Western Asset Global High Income Fund Inc.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21337

Western Asset Global High Income Fund Inc.

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-777-0102

Date of fiscal year end: May 31

Date of reporting period: August 31, 2016

 

 

 


 

ITEM 1. SCHEDULE OF INVESTMENTS.


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

FORM N-Q

AUGUST 31, 2016


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  
CORPORATE BONDS & NOTES - 95.7%          
CONSUMER DISCRETIONARY - 14.5%          

Auto Components - 0.9%

         

Adient Global Holdings Ltd., Senior Notes

     4.875     8/15/26         1,660,000      $ 1,686,975 (a) 

Goodyear Tire & Rubber Co., Senior Notes

     5.000     5/31/26         990,000        1,038,876   

ZF North America Capital Inc., Senior Notes

     4.750     4/29/25         1,480,000        1,576,200 (a) 
         

 

 

 

Total Auto Components

            4,302,051   
         

 

 

 

Diversified Consumer Services - 1.2%

         

Cengage Learning Inc., Senior Notes

     9.500     6/15/24         1,400,000        1,438,500 (a) 

Co-operative Group Holdings 2011 Ltd., Senior Notes

     6.875     7/8/20         100,000 GBP      152,330 (b) 

Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes

     9.250     5/15/23         2,510,000        2,739,037 (a) 

Service Corp. International, Senior Notes

     7.625     10/1/18         185,000        207,903   

Service Corp. International, Senior Notes

     7.500     4/1/27         770,000        904,750   

StoneMor Partners LP/Cornerstone Family Services of WV, Senior Notes

     7.875     6/1/21         710,000        720,650   
         

 

 

 

Total Diversified Consumer Services

            6,163,170   
         

 

 

 

Hotels, Restaurants & Leisure - 3.4%

         

Bossier Casino Venture Holdco Inc., Senior Secured Bonds

     14.000     2/9/18         1,038,537        1,038,537 (a)(c)(d)(e) 

Carrols Restaurant Group Inc., Secured Notes

     8.000     5/1/22         730,000        797,525   

CCM Merger Inc., Senior Notes

     9.125     5/1/19         1,330,000        1,395,077 (a) 

CEC Entertainment Inc., Senior Notes

     8.000     2/15/22         760,000        763,800   

Choctaw Resort Development Enterprise, Senior Notes

     7.250     11/15/19         461,000        457,543 (a) 

Downstream Development Authority of the Quapaw Tribe of Oklahoma, Senior Secured Notes

     10.500     7/1/19         1,000,000        1,032,500 (a) 

Enterprise Inns PLC, Secured Bonds

     6.500     12/6/18         494,000 GBP      694,160   

Enterprise Inns PLC, Senior Secured Bonds

     6.500     12/6/18         1,095,000 GBP      1,538,675   

GLP Capital LP/GLP Financing II Inc., Senior Notes

     5.375     4/15/26         850,000        930,750   

Greektown Holdings LLC/Greektown Mothership Corp., Senior Secured Notes

     8.875     3/15/19         650,000        689,000 (a) 

Landry’s Holdings II Inc., Senior Notes

     10.250     1/1/18         600,000        612,000 (a) 

Landry’s Inc., Senior Notes

     9.375     5/1/20         2,734,000        2,880,952 (a) 

MGM Resorts International, Senior Notes

     4.625     9/1/26         870,000        865,650   

Scientific Games International Inc., Senior Secured Notes

     7.000     1/1/22         260,000        277,550 (a) 

Viking Cruises Ltd., Senior Notes

     8.500     10/15/22         3,670,000        3,247,950 (a) 
         

 

 

 

Total Hotels, Restaurants & Leisure

            17,221,669   
         

 

 

 

Household Durables - 1.1%

         

Century Intermediate Holding Co. 2, Senior Notes

     9.750     2/15/19         1,430,000        1,463,963 (a)(c) 

Shea Homes LP/Shea Homes Funding Corp., Senior Notes

     6.125     4/1/25         1,200,000        1,221,000 (a) 

William Lyon Homes Inc., Senior Notes

     8.500     11/15/20         1,180,000        1,247,850   

William Lyon Homes Inc., Senior Notes

     7.000     8/15/22         220,000        228,250   

Woodside Homes Co., LLC/Woodside Homes Finance Inc., Senior Notes

     6.750     12/15/21         1,480,000        1,387,500 (a) 
         

 

 

 

Total Household Durables

            5,548,563   
         

 

 

 

Leisure Products - 0.1%

         

Gibson Brands Inc., Senior Secured Notes

     8.875     8/1/18         940,000        733,200 (a) 
         

 

 

 

Media - 5.8%

         

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

     6.625     1/31/22         960,000        1,012,800   

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

     5.875     4/1/24         1,150,000        1,242,000 (a) 

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

     5.750     2/15/26         710,000        761,475 (a) 

 

See Notes to Schedule of Investments.

 

1


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Media - (continued)

         

Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes

     4.908     7/23/25         1,070,000      $ 1,182,758 (a) 

Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes

     6.484     10/23/45         570,000        703,028 (a) 

DISH DBS Corp., Senior Notes

     5.875     7/15/22         1,090,000        1,114,525   

DISH DBS Corp., Senior Notes

     5.875     11/15/24         690,000        683,100   

DISH DBS Corp., Senior Notes

     7.750     7/1/26         560,000        598,914 (a) 

Grupo Televisa SAB, Senior Bonds

     6.625     1/15/40         20,000        24,679   

iHeartCommunications Inc., Senior Notes

     14.000     2/1/21         1,001,213        410,497 (c) 

MDC Partners Inc., Senior Notes

     6.500     5/1/24         1,990,000        1,900,450 (a) 

New Cotai LLC/New Cotai Capital Corp., Senior Secured Notes

     10.625     5/1/19         1,787,826        876,035 (a)(c)(d) 

SFR Group SA, Senior Secured Bonds

     6.250     5/15/24         2,710,000        2,740,488 (a) 

SFR Group SA, Senior Secured Notes

     7.375     5/1/26         2,760,000        2,853,150 (a) 

Sinclair Television Group Inc., Senior Notes

     5.125     2/15/27         340,000        343,400 (a) 

Time Warner Cable Inc., Senior Notes

     8.750     2/14/19         1,307,000        1,519,679   

Time Warner Cable Inc., Senior Notes

     8.250     4/1/19         491,000        568,019   

Tribune Media Co., Senior Notes

     5.875     7/15/22         380,000        390,450   

UBM PLC, Notes

     5.750     11/3/20         1,500,000        1,638,927 (a) 

Univision Communications Inc., Senior Secured Notes

     6.750     9/15/22         253,000        270,868 (a) 

Univision Communications Inc., Senior Secured Notes

     5.125     2/15/25         940,000        985,825 (a) 

UPC Holding BV, Junior Secured Subordinated Notes

     6.375     9/15/22         100,000 EUR      120,274 (a) 

Viacom Inc., Senior Notes

     4.375     3/15/43         4,050,000        3,682,341   

Virgin Media Finance PLC, Senior Notes

     6.375     4/15/23         2,070,000        2,214,900 (a) 

Virgin Media Finance PLC, Senior Notes

     6.000     10/15/24         1,270,000        1,328,738 (a) 
         

 

 

 

Total Media

            29,167,320   
         

 

 

 

Multiline Retail - 0.3%

         

Dollar Tree Inc., Senior Notes

     5.750     3/1/23         240,000        259,500   

Neiman Marcus Group LLC, Senior Secured Notes

     7.125     6/1/28         260,000        250,900   

Neiman Marcus Group Ltd. LLC, Senior Notes

     8.000     10/15/21         640,000        550,848 (a) 

Neiman Marcus Group Ltd. LLC, Senior Notes

     8.750     10/15/21         730,000        596,775 (a)(c) 
         

 

 

 

Total Multiline Retail

            1,658,023   
         

 

 

 

Specialty Retail - 1.7%

         

American Greetings Corp., Senior Notes

     7.375     12/1/21         990,000        1,037,025   

GameStop Corp., Senior Notes

     6.750     3/15/21         1,330,000        1,349,950 (a) 

Guitar Center Inc., Senior Secured Bonds

     6.500     4/15/19         2,430,000        2,174,850 (a) 

Hot Topic Inc., Senior Secured Notes

     9.250     6/15/21         610,000        648,125 (a) 

L Brands Inc., Senior Notes

     6.875     11/1/35         1,400,000        1,536,500   

PetSmart Inc., Senior Notes

     7.125     3/15/23         460,000        484,725 (a) 

Sally Holdings LLC/Sally Capital Inc., Senior Notes

     5.625     12/1/25         1,280,000        1,392,640   
         

 

 

 

Total Specialty Retail

            8,623,815   
         

 

 

 

TOTAL CONSUMER DISCRETIONARY

            73,417,811   
         

 

 

 
CONSUMER STAPLES - 3.3%          

Beverages - 0.8%

         

Anheuser-Busch InBev Finance Inc., Senior Notes

     4.700     2/1/36         1,250,000        1,455,292   

Carolina Beverage Group LLC/Carolina Beverage Group Finance Inc., Secured Notes

     10.625     8/1/18         990,000        915,750 (a) 

Cott Beverages Inc., Senior Notes

     6.750     1/1/20         830,000        872,538   

DS Services of America Inc., Secured Notes

     10.000     9/1/21         760,000        856,900 (a) 
         

 

 

 

Total Beverages

            4,100,480   
         

 

 

 

Food & Staples - 0.2%

         

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

     5.625     8/15/26         1,000,000        1,036,250 (a) 
         

 

 

 

 

See Notes to Schedule of Investments.

 

2


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Food & Staples Retailing - 0.3%

          

Beverages & More Inc., Senior Secured Notes

     10.000     11/15/18         1,390,000       $ 1,297,913 (a) 
          

 

 

 

Food Products - 0.9%

          

BRF SA, Senior Notes

     4.750     5/22/24         422,000         443,100 (a) 

JBS USA LLC/JBS USA Finance Inc., Senior Notes

     5.750     6/15/25         540,000         550,800 (a) 

Marfrig Holding Europe BV, Senior Notes

     6.875     6/24/19         410,000         424,440 (a) 

Pilgrim’s Pride Corp., Senior Notes

     5.750     3/15/25         1,180,000         1,224,250 (a) 

Simmons Foods Inc., Secured Notes

     7.875     10/1/21         1,920,000         1,900,800 (a) 
          

 

 

 

Total Food Products

             4,543,390   
          

 

 

 

Household Products - 0.8%

          

Central Garden & Pet Co., Senior Notes

     6.125     11/15/23         510,000         550,162   

Spectrum Brands Inc., Senior Notes

     6.625     11/15/22         350,000         376,250   

Spectrum Brands Inc., Senior Notes

     6.125     12/15/24         380,000         411,825   

Sun Products Corp., Senior Notes

     7.750     3/15/21         2,640,000         2,742,300 (a) 
          

 

 

 

Total Household Products

             4,080,537   
          

 

 

 

Tobacco - 0.3%

          

Alliance One International Inc., Secured Notes

     9.875     7/15/21         1,730,000         1,546,188   
          

 

 

 

TOTAL CONSUMER STAPLES

             16,604,758   
          

 

 

 
ENERGY - 21.9%           

Energy Equipment & Services - 0.9%

          

