0001752724-24-034823.txt : 20240223 0001752724-24-034823.hdr.sgml : 20240223 20240223104531 ACCESSION NUMBER: 0001752724-24-034823 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231229 FILED AS OF DATE: 20240223 DATE AS OF CHANGE: 20240223 PERIOD START: 20240930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC. CENTRAL INDEX KEY: 0000910068 ORGANIZATION NAME: IRS NUMBER: 133735236 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07920 FILM NUMBER: 24667743 BUSINESS ADDRESS: STREET 1: 620 EIGHTH AVENUE STREET 2: 47TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 888-777-0102 MAIL ADDRESS: STREET 1: 620 EIGHTH AVENUE STREET 2: 47TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: HIGH INCOME OPPORTUNITY FUND INC DATE OF NAME CHANGE: 19941230 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY HIGH INCOME OPPORTUNITY FUND INC DATE OF NAME CHANGE: 19930913 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY HIGH INCOME FUND INC DATE OF NAME CHANGE: 19930802 NPORT-P 1 primary_doc.xml NPORT-P false 0000910068 XXXXXXXX Western Asset High Income Opportunity Fund Inc. 811-07920 0000910068 549300S7N70O2ERKYG47 620 Eighth Avenue 47thFloor New York 10018 1-888-777-0102 Western Asset High Income Opportunity Fund Inc. 549300S7N70O2ERKYG47 2024-09-30 2023-12-29 N 412662797.09 3110918.63 409551878.46 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 EUR GBP MXN USD N CAESARS ENTERTAIN INC 549300FA4CTCW903Y781 Caesars Entertainment Inc 12769GAB6 1000000.00000000 PA USD 1026062.00000000 0.250532851627 Long DBT CORP US N 2 2030-02-15 Fixed 7.00000000 N N N N N N SASOL FINANCING USA LLC 549300XRB1PFMESFEL85 Sasol Financing USA LLC 80386WAF2 1540000.00000000 PA USD 1572836.30000000 0.384038355754 Long DBT CORP US N 2 2029-05-03 Fixed 8.75000000 N N N N N N CSC HOLDINGS LLC 3HG2WD2W22M120IUNG49 CSC Holdings LLC 126307BA4 5740000.00000000 PA USD 3579119.60000000 0.873911166872 Long DBT CORP US N 2 2030-01-15 Fixed 5.75000000 N N N N N N CREDIT SUISSE ESCROW CL N/A CREDIT SUISSE ESCROW CL 000000000 10560000.00000000 PA USD 1267200.00000000 0.309411350953 Long DBT CORP US N 2 2050-01-01 None 0.00000000 N N N N N N BLUE RACER MID LLC/FINAN N/A Blue Racer Midstream LLC / Blue Racer Finance Corp 095796AH1 730000.00000000 PA USD 740258.56000000 0.180748422588 Long DBT CORP US N 2 2025-12-15 Fixed 7.62500000 N N N N N N FIRST QUANTUM MINERALS L 549300I7UVBGWRYMYZ18 First Quantum Minerals Ltd 335934AR6 770000.00000000 PA USD 690263.06000000 0.168541055798 Long DBT CORP CA N 2 2026-03-01 Fixed 6.87500000 N N N N N N MICHAELS COS INC/THE 549300H9LWMBP7HYLR98 Michaels Cos Inc/The 55916AAA2 1800000.00000000 PA USD 1424393.77000000 0.347793245475 Long DBT CORP US N 2 2028-05-01 Fixed 5.25000000 N N N N N N ESKOM HOLDINGS SOC LTD 3789001900ED06F65111 Eskom Holdings SOC Ltd 000000000 500000.00000000 PA USD 468412.50000000 0.114371957408 Long DBT CORP ZA N 2 2027-07-23 Fixed 4.31400000 N N N N N N SPIRIT LOYALTY KY LTD/IP N/A Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd 84859BAA9 4095999.00000000 PA USD 2950504.10000000 0.720422553326 Long DBT CORP KY N 2 2025-09-20 Fixed 8.00000000 N N N N N N SALLY HOLDINGS/SALLY CAP N/A Sally Holdings LLC / Sally Capital Inc 79546VAL0 1590000.00000000 PA USD 1591389.66000000 0.388568516883 Long DBT CORP US N 2 2025-12-01 Fixed 5.62500000 N N N N N N AMERICAN AIRLINES GROUP N/A American Airlines Group Inc 02376RAE2 5470000.00000000 PA USD 5335661.18000000 1.302804714280 Long DBT CORP US N 2 2025-03-01 Fixed 3.75000000 N N N N N N TELECOM ITALIA CAPITAL 549300777DJZOR5C4L39 Telecom Italia Capital SA 87927VAM0 1000000.00000000 PA USD 950878.20000000 0.232175274979 Long DBT CORP LU N 2 2034-09-30 Fixed 6.00000000 N N N N N N SIRIUS XM RADIO INC WP5O65E6BMU84LNO4227 Sirius XM Radio Inc 82967NBM9 1000000.00000000 PA USD 856731.30000000 0.209187491270 Long DBT CORP US N 2 2031-09-01 Fixed 3.87500000 N N N N N N VOC ESCROW LTD N/A VOC Escrow Ltd 91832VAA2 140000.00000000 PA USD 134182.17000000 0.032763168003 Long DBT CORP BM N 2 2028-02-15 Fixed 5.00000000 N N N N N N OCCIDENTAL PETROLEUM COR IM7X0T3ECJW4C1T7ON55 Occidental Petroleum Corp 674599EB7 4970000.00000000 PA USD 5001062.50000000 1.221105985108 Long DBT CORP US N 2 2025-09-01 Fixed 5.87500000 N N N N N N CANPACK SA/CANPACK US N/A Canpack SA / Canpack US LLC 13806CAA0 1050000.00000000 PA USD 901199.59000000 0.220045283002 Long DBT CORP N/A N 2 2029-11-15 Fixed 3.87500000 N N N N N N CORECIVIC INC 529900JFA3K6PTLT8B15 CoreCivic Inc 21871NAA9 2670000.00000000 PA USD 2468661.79000000 0.602771448462 Long DBT CORP US N 2 2027-10-15 Fixed 4.75000000 N N N N N N GLOBAL AIR LEASE CO LTD N/A Global Aircraft Leasing Co Ltd 37960JAA6 6360102.00000000 PA USD 5985905.40000000 1.461574397487 Long DBT CORP KY N 2 2024-09-15 Fixed 6.50000000 N N Y N N N OCCIDENTAL PETROLEUM COR IM7X0T3ECJW4C1T7ON55 Occidental Petroleum Corp 674599DJ1 1070000.00000000 PA USD 1106160.65000000 0.270090483813 Long DBT CORP US N 2 2040-03-15 Fixed 6.20000000 N N N N N N SUMMIT MID HLDS LLC / FI N/A Summit Midstream Holdings LLC / Summit Midstream Finance Corp 86614WAE6 1430000.00000000 PA USD 1420111.16000000 0.346747563541 Long DBT CORP US N 2 2026-10-15 Variable 9.00000000 N N N N N N AMERICAN AXLE & MFG INC RY5TAKFOBLDUGX31MS24 American Axle & Manufacturing Inc 02406PAU4 3903000.00000000 PA USD 3922226.18000000 0.957687264125 Long DBT CORP US N 2 2027-04-01 Fixed 6.50000000 N N N N N N WW International Inc SGT8R1MU6ESIC7UJC518 WW International Inc 92941PAC7 4350000.00000000 PA USD 3101180.25000000 0.757213045063 Long LON CORP US N 2 2028-04-13 Floating 8.97044000 N N N N N N WESTERN MIDSTREAM OPERAT L6D8A6MLSY454J2JXJ60 Western Midstream Operating LP 958667AC1 2900000.00000000 PA USD 2715357.87000000 0.663007060353 Long DBT CORP US N 2 2030-02-01 Variable 4.05000000 N N N N N N CHS/COMMUNITY HEALTH SYS 5493007X5NC5XI1BB106 CHS/Community Health Systems Inc 12543DBK5 2440000.00000000 PA USD 1921500.00000000 0.469171331169 Long DBT CORP US N 2 2031-02-15 Fixed 4.75000000 N N N N N N CORECIVIC INC 529900JFA3K6PTLT8B15 CoreCivic Inc 21871NAB7 3530000.00000000 PA USD 3594607.47000000 0.877692829420 Long DBT CORP US N 2 2026-04-15 Fixed 8.25000000 N N N N N N OCCIDENTAL PETROLEUM COR IM7X0T3ECJW4C1T7ON55 Occidental Petroleum Corp 674599DC6 750000.00000000 PA USD 755891.26000000 0.184565448177 Long DBT CORP US N 2 2026-03-15 Fixed 5.55000000 N N N N N N SPIRIT AIRLINES INC 549300DCAFIXFNFR3304 Spirit Airlines Inc 848577AB8 310000.00000000 PA USD 216380.00000000 0.052833355523 Long DBT CORP US N 2 2026-05-15 Fixed 1.00000000 N N N N Y Spirit Airlines Inc Spirit Airlines Inc USD XXXX N N N MEX BONOS DESARR FIX RT 254900EGTWEU67VP6075 Mexican Bonos 000000000 149470000.00000000 PA 8215260.61000000 2.005914523183 Long DBT NUSS MX N 2 2031-05-29 Fixed 7.75000000 N N N N N N CUSHMAN & WAKEFIELD US 549300870CMN3WI5IF97 Cushman & Wakefield US Borrower LLC 23166MAC7 420000.00000000 PA USD 445420.50000000 0.108758016609 Long DBT CORP US N 2 2031-09-01 Fixed 8.87500000 N N N N N N SOUTHWESTERN ENERGY CO EFWMP121W54QV9MGOP87 Southwestern Energy Co 845467AT6 750000.00000000 PA USD 694842.68000000 0.169659258458 Long DBT CORP US N 2 2032-02-01 Fixed 4.75000000 N N N N N N TEVA PHARMACEUTICALS NE 5493004T21MOAFINJP35 Teva Pharmaceutical Finance Netherlands III BV 88167AAE1 1150000.00000000 PA USD 1065629.79000000 0.260194091651 Long DBT CORP NL N 2 2026-10-01 Fixed 3.15000000 N N N N N N ZF NA CAPITAL 529900JYGMS9CW9IQX78 ZF North America Capital Inc 98877DAD7 880000.00000000 PA USD 912466.72000000 0.222796370372 Long DBT CORP US N 2 2028-04-14 Fixed 6.87500000 N N N N N N FORD MOTOR COMPANY 20S05OYHG0MQM4VUIC57 Ford Motor Co 345370DA5 1000000.00000000 PA USD 832121.53000000 0.203178540684 Long DBT CORP US N 2 2032-02-12 Fixed 3.25000000 N N N N N N VIRGIN MEDIA VENDOR FIN 635400SSKC2QCGEPIQ43 Virgin Media Vendor Financing Notes III DAC 92771EAA1 2000000.00000000 PA 2353462.77000000 0.574643383116 Long DBT CORP IE N 2 2028-07-15 Fixed 4.87500000 N N N N N N FREEPORT-MCMORAN INC 549300IRDTHJQ1PVET45 Freeport-McMoRan Inc 35671DBC8 4280000.00000000 PA USD 4170753.43000000 1.018369991533 Long DBT CORP US N 2 2043-03-15 Fixed 5.45000000 N N N N N N DELTA AIR LINES INC Q2CCMS6R0AS67HJMBN42 Delta Air Lines Inc 247361ZZ4 720000.00000000 PA USD 744782.37000000 0.181852998159 Long DBT CORP US N 2 2026-01-15 Fixed 7.37500000 N N N N N N IRB HOLDING CORP 549300HVW4WNWYBXN830 IRB Holding Corp 44988MAC9 1230000.00000000 PA USD 1230959.40000000 0.300562508620 Long DBT CORP US N 2 2025-06-15 Fixed 7.00000000 N N N N N N ROYAL CARIBBEAN CRUISES K2NEH8QNVW44JIWK7Z55 Royal Caribbean Cruises Ltd 780153BG6 1840000.00000000 PA USD 1817706.19000000 0.443828068091 Long DBT CORP LR N 2 2028-04-01 Fixed 5.50000000 N N N N N N CSC HOLDINGS LLC 3HG2WD2W22M120IUNG49 CSC Holdings LLC 126307BH9 1000000.00000000 PA USD 757300.70000000 0.184909590171 Long DBT CORP US N 2 2031-11-15 Fixed 4.50000000 N N N N N N WYNN MACAU LTD 254900NMDQ8ENTHU1I31 Wynn Macau Ltd 98313RAE6 1674000.00000000 PA USD 1489279.29000000 0.363636298190 Long DBT CORP KY N 2 2029-12-15 Fixed 5.12500000 N N N N N N SILVERBOW RESOURCES INC 5493007QR70AVQSNF619 SilverBow Resources Inc 82836GAA0 1000000.00000000 PA