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)
125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-451-2010
Date of fiscal year end: May 31,
Date of reporting period: February 28, 2007
| ITEM 1. | SCHEDULE OF INVESTMENTS |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
FORM N-Q
February 28, 2007
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | |||
| CORPORATE BONDS & NOTES - 34.4% | |||||
| Aerospace & Defense - 0.3% | |||||
| 410,000 | Alliant Techsystems Inc., Senior Subordinated Notes, 6.750% due 4/1/16 |
$ | 411,025 | ||
| 1,150,000 | DRS Technologies Inc., Senior Subordinated Notes, 6.875% due 11/1/13 |
1,158,625 | |||
| L-3 Communications Corp., Senior Subordinated Notes: | |||||
| 845,000 | 7.625% due 6/15/12 |
880,912 | |||
| 25,000 | 6.375% due 10/15/15 |
25,000 | |||
| Total Aerospace & Defense | 2,475,562 | ||||
| Airlines - 0.1% | |||||
| Continental Airlines Inc.: | |||||
| 230,000 | Notes, 8.750% due 12/1/11 |
232,300 | |||
| Pass-Through Certificates: |
|||||
| 53,707 | Series 0974C, 6.800% due 7/2/07 |
53,606 | |||
| 107,627 | Series 1998-1, Class C, 6.541% due 9/15/08 |
107,156 | |||
| Total Airlines | 393,062 | ||||
| Auto Components - 0.4% | |||||
| 750,000 | Keystone Automotive Operations Inc., Senior Subordinated Notes, 9.750% due 11/1/13 | 750,000 | |||
| 347,000 | TRW Automotive Inc., Senior Notes, 9.375% due 2/15/13 | 374,326 | |||
| Visteon Corp., Senior Notes: | |||||
| 815,000 | 8.250% due 8/1/10 |
831,300 | |||
| 785,000 | 7.000% due 3/10/14 |
686,875 | |||
| Total Auto Components | 2,642,501 | ||||
| Automobiles - 1.3% | |||||
| Ford Motor Co.: | |||||
| Debentures: |
|||||
| 545,000 | 8.875% due 1/15/22 |
495,950 | |||
| 275,000 | 8.900% due 1/15/32 |
246,125 | |||
| 7,205,000 | Notes, 7.450% due 7/16/31 |
5,818,037 | |||
| General Motors Corp.: |
|||||
| 570,000 | Notes, 7.200% due 1/15/11 |
557,175 | |||
| Senior Debentures: |
|||||
| 300,000 | 8.250% due 7/15/23 |
280,500 | |||
| 2,540,000 | 8.375% due 7/15/33 |
2,368,550 | |||
| Total Automobiles | 9,766,337 | ||||
| Building Products - 0.4% | |||||
| 1,095,000 | Associated Materials Inc., Senior Subordinated Notes, 9.750% due 4/15/12 | 1,149,750 | |||
| 600,000 | Nortek Inc., Senior Subordinated Notes, 8.500% due 9/1/14 | 613,500 | |||
| 1,240,000 | NTK Holdings Inc., Senior Discount Notes, step bond to yield 11.555% due 3/1/14 | 979,600 | |||
| Total Building Products | 2,742,850 | ||||
| Capital Markets - 0.2% | |||||
| 815,000 | BCP Crystal U.S. Holdings Corp., Senior Subordinated Notes, 9.625% due 6/15/14 | 909,744 | |||
| 730,000 | E*TRADE Financial Corp., Senior Notes, 7.375% due 9/15/13 | 762,850 | |||
| Total Capital Markets | 1,672,594 | ||||
| Chemicals - 0.6% | |||||
| 125,000 | Chemtura Corp., Senior Notes, 6.875% due 6/1/16 | 121,875 | |||
| 750,000 | Equistar Chemicals LP, Senior Notes, 10.625% due 5/1/11 | 796,875 | |||
| 930,000 | Georgia Gulf Corp., Senior Notes, 9.500% due 10/15/14 (b) | 920,700 | |||
| 415,000 | Huntsman International LLC, Senior Subordinated Notes, 7.875% due 11/13/14 (b) | 431,600 | |||
See Notes to Schedule of Investments.
1
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | |||
| Chemicals - 0.6% (continued) | |||||
| Lyondell Chemical Co., Senior Notes: | |||||
| 310,000 | 8.000% due 9/15/14 |
$ | 327,825 | ||
| 260,000 | 8.250% due 9/15/16 |
280,800 | |||
| 1,190,000 | Montell Finance Co. BV, Debentures, 8.100% due 3/15/27 (b) |
1,195,950 | |||
| 220,000 | Westlake Chemical Corp., Senior Notes, 6.625% due 1/15/16 |
216,700 | |||
| Total Chemicals | 4,292,325 | ||||
| Commercial Banks - 1.1% | |||||
| 2,370,000 | ATF Capital BV, 9.250% due 2/21/14 (b) |
2,364,075 | |||
| 1,050,000 | Banco Mercantil del Norte SA, Subordinated Bonds, 6.135% due 10/13/16 (b)(c) |
1,070,312 | |||
| 454,000 | ICICI Bank Ltd., Bonds, 6.375% due 4/30/22 (b)(c) |
462,544 | |||
| 2,710,000 | Russian Agricultural Bank, Notes, 7.175% due 5/16/13 (b) |
2,842,113 | |||
| 1,786,000 | TuranAlem Finance BV, 8.250% due 1/22/37 (b) |
1,815,023 | |||
| Total Commercial Banks | 8,554,067 | ||||
| Commercial Services & Supplies - 0.7% | |||||
| 15,000 | Aleris International Inc., Senior Subordinated Notes, 10.000% due 12/15/16 (b) |
15,900 | |||
| 225,000 | Allied Security Escrow Corp., Senior Subordinated Notes, 11.375% due 7/15/11 |
234,000 | |||
| Allied Waste North America Inc., Senior Notes, Series B: | |||||
| 900,000 | 7.375% due 4/15/14 |
909,000 | |||
| 400,000 | 7.250% due 3/15/15 |
410,000 | |||
| Aramark Corp., Senior Notes: | |||||
| 470,000 | 8.500% due 2/1/15 (b) |
490,562 | |||
| 110,000 | 8.860% due 2/1/15 (b)(c) |
114,125 | |||
| 1,118,000 | DynCorp International LLC/DIV Capital Corporation, Senior Subordinated Notes, Series B, 9.500% due 2/15/13 |
1,201,850 | |||
| 1,100,000 | Interface Inc., Senior Subordinated Notes, 9.500% due 2/1/14 |
1,185,250 | |||
| 525,000 | Rental Services Corp., Senior Bonds, 9.500% due 12/1/14 (b) |
561,750 | |||
| Total Commercial Services & Supplies | 5,122,437 | ||||
| Consumer Finance - 1.6% | |||||
| Ford Motor Credit Co.: | |||||
| Notes: |
|||||
| 50,000 | 7.875% due 6/15/10 |
50,897 | |||
| 1,300,000 | 7.000% due 10/1/13 |
1,248,688 | |||
| Senior Notes: |
|||||
| 1,650,000 | 10.610% due 6/15/11 (b)(c) |
1,811,903 | |||
| 115,000 | 9.875% due 8/10/11 |
124,192 | |||
| 210,000 | 8.110% due 1/13/12 (c) |
211,386 | |||
| 440,000 | 8.000% due 12/15/16 |
435,081 | |||
| General Motors Acceptance Corp.: |
|||||
| 5,820,000 | Bonds, 8.000% due 11/1/31 |
6,435,709 | |||
| 2,040,000 | Notes, 6.875% due 8/28/12 |
2,057,866 | |||
| Total Consumer Finance | 12,375,722 | ||||
| Containers & Packaging - 0.9% | |||||
| 1,100,000 | Graham Packaging Co. Inc., Senior Subordinated Notes, 9.875% due 10/15/14 |
1,138,500 | |||
| 805,000 | Graphic Packaging International Corp., Senior Subordinated Notes, 9.500% due 8/15/13 |
862,356 | |||
| 1,250,000 | JSG Funding PLC, Senior Notes, 9.625% due 10/1/12 |
1,332,813 | |||
| 1,575,000 | Owens-Illinois Inc., Senior Notes, 7.350% due 5/15/08 |
1,598,625 | |||
| 390,000 | Plastipak Holdings Inc., Senior Notes, 8.500% due 12/15/15 (b) |
408,525 | |||
| 575,000 | Radnor Holdings Corp., Senior Notes, 11.000% due 3/15/10 (d) |
5,750 | |||
See Notes to Schedule of Investments.