CGG, Senior Notes

     6.500     6/1/21         550,000         272,250   

CGG, Senior Notes

     6.875     1/15/22         620,000         306,900   

Ensco PLC, Senior Notes

     4.700     3/15/21         310,000         268,305   

Ensco PLC, Senior Notes

     5.750     10/1/44         340,000         210,800   

KCA Deutag UK Finance PLC, Senior Secured Notes

     7.250     5/15/21         570,000         460,275 (a) 

Pride International Inc., Senior Notes

     6.875     8/15/20         260,000         255,746   

Pride International Inc., Senior Notes

     7.875     8/15/40         1,610,000         1,195,425   

SESI LLC, Senior Notes

     6.375     5/1/19         1,110,000         1,104,450   

Sierra Hamilton LLC/Sierra Hamilton Finance Inc., Senior Secured Notes

     12.250     12/15/18         1,030,000         813,700 (a)(e) 
          

 

 

 

Total Energy Equipment & Services

             4,887,851   
          

 

 

 

Oil, Gas & Consumable Fuels - 21.0%

          

Anadarko Petroleum Corp., Senior Notes

     6.450     9/15/36         50,000         57,891   

Apache Corp., Senior Notes

     6.000     1/15/37         280,000         322,768   

Berry Petroleum Co., Senior Notes

     6.750     11/1/20         580,000         304,500 *(f) 

Berry Petroleum Co., Senior Notes

     6.375     9/15/22         1,384,000         726,600 *(f) 

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

     6.125     11/15/22         1,600,000         1,548,000 (a) 

California Resources Corp., Senior Notes

     5.500     9/15/21         151,000         78,520   

Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Secured Notes

     11.500     1/15/21         1,560,000         1,790,100 (a) 

Chesapeake Energy Corp., Senior Notes

     6.875     11/15/20         2,720,000         2,400,400   

Chesapeake Energy Corp., Senior Notes

     5.375     6/15/21         110,000         87,450   

Chesapeake Energy Corp., Senior Notes

     4.875     4/15/22         2,000,000         1,540,000   

Chesapeake Energy Corp., Senior Notes

     5.750     3/15/23         560,000         432,250   

Continental Resources Inc., Senior Notes

     5.000     9/15/22         830,000         807,175   

Continental Resources Inc., Senior Notes

     4.500     4/15/23         1,000,000         947,500   

Continental Resources Inc., Senior Notes

     3.800     6/1/24         130,000         117,975   

Continental Resources Inc., Senior Notes

     4.900     6/1/44         610,000         512,400   

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., Senior Notes

     6.125     3/1/22         800,000         782,000   

Devon Energy Corp., Debentures

     7.950     4/15/32         230,000         282,345   

Dolphin Energy Ltd., Senior Secured Bonds

     5.888     6/15/19         301,040         322,822 (b) 

Ecopetrol SA, Senior Bonds

     4.125     1/16/25         30,000         29,100   

Ecopetrol SA, Senior Notes

     7.625     7/23/19         1,260,000         1,442,700   

Ecopetrol SA, Senior Notes

     5.875     9/18/23         262,000         285,253   

Ecopetrol SA, Senior Notes

     5.875     5/28/45         1,820,000         1,712,620   

El Paso Natural Gas Co., Bonds

     8.375     6/15/32         70,000         86,343   

 

See Notes to Schedule of Investments.

 

3


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Oil, Gas & Consumable Fuels - (continued)

          

Energy Transfer Equity LP, Senior Notes

     7.500     10/15/20         130,000       $ 143,000   

Enterprise Products Operating LLC, Junior Subordinated Notes

     4.465     8/1/66         100,000         93,875 (g) 

Enterprise Products Operating LLC, Senior Bonds

     6.300     9/15/17         550,000         577,077   

EP Energy LLC/Everest Acquisition Finance Inc., Senior Notes

     9.375     5/1/20         640,000         416,000   

EP Energy LLC/Everest Acquisition Finance Inc., Senior Notes

     6.375     6/15/23         510,000         281,775   

Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., Senior Notes

     7.875     7/15/21         1,490,000         1,512,350 (a) 

Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc., Senior Notes

     6.125     6/15/19         490,000         497,350   

Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc., Senior Notes

     6.875     2/15/23         1,840,000         1,798,600   

Gazprom OAO Via Gaz Capital SA, Loan Participation Notes, Senior Notes

     6.510     3/7/22         1,920,000         2,145,600 (a) 

Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes

     6.750     8/1/22         610,000         625,250   

Globe Luxembourg SCA, Senior Secured Notes

     9.625     5/1/18         4,320,000         3,844,800 (a) 

GNL Quintero SA, Senior Notes

     4.634     7/31/29         932,000         973,056 (a) 

Hiland Partners Holdings LLC/Hiland Partners Finance Corp., Senior Notes

     7.250     10/1/20         130,000         134,875 (a) 

Holly Energy Partners LP/Holly Energy Finance Corp., Senior Notes

     6.000     8/1/24         550,000         563,750 (a) 

Kerr-McGee Corp., Notes

     6.950     7/1/24         920,000         1,078,137   

Kinder Morgan Inc., Medium-Term Notes

     7.750     1/15/32         1,390,000         1,682,135   

Laredo Petroleum Inc., Senior Notes

     7.375     5/1/22         750,000         761,250   

LUKOIL International Finance BV, Bonds

     6.356     6/7/17         912,000         942,552 (a) 

LUKOIL International Finance BV, Bonds

     6.656     6/7/22         496,000         566,511 (b) 

LUKOIL International Finance BV, Senior Notes

     4.563     4/24/23         740,000         765,443 (a) 

Magnum Hunter Resources Corp. Escrow

     —          —           3,390,000         0 *(d)(e)(h) 

MEG Energy Corp., Senior Notes

     6.500     3/15/21         930,000         767,250 (a) 

MEG Energy Corp., Senior Notes

     7.000     3/31/24         240,000         194,400 (a) 

Murray Energy Corp., Senior Secured Notes

     11.250     4/15/21         6,410,000         2,852,450 (a) 

NGPL PipeCo LLC, Senior Secured Notes

     7.768     12/15/37         1,430,000         1,542,612 (a) 

Oasis Petroleum Inc., Senior Notes

     7.250     2/1/19         1,350,000         1,336,500   

Oasis Petroleum Inc., Senior Notes

     6.500     11/1/21         1,930,000         1,790,075   

Oasis Petroleum Inc., Senior Notes

     6.875     1/15/23         790,000         732,725   

ONGC Videsh Ltd., Senior Notes

     4.625     7/15/24         570,000         623,537 (b) 

Pacific Exploration and Production Corp., Senior Notes

     12.000     12/22/16         1,410,000         1,431,240   

Pacific Exploration and Production Corp., Senior Notes

     5.375     1/26/19         1,200,000         216,000 *(b)(f) 

Pacific Exploration and Production Corp., Senior Notes

     5.375     1/26/19         780,000         140,400 *(a)(f) 

Pacific Exploration and Production Corp., Senior Notes

     7.250     12/12/21         2,650,000         477,000 *(a)(f) 

Petrobras Global Finance BV, Senior Notes

     3.000     1/15/19         970,000         938,669   

Petrobras Global Finance BV, Senior Notes

     4.875     3/17/20         1,400,000         1,375,500   

Petrobras Global Finance BV, Senior Notes

     4.375     5/20/23         1,210,000         1,058,277   

Petrobras Global Finance BV, Senior Notes

     6.875     1/20/40         2,190,000         1,965,525   

Petrobras Global Finance BV, Senior Notes

     6.750     1/27/41         2,110,000         1,854,162   

Petrobras Global Finance BV, Senior Notes

     7.250     3/17/44         900,000         832,500   

Petroleos de Venezuela SA, Senior Bonds

     6.000     5/16/24         12,375,000         4,640,625 (b) 

Petroleos Mexicanos, Senior Bonds

     6.625     6/15/35         1,000,000         1,087,700   

Petroleos Mexicanos, Senior Notes

     8.000     5/3/19         4,730,000         5,363,820   

Petroleos Mexicanos, Senior Notes

     5.500     1/21/21         970,000         1,047,842   

Petroleos Mexicanos, Senior Notes

     6.875     8/4/26         3,535,000         4,118,275 (a) 

Petroleos Mexicanos, Senior Notes

     6.500     6/2/41         4,097,000         4,363,715   

Petroleos Mexicanos, Senior Notes

     5.625     1/23/46         690,000         669,197   

Petronas Capital Ltd., Senior Notes

     5.250     8/12/19         1,285,000         1,414,491 (a) 

PT Pertamina Persero, Senior Notes

     5.250     5/23/21         1,610,000         1,756,969 (a) 

PT Pertamina Persero, Senior Notes

     4.300     5/20/23         940,000         982,323 (a) 

 

See Notes to Schedule of Investments.

 

4


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Oil, Gas & Consumable Fuels - (continued)

          

Rice Energy Inc., Senior Notes

     7.250     5/1/23         2,850,000       $ 2,992,500   

Rockies Express Pipeline LLC, Senior Notes

     7.500     7/15/38         1,020,000         1,060,800 (a) 

Rockies Express Pipeline LLC, Senior Notes

     6.875     4/15/40         1,070,000         1,086,050 (a) 

Rosneft Finance SA, Senior Notes

     6.625     3/20/17         300,000         306,893 (b) 

Rosneft Finance SA, Senior Notes

     7.875     3/13/18         1,070,000         1,152,925 (a) 

Sanchez Energy Corp., Senior Notes

     7.750     6/15/21         1,710,000         1,496,250   

Sanchez Energy Corp., Senior Notes

     6.125     1/15/23         3,880,000         3,084,600   

Shelf Drilling Holdings Ltd., Senior Secured Notes

     8.625     11/1/18         720,000         588,600 (a) 

Tesoro Logistics LP/Tesoro Logistics Finance Corp., Senior Notes

     6.125     10/15/21         220,000         230,863   

Tesoro Logistics LP/Tesoro Logistics Finance Corp., Senior Notes

     6.375     5/1/24         610,000         654,225   

Transcontinental Gas Pipe Line Co., LLC, Senior Notes

     7.850     2/1/26         1,500,000         1,943,610 (a) 

Transportadora de Gas del Peru SA, Senior Notes

     4.250     4/30/28         640,000         665,600 (b) 

Transportadora de Gas del Peru SA, Senior Notes

     4.250     4/30/28         560,000         582,400 (a) 

Whiting Petroleum Corp., Senior Notes

     5.000     3/15/19         670,000         623,100   

Whiting Petroleum Corp., Senior Notes

     6.250     4/1/23         580,000         510,400   

Williams Cos. Inc., Debentures

     7.500     1/15/31         340,000         391,000   

Williams Cos. Inc., Senior Notes

     3.700     1/15/23         740,000         721,500   

Williams Cos. Inc., Senior Notes

     4.550     6/24/24         680,000         698,700   

Williams Cos. Inc., Senior Notes

     8.750     3/15/32         486,000         602,640   

Williams Cos. Inc., Senior Notes

     5.750     6/24/44         1,510,000         1,559,075   

WPX Energy Inc., Senior Notes

     7.500     8/1/20         430,000         443,706   

WPX Energy Inc., Senior Notes

     8.250     8/1/23         180,000         188,100   

YPF Sociedad Anonima, Senior Notes

     8.500     3/23/21         820,000         887,650 (a) 

YPF Sociedad Anonima, Senior Notes

     8.750     4/4/24         950,000         1,021,250 (a) 

YPF Sociedad Anonima, Senior Notes

     8.500     7/28/25         920,000         989,828 (a) 
          