USD 990000.00000000 0.241727617932 Long DBT CORP US N 3 2028-12-15 Floating 13.13463000 N N N N N N 888 ACQUISITIONS LTD 254900RFD0BP3JOPZU89 888 Acquisitions Ltd 000000000 2600000.00000000 PA 2760998.82000000 0.674151179670 Long DBT CORP GI N 2 2027-07-15 Fixed 7.55800000 N N N N N N SERVICE PROPERTIES TRUST 529900IS770AG1K9QG27 Service Properties Trust 44106MBB7 600000.00000000 PA USD 497298.36000000 0.121424997944 Long DBT CORP US N 2 2029-10-01 Fixed 4.95000000 N N N N N N DIRECTV FIN LLC/COINC N/A Directv Financing LLC / Directv Financing Co-Obligor Inc 25461LAA0 1830000.00000000 PA USD 1720926.33000000 0.420197396352 Long DBT CORP US N 2 2027-08-15 Fixed 5.87500000 N N N N N N VIKING OCEAN CRUISES SHI N/A Viking Ocean Cruises Ship VII Ltd 92682RAA0 2550000.00000000 PA USD 2488443.00000000 0.607601412880 Long DBT CORP BM N 2 2029-02-15 Fixed 5.62500000 N N N N N N PACTIV LLC 549300O4WTC6DL4JIE57 Pactiv LLC 880394AE1 750000.00000000 PA USD 770625.00000000 0.188162975322 Long DBT CORP US N 2 2027-04-15 Fixed 8.37500000 N N N N N N CONTINENTAL RESOURCES XXRTID9RYWOZ0UPIVR53 Continental Resources Inc/OK 212015AQ4 1050000.00000000 PA USD 850445.41000000 0.207652669839 Long DBT CORP US N 2 2044-06-01 Fixed 4.90000000 N N N N N N FIRST QUANTUM MINERALS L 549300I7UVBGWRYMYZ18 First Quantum Minerals Ltd 335934AL9 300000.00000000 PA USD 286321.54000000 0.069910933158 Long DBT CORP CA N 2 2025-04-01 Fixed 7.50000000 N N N N N N SPRINT CAPITAL CORP 549300L17W0GQBR1PO80 Sprint Capital Corp 852060AT9 5910000.00000000 PA USD 7301438.58000000 1.782787227702 Long DBT CORP US N 2 2032-03-15 Fixed 8.75000000 N N N N N N FORD MOTOR CREDIT CO LLC UDSQCVRUX5BONN0VY111 Ford Motor Credit Co LLC 345397C68 1000000.00000000 PA USD 1075098.32000000 0.262506016098 Long DBT CORP US N 2 2030-03-06 Fixed 7.35000000 N N N N N N VIASAT INC UFC8NYMNFSYIHNSM2I38 Viasat Inc 92552VAR1 2150000.00000000 PA USD 1690437.50000000 0.412752959736 Long DBT CORP US N 2 2031-05-30 Fixed 7.50000000 N N N N N N PINNACLE BIDCO PLC 2138006Z5V8OBL2A2Q06 Pinnacle Bidco PLC 000000000 900000.00000000 PA 1195573.26000000 0.291922299195 Long DBT CORP GB N 2 2028-10-11 Fixed 10.00000000 N N N N N N COMMONWEALTH OF BAHAMAS 549300W13SXC7EKNJC20 Bahamas Government International Bond 056732AG5 1630000.00000000 PA USD 1424212.50000000 0.347748984904 Long DBT NUSS BS N 2 2029-11-20 Fixed 6.95000000 N N N N N N SEAGATE HDD CAYMAN 529900BD50TRWEG1SF63 Seagate HDD Cayman 81180WAL5 670000.00000000 PA USD 664972.99000000 0.162365996830 Long DBT CORP KY N 2 2025-01-01 Fixed 4.75000000 N N N N N N H&E EQUIPMENT SERVICES 254900KVLRCDMQRYY541 H&E Equipment Services Inc 404030AJ7 1420000.00000000 PA USD 1292229.11000000 0.315522691498 Long DBT CORP US N 2 2028-12-15 Fixed 3.87500000 N N N N N N PROVINCIA DE CORDOBA 5299006CLM2Z97AATT29 Provincia de Cordoba 74408DAD6 2160000.00000000 PA USD 1844855.20000000 0.450457023158 Long DBT NUSS AR N 2 2027-06-01 Variable 6.99000000 N N N N N N GFL ENVIRONMENTAL INC 549300FYK4MBXWIVZU26 GFL Environmental Inc 36168QAQ7 1360000.00000000 PA USD 1402882.16000000 0.342540770481 Long DBT CORP CA N 2 2031-01-15 Fixed 6.75000000 N N N N N N APOLLO CMMRL REAL EST FI 549300E0AN7M2AQHSY29 Apollo Commercial Real Estate Finance Inc 03762UAD7 750000.00000000 PA USD 631763.85000000 0.154257343996 Long DBT CORP US N 2 2029-06-15 Fixed 4.62500000 N N N N N N FLYEXCLUSIVE INC N/A flyExclusive Inc 343928115 18769.00000000 NS USD 4129.18000000 0.001008219035 Long EC CORP US N 1 N N N GTCR W DUT/W-2 MERGER SU N/A GTCR W-2 Merger Sub LLC / GTCR W Dutch Finance Sub BV 36268NAB6 1160000.00000000 PA 1603165.54000000 0.391443825389 Long DBT CORP NL N 2 2031-01-15 Fixed 8.50000000 N N N N N N BANCO MERCANTIL DE NORTE 549300QTVYRPFHS0J362 Banco Mercantil del Norte SA/Grand Cayman 05973KAB3 3200000.00000000 PA USD 2726400.00000000 0.665703209628 Long DBT CORP MX N 2 N/A Fixed 6.62500000 N N N N N N CHS/COMMUNITY HEALTH SYS 5493007X5NC5XI1BB106 CHS/Community Health Systems Inc 12543DBN9 1650000.00000000 PA USD 1726527.00000000 0.421564908087 Long DBT CORP US N 2 2032-01-15 Fixed 10.87500000 N N N N N N CARROLS RESTAURANT GROUP 529900HZEMNWQSAKFJ98 Carrols Restaurant Group Inc 14574XAF1 1880000.00000000 PA USD 1662661.28000000 0.405970859235 Long DBT CORP US N 2 2029-07-01 Fixed 5.87500000 N N N N N N TRANSDIGM INC 88Q84GB3X55CF5OC7582 TransDigm Inc 893647BT3 1930000.00000000 PA USD 2024888.45000000 0.494415617775 Long DBT CORP US N 2 2031-12-01 Fixed 7.12500000 N N N N N N COMMSCOPE INC 549300Z6K4JXMFE8QY54 CommScope Inc 203372AV9 440000.00000000 PA USD 209433.40000000 0.051137208987 Long DBT CORP US N 2 2028-07-01 Fixed 7.12500000 N N N N N N WESTERN MIDSTREAM OPERAT L6D8A6MLSY454J2JXJ60 Western Midstream Operating LP 958254AJ3 1070000.00000000 PA USD 932693.43000000 0.227735112217 Long DBT CORP US N 2 2048-03-01 Fixed 5.30000000 N N N N N N TENET HEALTHCARE CORP 0W9AIBT6U6ADJ2I8HK17 Tenet Healthcare Corp 88033GDK3 1890000.00000000 PA USD 1886314.50000000 0.460580111875 Long DBT CORP US N 2 2028-10-01 Fixed 6.12500000 N N N N N N WESTERN MIDSTREAM OPERAT L6D8A6MLSY454J2JXJ60 Western Midstream Operating LP 958667AA5 9585000.00000000 PA USD 8605754.23000000 2.101261081345 Long DBT CORP US N 2 2050-02-01 Variable 5.25000000 N N N N N N CARRIAGE SERVICES INC N/A Carriage Services Inc 143905AP2 600000.00000000 PA USD 533571.00000000 0.130281663462 Long DBT CORP US N 2 2029-05-15 Fixed 4.25000000 N N N N N N ROYAL CARIBBEAN CRUISES K2NEH8QNVW44JIWK7Z55 Royal Caribbean Cruises Ltd 780153BK7 2980000.00000000 PA USD 2951827.97000000 0.720745801752 Long DBT CORP LR N 2 2027-07-15 Fixed 5.37500000 N N N N N N BANIJAY ENTERTAINMENT 969500CE0IE2EZ5VBG13 Banijay Entertainment SASU 060335AB2 2090000.00000000 PA USD 2153776.33000000 0.525886082637 Long DBT CORP FR N 2 2029-05-01 Fixed 8.12500000 N N N N N N GEO GROUP INC/THE 54930024XOXET7NQVZ63 GEO Group Inc/The 36162JAC0 1810000.00000000 PA USD 1838751.85000000 0.448966772393 Long DBT CORP US N 2 2028-06-30 Fixed 10.50000000 N N N N N N HILCORP ENERGY I/HILCORP N/A Hilcorp Energy I LP / Hilcorp Finance Co 431318BC7 1140000.00000000 PA USD 1209522.90000000 0.295328373183 Long DBT CORP US N 2 2033-11-01 Fixed 8.37500000 N N N N N N PETROBRAS GLOBAL FINANCE 549300FNENFFSMO3GT38 Petrobras Global Finance BV 71647NAZ2 660000.00000000 PA USD 665565.12000000 0.162510576804 Long DBT CORP NL N 2 2029-02-01 Fixed 5.75000000 N N N N N N YPF SOCIEDAD ANONIMA 5493003N7447U18U5U53 YPF SA 984245AL4 1260000.00000000 PA USD 1217625.44000000 0.297306764793 Long DBT CORP AR N 2 2025-07-28 Fixed 8.50000000 N N N N N N UNITED AIRLINES HOLDINGS 98450079DA0B78DD6764 United Airlines Holdings Inc 910047AH2 800000.00000000 PA USD 801356.00000000 0.195666542420 Long DBT CORP US N 2 2024-02-01 Fixed 5.00000000 N N N N N N VENTURE GLOBAL LNG INC 54930011XLBUWMQUC829 Venture Global LNG Inc 92332YAD3 2660000.00000000 PA USD 2772422.24000000 0.676940428261 Long DBT CORP US N 2 2032-02-01 Fixed 9.87500000 N N N N N N SAGA PLC 2138004WWUJN94K2LH95 Saga PLC 000000000 2310000.00000000 PA 2791672.10000000 0.681640653315 Long DBT CORP GB N 2 2024-05-12 Fixed 3.37500000 N N N N N N NAVIENT CORP 54930067J0ZNOEBRW338 Navient Corp 63938CAB4 1080000.00000000 PA USD 1080642.60000000 0.263859759125 Long DBT CORP US N 2 2024-10-25 Fixed 5.87500000 N N N N N N OCCIDENTAL PETROLEUM COR IM7X0T3ECJW4C1T7ON55 Occidental Petroleum Corp 674599CW3 1330000.00000000 PA USD 1308633.55000000 0.319528152311 Long DBT CORP US N 2 2024-08-15 Fixed 2.90000000 N N N N N N STANDARD INDUSTRIES INC 54930064UHXCIUWVI755 Standard Industries Inc/NJ 853496AG2 342000.00000000 PA USD 314497.45000000 0.076790625691 Long DBT CORP US N 2 2030-07-15 Fixed 4.37500000 N N N N N N CSC HOLDINGS LLC 3HG2WD2W22M120IUNG49 CSC Holdings LLC 126307BD8 6570000.00000000 PA USD 3964143.53000000 0.967922194596 Long DBT CORP US N 2 2030-12-01 Fixed 4.62500000 N N N N N N STANDARD INDUSTRIES INC 54930064UHXCIUWVI755 Standard Industries Inc/NJ 853496AC1 860000.00000000 PA USD 839103.55000000 0.204883335697 Long DBT CORP US N 2 2027-02-15 Fixed 5.00000000 N N N N N N RANGE RESOURCES CORP H3Y3WLYCX0BTO1TRW162 Range Resources Corp 75281ABJ7 620000.00000000 PA USD 642457.94000000 0.156868512583 Long DBT CORP US N 2 2029-01-15 Fixed 8.25000000 N N N N N N APCOA PARKING HOLDINGS G 529900H8FIYAOV5FUW68 APCOA Parking Holdings GmbH 000000000 430000.00000000 PA 447928.83000000 0.109370473817 Long DBT CORP DE N 2 2027-01-15 Fixed 4.62500000 N N N N N N INTESA SANPAOLO SPA 2W8N8UU78PMDQKZENC08 Intesa Sanpaolo SpA 46115HAW7 2800000.00000000 PA USD 2788068.81000000 0.680760840478 Long DBT CORP IT N 2 2026-01-15 Fixed 5.71000000 N N N N N N BAUSCH HEALTH COS INC B3BS7ACMDUWISF18KY76 Bausch Health Cos Inc 071734AN7 1660000.00000000 PA USD 1001748.75000000 0.244596302125 Long DBT CORP CA N 2 2028-06-01 Fixed 4.87500000 N N N N N N ARCELORMITTAL 2EULGUTUI56JI9SAL165 ArcelorMittal SA 03938LAP9 2960000.00000000 PA USD 3210387.32000000 0.783878060106 Long DBT CORP LU N 2 2039-10-15 Variable 7.00000000 N N N N N N EQT CORP 4NT01YGM4X7ZX86ISY52 EQT Corp 26884LAF6 1440000.00000000 PA USD 1378470.72000000 0.336580245995 Long DBT CORP US N 2 2027-10-01 Fixed 3.90000000 N N N N N N FULL HOUSE RESORTS INC 5493009DKIWW0H901Y82 Full