2
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | |||
| Containers & Packaging - 0.9% (continued) | |||||
| Smurfit-Stone Container Enterprises Inc., Senior Notes: |
|||||
| 559,000 | 9.750% due 2/1/11 |
$ | 580,661 | ||
| 745,000 | 8.375% due 7/1/12 |
763,625 | |||
| Total Containers & Packaging | 6,690,855 | ||||
| Diversified Consumer Services - 0.2% | |||||
| Education Management LLC/Education Management Corp.: |
|||||
| 365,000 | 8.750% due 6/1/14 |
385,987 | |||
| 555,000 | 10.250% due 6/1/16 |
604,950 | |||
| Service Corp. International: |
|||||
| 140,000 | Debentures, 7.875% due 2/1/13 |
144,900 | |||
| 185,000 | Senior Notes, 7.625% due 10/1/18 |
197,488 | |||
| Total Diversified Consumer Services | 1,333,325 | ||||
| Diversified Financial Services - 1.2% | |||||
| 755,000 | Basell AF SCA, Senior Secured Subordinated Second Priority Notes, 8.375% due 8/15/15 (b) |
800,300 | |||
| 550,000 | CCM Merger Inc., Notes, 8.000% due 8/1/13 (b) |
552,750 | |||
| 335,000 | CitiSteel USA Inc., Senior Secured Notes, 12.949% due 9/1/10 (c) |
347,563 | |||
| 290,000 | El Paso Performance-Linked Trust Certificates, Notes, 7.750% due 7/15/11 (b) |
309,575 | |||
| 487,000 | Global Cash Access LLC/Global Cash Finance Corp., Senior Subordinated Notes, 8.750% due 3/15/12 |
513,785 | |||
| 530,000 | Idearc Inc., Senior Notes, 8.000% due 11/15/16 (b) |
547,225 | |||
| 150,000 | Milacron Escrow Corp., Senior Secured Notes, 11.500% due 5/15/11 |
147,750 | |||
| 1,652,000 | MMG Fiduciary Trust Corp., 6.750% due 2/1/16 (b) |
1,680,819 | |||
| 1,750,000 | TNK-BP Finance SA, 7.500% due 7/18/16 (b) |
1,855,000 | |||
| 261,000 | UCAR Finance Inc., Senior Notes, 10.250% due 2/15/12 |
276,008 | |||
| 430,000 | UGS Corp., Senior Subordinated Notes, 10.000% due 6/1/12 |
473,000 | |||
| 890,000 | Vanguard Health Holdings Co. I LLC, Senior Discount Notes, step bond to yield 9.952% due 10/1/15 |
732,025 | |||
| 555,000 | Vanguard Health Holdings Co. II LLC, Senior Subordinated Notes, 9.000% due 10/1/14 |
573,037 | |||
| Total Diversified Financial Services | 8,808,837 | ||||
| Diversified Telecommunication Services - 2.3% | |||||
| 1,055,000 | Cincinnati Bell Inc., Senior Notes, 7.000% due 2/15/15 |
1,056,319 | |||
| 120,000 | Cincinnati Bell Telephone Co., Senior Debentures, 6.300% due 12/1/28 |
110,100 | |||
| Citizens Communications Co., Senior Notes: |
|||||
| 295,000 | 7.875% due 1/15/27 (b) |
309,013 | |||
| 450,000 | 9.000% due 8/15/31 |
500,625 | |||
| Hawaiian Telcom Communications Inc.: |
|||||
| 30,000 | Senior Notes, Series B, 10.889% due 5/1/13 (c) |
30,900 | |||
| 1,075,000 | Senior Subordinated Notes, Series B, 12.500% due 5/1/15 |
1,212,062 | |||
| 455,000 | Inmarsat Finance PLC, 7.625% due 6/30/12 |
474,337 | |||
| Intelsat Bermuda Ltd., Senior Notes: |
|||||
| 755,000 | 9.250% due 6/15/16 (b) |
838,050 | |||
| 1,505,000 | 11.250% due 6/15/16 (b) |
1,711,937 | |||
| 1,050,000 | Level 3 Communications Inc., Senior Notes, 11.500% due 3/1/10 |
1,170,750 | |||
| Level 3 Financing Inc., Senior Notes: |
|||||
| 225,000 | 11.800% due 3/15/11 (c) |
243,563 | |||
| 90,000 | 9.250% due 11/1/14 (b) |
92,813 | |||
| 50,000 | 9.150% due 2/15/15 (b)(c) |
50,625 | |||
| 500,000 | Nordic Telephone Co. Holdings, Senior Secured Notes, 8.875% due 5/1/16 (b) |
541,250 | |||
| 1,200,000 | NTL Cable PLC, Senior Notes, 8.750% due 4/15/14 |
1,257,000 | |||
| Qwest Communications International Inc., Senior Notes: |
|||||
| 590,000 | 7.500% due 2/15/14 |
614,337 | |||
See Notes to Schedule of Investments.