 

 

 

Total Oil, Gas & Consumable Fuels

             106,076,142   
          

 

 

 

TOTAL ENERGY

             110,963,993   
          

 

 

 
FINANCIALS - 13.3%           

Banks - 8.0%

          

Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes

     4.875     4/21/25         540,000         554,850 (a) 

Banco Nacional de Costa Rica, Senior Notes

     5.875     4/25/21         450,000         472,613 (a) 

Bank of America Corp., Junior Subordinated Notes

     6.500     10/23/24         1,200,000         1,309,620 (g)(i) 

Bank of America Corp., Notes

     6.875     4/25/18         390,000         422,943   

Bank of America Corp., Senior Notes

     5.650     5/1/18         490,000         521,816   

Bank of America Corp., Senior Notes

     7.625     6/1/19         1,480,000         1,702,099   

Barclays Bank PLC, Subordinated Notes

     10.179     6/12/21         2,520,000         3,232,893 (a) 

Barclays Bank PLC, Subordinated Notes

     7.625     11/21/22         5,430,000         6,108,071   

Barclays PLC, Junior Subordinated Bonds

     8.250     12/15/18         420,000         431,757 (g)(i) 

BBVA Banco Continental SA, Subordinated Notes

     5.250     9/22/29         240,000         260,400 (a)(g) 

BNP Paribas SA, Junior Subordinated Notes

     7.375     8/19/25         1,360,000         1,385,500 (a)(g)(i) 

CIT Group Inc., Senior Notes

     5.000     8/15/22         470,000         499,375   

CIT Group Inc., Senior Notes

     5.000     8/1/23         2,070,000         2,199,375   

Citigroup Inc., Junior Subordinated Bonds

     6.300     5/15/24         660,000         683,925 (g)(i) 

Credit Agricole SA, Junior Subordinated Notes

     8.375     10/13/19         1,260,000         1,430,352 (a)(g)(i) 

Credit Agricole SA, Junior Subordinated Notes

     8.125     12/23/25         2,160,000         2,327,054 (a)(g)(i) 

Export-Import Bank of China, Senior Notes

     2.850     9/16/20         550,000         563,824 (a) 

HSBC Holdings PLC, Junior Subordinated Bonds

     6.375     9/17/24         1,290,000         1,277,100 (g)(i) 

HSBC Holdings PLC, Senior Notes

     4.300     3/8/26         450,000         484,909   

Itau Unibanco Holding SA, Senior Notes

     2.850     5/26/18         450,000         451,080 (a) 

JPMorgan Chase & Co., Junior Subordinated Bonds

     6.000     8/1/23         2,780,000         2,937,626 (g)(i) 

M&T Bank Corp., Junior Subordinated Bonds

     6.875     10/3/16         2,210,000         2,229,338 (i) 

Royal Bank of Scotland Group PLC, Junior Subordinated Bonds

     7.648     9/30/31         660,000         795,300 (g)(i) 

 

See Notes to Schedule of Investments.

 

5


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Banks - (continued)

         

Royal Bank of Scotland Group PLC, Junior Subordinated Notes

     8.625     8/15/21         760,000      $ 776,150 (g)(i) 

Royal Bank of Scotland Group PLC, Subordinated Notes

     5.125     5/28/24         760,000        770,676   

Royal Bank of Scotland NV, Subordinated Bonds

     7.750     5/15/23         490,000        551,951   

Royal Bank of Scotland PLC, Subordinated Notes

     13.125     3/19/22         1,810,000 AUD      1,430,469 (b)(g) 

Santander UK Group Holdings PLC, Junior Subordinated Bonds

     7.375     6/24/22         1,240,000 GBP      1,635,294 (b)(g)(i) 

Sberbank of Russia Via SB Capital SA, Subordinated Notes

     5.500     2/26/24         2,700,000        2,700,000 (b)(g) 

Shinhan Bank, Subordinated Notes

     3.875     3/24/26         400,000        426,814 (a) 
         

 

 

 

Total Banks

            40,573,174   
         

 

 

 

Capital Markets - 1.8%

         

Credit Suisse Group Funding Guernsey Ltd., Senior Notes

     4.875     5/15/45         840,000        914,372   

Goldman Sachs Group Inc., Senior Notes

     6.150     4/1/18         330,000        353,581   

Goldman Sachs Group Inc., Senior Notes

     7.500     2/15/19         1,430,000        1,629,596   

Goldman Sachs Group Inc., Subordinated Notes

     6.750     10/1/37         2,800,000        3,582,046   

Magyar Export-Import Bank Zrt., Senior Bonds

     4.000     1/30/20         1,830,000        1,894,050 (a) 

Morgan Stanley, Medium-Term Notes

     6.625     4/1/18         470,000        507,012   
         

 

 

 

Total Capital Markets

            8,880,657   
         

 

 

 

Consumer Finance - 0.9%

         

Ally Financial Inc., Senior Notes

     8.000     3/15/20         129,000        148,672   

American Express Co., Junior Subordinated Notes

     5.200     11/15/19         540,000        541,886 (g)(i) 

American Express Co., Notes

     7.000     3/19/18         260,000        281,974   

HSBC Finance Corp., Senior Notes

     6.676     1/15/21         970,000        1,120,504   

Navient Corp., Medium-Term Notes, Senior Notes

     8.450     6/15/18         840,000        917,700   

Navient Corp., Medium-Term Notes, Senior Notes

     8.000     3/25/20         240,000        261,000   

TMX Finance LLC/TitleMax Finance Corp., Senior Secured Notes

     8.500     9/15/18         1,760,000        1,388,200 (a) 
         

 

 

 

Total Consumer Finance

            4,659,936   
         

 

 

 

Diversified Financial Services - 2.2%

         

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Senior Bonds

     4.250     7/1/20         580,000        610,450   

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Senior Bonds

     4.625     7/1/22         640,000        681,600   

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Senior Notes

     4.625     10/30/20         180,000        191,452   

Banco Nacional de Comercio Exterior SNC, Senior Notes

     4.375     10/14/25         1,340,000        1,433,800 (a) 

International Lease Finance Corp., Senior Notes

     8.750     3/15/17         1,620,000        1,680,912   

International Lease Finance Corp., Senior Notes

     8.875     9/1/17         980,000        1,044,925   

International Lease Finance Corp., Senior Notes

     6.250     5/15/19         230,000        250,861   

International Lease Finance Corp., Senior Notes

     8.250     12/15/20         2,620,000        3,144,000   

International Lease Finance Corp., Senior Notes

     5.875     8/15/22         580,000        656,850   

Nationwide Building Society, Junior Subordinated Notes

     6.875     6/20/19         1,080,000 GBP      1,397,815 (b)(g)(i) 
         

 

 

 

Total Diversified Financial Services

            11,092,665   
         

 

 

 

Insurance - 0.4%

         

Fidelity & Guaranty Life Holdings Inc., Senior Notes

     6.375     4/1/21         650,000        651,625 (a) 

Galaxy Bidco Ltd., Senior Secured Notes

     6.375     11/15/20         410,000 GBP      553,698 (b) 

Genworth Holdings Inc., Senior Notes

     4.900     8/15/23         680,000        557,600   

MetLife Capital Trust IV, Junior Subordinated Notes

     7.875     12/15/37         250,000        315,000 (a) 
         

 

 

 

Total Insurance

            2,077,923   
         

 

 

 

TOTAL FINANCIALS

            67,284,355   
         

 

 

 
HEALTH CARE - 5.1%          

Biotechnology - 0.1%

         

AMAG Pharmaceuticals Inc., Senior Notes

     7.875     9/1/23         580,000        573,475 (a) 
         

 

 

 

 

See Notes to Schedule of Investments.

 

6


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Health Care Equipment & Supplies - 1.7%

         

ConvaTec Finance International SA, Senior Notes

     8.250     1/15/19         770,000      $ 771,355 (a)(c) 

ConvaTec Healthcare E SA, Senior Notes

     10.875     12/15/18         2,120,000 EUR      2,437,281 (a) 

DJO Finance LLC/DJO Finance Corp., Secured Notes

     10.750     4/15/20         750,000        615,000 (a) 

DJO Finco Inc./DJO Finance LLC/DJO Finance Corp., Secured Notes

     8.125     6/15/21         930,000        823,050 (a) 

Greatbatch Ltd., Senior Notes

     9.125     11/1/23         1,030,000        1,031,288 (a) 

Immucor Inc., Senior Notes

     11.125     8/15/19         1,500,000        1,417,500   

Kinetic Concepts Inc./KCI USA Inc., Senior Secured Notes

     7.875     2/15/21         1,310,000        1,418,075 (a) 
         

 

 

 

Total Health Care Equipment & Supplies

            8,513,549   
         

 

 

 

Health Care Providers & Services - 2.8%

         

BioScrip Inc., Senior Notes

     8.875     2/15/21         910,000        862,225   

Centene Corp., Senior Notes

     5.625     2/15/21         830,000        884,988   

Centene Corp., Senior Notes

     4.750     5/15/22         920,000        960,250   

Centene Corp., Senior Notes

     6.125     2/15/24         630,000        688,275   

HCA Inc., Senior Secured Notes

     5.250     6/15/26         820,000        878,425   

Humana Inc., Senior Notes

     7.200     6/15/18         2,000,000        2,196,498   

IASIS Healthcare LLC/IASIS Capital Corp., Senior Notes

     8.375     5/15/19         1,580,000        1,439,775   

MPH Acquisition Holdings LLC, Senior Notes

     7.125     6/1/24         1,130,000        1,217,575 (a) 

Synlab Unsecured Bondco PLC, Senior Bonds

     8.250     7/1/23         640,000 EUR      787,008 (b) 

Tenet Healthcare Corp., Senior Notes

     8.125     4/1/22         2,460,000        2,503,050   

Universal Hospital Services Inc., Secured Notes

     7.625     8/15/20         1,680,000        1,617,000   
         

 

 

 

Total Health Care Providers & Services

            14,035,069   
         

 

 

 

Pharmaceuticals - 0.5%

         

Mallinckrodt International Finance SA, Senior Notes

     5.750     8/1/22         1,310,000        1,321,462 (a) 

Valeant Pharmaceuticals International Inc., Senior Notes

     7.500     7/15/21         1,560,000        1,539,034 (a) 
         

 

 

 

Total Pharmaceuticals

            2,860,496   
         

 

 

 

TOTAL HEALTH CARE

            25,982,589   
         

 

 

 
INDUSTRIALS - 8.4%          

Aerospace & Defense - 0.5%

         

CBC Ammo LLC/CBC FinCo Inc., Senior Notes

     7.250     11/15/21         1,700,000        1,589,500 (a) 

LMI Aerospace Inc., Secured Notes

     7.375     7/15/19         1,060,000        1,083,850   
         

 

 

 

Total Aerospace & Defense

            2,673,350   
         

 

 

 

Air Freight & Logistics - 0.5%

         

XPO Logistics Inc., Senior Notes

     7.875     9/1/19         810,000        842,435 (a) 

XPO Logistics Inc., Senior Notes

     6.500     6/15/22         400,000        417,500 (a) 

XPO Logistics Inc., Senior Notes

     6.125     9/1/23         1,460,000        1,503,800 (a) 
         

 

 

 

Total Air Freight & Logistics

            2,763,735   
         

 

 

 

Airlines - 0.5%

         

American Airlines, Pass-Through Trust, Secured Notes

     7.000     1/31/18         359,042        377,443 (a) 

Continental Airlines Inc., Pass-Through Certificates, Secured Notes

     9.250     5/10/17         1,574        1,644   

Delta Air Lines Inc., Pass-Through Certificates, Secured Notes

     8.021     8/10/22         258,847        296,379   

Delta Air Lines Inc., Pass-Through Certificates, Subordinated Secured Notes

     9.750     12/17/16         66,735        68,807   

Heathrow Finance PLC, Senior Secured Notes

     7.125     3/1/17         1,300,000 GBP      1,762,558 (b) 
         

 

 

 

Total Airlines

            2,506,831   
         

 

 

 

Building Products - 0.8%

         

Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Notes

     6.875     2/15/21         410,000        393,600 (a) 

Builders FirstSource Inc., Senior Secured Notes

     5.625     9/1/24         430,000        439,675 (a) 

GTL Trade Finance Inc., Senior Notes

     7.250     4/16/44         1,510,000        1,531,140 (a) 

Standard Industries Inc., Senior Notes

     5.125     2/15/21         660,000        700,425 (a) 

Standard Industries Inc., Senior Notes

     5.500     2/15/23         980,000        1,044,925 (a) 
         

 

 

 

Total Building Products

            4,109,765   
         

 

 

 

 

See Notes to Schedule of Investments.