House Resorts Inc 359678AC3 3300000.00000000 PA USD 3105036.00000000 0.758154500884 Long DBT CORP US N 2 2028-02-15 Fixed 8.25000000 N N N N N N DELTA AIR LINES INC Q2CCMS6R0AS67HJMBN42 Delta Air Lines Inc 247361ZU5 2580000.00000000 PA USD 2513228.31000000 0.613653224946 Long DBT CORP US N 2 2024-10-28 Fixed 2.90000000 N N N N N N NOBLE FINANCE II LLC N/A Noble Finance II LLC 65505PAA5 850000.00000000 PA USD 885188.30000000 0.216135817354 Long DBT CORP US N 2 2030-04-15 Fixed 8.00000000 N N N N N N PETROBRAS GLOBAL FINANCE 549300FNENFFSMO3GT38 Petrobras Global Finance BV 71645WAS0 5120000.00000000 PA USD 5125378.87000000 1.251460227522 Long DBT CORP NL N 2 2041-01-27 Fixed 6.75000000 N N N N N N HEIMSTADEN AB 549300WD2QBD89VBPV88 Heimstaden AB 000000000 900000.00000000 PA 473271.99000000 0.115558495734 Long DBT CORP SE N 2 2026-03-09 Fixed 4.25000000 N N N N N N LAS VEGAS SANDS CORP 549300DUOO1KXOHPM605 Las Vegas Sands Corp 517834AF4 600000.00000000 PA USD 553594.14000000 0.135170699761 Long DBT CORP US N 2 2029-08-08 Fixed 3.90000000 N N N N N N BNP PARIBAS R0MUWSFPU8MPRO8K5P83 BNP Paribas SA 05565AM34 1470000.00000000 PA USD 1504206.90000000 0.367281162439 Long DBT CORP FR N 2 N/A Fixed 7.75000000 N N N N N N CLEAR CHANNEL OUTDOOR HO N/A Clear Channel Outdoor Holdings Inc 18453HAD8 1140000.00000000 PA USD 948964.84000000 0.231708091186 Long DBT CORP US N 2 2029-06-01 Fixed 7.50000000 N N N N N N RITCHIE BROS HLDGS INC N/A Ritchie Bros Holdings Inc 76774LAC1 1770000.00000000 PA USD 1889227.20000000 0.461291303827 Long DBT CORP US N 2 2031-03-15 Fixed 7.75000000 N N N N N N LLOYDS BANKING GROUP PLC 549300PPXHEU2JF0AM85 Lloyds Banking Group PLC 53944YAV5 1840000.00000000 PA USD 1848276.32000000 0.451292355671 Long DBT CORP GB N 2 N/A Fixed 8.00000000 N N N N N N ROYAL CARIBBEAN CRUISES K2NEH8QNVW44JIWK7Z55 Royal Caribbean Cruises Ltd 780153BT8 1660000.00000000 PA USD 1734708.30000000 0.423562530471 Long DBT CORP LR N 2 2030-01-15 Fixed 7.25000000 N N N N N N ENERGY TRANSFER LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer LP 29273VAJ9 1910000.00000000 PA USD 1601992.83000000 0.391157485597 Long DBT CORP US N 2 N/A Fixed 6.62500000 N N N N N N HSBC HOLDINGS PLC MLU0ZO3ML4LN2LL2TL39 HSBC Holdings PLC 404280DS5 1440000.00000000 PA USD 1664974.60000000 0.406535700986 Long DBT CORP GB N 2 2033-11-03 Fixed 8.11300000 N N N N N N SMYRNA READY MIX CONCRET 549300S7RFWHQFOIOY93 Smyrna Ready Mix Concrete LLC 83283WAE3 2250000.00000000 PA USD 2367621.00000000 0.578100388381 Long DBT CORP US N 2 2031-11-15 Fixed 8.87500000 N N N N N N MELCO RESORTS FINANCE 5493000FQDBWKDBZEF60 Melco Resorts Finance Ltd 58547DAD1 1567000.00000000 PA USD 1386449.32000000 0.338528375260 Long DBT CORP KY N 2 2029-12-04 Fixed 5.37500000 N N N N N N CLARIOS GLOBAL LP/US FIN N/A Clarios Global LP / Clarios US Finance Co 69867DAC2 630000.00000000 PA USD 633377.43000000 0.154651330713 Long DBT CORP N/A N 2 2027-05-15 Fixed 8.50000000 N N N N N N CARNIVAL PLC 4DR1VPDQMHD3N3QW8W95 Carnival PLC 000000000 5780000.00000000 PA 4643649.76000000 1.133836762624 Long DBT CORP GB N 2 2029-10-28 Fixed 1.00000000 N N N N N N UBS GROUP AG 549300SZJ9VS8SGXAN81 UBS Group AG 902613BF4 510000.00000000 PA USD 551451.27000000 0.134647476669 Long DBT CORP CH N 2 N/A Fixed 9.25000000 N N N N N N DELTA AIR LINES INC Q2CCMS6R0AS67HJMBN42 Delta Air Lines Inc 247361ZX9 6330000.00000000 PA USD 6445999.02000000 1.573915139698 Long DBT CORP US N 2 2025-05-01 Fixed 7.00000000 N N N N N N ALTICE FRANCE HOLDING SA 5299000JVHXKJPOE6H40 Altice France Holding SA 000000000 720000.00000000 PA 458810.19000000 0.112027367991 Long DBT CORP LU N 2 2027-05-15 Fixed 8.00000000 N N N N N N AMERICAN AIRLINES INC IWUQB36BXD6OWD6X4T14 American Airlines Inc 023771T40 2460000.00000000 PA USD 2599295.04000000 0.634668079114 Long DBT CORP US N 2 2029-05-15 Fixed 8.50000000 N N N N N N SUNNOVA ENERGY CORP 549300TH3GCD8YQUDR46 Sunnova Energy Corp 86745GAF0 2120000.00000000 PA USD 1806536.80000000 0.441100845830 Long DBT CORP US N 2 2026-09-01 Fixed 5.87500000 N N N N N N MILEAGE PLUS HLDINGS LLC N/A Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd 599191AA1 1834000.00000000 PA USD 1840545.55000000 0.449404738887 Long DBT CORP US N 2 2027-06-20 Fixed 6.50000000 N N N N N N LLOYDS BANKING GROUP PLC 549300PPXHEU2JF0AM85 Lloyds Banking Group PLC 53944YAJ2 2060000.00000000 PA USD 2032488.08000000 0.496271214196 Long DBT CORP GB N 2 N/A Fixed 6.75000000 N N N N N N BNP PARIBAS SECURITIES CORP. RCNB6OTYUAMMP879YW96 USD/GBP FORWARD 000000000 1.00000000 NC USD 4850.53000000 0.001184350568 N/A DFE CORP US N 2 BNP PARIBAS SECURITIES CORP. RCNB6OTYUAMMP879YW96 -394511.06000000 USD 313273.08000000 GBP 2024-01-19 4850.53000000 N N N CCO HLDGS LLC/CAP CORP N/A CCO Holdings LLC / CCO Holdings Capital Corp 1248EPCP6 9070000.00000000 PA USD 7382680.69000000 1.802624057728 Long DBT CORP US N 2 2034-01-15 Fixed 4.25000000 N N N N N N DIVERSIFIED HEALTHCARE T N/A Diversified Healthcare Trust 25525PAB3 240000.00000000 PA USD 180417.60000000 0.044052441092 Long DBT CORP US N 2 2031-03-01 Fixed 4.37500000 N N N N N N PROVINCIA DE CORDOBA 5299006CLM2Z97AATT29 Provincia de Cordoba 74408DAE4 340000.00000000 PA USD 266817.91000000 0.065148745258 Long DBT NUSS AR N 2 2029-02-01 Fixed 6.87500000 N N Y N N N UBS GROUP AG 549300SZJ9VS8SGXAN81 UBS Group AG 000000000 1220000.00000000 PA USD 1202651.60000000 0.293650612596 Long DBT CORP CH N 2 N/A Fixed 6.87500000 N N N N N N CREDIT AGRICOLE SA 969500TJ5KRTCJQWXH05 Credit Agricole SA 225313AJ4 2290000.00000000 PA USD 2340979.98000000 0.571595468882 Long DBT CORP FR N 2 N/A Fixed 8.12500000 N N N N N N CRESCENT ENERGY FINANCE 54930061FUL6DBLFUW14 Crescent Energy Finance LLC 45344LAC7 660000.00000000 PA USD 685301.10000000 0.167329497444 Long DBT CORP US N 2 2028-02-15 Fixed 9.25000000 N N N N N N PETROLEOS DEL PERU SA 549300ZMGDLC9JT2OR80 Petroleos del Peru SA 716564AA7 1500000.00000000 PA USD 1078047.60000000 0.263226139763 Long DBT CORP PE N 2 2032-06-19 Fixed 4.75000000 N N N N N N DISH DBS CORP N/A DISH DBS Corp 25470XAW5 333000.00000000 PA USD 312536.37000000 0.076311790138 Long DBT CORP US N 2 2024-11-15 Fixed 5.87500000 N N N N N N LAS VEGAS SANDS CORP 549300DUOO1KXOHPM605 Las Vegas Sands Corp 517834AG2 900000.00000000 PA USD 883090.89000000 0.215623694199 Long DBT CORP US N 2 2024-08-08 Fixed 3.20000000 N N N N N N WYNN RESORTS FINANCE LLC N/A Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 983133AC3 1730000.00000000 PA USD 1803666.86000000 0.440400094557 Long DBT CORP US N 2 2031-02-15 Fixed 7.12500000 N N N N N N ARDAGH PKG FIN/HLDGS USA N/A Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc 03969AAP5 3028000.00000000 PA USD 2355904.21000000 0.575239507839 Long DBT CORP N/A N 2 2027-08-15 Fixed 5.25000000 N N N N N N APACHE CORP 72ZZ1XRHOOU9P9X16K08 Apache Corp 037411AW5 1480000.00000000 PA USD 1270395.00000000 0.310191471902 Long DBT CORP US N 2 2040-09-01 Fixed 5.10000000 N N N N N N GOLDMAN SACHS GROUP INC 784F5XWPLTWKTBV3E584 Goldman Sachs Group Inc/The 38141GFD1 1880000.00000000 PA USD 2071210.76000000 0.505726104294 Long DBT CORP US N 2 2037-10-01 Fixed 6.75000000 N N N N N N BBVA BANCOMER SA TEXAS 549300WIWQK5Q9MCUN92 BBVA Bancomer SA/Texas 05533UAF5 960000.00000000 PA USD 870571.20000000 0.212566770117 Long DBT CORP MX N 2 2033-01-18 Fixed 5.12500000 N N N N N N ALTICE FRANCE HOLDING SA 5299000JVHXKJPOE6H40 Altice France Holding SA 02156TAA2 730000.00000000 PA USD 351279.14000000 0.085771585597 Long DBT CORP LU N 2 2028-02-15 Fixed 6.00000000 N N N N N N SAMHALLSBYGGNADSBOLAGET 549300HX9MRFY47AH564 Samhallsbyggnadsbolaget i Norden AB 000000000 230000.00000000 PA 220041.42000000 0.053727361922 Long DBT CORP SE N 2 2025-01-14 Variable 1.75000000 N N N N N N EQM MIDSTREAM PARTNERS L 549300NELT611CL6XM83 EQM Midstream Partners LP 26885BAL4 230000.00000000 PA USD 214357.45000000 0.052339510883 Long DBT CORP US N 2 2031-01-15 Fixed 4.75000000 N N N N N N IVORY COAST 254900ICW11T82O6H590 Ivory Coast Government International Bond 221625AK2 566944.99000000 PA USD 537152.03000000 0.131156041090 Long DBT NUSS CI N 2 2032-12-31 Variable 5.75000000 N N N N N N VZ SECURED FINANCING BV 549300MG611MYCOWY949 VZ Secured Financing BV 91845AAA3 680000.00000000 PA USD 581363.62000000 0.141951154560 Long DBT CORP NL N 2 2032-01-15 Fixed 5.00000000 N N N N N N COMMSCOPE TECH LLC M4TWC4QDOKW45N7T6Y12 CommScope Technologies LLC 20338HAB9 3360000.00000000 PA USD 1401741.60000000 0.342262280732 Long DBT CORP US N 2 2027-03-15 Fixed 5.00000000 N N N N N N BARCLAYS PLC 213800LBQA1Y9L22JB70 Barclays PLC 06738EBG9 2670000.00000000 PA USD 2658317.15000000 0.649079467049 Long DBT CORP GB N 2 N/A Fixed 8.00000000 N N N N N N ROCKIES EXPRESS PIPELINE W2ZGZGZKY5GGNY6F3V51 Rockies Express Pipeline LLC 77340RAM9 1140000.00000000 PA USD 1117048.15000000 0.272748877187 Long DBT CORP US N 2 2040-04-15 Fixed 6.87500000 N N N N N N CHINA AOYUAN GROUP LTD 549300YSOKQO5QD6MP25 China Aoyuan Group Ltd 000000000 770000.00000000 PA USD 17325.00000000 0.004230233313 Long DBT CORP CN N 2 2023-02-19 Fixed 7.95000000 N N N N N N NCL CORPORATION LTD UNZWILHE4KMRP9K2L524 NCL Corp Ltd 62886HAP6 900000.00000000 PA USD 874918.35000000 0.213628210738 Long DBT CORP BM N 2 2024-12-15 