3
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | ||||
| Diversified Telecommunication Services - 2.3% (continued) | ||||||
| 1,520,000 | Series B, 7.500% due 2/15/14 |
$ | 1,582,700 | |||
| 1,760,000 | Southwestern Bell Telephone Co., Debentures, 7.000% due 11/15/27 | 1,805,047 | ||||
| 1,255,000 | Telcordia Technologies Inc., Senior Subordinated Notes, 10.000% due 3/15/13 (b) | 1,179,700 | ||||
| 8,000,000 | MXN | Telefonos de Mexico SA de CV, Senior Notes, 8.750% due 1/31/16 | 720,770 | |||
| 155,000 | Wind Acquisition Finance SA, Senior Bond, 10.750% due 12/1/15 (b) | 179,413 | ||||
| 1,225,000 | Windstream Corp., 8.625% due 8/1/16 | 1,347,500 | ||||
| Total Diversified Telecommunication Services | 17,028,811 | |||||
| Electric Utilities - 0.3% | ||||||
| Enersis SA, Notes: | ||||||
| 962,000 | 7.375% due 1/15/14 |
1,053,952 | ||||
| 364,000 | 7.400% due 12/1/16 |
406,194 | ||||
| 550,000 | Orion Power Holdings Inc., Senior Notes, 12.000% due 5/1/10 | 640,750 | ||||
| Total Electric Utilities | 2,100,896 | |||||
| Electronic Equipment & Instruments - 0.1% | ||||||
| NXP BV/NXP Funding LLC: | ||||||
| 170,000 | Senior Notes, 9.500% due 10/15/15 (b) |
176,375 | ||||
| 530,000 | Senior Secured Bond, 7.875% due 10/15/14 (b) |
549,875 | ||||
| Total Electronic Equipment & Instruments | 726,250 | |||||
| Energy Equipment & Services - 0.3% | ||||||
| 560,000 | Complete Production Services Inc., Senior Notes, 8.000% due 12/15/16 (b) | 575,400 | ||||
| 969,000 | Dresser-Rand Group Inc., Senior Subordinated Notes, 7.375% due 11/1/14 | 988,380 | ||||
| 280,000 | Geokinetics Inc., Secured Notes, 11.860% due 12/15/12 (b)(c) | 289,800 | ||||
| 175,000 | GulfMark Offshore Inc., Senior Subordinated Notes, 7.750% due 7/15/14 | 179,375 | ||||
| 270,000 | Pride International Inc., Senior Notes, 7.375% due 7/15/14 | 278,100 | ||||
| Total Energy Equipment & Services | 2,311,055 | |||||
| Food & Staples Retailing - 0.1% | ||||||
| CVS Lease Pass Through Trust: | ||||||
| 165,957 | 5.880% due 1/10/28 (b) |
166,787 | ||||
| 627,900 | 6.036% due 12/10/28 (b) |
635,378 | ||||
| Total Food & Staples Retailing | 802,165 | |||||
| Food Products - 0.1% | ||||||
| Dole Food Co. Inc., Senior Notes: | ||||||
| 610,000 | 7.250% due 6/15/10 |
594,750 | ||||
| 432,000 | 8.875% due 3/15/11 |
432,000 | ||||
| Total Food Products | 1,026,750 | |||||
| Gas Utilities - 0.1% | ||||||
| 980,000 | Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes, 6.875% due 12/15/13 | 970,200 | ||||
| Health Care Providers & Services - 2.0% | ||||||
| 1,100,000 | AmeriPath Inc., Senior Subordinated Notes, 10.500% due 4/1/13 | 1,193,500 | ||||
| 775,000 | Community Health Systems Inc., Senior Subordinated Notes, 6.500% due 12/15/12 | 782,750 | ||||
| 1,300,000 | DaVita Inc., Senior Subordinated Notes, 7.250% due 3/15/15 | 1,319,500 | ||||
| 1,075,000 | Genesis HealthCare Corp., Senior Subordinated Notes, 8.000% due 10/15/13 | 1,144,875 | ||||
| HCA Inc.: | ||||||
| 2,220,000 | Debentures, 7.500% due 11/15/95 |
1,832,463 | ||||
| 1,360,000 | Notes, 6.375% due 1/15/15 |
1,176,400 | ||||
| 400,000 | Senior Notes, 6.500% due 2/15/16 |
345,000 | ||||
| Senior Secured Notes: |
||||||
See Notes to Schedule of Investments.
4
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | |||
| Health Care Providers & Services - 2.0% (continued) | |||||
| 540,000 | 9.250% due 11/15/16 (b) |
$ | 579,825 | ||
| 420,000 | 9.625% due 11/15/16 (b)(e) |
454,650 | |||
| 1,675,000 | IASIS Healthcare LLC/IASIS Capital Corp., Senior Subordinated Notes, 8.750% due 6/15/14 | 1,746,188 | |||
| 667,000 | Psychiatric Solutions Inc., Senior Subordinated Notes, 10.625% due 6/15/13 | 733,700 | |||
| Tenet Healthcare Corp., Senior Notes: | |||||
| 125,000 | 7.375% due 2/1/13 |
117,500 | |||
| 2,150,000 | 9.875% due 7/1/14 |
2,198,375 | |||
| 1,275,000 | Triad Hospitals Inc., Senior Subordinated Notes, 7.000% due 11/15/13 | 1,333,969 | |||
| Total Health Care Providers & Services | 14,958,695 | ||||
| Hotels, Restaurants & Leisure - 2.7% | |||||
| 675,000 | Boyd Gaming Corp., Senior Subordinated Notes, 6.750% due 4/15/14 | 675,000 | |||
| 435,000 | Buffets Inc., 12.500% due 11/1/14 | 458,925 | |||
| Caesars Entertainment Inc.: | |||||
| 465,000 | Senior Notes, 7.000% due 4/15/13 |
493,513 | |||
| 650,000 | Senior Subordinated Notes, 8.875% due 9/15/08 |
681,688 | |||
| 557,000 | Choctaw Resort Development Enterprise, Senior Notes, 7.250% due 11/15/19 (b) | 566,748 | |||
| 875,000 | Denny’s Holdings Inc., Senior Notes, 10.000% due 10/1/12 | 936,250 | |||
| 255,000 | El Pollo Loco Inc., Senior Notes, 11.750% due 11/15/13 | 284,325 | |||
| 825,000 | Herbst Gaming Inc., Senior Subordinated Notes, 7.000% due 11/15/14 | 808,500 | |||
| 1,000,000 | Inn of the Mountain Gods Resort & Casino, Senior Notes, 12.000% due 11/15/10 | 1,095,000 | |||
| 1,150,000 | Isle of Capri Casinos Inc., Senior Subordinated Notes, 7.000% due 3/1/14 | 1,129,875 | |||
| 975,000 | Las Vegas Sands Corp., Senior Notes, 6.375% due 2/15/15 | 945,750 | |||
| MGM MIRAGE Inc., Senior Notes: | |||||
| 560,000 | 6.750% due 9/1/12 |
561,400 | |||
| 675,000 | 5.875% due 2/27/14 |
631,125 | |||
| 165,000 | 6.625% due 7/15/15 |
159,431 | |||
| 725,000 | 7.625% due 1/15/17 |
737,687 | |||
| Mohegan Tribal Gaming Authority, Senior Subordinated Notes: | |||||
| 675,000 | 7.125% due 8/15/14 |
690,187 | |||
| 625,000 | 6.875% due 2/15/15 |
631,250 | |||
| 1,150,000 | Penn National Gaming Inc., Senior Subordinated Notes, 6.750% due 3/1/15 | 1,112,625 | |||
| Pinnacle Entertainment Inc., Senior Subordinated Notes: | |||||
| 450,000 | 8.250% due 3/15/12 |
465,750 | |||
| 675,000 | 8.750% due 10/1/13 |
720,562 | |||
| 940,000 | Pokagon Gaming Authority, Senior Notes, 10.375% due 6/15/14 (b) | 1,034,000 | |||
| 95,000 | River Rock Entertainment Authority, Senior Notes, 9.750% due 11/1/11 | 101,888 | |||
| 400,000 | Sbarro Inc., Senior Notes, 10.375% due 2/1/15 (b) | 419,000 | |||
| 1,150,000 | Seneca Gaming Corp., Senior Notes, 7.250% due 5/1/12 | 1,164,375 | |||
| Snoqualmie Entertainment Authority: | |||||
| 145,000 | Notes, 9.125% due 2/1/15 (b) |
150,438 | |||
| 150,000 | Senior Notes, 9.150% due 2/1/14 (b)(c) |
153,000 | |||
| Station Casinos Inc.: | |||||
| Senior Notes: |
|||||
| 110,000 | 6.000% due 4/1/12 |
107,250 | |||
| 760,000 | 7.750% due 8/15/16 |
784,700 | |||
| 190,000 | Senior Subordinated Notes, 6.875% due 3/1/16 |
177,413 | |||
| 2,000,000 | Turning Stone Casino Resort Enterprise, Senior Notes, 9.125% due 12/15/10 (b) | 2,065,000 | |||
| Total Hotels, Restaurants & Leisure | 19,942,655 | ||||
| Household Durables - 0.5% | |||||
| 80,000 | American Greetings Corp., Senior Notes, 7.375% due 6/1/16 | 83,100 | |||
See Notes to Schedule of Investments.
