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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
(Cost - $35,073,765)

             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
(Cost - $2,302,975)

              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
(Cost - $72,678)

     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
(Cost - $1,310,522)

     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