Fixed 3.62500000 N N N N N N CONTINENTAL RESOURCES XXRTID9RYWOZ0UPIVR53 Continental Resources Inc/OK 212015AS0 220000.00000000 PA USD 213185.16000000 0.052053273641 Long DBT CORP US N 2 2028-01-15 Fixed 4.37500000 N N N N N N SERVICE CORP INTL 549300RKVM2ME20JHZ15 Service Corp International/US 817565BT0 1975000.00000000 PA USD 2066126.50000000 0.504484684032 Long DBT CORP US N 2 2027-04-01 Fixed 7.50000000 N N N N N N TITAN INTERNATIONAL INC 254900CXRGBE7C4B5A06 Titan International Inc 88830MAM4 1730000.00000000 PA USD 1732449.68000000 0.423011044782 Long DBT CORP US N 2 2028-04-30 Fixed 7.00000000 N N N N N N PAR PHARMACEUTICAL INC 549300KK5WR4MGN4YT97 Par Pharmaceutical Inc 69888XAA7 70000.00000000 PA USD 44871.05000000 0.010956133364 Long DBT CORP US N 2 2027-04-01 Variable 7.50000000 Y N N N N N NCL CORPORATION LTD UNZWILHE4KMRP9K2L524 NCL Corp Ltd 62886HBG5 1871000.00000000 PA USD 1884057.71000000 0.460029073016 Long DBT CORP BM N 2 2029-02-15 Fixed 7.75000000 N N N N N N WILLIAMS COMPANIES INC D71FAKCBLFS2O0RBPG08 Williams Cos Inc/The 969457BB5 620000.00000000 PA USD 702416.63000000 0.171508584612 Long DBT CORP US N 2 2031-01-15 Fixed 7.50000000 N N N N N N DISH DBS CORP N/A DISH DBS Corp 25470XBD6 6738000.00000000 PA USD 3479671.65000000 0.849629029436 Long DBT CORP US N 2 2029-06-01 Fixed 5.12500000 N N N N N N DISH NETWORK CORP 529900U350CWHH15G169 DISH Network Corp 25470MAD1 3780000.00000000 PA USD 3756375.00000000 0.917191495769 Long DBT CORP US N 2 2024-03-15 Fixed 2.37500000 N N N N Y DISH Network Corp DISH Network Corp USD XXXX N N N SAMHALLSBYGGNADSBOLAGET 549300HX9MRFY47AH564 Samhallsbyggnadsbolaget i Norden AB 000000000 2280000.00000000 PA 1824761.89000000 0.445550853499 Long DBT CORP SE N 2 2026-09-04 Variable 2.37500000 N N N N N N NCL CORPORATION LTD UNZWILHE4KMRP9K2L524 NCL Corp Ltd 62886HBA8 320000.00000000 PA USD 312912.85000000 0.076403715001 Long DBT CORP BM N 2 2026-03-15 Fixed 5.87500000 N N N N N N KINDER MORGAN INC 549300WR7IX8XE0TBO16 Kinder Morgan Inc 28368EAE6 6920000.00000000 PA USD 7876928.39000000 1.923304178122 Long DBT CORP US N 2 2032-01-15 Fixed 7.75000000 N N N N N N VMED O2 UK FINAN 213800MRR46ECNGZ7L69 Vmed O2 UK Financing I PLC 92858RAB6 500000.00000000 PA USD 446940.50000000 0.109129153962 Long DBT CORP GB N 2 2031-07-15 Fixed 4.75000000 N N N N N N SPIRIT LOYALTY KY LTD/IP N/A Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd 84859BAB7 2070000.00000000 PA USD 1491099.85000000 0.364080823071 Long DBT CORP KY N 2 2025-09-20 Fixed 8.00000000 N N N N N N ALTICE FRANCE SA 5493001ZMCICV4N02J21 Altice France SA/France 02156LAF8 750000.00000000 PA USD 584519.40000000 0.142721699189 Long DBT CORP FR N 2 2029-07-15 Fixed 5.12500000 N N N N N N VALE OVERSEAS LIMITED 254900BA3U6G5DNV5V04 Vale Overseas Ltd 91911TAK9 1500000.00000000 PA USD 1648510.50000000 0.402515673032 Long DBT CORP KY N 2 2039-11-10 Fixed 6.87500000 N N N N N N VALE OVERSEAS LIMITED 254900BA3U6G5DNV5V04 Vale Overseas Ltd 91911TAH6 2320000.00000000 PA USD 2533855.28000000 0.618689698000 Long DBT CORP KY N 2 2036-11-21 Fixed 6.87500000 N N N N N N Magnetite CLO Ltd 549300Z6VW568TT64K70 Magnetite XII Ltd 55953GCG8 3400000.00000000 PA USD 3261095.63000000 0.796259473222 Long ABS-CBDO CORP KY N 2 2031-10-15 Floating 11.33548000 N N N N N N EQM MIDSTREAM PARTNERS L 549300NELT611CL6XM83 EQM Midstream Partners LP 26885BAK6 1020000.00000000 PA USD 964548.92000000 0.235513245263 Long DBT CORP US N 2 2029-01-15 Fixed 4.50000000 N N N N N N JB POINDEXTER & CO INC 549300W6P81HOZZGPQ16 JB Poindexter & Co Inc 465965AC5 4250000.00000000 PA USD 4340312.50000000 1.059771112836 Long DBT CORP US N 2 2031-12-15 Fixed 8.75000000 N N N N N N UBS GROUP AG 549300SZJ9VS8SGXAN81 UBS Group AG 90352JAF0 1470000.00000000 PA USD 1470465.26000000 0.359042489447 Long DBT CORP CH N 2 N/A Fixed 7.00000000 N N N N N N ARD FINANCE SA 6354006P6QPGGPVJW880 ARD Finance SA 00191AAD8 1280000.00000000 PA USD 599404.80000000 0.146356257051 Long DBT CORP LU N 2 2027-06-30 Fixed 6.50000000 N N N N N N SPRINT CAPITAL CORP 549300L17W0GQBR1PO80 Sprint Capital Corp 852060AD4 2190000.00000000 PA USD 2374433.04000000 0.579763679494 Long DBT CORP US N 2 2028-11-15 Fixed 6.87500000 N N N N N N DISH DBS CORP N/A DISH DBS Corp 25470XBB0 1780000.00000000 PA USD 1065780.11000000 0.260230795182 Long DBT CORP US N 2 2028-07-01 Fixed 7.37500000 N N N N N N STONEMOR INC N/A StoneMor Inc 86184WAA4 590000.00000000 PA USD 463719.35000000 0.113226034206 Long DBT CORP US N 2 2029-05-15 Fixed 8.50000000 N N N N N N SERVICE PROPERTIES TRUST 529900IS770AG1K9QG27 Service Properties Trust 81761LAB8 1660000.00000000 PA USD 1521616.59000000 0.371532074452 Long DBT CORP US N 2 2027-12-15 Fixed 5.50000000 N N N N N N REPUBLIC OF ANGOLA 549300QHR2R3J8JSGK83 Angolan Government International Bond 035198AD2 1600000.00000000 PA USD 1425587.20000000 0.348084644455 Long DBT NUSS AO N 2 2029-11-26 Fixed 8.00000000 N N N N N N CLEAR CHANNEL OUTDOOR HO N/A Clear Channel Outdoor Holdings Inc 18453HAC0 570000.00000000 PA USD 491997.95000000 0.120130800486 Long DBT CORP US N 2 2028-04-15 Fixed 7.75000000 N N N N N N ALTICE FRANCE HOLDING SA 5299000JVHXKJPOE6H40 Altice France Holding SA 02156TAB0 3670000.00000000 PA USD 2380505.31000000 0.581246341477 Long DBT CORP LU N 2 2027-05-15 Fixed 10.50000000 N N N N N N TENET HEALTHCARE CORP 0W9AIBT6U6ADJ2I8HK17 Tenet Healthcare Corp 88033GDS6 3910000.00000000 PA USD 3931919.46000000 0.960054065625 Long DBT CORP US N 2 2027-02-01 Fixed 6.25000000 N N N N N N WILLIAMS COMPANIES INC D71FAKCBLFS2O0RBPG08 Williams Cos Inc/The 969457BV1 3190000.00000000 PA USD 3221338.50000000 0.786552002181 Long DBT CORP US N 2 2044-06-24 Fixed 5.75000000 N N N N N N UNITED RENTALS NORTH AM NGIZXNT70J2LYT3FBI09 United Rentals North America Inc 911365BF0 376000.00000000 PA USD 377091.53000000 0.092074179080 Long DBT CORP US N 2 2027-05-15 Fixed 5.50000000 N N N N N N METLIFE CAPITAL TRUST IV N/A MetLife Capital Trust IV 591560AA5 1010000.00000000 PA USD 1087343.18000000 0.265495835128 Long DBT CORP US N 2 2037-12-15 Fixed 7.87500000 N N N N N N ALTICE FINANCING SA 549300DIYGW8HVDF7Q17 Altice Financing SA 02154CAF0 1050000.00000000 PA USD 952624.58000000 0.232601687381 Long DBT CORP LU N 2 2028-01-15 Fixed 5.00000000 N N N N N N NCL FINANCE LTD N/A NCL Finance Ltd 62888HAA7 4240000.00000000 PA USD 4062564.06000000 0.991953467598 Long DBT CORP BM N 2 2028-03-15 Fixed 6.12500000 N N N N N N TELECOM ITALIA SPA 549300W384M3RI3VXU42 Telecom Italia SpA/Milano 87927YAA0 2020000.00000000 PA USD 2012250.67000000 0.491329859739 Long DBT CORP IT N 2 2024-05-30 Fixed 5.30300000 N N N N N N HCA INC L3CJ6J7LJ2DX62FTXD46 HCA Inc 197677AG2 490000.00000000 PA USD 506518.65000000 0.123676309800 Long DBT CORP US N 2 2025-06-15 Fixed 7.69000000 N N N N N N VISTRA OPERATIONS CO LLC 549300ZH5GKBTJZ7NM23 Vistra Operations Co LLC 92840VAP7 920000.00000000 PA USD 956191.88000000 0.233472712564 Long DBT CORP US N 2 2031-10-15 Fixed 7.75000000 N N N N N N ZF NA CAPITAL 529900JYGMS9CW9IQX78 ZF North America Capital Inc 98877DAE5 1220000.00000000 PA USD 1301689.98000000 0.317832745608 Long DBT CORP US N 2 2030-04-14 Fixed 7.12500000 N N N N N N TENET HEALTHCARE CORP 0W9AIBT6U6ADJ2I8HK17 Tenet Healthcare Corp 88033GAV2 250000.00000000 PA USD 257042.56000000 0.062761904783 Long DBT CORP US N 2 2031-11-15 Fixed 6.87500000 N N N N N N AMERICAN AXLE & MFG INC RY5TAKFOBLDUGX31MS24 American Axle & Manufacturing Inc 02406PBB5 830000.00000000 PA USD 734393.38000000 0.179316325629 Long DBT CORP US N 2 2029-10-01 Fixed 5.00000000 N N N N N N CCO HLDGS LLC/CAP CORP N/A CCO Holdings LLC / CCO Holdings Capital Corp 000000000 1000000.00000000 PA USD 915199.90000000 0.223463729049 Long DBT CORP US N 2 2030-03-01 Fixed 4.75000000 N N N N N N HCA INC L3CJ6J7LJ2DX62FTXD46 HCA Inc 197677AH0 6265000.00000000 PA USD 7089002.93000000 1.730916961400 Long DBT CORP US N 2 2095-11-15 Fixed 7.50000000 N N N N N N GE CAPITAL INTL FUNDING 549300G6UZOB126GBY72 GE Capital International Funding Co Unlimited Co 36164Q6M5 600000.00000000 PA USD 582758.20000000 0.142291668198 Long DBT CORP IE N 2 2025-11-15 Fixed 3.37300000 N N N N N N SIRIUS XM RADIO INC WP5O65E6BMU84LNO4227 Sirius XM Radio Inc 82967NBG2 1000000.00000000 PA USD 892392.49000000 0.217894859463 Long DBT CORP US N 2 2030-07-01 Fixed 4.12500000 N N N N N N TEVA PHARMACEUTICALS NE 5493004T21MOAFINJP35 Teva Pharmaceutical Finance Netherlands III BV 88167AAL5 3510000.00000000 PA USD 3501437.00000000 0.854943459950 Long DBT CORP NL N 2 2024-04-15 Fixed 6.00000000 N N N N N N MARKS & SPENCER PLC 213800CN1RI3UCIZWB95 Marks & Spencer PLC 57069PAA0 790000.00000000 PA USD 799344.25000000 0.195175334808 Long DBT CORP GB N 2 2037-12-01 Fixed 7.12500000 N N N N N N ALTICE FINANCING SA 549300DIYGW8HVDF7Q17 Altice Financing SA 02154CAH6 4240000.00000000 PA USD 3768272.02000000 0.920096382946 Long DBT CORP LU N 2 2029-08-15 Fixed 5.75000000 N N N N N N PROVINCIA DE BUENOS AIRE 549300L6AYROPOTQ4L07 Provincia de Buenos Aires/Government Bonds 000000000 376221.00000000 PA USD 145020.27000000 0.035409499413 Long DBT NUSS AR N 2 2037-09-01 Variable 6.37500000 N N N N N N UNICREDIT SPA 549300TRUWO2CD2G5692 UniCredit SpA 904678AQ2 2710000.00000000 PA USD 2789583.78000000 