5
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | |||
| Household Durables - 0.5% (continued) | |||||
| Beazer Homes USA Inc., Senior Notes: |
|||||
| 75,000 | 6.875% due 7/15/15 |
$ | 72,375 | ||
| 460,000 | 8.125% due 6/15/16 |
477,250 | |||
| K Hovnanian Enterprises Inc., Senior Notes: |
|||||
| 780,000 | 7.500% due 5/15/16 |
785,850 | |||
| 370,000 | 8.625% due 1/15/17 |
392,200 | |||
| 1,050,000 | Norcraft Cos. LP/Norcraft Finance Corp., Senior Subordinated Notes, 9.000% due 11/1/11 |
1,092,000 | |||
| 445,000 | Norcraft Holdings LP/Norcraft Capital Corp., Senior Discount Notes, step bond to yield 9.838% due 9/1/12 |
404,950 | |||
| 525,000 | Sealy Mattress Co., Senior Subordinated Notes, 8.250% due 6/15/14 |
556,500 | |||
| Total Household Durables | 3,864,225 | ||||
| Household Products - 0.1% | |||||
| Nutro Products Inc.: |
|||||
| 115,000 | Senior Notes, 9.400% due 10/15/13 (b)(c) |
120,031 | |||
| 320,000 | Senior Subordinated Notes, 10.750% due 4/15/14 (b) |
353,600 | |||
| 490,000 | Visant Holding Corp., Senior Notes, 8.750% due 12/1/13 |
525,525 | |||
| Total Household Products | 999,156 | ||||
| Independent Power Producers & Energy Traders - 1.2% | |||||
| 695,000 | AES China Generating Co., Ltd., Class A, 8.250% due 6/26/10 |
694,160 | |||
| AES Corp.: |
|||||
| Senior Notes: |
|||||
| 525,000 | 9.375% due 9/15/10 |
572,250 | |||
| 670,000 | 8.875% due 2/15/11 |
723,600 | |||
| 1,940,000 | 7.750% due 3/1/14 |
2,041,850 | |||
| 190,000 | Senior Secured Notes, 9.000% due 5/15/15 (b) |
204,488 | |||
| 625,000 | Calpine Generating Co. LLC, Senior Secured Notes, 14.370% due 4/1/11 (c)(d) |
659,375 | |||
| Edison Mission Energy, Senior Notes: |
|||||
| 75,000 | 7.500% due 6/15/13 |
78,750 | |||
| 690,000 | 7.750% due 6/15/16 |
734,850 | |||
| 100,000 | Mirant Americas Generation LLC, Senior Notes, 9.125% due 5/1/31 |
107,250 | |||
| 845,000 | Mirant North America LLC, Senior Notes, 7.375% due 12/31/13 |
872,463 | |||
| NRG Energy Inc., Senior Notes: |
|||||
| 450,000 | 7.250% due 2/1/14 |
460,125 | |||
| 2,135,000 | 7.375% due 2/1/16 |
2,183,037 | |||
| Total Independent Power Producers & Energy Traders | 9,332,198 | ||||
| Industrial Conglomerates - 0.1% | |||||
| 523,000 | Koppers Inc., Senior Notes, 9.875% due 10/15/13 |
572,685 | |||
| 205,000 | Sequa Corp., Senior Notes, 9.000% due 8/1/09 |
217,300 | |||
| Total Industrial Conglomerates | 789,985 | ||||
| Insurance - 0.2% | |||||
| 1,185,000 | Crum & Forster Holdings Corp., Senior Notes, 10.375% due 6/15/13 |
1,282,763 | |||
| Internet & Catalog Retail - 0.1% | |||||
| 140,000 | Brookstone Co. Inc., Senior Secured Notes, 12.000% due 10/15/12 |
148,400 | |||
| 520,000 | FTD Inc., Senior Subordinated Notes, 7.750% due 2/15/14 |
525,200 | |||
| Total Internet & Catalog Retail | 673,600 | ||||
| IT Services - 0.3% | |||||
| SunGard Data Systems Inc.: |
|||||
| 325,000 | Senior Notes, 9.125% due 8/15/13 |
348,563 | |||
See Notes to Schedule of Investments.
6
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | |||
| IT Services - 0.3% (continued) | |||||
| 1,415,000 | Senior Subordinated Notes, 10.250% due 8/15/15 |
$ | 1,545,887 | ||
| Total IT Services | 1,894,450 | ||||
| Leisure Equipment & Products - 0.1% | |||||
| 620,000 | WMG Acquisition Corp., Senior Subordinated Notes, 7.375% due 4/15/14 |
604,500 | |||
| Machinery - 0.1% | |||||
| 179,000 | Mueller Group Inc., Senior Subordinated Notes, 10.000% due 5/1/12 |
194,663 | |||
| 931,000 | Mueller Holdings Inc., Senior Discount Notes, step bond to yield 11.446% due 4/15/14 |
851,865 | |||
| Total Machinery | 1,046,528 | ||||
| Media - 3.5% | |||||
| Affinion Group Inc.: |
|||||
| 1,015,000 | Senior Notes, 10.125% due 10/15/13 |
1,101,275 | |||
| 120,000 | Senior Subordinated Notes, 11.500% due 10/15/15 |
130,800 | |||
| 1,265,000 | AMC Entertainment Inc., Senior Subordinated Notes, 11.000% due 2/1/16 |
1,443,681 | |||
| 880,000 | CCH I Holdings LLC/CCH I Holdings Capital Corp., Senior Notes, 11.750% due 5/15/14 |
864,600 | |||
| 1,247,000 | CCH I LLC/CCH Capital Corp., Senior Secured Notes, 11.000% due 10/1/15 |
1,303,115 | |||
| CCH II LLC/CCH II Capital Corp., Senior Notes: |
|||||
| 1,050,000 | 10.250% due 9/15/10 |
1,110,375 | |||
| 309,000 | 10.250% due 10/1/13 |
336,810 | |||
| 185,000 | Charter Communications Holdings LLC, Senior Discount Notes, 12.125% due 1/15/12 |
184,075 | |||
| Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp., Senior Discount Notes: |
|||||
| 55,000 | 9.920% due 4/1/11 |
55,138 | |||
| 285,000 | step bond to yield 11.750% due 5/15/11 |
283,575 | |||
| 1,650,000 | Charter Communications Operating LLC, Second Lien Senior Notes, 8.375% due 4/30/14 (b) |
1,736,625 | |||
| 400,000 | Chukchansi Economic Development Authority, Senior Notes, 8.000% due 11/15/13 (b) |
419,000 | |||
| 575,000 | CMP Susquehanna Corp., Senior Subordinated Notes, 9.875% due 5/15/14 (b) |
593,687 | |||
| CSC Holdings Inc.: |
|||||
| 425,000 | Senior Debentures, Series B, 8.125% due 8/15/09 |
442,000 | |||
| Senior Notes: |
|||||
| 575,000 | 6.750% due 4/15/12 (b) |
572,125 | |||
| Series B: |
|||||
| 550,000 | 8.125% due 7/15/09 |
572,000 | |||
| 250,000 | 7.625% due 4/1/11 |
258,125 | |||
| 1,367,000 | Dex Media West LLC/Dex Media Finance Co., Senior Subordinated Notes, Series B, 9.875% due 8/15/13 |
1,495,156 | |||
| 1,365,000 | DIRECTV Holdings LLC/DIRECTV Financing Co. Inc., Senior Notes, 8.375% due 3/15/13 |
1,448,606 | |||
| EchoStar DBS Corp., Senior Notes: |
|||||
| 375,000 | 7.000% due 10/1/13 |
387,187 | |||
| 1,775,000 | 6.625% due 10/1/14 |
1,797,187 | |||
| 475,000 | Interep National Radio Sales Inc., Senior Subordinated Notes, Series B, 10.000% due 7/1/08 |
411,469 | |||
| 160,000 | ION Media Networks Inc., Senior Secured Notes, 11.610% due 1/15/13 (b)(c) |
168,000 | |||
| 280,000 | Kabel Deutschland GMBH, Senior Notes, 10.625% due 7/1/14 |
313,600 | |||
| 1,175,000 | Lamar Media Corp., Senior Subordinated Notes, 6.625% due 8/15/15 |
1,163,250 | |||
| 600,000 | LodgeNet Entertainment Corp., Senior Subordinated Notes, 9.500% due 6/15/13 |
646,500 | |||
| 700,000 | Primedia Inc., Senior Notes, 8.875% due 5/15/11 |
722,750 | |||
See Notes to Schedule of Investments.