 

7


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Commercial Services & Supplies - 1.6%

         

Garda World Security Corp., Senior Notes

     7.250     11/15/21         590,000      $ 541,325 (a) 

GFL Environmental Inc., Senior Notes

     9.875     2/1/21         1,730,000        1,894,350 (a) 

Monitronics International Inc., Senior Notes

     9.125     4/1/20         710,000        660,300   

United Rentals North America Inc., Senior Notes

     7.625     4/15/22         1,366,000        1,463,328   

United Rentals North America Inc., Senior Notes

     5.750     11/15/24         200,000        210,000   

West Corp., Senior Notes

     5.375     7/15/22         3,550,000        3,474,562 (a) 
         

 

 

 

Total Commercial Services & Supplies

            8,243,865   
         

 

 

 

Construction & Engineering - 0.8%

         

Ausdrill Finance Pty Ltd., Senior Notes

     6.875     11/1/19         400,000        397,000 (a) 

Brundage-Bone Concrete Pumping Inc., Senior Secured Notes

     10.375     9/1/21         910,000        932,750 (a) 

Michael Baker Holdings LLC/Michael Baker Finance Corp., Senior Notes

     8.875     4/15/19         1,065,320        962,783 (a)(c) 

Michael Baker International LLC/CDL Acquisition Co. Inc., Senior Secured Notes

     8.250     10/15/18         950,000        957,125 (a) 

Modular Space Corp., Secured Notes

     10.250     1/31/19         880,000        365,200 (a)(d) 

Odebrecht Finance Ltd., Senior Notes

     5.250     6/27/29         782,000        267,835 (a) 
         

 

 

 

Total Construction & Engineering

            3,882,693   
         

 

 

 

Electrical Equipment - 0.8%

         

International Wire Group Holdings Inc., Senior Secured Notes

     8.500     10/15/17         430,000        433,365 (a) 

International Wire Group Inc., Senior Notes

     10.750     8/1/21         1,340,000        1,288,075 (a) 

NES Rentals Holdings Inc., Senior Secured Notes

     7.875     5/1/18         600,000        588,000 (a) 

Trionista TopCo GmbH, Senior Subordinated Notes

     6.875     4/30/21         200,000 EUR      236,319 (a) 

WESCO Distribution Inc., Senior Notes

     5.375     6/15/24         1,300,000        1,332,500 (a) 
         

 

 

 

Total Electrical Equipment

            3,878,259   
         

 

 

 

Industrial Conglomerates - 0.2%

         

Alfa SAB de CV, Senior Notes

     6.875     3/25/44         400,000        447,000 (a) 

Sinochem Overseas Capital Co., Ltd., Senior Notes

     4.500     11/12/20         750,000        814,127 (a) 
         

 

 

 

Total Industrial Conglomerates

            1,261,127   
         

 

 

 

Machinery - 0.5%

         

CTP Transportation Products LLC/CTP Finance Inc., Senior Secured Notes

     8.250     12/15/19         450,000        348,750 (a) 

DH Services Luxembourg Sarl, Senior Notes

     7.750     12/15/20         2,110,000        2,212,862 (a) 

SPL Logistics Escrow LLC/SPL Logistics Finance Corp., Senior Secured Notes

     8.875     8/1/20         140,000        107,800 (a) 
         

 

 

 

Total Machinery

            2,669,412   
         

 

 

 

Marine - 0.3%

         

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Senior Secured Notes

     8.125     11/15/21         1,580,000        1,208,700 (a) 

Ultrapetrol Bahamas Ltd., Senior Secured Notes

     8.875     6/15/21         810,000        166,050 *(d)(f) 
         

 

 

 

Total Marine

            1,374,750   
         

 

 

 

Road & Rail - 0.9%

         

Flexi-Van Leasing Inc., Senior Notes

     7.875     8/15/18         2,162,000        1,956,610 (a) 

Florida East Coast Holdings Corp., Senior Secured Notes

     6.750     5/1/19         2,170,000        2,245,950 (a) 

Jack Cooper Holdings Corp., Senior Secured Notes

     9.250     6/1/20         260,000        191,100   
         

 

 

 

Total Road & Rail

            4,393,660   
         

 

 

 

Trading Companies & Distributors - 0.4%

         

H&E Equipment Services Inc., Senior Notes

     7.000     9/1/22         2,020,000        2,141,200   
         

 

 

 

 

See Notes to Schedule of Investments.

 

8


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Transportation - 0.2%

         

Neovia Logistics Intermediate Holdings LLC/Logistics Intermediate Finance Corp., Senior Notes

     10.000     2/15/18         1,622,774      $ 908,753 (a)(c) 
         

 

 

 

Transportation Infrastructure - 0.4%

         

Mersin Uluslararasi Liman Isletmeciligi AS, Notes

     5.875     8/12/20         480,000        505,200 (a) 

PT Pelabuhan Indonesia II, Senior Bonds

     4.250     5/5/25         1,240,000        1,271,000 (a) 
         

 

 

 

Total Transportation Infrastructure

            1,776,200   
         

 

 

 

TOTAL INDUSTRIALS

            42,583,600   
         

 

 

 
INFORMATION TECHNOLOGY - 2.5%          

Electronic Equipment, Instruments & Components - 0.1%

         

Interface Security Systems Holdings Inc./Interface Security Systems LLC, Senior Secured Notes

     9.250     1/15/18         440,000        448,250   
         

 

 

 

Internet Software & Services - 0.4%

         

Ancestry.com Holdings LLC, Senior Notes

     9.625     10/15/18         480,000        489,600 (a)(c) 

Ancestry.com Inc., Senior Notes

     11.000     12/15/20         840,000        905,100   

Match Group Inc., Senior Notes

     6.375     6/1/24         880,000        961,400   
         

 

 

 

Total Internet Software & Services

            2,356,100   
         

 

 

 

IT Services - 0.7%

         

Compiler Finance Subordinated Inc., Senior Notes

     7.000     5/1/21         300,000        141,000 (a)(d) 

First Data Corp., Senior Secured Notes

     6.750     11/1/20         663,000        689,789 (a) 

First Data Corp., Senior Secured Notes

     5.000     1/15/24         2,500,000        2,553,125 (a) 
         

 

 

 

Total IT Services

            3,383,914   
         

 

 

 

Software - 0.3%

         

Oberthur Technologies Holding SAS, Senior Secured Notes

     9.250     4/30/20         1,290,000 EUR      1,517,568 (a) 
         

 

 

 

Technology Hardware, Storage & Peripherals - 1.0%

         

Diamond 1 Finance Corp./Diamond 2 Finance Corp., Senior Notes

     5.875     6/15/21         1,620,000        1,713,613 (a) 

Diamond 1 Finance Corp./Diamond 2 Finance Corp., Senior Notes

     7.125     6/15/24         940,000        1,019,564 (a) 

Seagate HDD Cayman, Senior Bonds

     4.750     6/1/23         410,000        399,596   

Seagate HDD Cayman, Senior Bonds

     4.750     1/1/25         1,330,000        1,231,533   

Seagate HDD Cayman, Senior Bonds

     4.875     6/1/27         630,000        553,286   
         

 

 

 

Total Technology Hardware, Storage & Peripherals

            4,917,592   
         

 

 

 

TOTAL INFORMATION TECHNOLOGY

            12,623,424   
         

 

 

 
MATERIALS - 11.1%          

Chemicals - 2.4%

         

Alpek SAB de CV, Senior Notes

     4.500     11/20/22         617,000        659,419 (a) 

Axalta Coating Systems LLC, Senior Notes

     4.875     8/15/24         1,330,000        1,389,850 (a) 

Braskem America Finance Co., Senior Notes

     7.125     7/22/41         1,060,000        1,137,062 (b) 

Eco Services Operations LLC/Eco Finance Corp., Senior Notes

     8.500     11/1/22         820,000        852,800 (a) 

HIG BBC Intermediate Holdings LLC/HIG BBC Holdings Corp., Senior Notes

     10.500     9/15/18         580,937        531,557 (a)(c) 

Mexichem SAB de CV, Senior Notes

     4.875     9/19/22         549,000        603,011 (b) 

Mexichem SAB de CV, Senior Notes

     4.875     9/19/22         510,000        560,174 (a) 

OCP SA, Senior Notes

     5.625     4/25/24         1,250,000        1,380,337 (a) 

OCP SA, Senior Notes

     4.500     10/22/25         1,070,000        1,096,659 (a) 

PQ Corp., Senior Secured Notes

     6.750     11/15/22         640,000        680,000 (a) 

Rain CII Carbon LLC/CII Carbon Corp., Senior Secured Notes

     8.000     12/1/18         1,670,000        1,624,075 (a) 

Valvoline Inc., Senior Notes

     5.500     7/15/24         1,650,000        1,735,800 (a) 
         

 

 

 

Total Chemicals

            12,250,744   
         

 

 

 

 

See Notes to Schedule of Investments.