0.681130749659 Long DBT CORP IT N 2 2034-04-02 Fixed 7.29600000 N N N N N N ECOPETROL SA 254900IDGKCJICKBPA66 Ecopetrol SA 279158AS8 880000.00000000 PA USD 957137.28000000 0.233703550231 Long DBT CORP CO N 2 2033-01-13 Fixed 8.87500000 N N N N N N TECK RESOURCES LIMITED T8KI5SQ2JRWHL7XY0E11 Teck Resources Ltd 878742AS4 1050000.00000000 PA USD 1068200.93000000 0.260821885133 Long DBT CORP CA N 2 2040-08-15 Fixed 6.00000000 N N N N N N SUBURBAN PROPANE PARTNRS N/A Suburban Propane Partners LP/Suburban Energy Finance Corp 864486AK1 3290000.00000000 PA USD 3287668.90000000 0.802747850250 Long DBT CORP US N 2 2027-03-01 Fixed 5.87500000 N N N N N N IRON MOUNTAIN INC SQL3F6CKNNBM3SQGHX24 Iron Mountain Inc 46284VAP6 2350000.00000000 PA USD 2416982.05000000 0.590152841952 Long DBT CORP US N 2 2029-02-15 Fixed 7.00000000 N N N N N N NGPL PIPECO LLC 549300K3NT1HSQFEM073 NGPL PipeCo LLC 62912XAC8 1520000.00000000 PA USD 1695014.30000000 0.413870473839 Long DBT CORP US N 2 2037-12-15 Fixed 7.76800000 N N N N N N COMMSCOPE INC 549300Z6K4JXMFE8QY54 CommScope Inc 203372AX5 1030000.00000000 PA USD 692515.91000000 0.169091132631 Long DBT CORP US N 2 2029-09-01 Fixed 4.75000000 N N N N N N Western Asset Premier Institutional Government Reserves 549300WB3XRN9YTWFB76 Western Asset Premier Institutional Government Reserves 52470G494 4150261.34000000 NS USD 4150261.34000000 1.013366452036 Long STIV RF US N 1 N N N SANDS CHINA LTD 549300EVO6UZDGY05787 Sands China Ltd 80007RAQ8 1200000.00000000 PA USD 1047289.32000000 0.255715911727 Long DBT CORP KY N 2 2029-03-08 Variable 3.10000000 N N N N N N FORD MOTOR CREDI UDSQCVRUX5BONN0VY111 Ford Motor Credit Co LLC 345397B69 6020000.00000000 PA USD 5194407.45000000 1.268314888343 Long DBT CORP US N 2 2031-06-17 Fixed 3.62500000 N N N N N N TEVA PHARMACEUTICALS NE 5493004T21MOAFINJP35 Teva Pharmaceutical Finance Netherlands III BV 88167AAQ4 3430000.00000000 PA USD 3279496.26000000 0.800752342372 Long DBT CORP NL N 2 2029-05-09 Fixed 5.12500000 N N N N N N TARGA RESOURCES PARTNERS N/A Targa Resources Partners LP / Targa Resources Partners Finance Corp 87612BBL5 670000.00000000 PA USD 679262.75000000 0.165855117684 Long DBT CORP US N 2 2027-07-15 Fixed 6.50000000 N N N N N N WYNN MACAU LTD 254900NMDQ8ENTHU1I31 Wynn Macau Ltd 98313RAH9 2470000.00000000 PA USD 2289874.02000000 0.559116961838 Long DBT CORP KY N 2 2028-08-26 Fixed 5.62500000 N N N N N N NCL CORPORATION LTD UNZWILHE4KMRP9K2L524 NCL Corp Ltd 62886HBN0 260000.00000000 PA USD 271786.32000000 0.066361878505 Long DBT CORP BM N 2 2029-01-15 Fixed 8.12500000 N N N N N N DISH NETWORK CORP 529900U350CWHH15G169 DISH Network Corp 25470MAF6 2720000.00000000 PA USD 1700000.00000000 0.415087828773 Long DBT CORP US N 2 2025-12-15 None 0.00000000 N N N N Y DISH Network Corp DISH Network Corp USD XXXX N N N ALTICE FRANCE SA 5493001ZMCICV4N02J21 Altice France SA/France 02156LAH4 1400000.00000000 PA USD 1099538.16000000 0.268473474992 Long DBT CORP FR N 2 2029-10-15 Fixed 5.50000000 N N N N N N COUNTRY GARDEN HLDGS 549300MGHLPT1EFHGF84 Country Garden Holdings Co Ltd 000000000 2016000.00000000 PA USD 158760.00000000 0.038764319821 Long DBT CORP KY N 2 2024-01-27 Fixed 8.00000000 Y N N N N N DOMINICAN REPUBLIC 254900EHU7Q8FGVPI369 Dominican Republic International Bond 25714PEF1 1090000.00000000 PA USD 995061.00000000 0.242963358815 Long DBT NUSS DO N 2 2032-09-23 Fixed 4.87500000 N N N N N N BNP PARIBAS SECURITIES CORP. RCNB6OTYUAMMP879YW96 USD/GBP FORWARD 000000000 1.00000000 NC USD -51026.61000000 -0.01245913220 N/A DFE CORP US N 2 BNP PARIBAS SECURITIES CORP. RCNB6OTYUAMMP879YW96 -1394500.00000000 GBP 1726686.75000000 USD 2024-01-19 -51026.61000000 N N N BELLIS ACQUISITION CO PL 259400CYE2267UB4A481 Bellis Acquisition Co PLC 000000000 4970000.00000000 PA 5894448.53000000 1.439243436549 Long DBT CORP GB N 2 2026-02-16 Fixed 3.25000000 N N N N N N APCOA PARKING HOLDINGS G 529900H8FIYAOV5FUW68 APCOA Parking Holdings GmbH 000000000 4050000.00000000 PA 4218864.54000000 1.030117248116 Long DBT CORP DE N 2 2027-01-15 Fixed 4.62500000 N N N N N N MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 GBP/USD FORWARD 000000000 1.00000000 NC USD -38083.06000000 -0.00929871452 N/A DFE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 -896000.00000000 GBP 1104140.80000000 USD 2024-01-19 -38083.06000000 N N N FAGE INTL / FAGE USA N/A FAGE International SA / FAGE USA Dairy Industry Inc 30257WAA4 1550000.00000000 PA USD 1518393.21000000 0.370745023978 Long DBT CORP LU N 2 2026-08-15 Fixed 5.62500000 N N N N N N CHINA AOYUAN GROUP LTD 549300YSOKQO5QD6MP25 China Aoyuan Group Ltd 000000000 1000000.00000000 PA USD 22810.00000000 0.005569501984 Long DBT CORP KY N 2 2024-06-21 Fixed 7.95000000 Y N N N N N VERICAST CORP 549300J73P7FL8TVF308 Vericast Corp 92348BAA1 650000.00000000 PA USD 691437.51000000 0.168827820446 Long DBT CORP US N 2 2026-09-15 Fixed 11.00000000 N N N N N N NAVIENT CORP 54930067J0ZNOEBRW338 Navient Corp 63938CAJ7 1400000.00000000 PA USD 1424168.20000000 0.347738168203 Long DBT CORP US N 2 2026-06-15 Fixed 6.75000000 N N N N N N YPF SOCIEDAD ANONIMA 5493003N7447U18U5U53 YPF SA 984245AQ3 1530000.00000000 PA USD 1370495.97000000 0.334633056782 Long DBT CORP AR N 2 2027-07-21 Fixed 6.95000000 N N N N N N EQM MIDSTREAM PARTNERS L 549300NELT611CL6XM83 EQM Midstream Partners LP 26885BAN0 780000.00000000 PA USD 839404.02000000 0.204956701250 Long DBT CORP US N 2 2030-06-01 Fixed 7.50000000 N N N N N N CARNIVAL HLDGS BM LTD N/A Carnival Holdings Bermuda Ltd 14366RAA7 1510000.00000000 PA USD 1644682.94000000 0.401581100344 Long DBT CORP US N 2 2028-05-01 Fixed 10.37500000 N N N N N N CONTINENTAL RESOURCES XXRTID9RYWOZ0UPIVR53 Continental Resources Inc/OK 212015AN1 300000.00000000 PA USD 297737.68000000 0.072698404197 Long DBT CORP US N 2 2024-06-01 Fixed 3.80000000 N N N N N N WILLIAMS COMPANIES INC D71FAKCBLFS2O0RBPG08 Williams Cos Inc/The 969457BW9 1030000.00000000 PA USD 1024661.97000000 0.250191007267 Long DBT CORP US N 2 2024-06-24 Fixed 4.55000000 N N N N N N SERVICE PROPERTIES TRUST 529900IS770AG1K9QG27 Service Properties Trust 44106MAY8 2120000.00000000 PA USD 1648336.04000000 0.402473075254 Long DBT CORP US N 2 2030-02-15 Fixed 4.37500000 N N N N N N CIDRON AIDA FINCO SARL 98450036A07991DEBF10 Cidron Aida Finco Sarl 000000000 637000.00000000 PA 679126.07000000 0.165821744623 Long DBT CORP LU N 2 2028-04-01 Fixed 5.00000000 N N N N N N PETROLEOS MEXICANOS 549300CAZKPF4HKMPX17 Petroleos Mexicanos 71654QAZ5 1000000.00000000 PA USD 683075.40000000 0.166786049808 Long DBT CORP MX N 2 2041-06-02 Fixed 6.50000000 N N N N N N INTESA SANPAOLO SPA 2W8N8UU78PMDQKZENC08 Intesa Sanpaolo SpA 46115HAT4 3120000.00000000 PA USD 3088672.45000000 0.754159024154 Long DBT CORP IT N 2 2024-06-26 Fixed 5.01700000 N N N N N N ARDAGH PKG FIN/HLDGS USA N/A Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc 03969AAR1 1510000.00000000 PA USD 1174839.95000000 0.286859861177 Long DBT CORP N/A N 2 2027-08-15 Fixed 5.25000000 N N N N N N MATCH GROUP HLD II LLC 5493003RFFE030RC9167 Match Group Holdings II LLC 57667JAA0 360000.00000000 PA USD 311383.80000000 0.076030367915 Long DBT CORP US N 2 2031-10-01 Fixed 3.62500000 N N N N N N SEAGATE HDD CAYMAN 529900BD50TRWEG1SF63 Seagate HDD Cayman 81180WAR2 400000.00000000 PA USD 392663.96000000 0.095876488584 Long DBT CORP KY N 2 2027-06-01 Fixed 4.87500000 N N N N N N DISH NETWORK CORP 529900U350CWHH15G169 DISH Network Corp 25470MAB5 1680000.00000000 PA USD 898800.00000000 0.219459376765 Long DBT CORP US N 2 2026-08-15 Fixed 3.37500000 N N N N Y DISH Network Corp DISH Network Corp USD XXXX N N N ECOPETROL SA 254900IDGKCJICKBPA66 Ecopetrol SA 279158AJ8 3100000.00000000 PA USD 2452146.19000000 0.598738845789 Long DBT CORP CO N 2 2045-05-28 Fixed 5.87500000 N N N N N N KCAD HOLDINGS I LIMITED N/A KCAD HOLDINGS I LIMITED 000000000 427421041.00000000 NS USD 0.00000000 0.000000 Long EC CORP US N 3 N N N SERVICE PROPERTIES TRUST 529900IS770AG1K9QG27 Service Properties Trust 44106MAX0 526000.00000000 PA USD 431621.35000000 0.105388687661 Long DBT CORP US N 2 2028-01-15 Fixed 3.95000000 N N N N N N RANGE RESOURCES CORP H3Y3WLYCX0BTO1TRW162 Range Resources Corp 75281AAS8 790000.00000000 PA USD 780745.15000000 0.190634005375 Long DBT CORP US N 2 2025-05-15 Fixed 4.87500000 N N N N N N GTCR W-2 MERGER SUB LLC 254900HJTH4LRJB6QF88 GTCR W-2 Merger Sub LLC 36268NAA8 860000.00000000 PA USD 909340.19000000 0.222032967696 Long DBT CORP US N 2 2031-01-15 Fixed 7.50000000 N N N N N N BOMBARDIER INC W7L3VLU8EHQY34Z36697 Bombardier Inc 097751BZ3 2990000.00000000 PA USD 3042139.62000000 0.742797135112 Long DBT CORP CA N 2 2029-02-01 Fixed 7.50000000 N N N N N N ADIENT GLOBAL HOLDINGS 213800VA38VCKE6M8790 Adient Global Holdings Ltd 00687YAA3 3529000.00000000 PA USD 3453082.39000000 0.843136748141 Long DBT CORP JE N 2 2026-08-15 Fixed 4.87500000 N N N N N N MILLICOM INTL CELLULAR 549300CTHC1CP86P2G96 Millicom International Cellular SA 600814AR8 1750000.00000000 PA USD 1456880.39000000 0.355725481098 Long DBT CORP LU N 2 2031-04-27 Fixed 4.50000000 N N N N N N 2024-02-22 Western Asset High Income Opportunity Fund Inc. Christopher Berarducci Christopher Berarducci Principal Financial Officer XXXX NPORT-EX 2 LMF3100LM123123.htm HTML

WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  
CORPORATE BONDS & NOTES - 91.3%          
COMMUNICATION SERVICES - 13.6%          

Diversified Telecommunication Services - 3.1%

         

Altice Financing SA, Senior Secured Notes

     5.000     1/15/28        1,050,000     $ 952,625 (a)  

Altice Financing SA, Senior Secured Notes

     5.750     8/15/29        4,240,000       3,768,272 (a) 

Altice France Holding SA, Senior Notes

     6.000     2/15/28        730,000       351,279 (a)  

Altice France Holding SA, Senior Secured Notes

     8.000     5/15/27        720,000 EUR      458,810 (b)  

Altice France Holding SA, Senior Secured Notes

     10.500     5/15/27        3,670,000       2,380,505 (a) 

Altice France SA, Senior Secured Notes

     5.125     7/15/29        750,000       584,520 (a)  

Altice France SA, Senior Secured Notes

     5.500     10/15/29        1,400,000       1,099,538 (a) 

Telecom Italia Capital SA, Senior Notes

     6.000     9/30/34        1,000,000       950,878  

Telecom Italia SpA, Senior Notes

     5.303     5/30/24        2,020,000       2,012,251 (a) 
         

 

 

 

Total Diversified Telecommunication Services

            12,558,678  
         

 

 

 

Entertainment - 0.5%

         

Banijay Entertainment SASU, Senior Secured Notes

     8.125     5/1/29        2,090,000       2,153,776 (a) 
         

 

 

 

Interactive Media & Services - 0.1%

         

Match Group Holdings II LLC, Senior Notes

     3.625     10/1/31        360,000       311,384 (a)  
         

 

 

 

Media - 5.1%

         

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

     4.750     3/1/30        1,000,000       915,200 (b)  

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

     4.250     1/15/34        9,070,000       7,382,681 (a) 

Clear Channel Outdoor Holdings Inc., Senior Notes

     7.750     4/15/28        570,000       491,998 (a)  

Clear Channel Outdoor Holdings Inc., Senior Notes

     7.500     6/1/29        1,140,000       948,965 (a)  

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

     5.875     8/15/27        1,830,000       1,720,926 (a) 

DISH DBS Corp., Senior Notes

     5.875     11/15/24        333,000       312,536  

DISH DBS Corp., Senior Notes

     7.375     7/1/28        1,780,000       1,065,780  

DISH DBS Corp., Senior Notes

     5.125     6/1/29        6,738,000       3,479,672  

Sirius XM Radio Inc., Senior Notes

     4.125     7/1/30        1,000,000       892,392 (a)  

Sirius XM Radio Inc., Senior Notes

     3.875     9/1/31        1,000,000       856,731 (a)  

Virgin Media Vendor Financing Notes III DAC, Senior Secured Notes

     4.875     7/15/28        2,000,000 GBP      2,353,463 (a) 

VZ Secured Financing BV, Senior Secured Notes

     5.000     1/15/32        680,000       581,364 (a)  
         

 

 

 

Total Media

            21,001,708  
         

 

 

 

 

See Notes to Schedule of Investments.

 

 

Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report 

 

 

 

1


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Wireless Telecommunication Services - 4.8%

         

CSC Holdings LLC, Senior Notes

     5.750     1/15/30        5,740,000     $ 3,579,120 (a) 

CSC Holdings LLC, Senior Notes

     4.625     12/1/30        6,570,000       3,964,143 (a) 

CSC Holdings LLC, Senior Notes

     4.500     11/15/31        1,000,000       757,301 (a)  

Millicom International Cellular SA, Senior Notes

     4.500     4/27/31        1,750,000       1,456,880 (a) 

Sprint Capital Corp., Senior Notes

     6.875     11/15/28        2,190,000       2,374,433  

Sprint Capital Corp., Senior Notes

     8.750     3/15/32        5,910,000       7,301,439  

Vmed O2 UK Financing I PLC, Senior Secured Notes

     4.750     7/15/31        500,000       446,940 (a)  
         

 

 

 

Total Wireless Telecommunication Services

            19,880,256  
         

 

 

 

TOTAL COMMUNICATION SERVICES

            55,905,802  
         

 

 

 
CONSUMER DISCRETIONARY - 20.0%          

Automobile Components - 3.7%

         

Adient Global Holdings Ltd., Senior Notes

     4.875     8/15/26        3,529,000       3,453,082 (a) 

American Axle & Manufacturing Inc., Senior Notes

     6.500     4/1/27        3,903,000       3,922,226  

American Axle & Manufacturing Inc., Senior Notes

     5.000     10/1/29        830,000       734,393  

Clarios Global LP/Clarios US Finance Co., Senior Notes

     8.500     5/15/27        630,000       633,378 (a)  

JB Poindexter & Co. Inc., Senior Notes

     8.750     12/15/31        4,250,000       4,340,313 (a) 

ZF North America Capital Inc., Senior Notes

     6.875     4/14/28        880,000       912,467 (a)  

ZF North America Capital Inc., Senior Notes

     7.125     4/14/30        1,220,000       1,301,690 (a) 
         

 

 

 

Total Automobile Components

            15,297,549  
         

 

 

 

Automobiles - 1.7%

         

Ford Motor Co., Senior Notes

     3.250     2/12/32        1,000,000       832,122  

Ford Motor Credit Co. LLC, Senior Notes

     7.350     3/6/30        1,000,000       1,075,098  

Ford Motor Credit Co. LLC, Senior Notes

     3.625     6/17/31        6,020,000       5,194,407  
         

 

 

 

Total Automobiles

            7,101,627  
         

 

 

 

Broadline Retail - 0.2%

         

Marks & Spencer PLC, Senior Notes

     7.125     12/1/37        790,000       799,344 (a)  
         

 

 

 

Distributors - 0.5%

         

Ritchie Bros Holdings Inc., Senior Notes

     7.750     3/15/31        1,770,000       1,889,227 (a) 
         

 

 

 

Diversified Consumer Services - 1.9%

         

APCOA Parking Holdings GmbH, Senior Secured Notes

     4.625     1/15/27        430,000 EUR      447,929 (b)  

APCOA Parking Holdings GmbH, Senior Secured Notes

     4.625     1/15/27        4,050,000 EUR      4,218,865 (a) 

Carriage Services Inc., Senior Notes

     4.250     5/15/29        600,000       533,571 (a)  

 

See Notes to Schedule of Investments.

 

 

 

2

 

 Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report

 


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Diversified Consumer Services - (continued)

         

Service Corp. International, Senior Notes

     7.500     4/1/27        1,975,000     $ 2,066,126  

StoneMor Inc., Senior Secured Notes

     8.500     5/15/29        590,000       463,719 (a)  
         

 

 

 

Total Diversified Consumer Services

            7,730,210  
         

 

 

 

Hotels, Restaurants & Leisure - 11.3%

         

888 Acquisitions Ltd., Senior Secured Notes

     7.558     7/15/27        2,600,000 EUR      2,760,999 (a) 

Caesars Entertainment Inc., Senior Secured Notes

     7.000     2/15/30        1,000,000       1,026,062 (a) 

Carnival Holdings Bermuda Ltd., Senior Notes

     10.375     5/1/28        1,510,000       1,644,683 (a) 

Carnival PLC, Senior Notes

     1.000     10/28/29        5,780,000 EUR      4,643,650  

Carrols Restaurant Group Inc., Senior Notes

     5.875     7/1/29        1,880,000       1,662,661 (a) 

Full House Resorts Inc., Senior Secured Notes

     8.250     2/15/28        3,300,000       3,105,036 (a) 

IRB Holding Corp., Senior Secured Notes

     7.000     6/15/25        1,230,000       1,230,960 (a) 

Las Vegas Sands Corp., Senior Notes

     3.200     8/8/24        900,000       883,091  

Las Vegas Sands Corp., Senior Notes

     3.900     8/8/29        600,000       553,594  

Melco Resorts Finance Ltd., Senior Notes

     5.375     12/4/29        1,567,000       1,386,449 (a) 

NCL Corp. Ltd., Senior Notes

     3.625     12/15/24        900,000       874,919 (a)  

NCL Corp. Ltd., Senior Notes

     5.875     3/15/26        320,000       312,913 (a)  

NCL Corp. Ltd., Senior Notes

     7.750     2/15/29        1,871,000       1,884,058 (a) 

NCL Corp. Ltd., Senior Secured Notes

     8.125     1/15/29        260,000       271,786 (a)  

NCL Finance Ltd., Senior Notes

     6.125     3/15/28        4,240,000       4,062,564 (a) 

Pinnacle Bidco PLC, Senior Secured Notes

     10.000     10/11/28        900,000 GBP      1,195,573 (a) 

Royal Caribbean Cruises Ltd., Senior Notes

     5.375     7/15/27        2,980,000       2,951,828 (a) 

Royal Caribbean Cruises Ltd., Senior Notes

     5.500     4/1/28        1,840,000       1,817,706 (a) 

Royal Caribbean Cruises Ltd., Senior Notes

     7.250     1/15/30        1,660,000       1,734,708 (a) 

Saga PLC, Senior Notes

     3.375     5/12/24        2,310,000 GBP      2,791,672 (b)  

Sands China Ltd., Senior Notes

     3.100     3/8/29        1,200,000       1,047,289  

Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes

     5.625     2/15/29        2,550,000       2,488,443 (a) 

VOC Escrow Ltd., Senior Secured Notes

     5.000     2/15/28        140,000       134,182 (a)  

Wynn Macau Ltd., Senior Notes

     5.625     8/26/28        2,470,000       2,289,874 (a) 

Wynn Macau Ltd., Senior Notes

     5.125     12/15/29        1,674,000       1,489,279 (a) 

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

     7.125     2/15/31        1,730,000       1,803,667 (a) 
         

 

 

 

Total Hotels, Restaurants & Leisure

            46,047,646  
         

 

 

 

 

See Notes to Schedule of Investments.

 

 

Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report 

 

 

 

3


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Specialty Retail - 0.7%

         

Michaels Cos. Inc., Senior Secured Notes

     5.250     5/1/28        1,800,000     $ 1,424,394 (a) 

Sally Holdings LLC/Sally Capital Inc., Senior Notes

     5.625     12/1/25        1,590,000       1,591,390  
         

 

 

 

Total Specialty Retail

            3,015,784  
         

 

 

 

TOTAL CONSUMER DISCRETIONARY

            81,881,387  
         

 

 

 
CONSUMER STAPLES - 1.8%          

Food Products - 1.8%

         

Bellis Acquisition Co. PLC, Senior Secured Notes

     3.250     2/16/26        4,970,000 GBP      5,894,449 (b) 

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

     5.625     8/15/26        1,550,000       1,518,393 (a) 
         

 

 

 

TOTAL CONSUMER STAPLES

            7,412,842  
         

 

 

 
ENERGY - 17.2%          

Energy Equipment & Services - 0.6%

         

Noble Finance II LLC, Senior Notes

     8.000     4/15/30        850,000       885,188 (a)  

Sunnova Energy Corp., Senior Notes

     5.875     9/1/26        2,120,000       1,806,537 (a) 
         

 

 

 

Total Energy Equipment & Services

            2,691,725  
         

 

 

 

Oil, Gas & Consumable Fuels - 16.6%

         

Apache Corp., Senior Notes

     5.100     9/1/40        1,480,000       1,270,395  

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

     7.625     12/15/25        730,000       740,259 (a)  

Continental Resources Inc., Senior Notes

     3.800     6/1/24        300,000       297,738  

Continental Resources Inc., Senior Notes

     4.375     1/15/28        220,000       213,185  

Continental Resources Inc., Senior Notes

     4.900     6/1/44        1,050,000       850,445  

Crescent Energy Finance LLC, Senior Notes

     9.250     2/15/28        660,000       685,301 (a)  

Ecopetrol SA, Senior Notes

     8.875     1/13/33        880,000       957,137  

Ecopetrol SA, Senior Notes

     5.875     5/28/45        3,100,000       2,452,146  

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

     6.625     2/15/28        1,910,000       1,601,993 (c)(d) 

EQM Midstream Partners LP, Senior Notes

     4.500     1/15/29        1,020,000       964,549 (a)  

EQM Midstream Partners LP, Senior Notes

     7.500     6/1/30        780,000       839,404 (a)  

EQM Midstream Partners LP, Senior Notes

     4.750     1/15/31        230,000       214,357 (a)  

EQT Corp., Senior Notes

     3.900     10/1/27        1,440,000       1,378,471  

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

     8.375     11/1/33        1,140,000       1,209,523 (a) 

Kinder Morgan Inc., Senior Notes

     7.750     1/15/32        6,920,000       7,876,928  

NGPL PipeCo LLC, Senior Notes

     7.768     12/15/37        1,520,000       1,695,014 (a) 

Occidental Petroleum Corp., Senior Notes

     2.900     8/15/24        1,330,000       1,308,634  

 

See Notes to Schedule of Investments.