7
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | |||
| Media - 3.5% (continued) | |||||
| 270,000 | Quebecor Media Inc., Senior Notes, 7.750% due 3/15/16 |
$ | 278,100 | ||
| 550,000 | R.H. Donnelley Corp., Senior Notes, Series A-3, 8.875% due 1/15/16 |
589,875 | |||
| 1,000,000 | R.H. Donnelley Inc., Senior Subordinated Notes, 10.875% due 12/15/12 |
1,090,000 | |||
| 1,310,000 | Rainbow National Services LLC, Senior Notes, 8.750% due 9/1/12 (b) |
1,398,425 | |||
| 330,000 | Readers Digest Association Inc., Senior Subordinated Notes, 9.000% due 2/15/17 (b) |
330,000 | |||
| Rogers Cable Inc.: |
|||||
| 1,100,000 | Senior Secured Notes, 7.875% due 5/1/12 |
1,212,750 | |||
| 45,000 | Senior Secured Second Priority Notes, 6.250% due 6/15/13 |
46,688 | |||
| 560,000 | Sinclair Broadcast Group Inc., Senior Subordinated Notes, 8.000% due 3/15/12 |
579,600 | |||
| 225,000 | Videotron Ltee., Senior Notes, 6.375% due 12/15/15 |
222,188 | |||
| XM Satellite Radio Inc., Senior Notes: |
|||||
| 230,000 | 9.860% due 5/1/13 (c) |
228,275 | |||
| 345,000 | 9.750% due 5/1/14 |
350,175 | |||
| Total Media | 26,286,787 | ||||
| Metals & Mining - 1.3% | |||||
| 80,000 | Chaparral Steel Co., Senior Notes, 10.000% due 7/15/13 |
89,800 | |||
| 1,050,000 | Corporacion Nacional del Cobre-Codelco, Notes, 5.500% due 10/15/13 (b) |
1,059,720 | |||
| 185,000 | Metals USA Holdings Corp., Senior Notes, 11.365% due 1/15/12 (b)(c)(e) |
182,225 | |||
| 1,235,000 | Metals USA Inc., Senior Secured Notes, 11.125% due 12/1/15 |
1,377,025 | |||
| 335,000 | Tube City IMS Corp., Senior Subordinated Notes, 9.750% due 2/1/15 (b) |
353,425 | |||
| Vale Overseas Ltd., Notes: |
|||||
| 485,000 | 6.250% due 1/23/17 |
500,986 | |||
| 1,448,000 | 8.250% due 1/17/34 |
1,779,062 | |||
| 4,070,000 | 6.875% due 11/21/36 |
4,300,997 | |||
| Total Metals & Mining | 9,643,240 | ||||
| Multiline Retail - 0.2% | |||||
| Neiman Marcus Group Inc.: |
|||||
| 310,000 | Senior Notes, 9.000% due 10/15/15 (e) |
342,550 | |||
| 775,000 | Senior Subordinated Notes, 10.375% due 10/15/15 |
871,875 | |||
| Total Multiline Retail | 1,214,425 | ||||
| Office Electronics - 0.0% | |||||
| 190,000 | Xerox Corp., Senior Notes, 6.750% due 2/1/17 |
201,796 | |||
| Oil, Gas & Consumable Fuels - 5.5% | |||||
| 1,135,000 | Belden & Blake Corp., Secured Notes, 8.750% due 7/15/12 |
1,169,050 | |||
| Chesapeake Energy Corp., Senior Notes: |
|||||
| 1,350,000 | 6.375% due 6/15/15 |
1,346,625 | |||
| 270,000 | 6.625% due 1/15/16 |
272,700 | |||
| 50,000 | 6.500% due 8/15/17 |
49,500 | |||
| 160,000 | Colorado Interstate Gas Co., Senior Notes, 6.800% due 11/15/15 |
171,903 | |||
| 245,000 | Compagnie Generale de Geophysique SA, Senior Notes, 7.500% due 5/15/15 |
251,125 | |||
| El Paso Corp.: |
|||||
| Medium-Term Notes: |
|||||
| 2,050,000 | 7.375% due 12/15/12 |
2,193,500 | |||
| 1,330,000 | 7.750% due 1/15/32 |
1,456,350 | |||
| 125,000 | Notes, 7.875% due 6/15/12 |
136,250 | |||
| 70,000 | El Paso Natural Gas Co., Bonds, 8.375% due 6/15/32 |
88,367 | |||
| 540,000 | Enterprise Products Operating LP, Junior Subordinated Notes, 8.375% due 8/1/66 (c) |
602,429 | |||
| 1,030,000 | EXCO Resources Inc., Senior Notes, 7.250% due 1/15/11 |
1,048,025 | |||
| Gazprom: |
|||||
See Notes to Schedule of Investments.
8
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | ||||
| Oil, Gas & Consumable Fuels - 5.5% (continued) | ||||||
| Bonds: |
||||||
| 159,710,000 | RUB | Series A7, 6.790% due 10/29/09 |
$ | 6,124,182 | ||
| 53,230,000 | RUB | Series A8, 7.000% due 10/27/11 |
2,037,062 | |||
| 1,370,000 | Loan Participation Notes, 6.212% due 11/22/16 (b) |
1,372,740 | ||||
| 61,340,000 | RUB | Gazprom OAO, Series A6, 6.950% due 8/6/09 |
2,368,022 | |||
| 800,000 | Hanover Equipment Trust, Secured Notes, 8.750% due 9/1/11 |
836,000 | ||||
| 600,000 | Holly Energy Partners, L.P., Senior Notes, 6.250% due 3/1/15 |
571,500 | ||||
| 1,400,000 | Inergy LP/Inergy Finance Corp., Senior Notes, 6.875% due 12/15/14 |
1,386,000 | ||||
| 655,000 | International Coal Group Inc., Senior Notes, 10.250% due 7/15/14 |
665,644 | ||||
| 390,000 | Mariner Energy Inc., Senior Notes, 7.500% due 4/15/13 |
383,175 | ||||
| 845,000 | Northwest Pipeline Corp., Senior Notes, 7.000% due 6/15/16 |
910,488 | ||||
| 115,000 | OMI Corp., Senior Notes, 7.625% due 12/1/13 |
116,725 | ||||
| 325,000 | OPTI Canada Inc., Senior Secured Notes, 8.250% due 12/15/14 (b) |
338,000 | ||||
| Pemex Project Funding Master Trust: |
||||||
| 5,000,000 | 8.625% due 12/1/23 |
6,237,500 | ||||
| 1,040,000 | Bonds, 6.625% due 6/15/35 |
1,077,700 | ||||
| 510,000 | Petrohawk Energy Corp., Senior Notes, 9.125% due 7/15/13 |
544,425 | ||||
| 1,800,000 | Petrozuata Finance Inc., 8.220% due 4/1/17 (b) |
1,804,500 | ||||
| 610,000 | Pogo Producing Co., Senior Subordinated Notes, 7.875% due 5/1/13 |
620,675 | ||||
| 1,245,000 | SemGroup LP, Senior Notes, 8.750% due 11/15/15 (b) |
1,269,900 | ||||
| 40,000 | SESI LLC, Senior Notes, 6.875% due 6/1/14 |
39,900 | ||||
| 640,000 | Stone Energy Corp., Senior Subordinated Notes, 8.250% due 12/15/11 |
640,000 | ||||