 

9


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Construction Materials - 0.7%

         

Cementos Pacasmayo SAA, Senior Notes

     4.500     2/8/23         580,000      $ 602,620 (a) 

Cementos Pacasmayo SAA, Senior Notes

     4.500     2/8/23         240,000        249,360 (b) 

Cemex Finance LLC, Senior Secured Notes

     9.375     10/12/22         870,000        968,962 (a) 

Cimpor Financial Operations BV, Senior Notes

     5.750     7/17/24         1,130,000        985,925 (a) 

Hardwoods Acquisition Inc., Senior Secured Notes

     7.500     8/1/21         950,000        660,250 (a) 

NWH Escrow Corp., Senior Secured Notes

     7.500     8/1/21         330,000        222,750 (a) 
         

 

 

 

Total Construction Materials

            3,689,867   
         

 

 

 

Containers & Packaging - 2.4%

         

Ardagh Finance Holdings SA, Senior Notes

     8.625     6/15/19         1,078,164        1,129,377 (a)(c) 

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

     7.250     5/15/24         1,600,000        1,710,000 (a) 

BWAY Holding Co., Senior Notes

     9.125     8/15/21         1,580,000        1,623,450 (a) 

Coveris Holdings SA, Senior Notes

     7.875     11/1/19         1,240,000        1,271,000 (a) 

Pactiv LLC, Senior Bonds

     8.375     4/15/27         510,000        564,825   

Pactiv LLC, Senior Notes

     7.950     12/15/25         2,220,000        2,430,900   

PaperWorks Industries Inc., Senior Secured Notes

     9.500     8/15/19         760,000        722,000 (a) 

Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, Senior Notes

     7.000     7/15/24         630,000        676,069 (a) 

Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, Senior Secured Notes

     5.125     7/15/23         340,000        353,175 (a) 

Suzano Austria GmbH, Senior Notes

     5.750     7/14/26         1,515,000        1,552,875 (a) 

Suzano Trading Ltd., Senior Notes

     5.875     1/23/21         160,000        170,200 (b) 
         

 

 

 

Total Containers & Packaging

            12,203,871   
         

 

 

 

Metals & Mining - 5.0%

         

Anglo American Capital PLC, Senior Notes

     3.625     5/14/20         1,240,000        1,233,800 (a) 

Anglo American Capital PLC, Senior Notes

     4.125     4/15/21         520,000        517,400 (a) 

Anglo American Capital PLC, Senior Notes

     4.875     5/14/25         1,470,000        1,481,025 (a) 

ArcelorMittal SA, Senior Notes

     8.000     10/15/39         1,140,000        1,231,200   

Barminco Finance Pty Ltd., Senior Notes

     9.000     6/1/18         460,000        437,000 (a) 

Coeur Mining Inc., Senior Notes

     7.875     2/1/21         360,000        357,300   

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.750     11/4/20         360,000        385,380 (a) 

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.875     11/3/21         600,000        636,347 (b) 

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.000     7/17/22         300,000        301,133 (b) 

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.000     7/17/22         200,000        200,755 (a) 

Freeport-McMoRan Inc., Senior Notes

     4.000     11/14/21         830,000        763,600   

Freeport-McMoRan Inc., Senior Notes

     3.875     3/15/23         680,000        586,500   

Freeport-McMoRan Inc., Senior Notes

     5.450     3/15/43         960,000        739,200   

Midwest Vanadium Pty Ltd., Senior Secured Notes

     11.500     2/15/18         1,086,308        19,010 *(a)(d)(f) 

Mirabela Nickel Ltd., Subordinated Notes

     1.000     9/10/44         13,808        0 (a)(d)(e)(h) 

Rio Tinto Finance USA Ltd., Senior Notes

     9.000     5/1/19         260,000        309,565   

Schaeffler Holding Finance BV, Senior Secured Bonds

     6.875     8/15/18         370,000        380,175 (a)(c) 

Schaeffler Holding Finance BV, Senior Secured Notes

     6.875     8/15/18         146,250 EUR      167,781 (a)(c) 

Schaeffler Holding Finance BV, Senior Secured Notes

     6.750     11/15/22         680,000        754,800 (a)(c) 

Southern Copper Corp., Senior Notes

     6.750     4/16/40         730,000        813,320   

Southern Copper Corp., Senior Notes

     5.250     11/8/42         2,380,000        2,278,231   

Steel Dynamics Inc., Senior Notes

     6.125     8/15/19         520,000        536,926   

Teck Resources Ltd., Senior Notes

     3.000     3/1/19         420,000        409,500   

Teck Resources Ltd., Senior Notes

     8.000     6/1/21         1,160,000        1,254,975 (a) 

Teck Resources Ltd., Senior Notes

     8.500     6/1/24         1,520,000        1,713,800 (a) 

Vale Overseas Ltd., Senior Notes

     5.875     6/10/21         450,000        467,437   

Vale Overseas Ltd., Senior Notes

     4.375     1/11/22         4,660,000        4,548,160   

Vale SA, Senior Notes

     5.625     9/11/42         3,280,000        2,839,496   
         

 

 

 

Total Metals & Mining

            25,363,816   
         

 

 

 

 

See Notes to Schedule of Investments.

 

10


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Paper & Forest Products - 0.6%

          

Celulosa Arauco y Constitucion SA, Senior Notes

     7.250     7/29/19         264,000       $ 301,812   

Celulosa Arauco y Constitucion SA, Senior Notes

     4.750     1/11/22         405,000         437,204   

Fibria Overseas Finance Ltd., Senior Notes

     5.250     5/12/24         200,000         207,240   

Inversiones CMPC SA, Notes

     4.375     5/15/23         460,000         481,795 (a) 

Inversiones CMPC SA, Senior Notes

     4.750     1/19/18         710,000         732,979 (a) 

Inversiones CMPC SA, Senior Notes

     4.500     4/25/22         500,000         531,044 (a) 
          

 

 

 

Total Paper & Forest Products

             2,692,074   
          

 

 

 

TOTAL MATERIALS

             56,200,372   
          

 

 

 
REAL ESTATE - 1.7%           

Equity Real Estate Investment Trusts (REITs) - 1.1%

          

Care Capital Properties LP, Senior Notes

     5.125     8/15/26         730,000         738,379 (a) 

Corrections Corp. of America, Senior Notes

     4.125     4/1/20         110,000         105,875   

Corrections Corp. of America, Senior Notes

     5.000     10/15/22         570,000         531,525   

Corrections Corp. of America, Senior Notes

     4.625     5/1/23         600,000         537,000   

GEO Group Inc., Senior Notes

     6.000     4/15/26         710,000         639,887   

MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Senior Notes

     4.500     9/1/26         930,000         934,069 (a) 

MPT Operating Partnership LP/MPT Finance Corp., Senior Notes

     6.375     3/1/24         780,000         859,950   

MPT Operating Partnership LP/MPT Finance Corp., Senior Notes

     5.250     8/1/26         630,000         670,950   

Trust F/1401, Senior Notes

     6.950     1/30/44         400,000         437,500 (a) 
          

 

 

 

Total Equity Real Estate Investment Trusts (REITs)

             5,455,135   
          

 

 

 

Real Estate Management & Development - 0.6%

          

Caesars Entertainment Resort Properties LLC, Senior Secured Notes

     8.000     10/1/20         1,820,000         1,856,400   

Greystar Real Estate Partners LLC, Senior Secured Notes

     8.250     12/1/22         1,190,000         1,267,350 (a) 
          

 

 

 

Total Real Estate Management & Development

             3,123,750   
          

 

 

 

TOTAL REAL ESTATE

             8,578,885   
          

 

 

 
TELECOMMUNICATION SERVICES - 10.9%           

Diversified Telecommunication Services - 5.6%

          

Bharti Airtel International Netherlands BV, Senior Bonds

     5.350     5/20/24         910,000         1,018,924 (a) 

Bharti Airtel Ltd., Senior Notes

     4.375     6/10/25         1,140,000         1,206,430 (a) 

British Telecommunications PLC, Bonds

     9.375     12/15/30         240,000         391,610   

CenturyLink Inc., Senior Notes

     6.750     12/1/23         250,000         264,062   

CenturyLink Inc., Senior Notes

     7.650     3/15/42         3,830,000         3,481,470   

Cincinnati Bell Telephone Co., LLC, Senior Debentures

     6.300     12/1/28         50,000         47,688   

Empresa Nacional de Telecomunicaciones SA, Senior Notes

     4.875     10/30/24         470,000         484,772 (a) 

Frontier Communications Corp., Senior Notes

     11.000     9/15/25         1,380,000         1,495,575   

Intelsat Jackson Holdings SA, Senior Secured Notes

     8.000     2/15/24         2,740,000         2,763,975 (a) 

Koninklijke KPN NV, Senior Notes

     8.375     10/1/30         190,000         265,196   

Level 3 Financing Inc., Senior Notes

     6.125     1/15/21         90,000         93,488   

Level 3 Financing Inc., Senior Notes

     5.250     3/15/26         2,200,000         2,285,250 (a) 

Oi Brasil Holdings Cooperatief U.A., Senior Notes

     5.750     2/10/22         3,700,000         971,250 *(a)(f) 

Oi Brasil Holdings Cooperatief U.A., Senior Notes

     5.750     2/10/22         1,000,000         262,500 *(b)(f) 

Ooredoo International Finance Ltd., Senior Notes

     4.750     2/16/21         620,000         688,150 (a) 

Telecom Italia Capital SA, Senior Notes

     7.200     7/18/36         780,000         839,475   

Telecom Italia SpA, Senior Notes

     5.303     5/30/24         2,800,000         2,894,500 (a) 

Telefonica Emisiones SAU, Senior Notes

     5.134     4/27/20         3,000,000         3,331,800   

Turk Telekomunikasyon AS, Senior Bonds

     3.750     6/19/19         330,000         334,520 (a) 

 

See Notes to Schedule of Investments.

 

11


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Diversified Telecommunication Services - (continued)

          

Turk Telekomunikasyon AS, Senior Notes

     4.875     6/19/24         220,000       $ 221,092 (a) 

Windstream Services LLC, Senior Notes

     7.750     10/15/20         3,930,000         4,028,250   

Windstream Services LLC, Senior Notes

     7.750     10/1/21         330,000         330,825   

Windstream Services LLC, Senior Notes

     6.375     8/1/23         340,000         310,675   
          

 

 

 

Total Diversified Telecommunication Services

             28,011,477   
          

 

 

 

Wireless Telecommunication Services - 5.3%

          

Altice Financing SA, Senior Secured Bonds

     7.500     5/15/26         3,010,000         3,175,550 (a) 

America Movil SAB de CV, Senior Notes

     5.625     11/15/17         844,000         886,305   

CSC Holdings LLC, Senior Notes

     10.125     1/15/23         380,000         434,863 (a) 

CSC Holdings LLC, Senior Notes

     6.625     10/15/25         1,210,000         1,317,387 (a) 

CSC Holdings LLC, Senior Notes

     10.875     10/15/25         2,400,000         2,820,000 (a) 

Sprint Capital Corp., Senior Notes

     6.875     11/15/28         560,000         506,800   

Sprint Capital Corp., Senior Notes

     8.750     3/15/32         1,160,000         1,157,100   

Sprint Communications Inc., Senior Notes

     9.000     11/15/18         2,410,000         2,663,050 (a) 

Sprint Communications Inc., Senior Notes

     7.000     8/15/20         1,650,000         1,633,500   

Sprint Communications Inc., Senior Notes

     11.500     11/15/21         3,455,000         3,904,150   

Sprint Corp., Senior Notes

     7.250     9/15/21         1,440,000         1,431,000   

Sprint Corp., Senior Notes

     7.875     9/15/23         2,960,000         2,891,890   

T-Mobile USA Inc., Senior Notes

     6.542     4/28/20         120,000         124,050   

T-Mobile USA Inc., Senior Notes

     6.633     4/28/21         20,000         21,025   

T-Mobile USA Inc., Senior Notes

     6.000     3/1/23         1,190,000         1,265,910   

Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, Senior Notes

     7.748     2/2/21         820,000         922,500 (a) 

VimpelCom Holdings BV, Senior Notes

     7.504     3/1/22         1,050,000         1,182,615 (b) 

VimpelCom Holdings BV, Senior Notes

     7.504     3/1/22         450,000         506,835 (a) 
          

 

 

 

Total Wireless Telecommunication Services

             26,844,530   
          

 

 

 

TOTAL TELECOMMUNICATION SERVICES

             54,856,007   
          

 

 

 
UTILITIES - 3.0%           

Electric Utilities - 1.3%

          