 

 

 

4

 

 Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report

 


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Oil, Gas & Consumable Fuels - (continued)

          

Occidental Petroleum Corp., Senior Notes

     5.875     9/1/25        4,970,000      $ 5,001,063  

Occidental Petroleum Corp., Senior Notes

     5.550     3/15/26        750,000        755,891  

Occidental Petroleum Corp., Senior Notes

     6.200     3/15/40        1,070,000        1,106,161  

Petrobras Global Finance BV, Senior Notes

     5.750     2/1/29        660,000        665,565  

Petrobras Global Finance BV, Senior Notes

     6.750     1/27/41        5,120,000        5,125,379  

Petroleos del Peru SA, Senior Notes

     4.750     6/19/32        1,500,000        1,078,048 (a) 

Petroleos Mexicanos, Senior Notes

     6.500     6/2/41        1,000,000        683,075  

Range Resources Corp., Senior Notes

     4.875     5/15/25        790,000        780,745  

Range Resources Corp., Senior Notes

     8.250     1/15/29        620,000        642,458  

Rockies Express Pipeline LLC, Senior Notes

     6.875     4/15/40        1,140,000        1,117,048 (a) 

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

     13.135     12/15/28        1,000,000        990,000 (a)(d)(e)(f) 

Southwestern Energy Co., Senior Notes

     4.750     2/1/32        750,000        694,843  

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

     9.000     10/15/26        1,430,000        1,420,111 (a) 

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

     6.500     7/15/27        670,000        679,263  

Venture Global LNG Inc., Senior Secured Notes

     9.875     2/1/32        2,660,000        2,772,422 (a) 

Western Midstream Operating LP, Senior Notes

     4.050     2/1/30        2,900,000        2,715,358  

Western Midstream Operating LP, Senior Notes

     5.300     3/1/48        1,070,000        932,693  

Western Midstream Operating LP, Senior Notes

     5.250     2/1/50        9,585,000        8,605,754  

Williams Cos. Inc., Senior Notes

     4.550     6/24/24        1,030,000        1,024,662  

Williams Cos. Inc., Senior Notes

     7.500     1/15/31        620,000        702,417  

Williams Cos. Inc., Senior Notes

     5.750     6/24/44        3,190,000        3,221,339  

YPF SA, Senior Notes

     8.500     7/28/25        1,260,000        1,217,625 (a) 

YPF SA, Senior Notes

     6.950     7/21/27        1,530,000        1,370,496 (a) 
          

 

 

 

Total Oil, Gas & Consumable Fuels

             67,857,895  
          

 

 

 

TOTAL ENERGY

             70,549,620  
          

 

 

 
FINANCIALS - 10.8%           

Banks - 5.9%

          

Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to 1/24/32 then 10 year Treasury Constant Maturity Rate + 5.034%)

     6.625     1/24/32        3,200,000        2,726,400 (a)(c)(d) 

 

See Notes to Schedule of Investments.

 

 

Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report 

 

 

 

5


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Banks - (continued)

          

Barclays PLC, Junior Subordinated Notes (8.000% to 6/15/24 then 5 year Treasury Constant Maturity Rate + 5.672%)

     8.000     6/15/24        2,670,000      $ 2,658,317 (c)(d) 

BBVA Bancomer SA, Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury Constant Maturity Rate + 2.650%)

     5.125     1/18/33        960,000        870,571 (a)(d) 

BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5 year Treasury Constant Maturity Rate + 4.899%)

     7.750     8/16/29        1,470,000        1,504,207 (a)(c)(d) 

Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year ICE Swap Rate + 6.185%)

     8.125     12/23/25        2,290,000        2,340,980 (a)(c)(d) 

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

     8.113     11/3/33        1,440,000        1,664,975 (d)  

Intesa Sanpaolo SpA, Subordinated Notes

     5.017     6/26/24        3,120,000        3,088,672 (a) 

Intesa Sanpaolo SpA, Subordinated Notes

     5.710     1/15/26        2,800,000        2,788,069 (a) 

Lloyds Banking Group PLC, Junior Subordinated Notes (6.750% to 6/27/26 then 5 year Treasury Constant Maturity Rate + 4.815%)

     6.750     6/27/26        2,060,000        2,032,488 (c)(d) 

Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%)

     8.000     9/27/29        1,840,000        1,848,276 (c)(d) 

UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%)

     7.296     4/2/34        2,710,000        2,789,584 (a)(d) 
          

 

 

 

Total Banks

             24,312,539  
          

 

 

 

Capital Markets - 1.6%

          

Credit Suisse AG AT1 Claim

     —        —         10,560,000        1,267,200 *(e) 

Goldman Sachs Group Inc., Subordinated Notes

     6.750     10/1/37        1,880,000        2,071,211  

UBS Group AG, Junior Subordinated Notes (6.875% to 8/7/25 then USD 5 year ICE Swap Rate + 4.590%)

     6.875     8/7/25        1,220,000        1,202,652 (b)(c)(d) 

 

See Notes to Schedule of Investments.

 

 

 

6

 

 Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report

 


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Capital Markets - (continued)

         

UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)

     7.000     1/31/24        1,470,000     $ 1,470,465 (a)(c)(d) 

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

     9.250     11/13/28        510,000       551,451 (a)(c)(d) 
         

 

 

 

Total Capital Markets

            6,562,979  
         

 

 

 

Consumer Finance - 0.6%

         

Navient Corp., Senior Notes

     5.875     10/25/24        1,080,000       1,080,643  

Navient Corp., Senior Notes

     6.750     6/15/26        1,400,000       1,424,168  
         

 

 

 

Total Consumer Finance

            2,504,811  
         

 

 

 

Financial Services - 2.2%

         

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

     3.373     11/15/25        600,000       582,758  

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

     6.500     9/15/24        6,360,102       5,985,906 (a)(g) 

GTCR W-2 Merger Sub LLC, Senior Secured Notes

     7.500     1/15/31        860,000       909,340 (a)  

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

     8.500     1/15/31        1,160,000 GBP      1,603,166 (a) 
         

 

 

 

Total Financial Services

            9,081,170  
         

 

 

 

Insurance - 0.3%

         

MetLife Capital Trust IV, Junior Subordinated Notes

     7.875     12/15/37        1,010,000       1,087,343 (a) 
         

 

 

 

Mortgage Real Estate Investment Trusts (REITs) - 0.2%

         

Apollo Commercial Real Estate Finance Inc., Senior Secured Notes

     4.625     6/15/29        750,000       631,764 (a)  
         

 

 

 

TOTAL FINANCIALS

            44,180,606  
         

 

 

 
HEALTH CARE - 6.6%          

Health Care Providers & Services - 4.2%

         

CHS/Community Health Systems Inc., Senior Secured Notes

     4.750     2/15/31        2,440,000       1,921,500 (a) 

CHS/Community Health Systems Inc., Senior Secured Notes

     10.875     1/15/32        1,650,000       1,726,527 (a) 

HCA Inc., Senior Notes

     7.690     6/15/25        490,000       506,519  

HCA Inc., Senior Notes

     7.500     11/15/95        6,265,000       7,089,003  

Tenet Healthcare Corp., Secured Notes

     6.250     2/1/27        3,910,000       3,931,919  

Tenet Healthcare Corp., Senior Notes

     6.125     10/1/28        1,890,000       1,886,314  

Tenet Healthcare Corp., Senior Notes

     6.875     11/15/31        250,000       257,043  
         

 

 

 

Total Health Care Providers & Services

            17,318,825  
         

 

 

 

 

See Notes to Schedule of Investments.

 

 

Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report 

 

 

 

7


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Pharmaceuticals - 2.4%

         

Bausch Health Cos. Inc., Senior Secured Notes

     4.875     6/1/28        1,660,000     $ 1,001,749 (a) 

Cidron Aida Finco Sarl, Senior Secured Notes

     5.000     4/1/28        637,000 EUR      679,126 (a)  

Par Pharmaceutical Inc., Senior Secured Notes

     7.500     4/1/27        70,000       44,871 *(a)(h) 

Teva Pharmaceutical Finance Netherlands III BV, Senior Notes

     6.000     4/15/24        3,510,000       3,501,437  

Teva Pharmaceutical Finance Netherlands III BV, Senior Notes

     3.150     10/1/26        1,150,000       1,065,630  

Teva Pharmaceutical Finance Netherlands III BV, Senior Notes

     5.125     5/9/29        3,430,000       3,279,496  
         

 

 

 

Total Pharmaceuticals

            9,572,309  
         

 

 

 

TOTAL HEALTH CARE

            26,891,134  
         

 

 

 
INDUSTRIALS - 10.7%          

Aerospace & Defense - 1.3%

         

Bombardier Inc., Senior Notes

     7.500     2/1/29        2,990,000       3,042,140 (a) 

TransDigm Inc., Senior Secured Notes

     7.125     12/1/31        1,930,000       2,024,888 (a) 
         

 

 

 

Total Aerospace & Defense

            5,067,028  
         

 

 

 

Building Products - 0.3%

         

Standard Industries Inc., Senior Notes

     5.000     2/15/27        860,000       839,104 (a)  

Standard Industries Inc., Senior Notes

     4.375     7/15/30        342,000       314,497 (a)  
         

 

 

 

Total Building Products

            1,153,601  
         

 

 

 

Commercial Services & Supplies - 2.3%

         

CoreCivic Inc., Senior Notes

     8.250     4/15/26        3,530,000       3,594,607  

CoreCivic Inc., Senior Notes

     4.750     10/15/27        2,670,000       2,468,662  

GEO Group Inc., Secured Notes

     10.500     6/30/28        1,810,000       1,838,752  

GFL Environmental Inc., Senior Secured Notes

     6.750     1/15/31        1,360,000       1,402,882 (a) 
         

 

 

 

Total Commercial Services & Supplies

            9,304,903  
         

 

 

 

Machinery - 0.4%

         

Titan International Inc., Senior Secured Notes

     7.000     4/30/28        1,730,000       1,732,450  
         

 

 

 

Passenger Airlines - 6.0%

         

American Airlines Group Inc., Senior Notes

     3.750     3/1/25        5,470,000       5,335,661 (a) 

American Airlines Inc., Senior Secured Notes

     8.500     5/15/29        2,460,000       2,599,295 (a) 

Delta Air Lines Inc., Senior Notes

     2.900     10/28/24        2,580,000       2,513,228  

Delta Air Lines Inc., Senior Notes

     7.375     1/15/26        720,000       744,782  

Delta Air Lines Inc., Senior Secured Notes

     7.000     5/1/25        6,330,000       6,445,999 (a) 

 

See Notes to Schedule of Investments.

 

 

 

8

 

 Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report

 


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Passenger Airlines - (continued)

          

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes

     6.500     6/20/27        1,834,000      $ 1,840,546 (a) 

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

     8.000     9/20/25        4,095,999        2,950,504 (a) 

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

     8.000     9/20/25        2,070,000        1,491,100 (a) 

United Airlines Holdings Inc., Senior Notes

     5.000     2/1/24        800,000        801,356  
          

 

 

 

Total Passenger Airlines

             24,722,471  
          

 

 

 

Trading Companies & Distributors - 0.4%

          

H&E Equipment Services Inc., Senior Notes

     3.875     12/15/28        1,420,000        1,292,229 (a) 

United Rentals North America Inc., Senior Notes

     5.500     5/15/27        376,000        377,092  
          

 

 

 

Total Trading Companies & Distributors

             1,669,321  
          

 

 

 

TOTAL INDUSTRIALS

             43,649,774  
          

 

 

 
INFORMATION TECHNOLOGY - 1.4%           

Communications Equipment - 1.0%

          

CommScope Inc., Senior Notes

     7.125     7/1/28        440,000        209,433 (a)  

CommScope Inc., Senior Secured Notes

     4.750     9/1/29        1,030,000        692,516 (a)  

CommScope Technologies LLC, Senior Notes

     5.000     3/15/27        3,360,000        1,401,742 (a) 

Viasat Inc., Senior Notes

     7.500     5/30/31        2,150,000        1,690,437 (a) 
          

 

 

 

Total Communications Equipment

             3,994,128  
          

 

 

 

Technology Hardware, Storage & Peripherals - 0.4%

          

Seagate HDD Cayman, Senior Notes

     4.750     1/1/25        670,000        664,973  

Seagate HDD Cayman, Senior Notes

     4.875     6/1/27        400,000        392,664  

Vericast Corp., Senior Secured Notes

     11.000     9/15/26        650,000        691,438 (a)  
          

 

 

 

Total Technology Hardware, Storage & Peripherals

             1,749,075  
          

 

 

 

TOTAL INFORMATION TECHNOLOGY

             5,743,203  
          

 

 

 
MATERIALS - 5.7%           

Chemicals - 0.4%

          

Sasol Financing USA LLC, Senior Notes

     8.750     5/3/29        1,540,000        1,572,836 (a) 
          

 

 

 

Construction Materials - 0.6%

          

Smyrna Ready Mix Concrete LLC, Senior Secured Notes

     8.875     11/15/31        2,250,000        2,367,621 (a) 
          

 

 

 

Containers & Packaging - 1.4%

          

ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)

     6.500     6/30/27        1,280,000        599,405 (a)(g) 

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

     5.250     8/15/27        3,028,000        2,355,904 (a) 

 

 

See Notes to Schedule of Investments.