| 275,000 | Swift Energy Co., Senior Subordinated Notes, 9.375% due 5/1/12 |
290,125 | ||||
| 630,000 | Whiting Petroleum Corp., Senior Subordinated Notes, 7.000% due 2/1/14 |
625,275 | ||||
| Williams Cos. Inc.: |
||||||
| 1,060,000 | Notes, 8.750% due 3/15/32 |
1,219,000 | ||||
| 1,000,000 | Senior Notes, 7.625% due 7/15/19 |
1,090,000 | ||||
| Total Oil, Gas & Consumable Fuels | 41,354,362 | |||||
| Paper & Forest Products - 0.4% | ||||||
| Appleton Papers Inc.: |
||||||
| 375,000 | Senior Notes, 8.125% due 6/15/11 |
390,000 | ||||
| 715,000 | Senior Subordinated Notes, Series B, 9.750% due 6/15/14 |
744,494 | ||||
| NewPage Corp.: |
||||||
| Senior Secured Notes: |
||||||
| 130,000 | 10.000% due 5/1/12 |
142,350 | ||||
| 885,000 | 11.610% due 5/1/12 (c) |
969,075 | ||||
| 235,000 | Senior Subordinated Notes, 12.000% due 5/1/13 |
257,325 | ||||
| 345,000 | Verso Paper Holdings LLC, Senior Secured Notes, 9.125% due 8/1/14 (b) |
365,700 | ||||
| Total Paper & Forest Products | 2,868,944 | |||||
| Pharmaceuticals - 0.1% | ||||||
| 940,000 | Leiner Health Products Inc., Senior Subordinated Notes, 11.000% due 6/1/12 |
1,001,100 | ||||
| Real Estate Investment Trusts (REITs) - 0.5% | ||||||
| 30,000 | Forest City Enterprises Inc., Senior Notes, 7.625% due 6/1/15 |
30,900 | ||||
| 2,275,000 | Host Marriott LP, Senior Notes, 7.125% due 11/1/13 |
2,331,875 | ||||
| 255,000 | Kimball Hill Inc., Senior Subordinated Notes, 10.500% due 12/15/12 |
255,638 | ||||
| Ventas Realty LP/Ventas Capital Corp., Senior Notes: |
||||||
| 215,000 | 7.125% due 6/1/15 |
225,481 | ||||
| 175,000 | 6.500% due 6/1/16 |
177,625 | ||||
| 475,000 | 6.750% due 4/1/17 |
490,437 | ||||
| Total Real Estate Investment Trusts (REITs) | 3,511,956 | |||||
See Notes to Schedule of Investments.
9
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | |||
| Real Estate Management & Development - 0.0% | |||||
| 325,000 | Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Subordinated Notes, 9.500% due 10/1/15 |
$ | 313,625 | ||
| Road & Rail - 0.5% | |||||
| Grupo Transportacion Ferroviaria Mexicana SA de CV, Senior Notes: |
|||||
| 790,000 | 9.375% due 5/1/12 |
851,225 | |||
| 50,000 | 12.500% due 6/15/12 |
54,187 | |||
| Hertz Corp.: |
|||||
| 750,000 | 8.875% due 1/1/14 |
811,875 | |||
| 1,660,000 | 10.500% due 1/1/16 |
1,900,700 | |||
| 160,000 | Kansas City Southern de Mexico, Senior Notes, 7.625% due 12/1/13 (b) |
161,200 | |||
| 190,000 | Kansas City Southern Railway, Senior Notes, 7.500% due 6/15/09 |
195,225 | |||
| Total Road & Rail | 3,974,412 | ||||
| Semiconductors & Semiconductor Equipment - 0.1% | |||||
| 740,000 | Freescale Semiconductor Inc., Senior Notes, 8.875% due 12/15/14 (b) |
753,875 | |||
| Software - 0.2% | |||||
| 500,000 | Activant Solutions Inc., Senior Subordinated Notes, 9.500% due 5/1/16 (b) |
493,750 | |||
| 777,340 | UGS Capital Corp. II, Senior Notes, 10.348% due 6/1/11 (b)(c)(e) |
794,830 | |||
| Total Software | 1,288,580 | ||||
| Specialty Retail - 0.2% | |||||
| AutoNation Inc., Senior Notes: |
|||||
| 335,000 | 7.360% due 4/15/13 (c) |
341,700 | |||
| 85,000 | 7.000% due 4/15/14 |
86,594 | |||
| 510,000 | Blockbuster Inc., Senior Subordinated Notes, 9.000% due 9/1/12 |
514,462 | |||
| 345,000 | Eye Care Centers of America, Senior Subordinated Notes, 10.750% due 2/15/15 |
385,538 | |||
| 240,000 | Linens ‘n Things Inc., Senior Secured Notes, 10.985% due 1/15/14 (c) |
236,400 | |||
| Total Specialty Retail | 1,564,694 | ||||
| Textiles, Apparel & Luxury Goods - 0.3% | |||||
| 995,000 | Levi Strauss & Co., Senior Notes, 9.750% due 1/15/15 |
1,099,475 | |||
| 350,000 | Simmons Bedding Co., Senior Subordinated Notes, 7.875% due 1/15/14 |
360,500 | |||
| 1,375,000 | Simmons Co., Senior Discount Notes, step bond to yield 9.983% due 12/15/14 |
1,148,125 | |||
| Total Textiles, Apparel & Luxury Goods | 2,608,100 | ||||
| Tobacco - 0.1% | |||||
| 480,000 | Alliance One International Inc., Senior Notes, 11.000% due 5/15/12 |
525,600 | |||
| Trading Companies & Distributors - 0.3% | |||||
| 475,000 | Ashtead Capital Inc., Notes, 9.000% due 8/15/16 (b) |
515,375 | |||
| 255,000 | H&E Equipment Services Inc., Senior Notes, 8.375% due 7/15/16 |
273,487 | |||
| 905,000 | Penhall International Corp., Senior Secured Notes, 12.000% due 8/1/14 (b) |
981,925 | |||
| 310,000 | TransDigm Inc., Senior Subordinated Notes, 7.750% due 7/15/14 (b) |
320,075 | |||
| Total Trading Companies & Distributors | 2,090,862 | ||||
| Wireless Telecommunication Services - 1.5% | |||||
| 1,105,000 | Nextel Communications Inc., Senior Notes, Series D, 7.375% due 8/1/15 |
1,144,545 | |||
| 20,000 | Rogers Wireless Communications Inc., Senior Secured Notes, 7.250% due 12/15/12 |
21,575 | |||
| Rogers Wireless Inc.: |
|||||
| 1,125,000 | Secured Notes, 7.500% due 3/15/15 |
1,240,312 | |||
| 170,000 | Senior Subordinated Notes, 8.000% due 12/15/12 |
182,112 | |||
| Rural Cellular Corp.: |
|||||
| 340,000 | Secured Notes, 8.250% due 3/15/12 |
354,450 | |||
| 820,000 | Senior Notes, 9.875% due 2/1/10 |
871,250 | |||
See Notes to Schedule of Investments.