Comision Federal de Electricidad, Senior Notes

     4.875     1/15/24         570,000         617,025 (a) 

Comision Federal de Electricidad, Senior Notes

     6.125     6/16/45         600,000         684,000 (a) 

FirstEnergy Corp., Notes

     7.375     11/15/31         330,000         432,090   

Lamar Funding Ltd., Senior Bonds

     3.958     5/7/25         700,000         683,459 (b) 

Majapahit Holding BV, Senior Notes

     7.750     1/20/20         650,000         758,062 (b) 

NRG REMA LLC, Pass-Through Certificates, Senior Secured Bonds

     9.681     7/2/26         1,600,000         1,282,000   

Red Oak Power LLC, Secured Notes

     9.200     11/30/29         1,840,000         1,913,600   

State Grid Overseas Investment 2013 Ltd., Senior Bonds

     3.125     5/22/23         200,000         212,188 (a) 
          

 

 

 

Total Electric Utilities

             6,582,424   
          

 

 

 

Gas Utilities - 0.3%

          

Gas Natural de Lima y Callao SA, Senior Notes

     4.375     4/1/23         520,000         536,250 (a) 

Southern Natural Gas Co., LLC, Senior Notes

     8.000     3/1/32         70,000         89,593   

Transportadora de Gas Internacional SA ESP, Senior Notes

     5.700     3/20/22         950,000         998,070 (a) 
          

 

 

 

Total Gas Utilities

             1,623,913   
          

 

 

 

Independent Power and Renewable Electricity Producers - 1.4%

          

Calpine Corp., Senior Secured Notes

     7.875     1/15/23         2,163,000         2,292,780 (a) 

Mirant Mid Atlantic LLC, Pass-Through Certificates, Secured Bonds

     10.060     12/30/28         3,312,601         2,571,406   

Three Gorges Finance Ltd., Senior Bonds

     3.150     6/2/26         920,000         950,351 (a) 

Three Gorges Finance Ltd., Senior Notes

     3.700     6/10/25         1,000,000         1,075,561 (a) 
          

 

 

 

Total Independent Power and Renewable Electricity Producers

             6,890,098   
          

 

 

 

TOTAL UTILITIES

             15,096,435   
          

 

 

 

TOTAL CORPORATE BONDS & NOTES

(Cost - $461,806,353)

             484,192,229   
          

 

 

 

 

See Notes to Schedule of Investments.

 

12


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  
ASSET-BACKED SECURITIES - 0.3%           

Finance America Net Interest Margin Trust, 2004-1 A

     5.250     6/27/34         110,125       $ 1 *(a)(d)(f) 

Greenpoint Manufactured Housing, 1999-2 A2

     3.078     3/18/29         425,000         379,337 (g) 

Greenpoint Manufactured Housing, 1999-3 2A2

     3.813     6/19/29         200,000         183,264 (g) 

Greenpoint Manufactured Housing, 1999-4 A2

     3.985     2/20/30         200,000         180,423 (g) 

Greenpoint Manufactured Housing, 2001-2 IA2

     3.976     2/20/32         250,000         224,110 (g) 

Greenpoint Manufactured Housing, 2001-2 IIA2

     3.979     3/13/32         425,000         381,499 (g) 

SAIL Net Interest Margin Notes, 2003-6A A

     7.000     7/27/33         14,101         0 *(a)(d)(f)(h) 

SAIL Net Interest Margin Notes, 2003-7A A

     7.000     7/27/33         42,974         38,759 *(a)(d)(f) 
          

 

 

 

TOTAL ASSET-BACKED SECURITIES

(Cost - $1,479,860)

             1,387,393   
          

 

 

 
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.2%           

Commercial Mortgage Trust, 2015-LC21 E

     3.250     7/10/48         500,000         306,209 (a) 

JPMBB Commercial Mortgage Securities Trust,

2015-C31 E

     4.772     8/15/48         400,000         273,953 (a)(g) 

Wells Fargo Commercial Mortgage Trust, 2015-C28 E

     3.000     5/15/48         400,000         229,319 (a) 
          

 

 

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost - $859,740)

 

  

          809,481   
          

 

 

 
CONVERTIBLE BONDS & NOTES - 0.3%           
CONSUMER DISCRETIONARY - 0.2%           

Media - 0.2%

          

DISH Network Corp., Senior Notes

     3.375     8/15/26         1,300,000         1,362,562 (a) 
          

 

 

 
MATERIALS - 0.1%           

Chemicals - 0.1%

          

Hercules Inc., Junior Subordinated Bonds

     6.500     6/30/29         310,000         266,919   
          

 

 

 

Metals & Mining - 0.0%

          

Mirabela Nickel Ltd., Senior Secured Bonds

     9.500     6/24/19         1,191,934         83,436 (a)(c)(d) 
          

 

 

 

TOTAL MATERIALS

             350,355   
          

 

 

 

TOTAL CONVERTIBLE BONDS & NOTES

(Cost - $2,778,514)

             1,712,917   
          

 

 

 
SENIOR LOANS - 1.5%           
CONSUMER DISCRETIONARY - 0.4%           

Hotels, Restaurants & Leisure - 0.2%

          

Equinox Holdings Inc., Second Lien Term Loan

     9.750     7/31/20         1,010,000         1,012,525 (j)(k) 
          

 

 

 

Specialty Retail - 0.1%

          

Spencer Gifts LLC, Second Lien Term Loan

     9.250     6/29/22         790,000         651,750 (j)(k) 
          

 

 

 

Textiles, Apparel & Luxury Goods - 0.1%

          

TOMS Shoes LLC, Term Loan B

     6.500     10/28/20         602,375         462,323 (j)(k) 
          

 

 

 

TOTAL CONSUMER DISCRETIONARY

             2,126,598   
          

 

 

 
ENERGY - 0.5%           

Energy Equipment & Services - 0.2%

          

Hercules Offshore LLC, Exit Term Loan

     10.500     5/6/20         1,681,455         1,025,687 (d)(j)(k) 
          

 

 

 

Oil, Gas & Consumable Fuels - 0.3%

          

Chesapeake Energy Corp., Term Loan

     —          8/15/21         530,000         546,452 (l) 

Magnum Hunter Resources Inc., Exit Term Loan

     8.000     5/6/19         316,476         314,893 (d)(j)(k) 

Westmoreland Coal Co., Term Loan B

     7.500     12/16/20         605,098         455,337 (j)(k) 
          

 

 

 

Total Oil, Gas & Consumable Fuels

             1,316,682   
          

 

 

 

TOTAL ENERGY

             2,342,369   
          

 

 

 

 

See Notes to Schedule of Investments.

 

13


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  
HEALTH CARE - 0.3%          

Health Care Equipment & Supplies - 0.1%

         

Lantheus Medical Imaging Inc., Term Loan

     7.000     6/30/22         732,600      $ 704,212 (j)(k) 
         

 

 

 

Health Care Providers & Services - 0.2%

         

Radnet Management Inc., Second Lien Term Loan

     8.000     3/25/21         924,000        900,900 (j)(k) 
         

 

 

 

TOTAL HEALTH CARE

            1,605,112   
         

 

 

 
UTILITIES - 0.3%          

Electric Utilities - 0.3%

         

Panda Temple II Power LLC, New Term Loan B

     7.250     4/3/19         708,221        662,186 (j)(k) 

Panda Temple Power LLC, 2015 Term Loan B

     7.250     3/4/22         878,875        786,593 (j)(k) 
         

 

 

 

TOTAL UTILITIES

            1,448,779   
         

 

 

 

TOTAL SENIOR LOANS
(Cost - $8,606,454)

            7,522,858   
         

 

 

 
SOVEREIGN BONDS - 23.2%          

Argentina - 4.8%

         

City of Buenos Aires Argentina, Senior Notes

     7.500     6/1/27         3,280,000        3,550,600 (a) 

Provincia de Buenos Aires, Senior Notes

     9.950     6/9/21         960,000        1,089,600 (b) 

Provincia de Buenos Aires, Senior Notes

     9.125     3/16/24         3,600,000        4,023,000 (a) 

Provincia de Cordoba, Senior Notes

     7.125     6/10/21         730,000        753,725 (a) 

Republic of Argentina, Senior Notes

     6.875     4/22/21         2,820,000        3,065,340 (a) 

Republic of Argentina, Senior Notes

     7.500     4/22/26         3,390,000        3,788,325 (a) 

Republic of Argentina, Senior Notes

     8.280     12/31/33         4,192,094        4,831,388   

Republic of Argentina, Senior Notes

     7.125     7/6/36         760,000        808,640 (a) 

Republic of Argentina, Senior Notes

     7.625     4/22/46         1,860,000        2,106,450 (a) 
         

 

 

 

Total Argentina

            24,017,068   
         

 

 

 

Armenia - 0.2%

         

Republic of Armenia, Senior Notes

     6.000     9/30/20         820,000        852,800 (b) 
         

 

 

 

Brazil - 0.4%

         

Federative Republic of Brazil, Notes

     10.000     1/1/23         4,040,000 BRL      1,149,391   

Federative Republic of Brazil, Senior Notes

     8.000     1/15/18         604,667        634,900   
         

 

 

 

Total Brazil

            1,784,291   
         

 

 

 

Colombia - 1.6%

         

Republic of Colombia, Senior Bonds

     11.750     2/25/20         544,000        719,440   

Republic of Colombia, Senior Bonds

     7.375     9/18/37         4,542,000        6,119,209   

Republic of Colombia, Senior Bonds

     6.125     1/18/41         330,000        399,713   

Republic of Colombia, Senior Notes

     7.375     3/18/19         753,000        854,655   
         

 

 

 

Total Colombia

            8,093,017   
         

 

 

 

Costa Rica - 0.3%

         

Republic of Costa Rica, Notes

     7.000     4/4/44         1,480,000        1,626,150 (a) 
         

 

 

 

Croatia - 0.3%

         

Republic of Croatia, Senior Notes

     6.625     7/14/20         630,000        700,254 (a) 

Republic of Croatia, Senior Notes

     5.500     4/4/23         450,000        492,864 (b) 

Republic of Croatia, Senior Notes

     5.500     4/4/23         410,000        449,054 (a) 
         

 

 

 

Total Croatia

            1,642,172   
         

 

 

 

Dominican Republic - 0.8%

         

Dominican Republic, Senior Notes

     5.500     1/27/25         120,000        127,800 (a) 

Dominican Republic, Senior Notes

     6.850     1/27/45         3,630,000        4,138,200 (a) 
         

 

 

 

Total Dominican Republic

            4,266,000   
         

 

 

 

Ecuador - 0.6%

         

Republic of Ecuador, Senior Bonds

     10.500     3/24/20         1,650,000        1,691,250 (a) 

Republic of Ecuador, Senior Bonds

     10.750     3/28/22         890,000        914,475 (a) 

Republic of Ecuador, Senior Bonds

     7.950     6/20/24         630,000        561,488 (b) 
         

 

 

 

Total Ecuador

            3,167,213   
         

 

 

 

 

See Notes to Schedule of Investments.

