENTS - 1.9% | ||||||||||||||||
Dreyfus Government Cash Management, Institutional Shares (Cost - $4,496,441) | 0.030 | % | 4,496,441 | 4,496,441 | ||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 145.7% (Cost - $307,748,739) | 350,889,422 | |||||||||||||||
Liabilities in Excess of Other Assets - (45.7)% | (110,108,656 | ) | ||||||||||||||
|
| |||||||||||||||
TOTAL NET ASSETS - 100.0% | $ | 240,780,766 | ||||||||||||||
|
|
See Notes to Schedule of Investments.
14 | Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
† | 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) | 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) | Securities traded on a when-issued or delayed delivery basis. |
(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) | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities. |
(g) | The coupon payment on this security is currently in default as of February 28, 2021. |
(h) | All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
(i) | All or a portion of this loan is unfunded as of February 28, 2021. The interest rate for fully unfunded term loans is to be determined. |
(j) | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
(k) | 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. |
(l) | Security is valued in good faith in accordance with procedures approved by the Board of Directors (Note 1). |
(m) | Security is valued using significant unobservable inputs (Note 1). |
(n) | Value is less than $1. |
Abbreviation(s) used in this schedule:
ARS | — Argentine Peso | |
BRL | — Brazilian Real | |
GBP | — British Pound | |
ICE | — Intercontinental Exchange | |
IDR | — Indonesian Rupiah | |
LIBOR | — London Interbank Offered Rate | |
OFZ | — Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation) | |
PIK | — Payment-In-Kind | |
RUB | — Russian Ruble | |
USD | — United States Dollar |
See Notes to Schedule of Investments.
Western Asset Global High Income Fund Inc. 2021 Quarterly Report |
15 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
Schedule of investments (unaudited) (cont’d) | February 28, 2021 |
At February 28, 2021, 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 | 0.130 | % | 2/26/2021 | 5/26/2021 | $ | 21,513,125 | | U.S. Government & Agency Obligations | | $ | 21,582,256 |
* | Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements. |
At February 28, 2021, the Fund had the following open forward foreign currency contracts:
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
GBP | 716,805 | USD | 973,044 | Citibank N.A. | 4/19/21 | $ | 25,886 | |||||||||||||||
MXN | 1,511,611 | USD | 74,916 | Citibank N.A. | 4/19/21 | (3,086 | ) | |||||||||||||||
EUR | 100,900 | USD | 124,083 | Goldman Sachs Group Inc. | 4/19/21 | (2,187 | ) | |||||||||||||||
USD | 946,551 | GBP | 700,000 | Goldman Sachs Group Inc. | 4/19/21 | (28,961 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total | $ | (8,348 | ) | |||||||||||||||||||
|
|
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.
16 | Western Asset Global High Income Fund Inc. 2021 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. On August 14, 2020, the Board of Directors of the Fund approved amendments to the Fund’s bylaws. The amended and restated bylaws were subsequently filed on Form 8-K and are available on the SEC’s website at www.sec.gov.
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 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.
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
17 |
Notes to Schedule of Investments (unaudited) (continued)
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 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.
18 |
Notes to Schedule of Investments (unaudited) (continued)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
• | Level 1 – 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 | — | $ | 264,801,992 | — | $ | 264,801,992 | ||||||||||
Sovereign Bonds | — | 42,861,662 | — | 42,861,662 | ||||||||||||
U.S. Government & Agency Obligations | — | 27,033,366 | — | 27,033,366 | ||||||||||||
Senior Loans | — | 6,327,998 | — | 6,327,998 | ||||||||||||
Convertible Bonds & Notes | — | 3,177,327 | — | 3,177,327 | ||||||||||||
Common Stocks: | ||||||||||||||||
Consumer Discretionary | $ | 408,867 | — | — | 408,867 | |||||||||||
Energy | 797,462 | — | $ | 22,071 | 819,533 | |||||||||||
Convertible Preferred Stocks | — | 892,462 | — | 892,462 | ||||||||||||
Non-U.S. Treasury Inflation Protected Securities | — | 69,774 | — | 69,774 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 1,206,329 | 345,164,581 | 22,071 | 346,392,981 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments† | 4,496,441 | — | — | 4,496,441 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 5,702,770 | $ | 345,164,581 | $ | 22,071 | $ | 350,889,422 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments: | ||||||||||||||||
Forward Foreign Currency Contracts | — | $ | 25,886 | — | $ | 25,886 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 5,702,770 | $ | 345,190,467 | $ | 22,071 | $ | 350,915,308 | ||||||||
|
|
|
|
|
|
|
|
19 |
Notes to Schedule of Investments (unaudited) (continued)
LIABILITIES | ||||||||||||||||
DESCRIPTION | QUOTED PRICES (LEVEL 1) | OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | TOTAL | ||||||||||||
Other Financial Instruments: | ||||||||||||||||
Forward Foreign Currency Contracts | — | $ | 34,234 | — | $ | 34,234 |
† | See Schedule of Investments for additional detailed categorizations. |
20 |