10
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | ||||
| Wireless Telecommunication Services - 1.5% (continued) | ||||||
| 5,580,000 | True Move Co., Ltd., 10.750% due 12/16/13 (b) |
$ | 5,719,500 | |||
| 700,000 | UbiquiTel Operating Co., Senior Notes, 9.875% due 3/1/11 |
753,304 | ||||
| 1,040,000 | UBS Luxembourg SA for OJSC Vimpel Communications, Loan Participation |
|||||
| Notes, 8.250% due 5/23/16 (b) |
1,110,200 | |||||
| Total Wireless Telecommunication Services | 11,397,248 | |||||
| TOTAL CORPORATE BONDS & NOTES (Cost - $248,609,647) |
257,824,962 | |||||
| ASSET-BACKED SECURITIES - 0.0% | ||||||
| Home Equity - 0.0% | ||||||
| 110,125 | Finance America Net Interest Margin Trust, Series 2004-01, Class A, 5.250% due 6/27/34 (b) |
1,242 | ||||
| Sail Net Interest Margin Notes: |
||||||
| 14,101 | Series 2003-6A, Class A, 7.000% due 7/27/33 (b) |
1,165 | ||||
| 42,974 | Series 2003-7A, Class A, 7.000% due 7/27/33 (b) |
5,385 | ||||
| TOTAL ASSET-BACKED SECURITIES (Cost - $166,852) |
7,792 | |||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 0.6% | ||||||
| Federal National Mortgage Association (FNMA) STRIP: |
||||||
| 9,100,550 | Series 329, Class 2, IO, 5.500% due 1/1/33 (f) |
2,022,859 | ||||
| 11,128,611 | Series 338, Class 2, IO, 5.500% due 6/1/33 (f) |
2,478,542 | ||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $5,750,364) |
4,501,401 | |||||
| MORTGAGE-BACKED SECURITIES - 28.1% | ||||||
| FHLMC - 6.6% | ||||||
| Federal Home Loan Mortgage Corp. (FHLMC): |
||||||
| Gold: |
||||||
| 40,000,000 | 5.000% due 3/13/37 (g)(h) |
38,825,000 | ||||
| 10,000,000 | 5.500% due 3/13/37 (g)(h) |
9,925,000 | ||||
| 410,000 | Notes, 5.125% due 4/18/11 |
415,103 | ||||
| TOTAL FHLMC | 49,165,103 | |||||
| FNMA - 21.1% | ||||||
| Federal National Mortgage Association (FNMA): |
||||||
| 340,000 | 6.625% due 9/15/09 |
354,639 | ||||
| 12,500,000 | 5.500% due 3/19/22-3/13/37 (g)(h) |
12,430,192 | ||||
| 94,450,000 | 6.000% due 3/19/22-4/12/37 (g)(h) |
95,274,072 | ||||
| 38,200,000 | 5.000% due 3/13/37 (g)(h) |
37,089,832 | ||||
| 13,020,000 | 6.500% due 3/13/37-4/12/37 (g)(h) |
13,274,641 | ||||
| TOTAL FNMA | 158,423,376 | |||||
| GNMA - 0.4% | ||||||
| 2,600,000 | Government National Mortgage Association (GNMA), 6.500% due 3/21/37 (g) |
2,667,439 | ||||
| TOTAL MORTGAGE-BACKED SECURITIES (Cost - $209,504,498) |
210,255,918 | |||||
| SOVEREIGN BONDS - 12.1% | ||||||
| Argentina - 0.5% | ||||||
| Republic of Argentina: |
||||||
| 1,074,000 | EUR | 9.000% due 6/20/03 (d) |
476,020 | |||
| 1,100,000 | EUR | 10.250% due 1/26/07 (d) |
503,917 | |||
| 1,729,117 | EUR | 8.000% due 2/26/08 (d) |
783,541 | |||
| 1,550,000 | DEM | 11.750% due 11/13/26 (d) |
346,012 | |||
| 2,560,895 | ARS | Bonds, 2.000% due 1/3/10 (c) |
1,713,492 | |||
See Notes to Schedule of Investments.
11
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | ||||
| Argentina - 0.5% (continued) | ||||||
| 522,000 | EUR | Medium-Term Notes, 10.000% due 2/22/07 (d) |
$ | 239,995 | ||
| Total Argentina | 4,062,977 | |||||
| Brazil - 3.1% | ||||||
| Federative Republic of Brazil: |
||||||
| 13,926,000 | 11.000% due 8/17/40 |
18,605,136 | ||||
| Collective Action Securities: |
||||||
| 2,565,000 | 8.750% due 2/4/25 |
3,238,312 | ||||
| 1,360,000 | Notes, 8.000% due 1/15/18 |
1,523,200 | ||||
| Total Brazil | 23,366,648 | |||||
| Colombia - 1.0% | ||||||
| Republic of Colombia: |
||||||
| 544,000 | 11.750% due 2/25/20 |
796,960 | ||||
| 1,150,000 | 8.125% due 5/21/24 |
1,331,125 | ||||
| 1,237,000 | 10.375% due 1/28/33 |
1,772,002 | ||||
| 3,060,000 | 7.375% due 9/18/37 |
3,273,435 | ||||
| Total Colombia | 7,173,522 | |||||
| Ecuador - 0.3% | ||||||
| 2,765,000 | Republic of Ecuador, 10.000% due 8/15/30 (b) |
2,364,075 | ||||
| El Salvador - 0.2% | ||||||
| Republic of El Salvador: |
||||||
| 1,135,000 | 7.750% due 1/24/23 (b) |
1,308,087 | ||||
| 218,000 | 8.250% due 4/10/32 (b) |
264,870 | ||||
| Total El Salvador | 1,572,957 | |||||
| Indonesia - 0.1% | ||||||
| 525,000 | Republic of Indonesia, 8.500% due 10/12/35 (b) |
643,755 | ||||
| Mexico - 2.2% | ||||||
| United Mexican States: |
||||||
| 300,000 | 11.375% due 9/15/16 |
429,750 | ||||
| Medium-Term Notes: |
||||||
| 4,400,000 | 5.625% due 1/15/17 |
4,419,800 | ||||
| 5,823,000 | 6.750% due 9/27/34 |
6,360,172 | ||||
| 5,098,000 | Series A, 6.375% due 1/16/13 |
5,363,096 | ||||
| Total Mexico | 16,572,818 | |||||
| Panama - 0.2% | ||||||
| 1,275,000 | Republic of Panama, 9.375% due 4/1/29 |
1,706,906 | ||||
| Peru - 0.7% | ||||||
| Republic of Peru: |
||||||
| 378,000 | 8.750% due 11/21/33 |
493,195 | ||||
| 3,960,000 | FLIRB, 5.000% due 3/7/17 (c) |
3,950,100 | ||||
| 50,000 | Global Bonds, 7.350% due 7/21/25 |
56,313 | ||||
| PDI: |
||||||
| 782,800 | 5.000% due 3/7/17 (c) |
780,843 | ||||
| 133,760 | 5.000% due 3/7/17 (b)(c) |
133,359 | ||||
| Total Peru | 5,413,810 | |||||
| Philippines - 0.1% | ||||||
| 317,000 | Republic of the Philippines, 7.750% due 1/14/31 |
357,608 | ||||
| Russia - 1.5% | ||||||
| Russian Federation: |
||||||
| 1,088,897 | 8.250% due 3/31/10 (b) |
1,135,176 | ||||
See Notes to Schedule of Investments.