 

14


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Egypt - 0.1%

         

Arab Republic of Egypt, Senior Notes

     5.875     6/11/25         570,000      $ 540,474 (a) 
         

 

 

 

El Salvador - 0.3%

         

Republic of El Salvador, Notes

     6.375     1/18/27         1,470,000        1,506,750 (a) 
         

 

 

 

Gabon - 0.2%

         

Gabonese Republic, Bonds

     6.375     12/12/24         720,000        672,077 (a) 

Gabonese Republic, Senior Bonds

     6.950     6/16/25         520,000        488,800 (a) 
         

 

 

 

Total Gabon

            1,160,877   
         

 

 

 

Ghana - 0.3%

         

Republic of Ghana, Bonds

     8.125     1/18/26         270,000        249,075 (a) 

Republic of Ghana, Bonds

     10.750     10/14/30         920,000        1,042,898 (a) 
         

 

 

 

Total Ghana

            1,291,973   
         

 

 

 

Honduras - 0.1%

         

Republic of Honduras, Senior Notes

     7.500     3/15/24         400,000        452,000 (b) 
         

 

 

 

Hungary - 0.7%

         

Republic of Hungary, Senior Notes

     5.750     11/22/23         2,942,000        3,435,309   

Republic of Hungary, Senior Notes

     5.375     3/25/24         300,000        344,445   
         

 

 

 

Total Hungary

            3,779,754   
         

 

 

 

Indonesia - 2.0%

         

Republic of Indonesia, Senior Bonds

     6.875     1/17/18         265,000        284,490 (b) 

Republic of Indonesia, Senior Bonds

     6.625     2/17/37         4,635,000        6,076,388 (b) 

Republic of Indonesia, Senior Notes

     5.875     1/15/24         3,369,000        3,992,578 (a) 
         

 

 

 

Total Indonesia

            10,353,456   
         

 

 

 

Israel - 0.2%

         

Government of Israel, Senior Bonds

     2.875     3/16/26         1,010,000        1,055,053   
         

 

 

 

Ivory Coast - 0.6%

         

Republic of Cote D’Ivoire, Senior Bonds

     5.750     12/31/32         3,059,100        3,052,798 (b) 
         

 

 

 

Jamaica - 0.2%

         

Government of Jamaica, Senior Notes

     8.000     3/15/39         750,000        888,750   
         

 

 

 

Kenya - 0.1%

         

Republic of Kenya, Senior Notes

     6.875     6/24/24         530,000        519,400 (a) 
         

 

 

 

Lithuania - 0.5%

         

Republic of Lithuania, Senior Notes

     6.125     3/9/21         2,160,000        2,548,657 (a) 
         

 

 

 

Mexico - 1.1%

         

United Mexican States, Medium-Term Notes

     6.050     1/11/40         124,000        160,890   

United Mexican States, Senior Bonds

     6.500     6/9/22         19,000,000 MXN      1,052,925   

United Mexican States, Senior Notes

     5.125     1/15/20         220,000        246,070   

United Mexican States, Senior Notes

     3.625     3/15/22         2,360,000        2,522,250   

United Mexican States, Senior Notes

     4.000     10/2/23         164,000        178,555   

United Mexican States, Senior Notes

     4.750     3/8/44         1,230,000        1,357,612   
         

 

 

 

Total Mexico

            5,518,302   
         

 

 

 

Oman - 0.1%

         

Oman Government International Bond, Senior Notes

     4.750     6/15/26         670,000        694,943 (a) 
         

 

 

 

 

See Notes to Schedule of Investments.

 

15


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Pakistan - 0.1%

         

Republic of Pakistan, Senior Bonds

     7.250     4/15/19         260,000      $ 278,465 (a) 
         

 

 

 

Panama - 0.1%

         

Republic of Panama, Senior Bonds

     6.700     1/26/36         460,000        642,850   
         

 

 

 

Paraguay - 0.2%

         

Republic of Paraguay, Senior Bonds

     5.000     4/15/26         730,000        799,350 (a) 
         

 

 

 

Peru - 1.6%

         

Republic of Peru, Senior Bonds

     7.350     7/21/25         1,250,000        1,734,375   

Republic of Peru, Senior Bonds

     8.750     11/21/33         2,604,000        4,238,010   

Republic of Peru, Senior Bonds

     6.550     3/14/37         1,404,000        1,986,660   
         

 

 

 

Total Peru

            7,959,045   
         

 

 

 

Poland - 1.1%

         

Republic of Poland, Senior Notes

     6.375     7/15/19         400,000        454,100   

Republic of Poland, Senior Notes

     5.125     4/21/21         1,390,000        1,580,263   

Republic of Poland, Senior Notes

     5.000     3/23/22         2,852,000        3,267,896   
         

 

 

 

Total Poland

            5,302,259   
         

 

 

 

Russia - 2.3%

         

Russian Federal Bond, Bonds

     7.050     1/19/28         71,630,000 RUB      1,020,234   

Russian Foreign Bond - Eurobond, Senior Bonds

     4.875     9/16/23         1,200,000        1,314,754 (a) 

Russian Foreign Bond - Eurobond, Senior Bonds

     12.750     6/24/28         42,000        75,897 (b) 

Russian Foreign Bond - Eurobond, Senior Bonds

     7.500     3/31/30         3,441,980        4,190,610 (b) 

Russian Foreign Bond - Eurobond, Senior Bonds

     5.875     9/16/43         4,400,000        5,218,950 (a) 
         

 

 

 

Total Russia

            11,820,445   
         

 

 

 

Senegal - 0.1%

         

Republic of Senegal, Bonds

     6.250     7/30/24         450,000        461,250 (b) 
         

 

 

 

Sri Lanka - 0.6%

         

Republic of Sri Lanka, Senior Bonds

     6.825     7/18/26         1,940,000        2,092,474 (a) 

Republic of Sri Lanka, Senior Notes

     6.250     7/27/21         760,000        804,664 (b) 

Republic of Sri Lanka, Senior Notes

     5.875     7/25/22         200,000        207,014 (b) 
         

 

 

 

Total Sri Lanka

            3,104,152   
         

 

 

 

Tunisia - 0.1%

         

Banque Centrale de Tunisie SA, Senior Bonds

     5.750     1/30/25         490,000        484,321 (a) 
         

 

 

 

Turkey - 0.5%

         

Republic of Turkey, Senior Bonds

     5.750     3/22/24         260,000        283,368   

Republic of Turkey, Senior Bonds

     11.875     1/15/30         575,000        976,821   

Republic of Turkey, Senior Notes

     6.875     3/17/36         346,000        414,633   

Republic of Turkey, Senior Notes

     6.750     5/30/40         627,000        751,080   
         

 

 

 

Total Turkey

            2,425,902   
         

 

 

 

Ukraine - 0.1%

         

Republic of Ukraine, Senior Notes

     7.750     9/1/20         550,000        544,569 (a) 
         

 

 

 

United Arab Emirates - 0.4%

         

Abu Dhabi Government International Bond, Senior Notes

     3.125     5/3/26         1,950,000        2,056,363 (a) 
         

 

 

 

Uruguay - 0.2%

         

Republic of Uruguay, Senior Notes

     4.375     10/27/27         946,002        1,031,142   
         

 

 

 

Venezuela - 0.3%

         

Bolivarian Republic of Venezuela, Senior Bonds

     8.250     10/13/24         3,000,000        1,327,500 (b) 
         

 

 

 

 

See Notes to Schedule of Investments.

 

16


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Vietnam - 0.0%

          

Republic of Vietnam, Senior Bonds

     6.750     1/29/20         200,000       $ 225,506 (b) 
          

 

 

 

TOTAL SOVEREIGN BONDS

(Cost - $103,987,901)

             117,275,017   
          

 

 

 
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 7.5%           

U.S. Government Obligations - 7.5%

          

U.S. Treasury Notes

     1.375     9/30/20         20,700,000         20,911,844   

U.S. Treasury Notes

     1.125     6/30/21         6,000,000         5,982,660   

U.S. Treasury Notes

     1.625     5/15/26         10,900,000         10,943,000   
          

 

 

 

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS

(Cost - $37,870,709)

             37,837,504   
          

 

 

 
                  SHARES         
COMMON STOCKS - 1.7%           
CONSUMER DISCRETIONARY - 0.1%           

Hotels, Restaurants & Leisure - 0.1%

          

Bossier Casino Venture Holdco Inc.

          65,403         592,551 *(d)(e) 
          

 

 

 
ENERGY - 0.7%           

Energy Equipment & Services - 0.1%

          

Hercules Offshore Inc.

          37,071         49,119 *(d) 

KCAD Holdings I Ltd.

          77,972,021         623,777 *(d)(e) 
          

 

 

 

Total Energy Equipment & Services

             672,896   
          

 

 

 

Oil, Gas & Consumable Fuels - 0.6%

          

Magnum Hunter Resources Corp.

          175,022         2,362,797 *(d) 

MWO Holdings LLC

          417         417,714 (d)(e) 
          

 

 

 

Total Oil, Gas & Consumable Fuels

             2,780,511   
          

 

 

 

TOTAL ENERGY

             3,453,407   
          

 

 

 
FINANCIALS - 0.8%           

Banks - 0.8%

          

Citigroup Inc.

          77,540         3,701,760   
          

 

 

 
HEALTH CARE - 0.0%           

Health Care Providers & Services - 0.0%

          

Physiotherapy Associates Holdings Inc. (Escrow)

          12,000         149,400 *(d)(e) 
          

 

 

 
INDUSTRIALS - 0.1%           

Marine - 0.1%

          

DeepOcean Group Holding AS

          82,842         572,438 *(d)(e) 
          

 

 

 

Road & Rail - 0.0%

          

Jack Cooper Enterprises Inc.

          724         0 *(d)(e)(h) 
          

 

 

 

TOTAL INDUSTRIALS

             572,438   
          

 

 

 
MATERIALS - 0.0%           

Metals & Mining - 0.0%

          

Mirabela Nickel Ltd.

          2,829,266         0 *(a)(d)(e)(h) 
          

 

 

 
TELECOMMUNICATION SERVICES - 0.0%           

Diversified Telecommunication Services - 0.0%

          

Axtel SAB de CV, ADR

          9,956         18,504 *(a) 
          

 

 

 

TOTAL COMMON STOCKS

(Cost - $11,628,211)

             8,488,060   
          

 

 

 
     RATE                      
CONVERTIBLE PREFERRED STOCKS - 0.1%           
HEALTH CARE - 0.1%           

Pharmaceuticals - 0.1%

          

Allergan PLC (Cost - $718,315)

     5.500        854         711,092   
          

 

 

 

 

See Notes to Schedule of Investments.

 

17


WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2016

 

SECURITY

   RATE            SHARES      VALUE  
PREFERRED STOCKS - 0.0%           
FINANCIALS - 0.0%           

Diversified Financial Services - 0.0%

          

Citigroup Capital XIII (Cost - $155,287)

     7.122        5,950       $ 154,164 (g) 
          

 

 

 
           EXPIRATION
DATE
     CONTRACTS         
PURCHASED OPTIONS - 0.0%           

U.S. Dollar/Saudi Arabian Riyal, Call @ 3.84SAR

(Cost - $201,738)

       1/17/17         9,427,000         20,834   
          

 

 

 
                  WARRANTS         
WARRANTS - 0.0%           

Bolivarian Republic of Venezuela, Oil-linked payment obligations

       4/15/20         9,125         27,375   

Pacific Exploration and Production Corp.