 

 

Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report 

 

 

 

9


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Containers & Packaging - (continued)

         

Ardagh Packaging Finance PLC/Ardagh

         

Holdings USA Inc., Senior Notes

     5.250     8/15/27        1,510,000     $ 1,174,840 (a) 

Canpack SA/Canpack US LLC, Senior Notes

     3.875     11/15/29        1,050,000       901,200 (a)  

Pactiv LLC, Senior Notes

     8.375     4/15/27        750,000       770,625  
         

 

 

 

Total Containers & Packaging

            5,801,974  
         

 

 

 

Metals & Mining - 3.3%

         

ArcelorMittal SA, Senior Notes

     7.000     10/15/39        2,960,000       3,210,387  

First Quantum Minerals Ltd., Senior Notes

     7.500     4/1/25        300,000       286,322 (a)  

First Quantum Minerals Ltd., Senior Notes

     6.875     3/1/26        770,000       690,263 (a)  

Freeport-McMoRan Inc., Senior Notes

     5.450     3/15/43        4,280,000       4,170,753  

Teck Resources Ltd., Senior Notes

     6.000     8/15/40        1,050,000       1,068,201  

Vale Overseas Ltd., Senior Notes

     6.875     11/21/36        2,320,000       2,533,855  

Vale Overseas Ltd., Senior Notes

     6.875     11/10/39        1,500,000       1,648,511  
         

 

 

 

Total Metals & Mining

            13,608,292  
         

 

 

 

TOTAL MATERIALS

            23,350,723  
         

 

 

 
REAL ESTATE - 2.4%          

Health Care REITs - 0.0%††

         

Diversified Healthcare Trust, Senior Notes

     4.375     3/1/31        240,000       180,418  
         

 

 

 

Hotel & Resort REITs - 1.0%

         

Service Properties Trust, Senior Notes

     5.500     12/15/27        1,660,000       1,521,617  

Service Properties Trust, Senior Notes

     3.950     1/15/28        526,000       431,621  

Service Properties Trust, Senior Notes

     4.950     10/1/29        600,000       497,298  

Service Properties Trust, Senior Notes

     4.375     2/15/30        2,120,000       1,648,336  
         

 

 

 

Total Hotel & Resort REITs

            4,098,872  
         

 

 

 

Real Estate Management & Development - 0.8%

         

China Aoyuan Group Ltd., Senior Secured Notes

     7.950     2/19/24        770,000       17,325 *(b)(h)  

China Aoyuan Group Ltd., Senior Secured Notes

     7.950     6/21/24        1,000,000       22,810 *(b)(h)  

Country Garden Holdings Co. Ltd., Senior Secured Notes

     8.000     1/27/24        2,016,000       158,760 *(b)(h) 

Cushman & Wakefield US Borrower LLC, Senior Secured Notes

     8.875     9/1/31        420,000       445,421 (a)  

Heimstaden AB, Senior Notes

     4.250     3/9/26        900,000 EUR      473,272 (b)  

Samhallsbyggnadsbolaget i Norden AB, Senior Notes

     1.750     1/14/25        230,000 EUR      220,041 (b)  

Samhallsbyggnadsbolaget i Norden AB, Senior Notes

     2.375     9/4/26        2,280,000 EUR      1,824,762 (b)  
         

 

 

 

Total Real Estate Management & Development

            3,162,391  
         

 

 

 

 

See Notes to Schedule of Investments.

 

 

 

10

 

 Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report

 


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Specialized REITs - 0.6%

         

Iron Mountain Inc., Senior Notes

     7.000     2/15/29        2,350,000     $ 2,416,982 (a) 
         

 

 

 

TOTAL REAL ESTATE

            9,858,663  
         

 

 

 
UTILITIES - 1.1%          

Electric Utilities - 0.3%

         

Eskom Holdings SOC Ltd., Senior Notes

     4.314     7/23/27        500,000       468,412 (b)  

Vistra Operations Co. LLC, Senior Notes

     7.750     10/15/31        920,000       956,192 (a)  
         

 

 

 

Total Electric Utilities

            1,424,604  
         

 

 

 

Gas Utilities - 0.8%

         

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

     5.875     3/1/27        3,290,000       3,287,669  
         

 

 

 

TOTAL UTILITIES

            4,712,273  
         

 

 

 

TOTAL CORPORATE BONDS & NOTES

(Cost - $346,410,642)

            374,136,027  
         

 

 

 
SOVEREIGN BONDS - 3.6%          

Angola - 0.4%

         

Angolan Government International Bond, Senior Notes

     8.000     11/26/29        1,600,000       1,425,587 (a)  
         

 

 

 

Argentina - 0.6%

         

Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%)

     6.375     9/1/37        376,221       145,020 (a)  

Provincia de Cordoba, Senior Notes

     6.990     6/1/27        2,160,000       1,844,855 (a)  

Provincia de Cordoba, Senior Notes (6.875% PIK)

     6.875     2/1/29        340,000       266,818 (a)(g)  
         

 

 

 

Total Argentina

            2,256,693  
         

 

 

 

Bahamas - 0.3%

         

Bahamas Government International Bond, Senior Notes

     6.950     11/20/29        1,630,000       1,424,212 (a)  
         

 

 

 

Dominican Republic - 0.2%

         

Dominican Republic International Bond, Senior Notes

     4.875     9/23/32        1,090,000       995,061 (a)  
         

 

 

 

Ivory Coast - 0.1%

         

Ivory Coast Government International Bond, Senior Notes

     5.750     12/31/32        536,945       508,729 (a)  
         

 

 

 

Mexico - 2.0%

         

Mexican Bonos, Bonds

     7.750     5/29/31        149,470,000 MXN      8,215,261  
         

 

 

 

TOTAL SOVEREIGN BONDS
(Cost - $12,620,635)

            14,825,543  
         

 

 

 
CONVERTIBLE BONDS & NOTES - 1.6%          
COMMUNICATION SERVICES - 1.5%          

Media - 1.5%

         

DISH Network Corp., Senior Notes

     2.375     3/15/24        3,780,000       3,756,375  

 

See Notes to Schedule of Investments.

 

 

Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report 

 

 

 

11


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Media - (continued)

          

DISH Network Corp., Senior Notes

     0.000     12/15/25        2,720,000      $ 1,700,000  

DISH Network Corp., Senior Notes

     3.375     8/15/26        1,680,000        898,800  
          

 

 

 

TOTAL COMMUNICATION SERVICES

             6,355,175  
          

 

 

 
INDUSTRIALS - 0.1%           

Passenger Airlines - 0.1%

          

Spirit Airlines Inc., Senior Notes

     1.000     5/15/26        310,000        216,380  
          

 

 

 

TOTAL CONVERTIBLE BONDS & NOTES
(Cost - $7,279,388)

             6,571,555  
          

 

 

 
ASSET-BACKED SECURITIES - 0.8%           

Magnetite Ltd., 2015-12A ER (3 mo. Term SOFR + 5.942%)
(Cost - $3,366,941)

     11.335     10/15/31        3,400,000        3,261,096 (a)(d) 
          

 

 

 
SENIOR LOANS - 0.8%           
CONSUMER DISCRETIONARY - 0.8%           

Diversified Consumer Services - 0.8%

          

WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%)
(Cost - $3,186,831)

     8.970     4/13/28        4,350,000        3,101,180 (d)(i)(j) 
          

 

 

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

Passenger Airlines - 0.0%††

          

flyExclusive Inc.
(Cost - $17,971)

       5/28/28        18,769        4,129
          

 

 

 
                  SHARES         
COMMON STOCKS - 0.0%††           
ENERGY - 0.0%††           

Energy Equipment & Services - 0.0%††

          

KCAD Holdings I Ltd.
(Cost - $3,494,813)

          427,421,041        0 *(e)(f)(k)  
          

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $376,377,221)

             401,899,530  
          

 

 

 
SHORT-TERM INVESTMENTS - 0.2%           

Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $805,646)

     5.295        805,646        805,646 (l)(m)  
          

 

 

 

TOTAL INVESTMENTS - 98.3%
(Cost - $377,182,867)

             402,705,176  

Other Assets in Excess of Liabilities - 1.7%

             6,847,001  
          

 

 

 

TOTAL NET ASSETS - 100.0%

           $ 409,552,177  
          

 

 

 

 

See Notes to Schedule of Investments.

 

 

 

12

 

 Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report

 


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

 

Face amount denominated in U.S. dollars, unless otherwise noted.

 

††

Represents less than 0.1%.

 

*

Non-income producing security.

 

(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

 

(b)

Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

 

(c)

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

 

(d)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

 

(e)

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

 

(f)

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

 

(g)

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.

 

(h)

The coupon payment on this security is currently in default as of December 31, 2023.

 

(i)

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

 

(j)

Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

 

(k)

Value is less than $1.

 

(l)

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

 

(m)

In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2023, the total market value of investments in Affiliated Companies was $805,646 and the cost was $805,646 (Note 2).

Abbreviation(s) used in this schedule:

 

EUR    — Euro
GBP    — British Pound
ICE    — Intercontinental Exchange
LIBOR    — London Interbank Offered Rate
MXN    — Mexican Peso
PIK    Payment-In-Kind
SOFR    — Secured Overnight Financing Rate
USD    — United States Dollar

 

See Notes to Schedule of Investments.

 

 

Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report 

 

 

 

13


WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.

 

Schedule of investments (unaudited) (cont’d)    December 31, 2023

 

At December 31, 2023, the Fund had the following open forward foreign currency contracts:

 

Currency
Purchased
     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Appreciation

(Depreciation)
 
GBP      313,273        USD        394,511      BNP Paribas SA      1/19/24      $ 4,851  
USD      491,946        GBP        402,500      BNP Paribas SA      1/19/24        (21,163
USD      1,234,741        GBP        992,000      BNP Paribas SA      1/19/24        (29,864
USD      1,104,141        GBP        896,000      Morgan Stanley & Co. Inc.      1/19/24        (38,083
                 

 

 

 
Net unrealized depreciation on open forward foreign currency contracts      $ (84,259
                 

 

 

 

Abbreviation(s) used in this table:

 

GBP    — British Pound
USD    — United States Dollar

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

 

See Notes to Schedule of Investments.

 

 

 

14

 

 Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report

 


Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

Western Asset High Income Opportunity Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund seeks high current income. Capital appreciation is a secondary objective. In seeking to fulfill its investment objectives, the Fund invests, under normal market conditions, at least 80% of its net assets in high-yield securities and up to 20% in common stock equivalents, including options, warrants and rights.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value

 

 

Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report 

 

 

 

15


Notes to Schedule of Investments (unaudited) (continued)

 

determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

 

 

 

16

   Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report  


Notes to Schedule of Investments (unaudited) (continued)

 

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

 

   

Level 1 – unadjusted quoted prices in active markets for identical investments

 

   

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

   

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:

 

ASSETS

 

DESCRIPTION

   QUOTED PRICES
(LEVEL 1)
     OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
     SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)
    TOTAL  

Long-Term Investments†:

 

Corporate Bonds & Notes:

          

Energy

     —       $ 69,559,620      $ 990,000     $ 70,549,620  

Other Corporate Bonds & Notes

     —         303,586,407        —        303,586,407  

Sovereign Bonds

     —         14,825,543        —        14,825,543  

Convertible Bonds & Notes

     —         6,571,555        —        6,571,555  

Asset-Backed Securities

     —         3,261,096        —        3,261,096  

Senior Loans

     —         3,101,180        —        3,101,180  

Warrants

   $ 4,129        —         —        4,129  

Common Stocks

     —         —         0     0
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Long-Term Investments

     4,129        400,905,401        990,000       401,899,530  
  

 

 

    

 

 

    

 

 

   

 

 

 

Short-Term Investments†

     805,646        —         —        805,646  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Investments

   $ 809,775      $ 400,905,401      $ 990,000     $ 402,705,176  
  

 

 

    

 

 

    

 

 

   

 

 

 

Other Financial Instruments:

          

Forward Foreign Currency Contracts††

     —       $ 4,851        —      $ 4,851  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 809,775      $ 400,910,252      $ 990,000     $ 402,710,027  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

 

Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report 

 

 

 

17


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††

     —       $ 89,110        —       $ 89,110  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See Schedule of Investments for additional detailed categorizations.

 

*

Amount represents less than $1.

 

††

Reflects the unrealized appreciation (depreciation) of the instruments.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended December 31, 2023. The following transactions were effected in such company for the period ended December 31, 2023.

 

    

Affiliate

Value at

September 30,

     Purchased      Sold  
     2023      Cost      Shares      Proceeds      Shares  
Western Asset Premier Institutional Government Reserves, Premium Shares    $ 1,667,355      $ 23,872,417        23,872,417      $ 24,734,126        24,734,126  

 

(cont’d)

   Realized
Gain (Loss)
     Dividend
Income
     Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
     Affiliate
Value at
December 31,
2023
 
Western Asset Premier Institutional Government Reserves, Premium Shares      —       $ 47,756        —       $ 805,646  

 

 

 

18

   Western Asset High Income Opportunity Fund Inc. 2023 Quarterly Report