       10/24/16         35,250         112,800 *(d)(e) 
          

 

 

 

TOTAL WARRANTS

(Cost - $112,800)

             140,175   
          

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS

(Cost - $630,205,882)

             660,251,724   
          

 

 

 
                  SHARES         
SHORT-TERM INVESTMENTS - 0.0%           

State Street Institutional U.S. Government Money Market Fund, Premier Class

(Cost - $55,163)

     0.260        55,163         55,163   
          

 

 

 

TOTAL INVESTMENTS - 130.5%

(Cost - $630,261,045#)

             660,306,887   

Liabilities in Excess of Other Assets - (30.5)%

             (154,475,160
          

 

 

 

TOTAL NET ASSETS - 100.0%

           $ 505,831,727   
          

 

 

 

 

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

 

* 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, unless otherwise noted.

 

(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, unless otherwise noted.

 

(c) Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities.

 

(d) Illiquid security.

 

(e) Security is valued in good faith in accordance with procedures approved by the Board of Directors (See Note 1).

 

(f) The coupon payment on these securities is currently in default as of August 31, 2016.

 

(g) Variable rate security. Interest rate disclosed is as of the most recent information available.

 

(h) Value is less than $1.

 

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

 

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

 

(l) All or a portion of this loan is unfunded as of August 31, 2016. The interest rate for fully unfunded term loans is to be determined.

 

# Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:

 

ADR    — American Depositary Receipts
AUD    — Australian Dollar
BRL    — Brazilian Real
EUR    — Euro
GBP    — British Pound
MXN    — Mexican Peso
OJSC    — Open Joint Stock Company
RUB    — Russian Ruble
SAR    — Saudi Arabian Riyal

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s portfolio holdings 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.

 

18


Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

Western Asset Global High Income Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s primary investment objective is high current income. The Fund’s secondary objective is total return. Under normal market conditions, the Fund invests in a global portfolio of securities consisting of below investment grade fixed income securities, emerging market fixed income securities and investment grade fixed income securities.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of 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.

 

19


Notes to Schedule of Investments (unaudited) (continued)

 

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

 

   

Level 1 – quoted prices in active markets for identical investments

 

   

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

 

   

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

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

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

 

ASSETS

 

DESCRIPTION

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

Long-Term Investments†:

          

Corporate Bonds & Notes:

          

Consumer Discretionary

     —         $ 72,379,274       $ 1,038,537      $ 73,417,811   

Energy

     —           110,150,293         813,700        110,963,993   

Materials

     —           56,200,372         0     56,200,372   

Other Corporate Bonds & Notes

     —           243,610,053         —          243,610,053   

Asset-Backed Securities

     —           1,023,706         363,687        1,387,393   

Collateralized Mortgage Obligations

     —           809,481         —          809,481   

Convertible Bonds & Notes

     —           1,712,917         —          1,712,917   

Senior Loans:

          

Consumer Discretionary

     —           1,474,848         651,750        2,126,598   

Energy

     —           546,452         1,795,917        2,342,369   

Health Care

     —           704,212         900,900        1,605,112   

Utilities

     —           —           1,448,779        1,448,779   

Sovereign Bonds

     —           117,275,017         —          117,275,017   

U.S. Government & Agency Obligations

     —           37,837,504         —          37,837,504   

Common Stocks:

          

Consumer Discretionary

     —           —           592,551        592,551   

Energy

   $ 49,119         2,362,797         1,041,491        3,453,407   

Health Care

     —           —           149,400        149,400   

Industrials

     —           —           572,438        572,438   

Materials

     —           —           0     0

Telecommunications Services

     —           18,504         —          18,504   

Other Common Stocks

     3,701,760         —           —          3,701,760   

Convertible Preferred Stocks

     711,092         —           —          711,092   

Preferred Stocks

     154,164         —           —          154,164   

Purchased Options

     —           20,834         —          20,834   

Warrants

     —           27,375         112,800        140,175   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Long-Term Investments

   $ 4,616,135       $ 646,153,639       $ 9,481,950      $ 660,251,724   
  

 

 

    

 

 

    

 

 

   

 

 

 

Short-Term Investments†

     55,163         —           —          55,163   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Investments

   $ 4,671,298       $ 646,153,639       $ 9,481,950      $ 660,306,887   
  

 

 

    

 

 

    

 

 

   

 

 

 

Other Financial Instruments:

          

Futures Contracts

   $ 11,197         —           —        $ 11,197   

Forward Foreign Currency Contracts

     —         $ 479,975         —          479,975   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Other Financial Instruments

   $ 11,197       $ 479,975         —        $ 491,172   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 4,682,495       $ 646,633,614       $ 9,481,950      $ 660,798,059   
  

 

 

    

 

 

    

 

 

   

 

 

 

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

     —         $ 106,368         —        $ 106,368   

 

†       See Schedule of Investments for additional detailed categorizations.

 

*       Amount represents less than $1.

          

          

 

20


Notes to Schedule of Investments (unaudited) (continued)

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

     CORPORATE BONDS & NOTES        

INVESTMENTS IN SECURITIES

   CONSUMER
DISCRETIONARY
    ENERGY     MATERIALS     ASSET-BACKED
SECURITIES
 

Balance as of May 31, 2016

   $ 708,670      $ 0   $ 0     —     

Accrued premiums/discounts

     4,779        —          —          —     

Realized gain (loss)

     —          —          —          —     

Change in unrealized appreciation (depreciation)1

     8,335        —          8        —     

Purchases

     316,753        —          (8     —     

Sales

     —          —          —          —     

Transfers into Level 32

     —          813,700        —        $ 363,687   

Transfers out of Level 33

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of August 31, 2016

   $ 1,038,537      $ 813,700      $ 0   $ 363,687   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) for
investments in securities still held at August 31, 20161

   $ 8,335        —        $ 8      $ —     
  

 

 

   

 

 

   

 

 

   

 

 

 
     SENIOR LOANS  

INVESTMENTS IN SECURITIES (cont’d)

   CONSUMER
DISCRETIONARY
    ENERGY     HEALTH
CARE
    UTILITIES  

Balance as of May 31, 2016

   $ 719,549      $ 1,238,910        —        $ 1,016,361   

Accrued premiums/discounts

     1,698        1,950        —          2,520   

Realized gain (loss)

     83        3,470        —          92   

Change in unrealized appreciation (depreciation)1

     427        (546,996     —          (28,234

Purchases

     393,391        1,228,356        —          460,843   

Sales

     (1,075     (129,773     —          (2,803

Transfers into Level 32

     —          —        $ 900,900        —     

Transfers out of Level 33

     (462,323     —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of August 31, 2016

   $ 651,750      $ 1,795,917      $ 900,900      $ 1,448,779   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) for
investments in securities still held at August 31, 20161

     (39,325   $ (546,996     —        $ (28,234
  

 

 

   

 

 

   

 

 

   

 

 

 

 

21


Notes to Schedule of Investments (unaudited) (continued)

 

    COMMON STOCKS              

INVESTMENTS IN SECURITIES (cont’d)

  CONSUMER
DISCRETIONARY
    ENERGY     HEALTH
CARE
    INDUSTRIALS     MATERIALS     WARRANTS     TOTAL  

Balance as of May 31, 2016

  $ 426,047        —        $ 99,535      $ 315,507      $ 1        —        $ 4,524,580   

Accrued premiums/discounts

    —          —          —          —          —          —          10,947   

Realized gain (loss)

    —          —          —          —          —          —          3,645   

Change in unrealized appreciation (depreciation)1

    128,116      $ (12,049     21,250        (366,195     (68,173     —          (863,511

Purchases

    38,388        1,053,540        28,615        623,126        68,172      $ 112,800        4,323,976   

Sales

    —          —          —          —          —          —          (133,651

Transfers into Level 32

    —          —          —          —          —          —          2,078,287   

Transfers out of Level 33

    —          —          —          —          —          —          (462,323
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of August 31, 2016

  $ 592,551      $ 1,041,491      $ 149,400      $ 572,438      $ 0   $ 112,800      $ 9,481,950   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) for investments in securities still held at August 31, 20161

  $ 128,116      $ (12,049     21,250      $ (366,195   $ (68,173     —        $ (903,263
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The Fund’s policy is to recognize transfers between levels as of the end of the reporting period.

 

* Amount represents less than $1.

 

1 

Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

 

2 

Transferred into Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.

 

3 

Transferred out of Level 3 as a result of the availability of a quoted price in an active market for an identical investment or the availability of other significant observable inputs.

2. Investments

At August 31, 2016, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

   $ 58,059,461   

Gross unrealized depreciation

     (28,013,619
  

 

 

 

Net unrealized appreciation

   $ 30,045,842   
  

 

 

 

At August 31, 2016, the Fund had the following open futures contracts:

 

     Number of
Contracts
     Expiration
Date
     Basis
Value
     Market
Value
     Unrealized
Appreciation
 
Contracts to Sell:               

U.S. Treasury 10-Year Notes

     40         12/16       $ 5,248,072       $ 5,236,875       $ 11,197   

At August 31, 2016, the Fund had the following open forward foreign currency contracts:

 

Currency
Purchased
     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 
INR      240,000,000         USD         3,555,819       Citibank N.A.      9/9/16       $ 23,599   
USD      1,917,248         INR         130,286,595       Citibank N.A.      9/9/16         (25,878
IDR      14,000,000,000         USD         1,041,202       Citibank N.A.      9/28/16         10,174   
EUR      16,752,577         USD         18,551,888       Bank of America N.A.      10/14/16         168,667   
EUR      2,400,000         USD         2,697,434       Barclays Bank PLC      11/10/16         (12,443
MXN      52,397,085         USD         2,736,140       Citibank N.A.      11/10/16         31,819   
USD      1,136,876         EUR         1,011,465       Citibank N.A.      11/10/16         5,304   
USD      1,481,035         GBP         1,108,078       Citibank N.A.      11/10/16         23,819   
USD      2,801,166         MXN         52,397,085       Citibank N.A.      11/10/16         33,207   
USD      452,933         PLN         1,746,895       Citibank N.A.      11/10/16         6,566   
USD      20,516,453         EUR         18,304,370       UBS AG      11/10/16         38,503   

 

22


Notes to Schedule of Investments (unaudited) (continued)

 

 

Currency
Purchased
     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 
USD      1,953,395         EUR         1,726,000       UBS AG      11/10/16       $ 22,439   
USD      3,667,807         GBP         2,752,948       UBS AG      11/10/16         47,450   
USD      2,397,000         GBP         1,814,344       UBS AG      11/10/16         10,986   
MXN      13,320,031         USD         723,856       Bank of America N.A.      11/15/16         (20,531
USD      715,169         MXN         13,320,031       Bank of America N.A.      11/15/16         11,844   
SGD      4,784,600         USD         3,558,646       Citibank N.A.      11/15/16         (47,516
USD      3,556,728         SGD         4,784,600       Citibank N.A.      11/15/16         45,598   
                 

 

 

 

Total

  

   $ 373,607   
                 

 

 

 

Abbreviations used in this table:

 

EUR    — Euro
GBP    — British Pound
IDR    — Indonesian Rupiah
INR    — Indian Rupee
MXN    — Mexican Peso
PLN    — Polish Zloty
SGD    — Singapore Dollar
USD    — United States Dollar

 

23


 

ITEM 2. CONTROLS AND PROCEDURES.

 

  (a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

  (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Western Asset Global High Income Fund Inc.

 

By   /s/    JANE TRUST        
  Jane Trust
  Chief Executive Officer

Date:

 

October 24, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By   /s/    JANE TRUST        
  Jane Trust
  Chief Executive Officer

Date:

 

October 24, 2016

By   /s/     RICHARD F. SENNETT        
  Richard F. Sennett
  Principal Financial Officer

Date:

 

October 24, 2016