12
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | |||
| Russia - 1.5% (continued) | |||||
| 4,236,000 | 12.750% due 6/24/28 (b) |
$ | 7,698,930 | ||
| 2,119,000 | 5.000% due 3/31/30 (b) |
2,402,416 | |||
| Total Russia | 11,236,522 | ||||
| Uruguay - 0.3% | |||||
| 2,229,935 | Oriental Republic of Uruguay, Bonds, 7.625% due 3/21/36 | 2,430,072 | |||
| Venezuela - 1.9% | |||||
| Bolivarian Republic of Venezuela: | |||||
| 3,245,000 | 5.375% due 8/7/10 (b) |
3,166,309 | |||
| 9,803,000 | 5.750% due 2/26/16 |
9,160,903 | |||
| 475,000 | 7.650% due 4/21/25 |
505,638 | |||
| Collective Action Securities: |
|||||
| 34,000 | 9.375% due 1/13/34 |
44,200 | |||
| 875,000 | Notes, 10.750% due 9/19/13 |
1,064,656 | |||
| Total Venezuela | 13,941,706 | ||||
| TOTAL SOVEREIGN BONDS (Cost - $83,848,082) |
90,843,376 | ||||
| U.S. TREASURY INFLATION PROTECTED SECURITIES - 1.0% | |||||
| U.S. Treasury Bonds, Inflation Indexed: | |||||
| 711,683 | 2.000% due 1/15/16 |
701,453 | |||
| 2,958,568 | 2.000% due 1/15/26 |
2,852,823 | |||
| 919,292 | 2.375% due 1/15/27 |
940,766 | |||
| 2,640,266 | U.S. Treasury Notes, Inflation Indexed, 2.375% due 1/15/17 | 2,686,265 | |||
| TOTAL U.S. TREASURY INFLATION PROTECTED SECURITIES (Cost - $6,986,915) |
7,181,307 | ||||
| SHARES | |||||
| COMMON STOCK - 0.0% | |||||
| CONSUMER DISCRETIONARY - 0.0% | |||||
| Household Durables - 0.0% | |||||
| 2,085,181 | Home Interiors & Gifts Inc. (f)(i)* (Cost - $853,389) |
20,852 | |||
| PREFERRED STOCKS - 0.1% | |||||
| CONSUMER DISCRETIONARY - 0.1% | |||||
| Automobiles - 0.1% | |||||
| 32,400 | Ford Motor Co., 8.000% | 594,875 | |||
| FINANCIALS - 0.0% | |||||
| Diversified Financial Services - 0.0% | |||||
| 2,600 | Preferred Plus, Series FRD-1, 7.400% | 47,840 | |||
| 9,700 | Saturns, Series F 2003-5, 8.125% | 191,963 | |||
| TOTAL FINANCIALS | 239,803 | ||||
| TOTAL PREFERRED STOCKS (Cost - $738,392) |
834,678 | ||||
| CONVERTIBLE PREFERRED STOCKS - 0.1% | |||||
| ENERGY - 0.1% | |||||
| Oil, Gas & Consumable Fuels - 0.1% | |||||
| 1,283 | Chesapeake Energy Corp., 6.250% due 6/15/09 (Cost - $322,378) |
333,580 | |||
| WARRANTS | |||||
| Warrants - 0.0% | |||||
| 2,675 | Bolivarian Republic of Venezuela, oil-linked payment obligation, Expires 4/15/00 (Cost - $82,925) |
96,969 | |||
See Notes to Schedule of Investments.
13
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | February 28, 2007 |
| FACE AMOUNT† |
SECURITY (a) |
VALUE | ||||
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $556,863,442) |
$ | 571,900,835 | ||||
| SHORT-TERM INVESTMENTS - 23.6% | ||||||
| Sovereign Bonds - 1.6% | ||||||
| Egypt Treasury Bills: |
||||||
| 61,075,000 | EGP | Zero coupon bond to yield 9.544% due 10/30/07 |
10,089,495 | |||
| 11,125,000 | EGP | Zero coupon bond to yield 9.491% due 11/6/07 |
1,835,302 | |||
| Total Sovereign Bonds (Cost - $11,853,761) |
11,924,797 | |||||
| U.S. Government Agency - 0.5% | ||||||
| 4,050,000 | Federal National Mortgage Association (FNMA), Discount Notes, 5.197% due 6/25/07 (j)(k) (Cost - $3,984,750) |
3,983,641 | ||||
| Repurchase Agreements - 21.5% | ||||||
| 88,000,000 | Morgan Stanley joint tri-party repurchase agreement dated 2/28/07, 5.300% due 3/1/07; Proceeds at maturity - $88,012,956; (Fully collateralized by various U.S. government agency obligations, 2.620% to 6.000% due 3/23/07 to 8/22/16; Market value - $89,760,155) |
88,000,000 | ||||
| 73,139,000 | Nomura Securities International Inc. repurchase agreement dated 2/28/07, 5.300% due 3/1/07; Proceeds at maturity - $73,149,768; (Fully collateralized by various U.S. government agency obligations, 5.500% due 3/15/11; Market value - $74,601,901) |
73,139,000 | ||||
| Total Repurchase Agreements (Cost - $161,139,000) |
161,139,000 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost - $176,977,511) |
177,047,438 | |||||
| TOTAL INVESTMENTS - 100.0% (Cost - $733,840,953#) |
$ | 748,948,273 | ||||
| * | Non-income producing security. |
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| (a) | All securities are segregated pursuant to a revolving credit facility, mortgage dollar rolls, futures contracts, and to-be-announced (“TBA”) securities. |
| (b) | 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. |
| (c) | Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2007. |
| (d) | Security is currently in default. |
| (e) | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
| (f) | Illiquid security. |
| (g) | This security is traded on a to-be-announced (“TBA”) basis. |
| (h) | All or a portion of this security was acquired under a mortgage dollar roll agreement. |
| (i) | Security is valued in good faith at fair value by or under the direction of the Board of Directors. |
| (j) | All or a portion of this security is held at the broker as collateral for open futures contracts. |
| (k) | Rate shown represents yield-to-maturity. |
| # | Aggregate cost for federal income tax purposes is substantially the same. |
| Abbreviations used in this schedule: | ||
| ARS | — Argentine Peso | |
| DEM | — German Mark | |
| EGP | — Egyptian Pound | |
| EUR | — Euro | |
| FLIRB | — Front-Loaded Interest Reduction Bonds | |
| IO | — Interest Only | |
| MXN | — Mexican Peso | |
| PDI | — Past Due Interest | |
| RUB | — Russian Ruble | |
| STRIP | — Separate Trading of Registered Interest and Principal | |
See Notes to Schedule of Investments.
14
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
Western Asset Global High Income Fund Inc. (the “Fund”) (formerly known as Salomon Brothers Global High Income Fund Inc.) 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 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. Debt securities are valued at the mean between the bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market, and are valued at the mean between the bid and asked prices as of the close of business of that market. Equity securities for which market quotations are available are valued at the last sale price or official closing price on the primary market or exchange on which they trade. When prices are not readily available, or are determined not to reflect fair value, 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 may value these investments at fair value as determined in accordance with the procedures approved by the Fund’s Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates market value.
(b) Repurchase Agreements. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian takes possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
(c) Loan Participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.
The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.
(d) Financial Futures Contracts. The Fund may enter into financial futures contracts typically to hedge a portion of the portfolio. Upon entering into a financial futures contract, the Fund is required to deposit cash or securities as initial margin. Additional securities are also segregated up to the current market value of the financial futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. When the financial futures contracts are closed, a realized gain or loss is recognized equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.
The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.
15
Notes to Schedule of Investments (unaudited) (continued)
(e) Mortgage Dollar Rolls. The Fund enters into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by a fee paid by the counterparty, often in the form of a drop in the repurchase price of the securities. Mortgage dollar rolls are accounted for as financing arrangements; the fee is accrued into interest income ratably over the term of the mortgage dollar roll and any gain or loss on the roll is deferred and realized upon disposition of the rolled security.
The risk of entering into a mortgage dollar roll is that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the mortgage dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.
(f) Securities Traded on a To-Be-Announced Basis. The Fund may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, the Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.
(g) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
(h) Credit and Market Risk. The Fund invests in high yield and emerging market instruments that are subject to certain credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investment in non-dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.
(i) Stripped Securities. The Fund invests in “Stripped Securities,” a term used collectively for stripped fixed income securities. Stripped securities can be principal only securities (“PO”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IO”), which are unmatured interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity.
The yield to maturity on IO’s is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IO’s.
(j) Security Transactions. Security transactions are accounted for on a trade date basis.
16
Notes to Schedule of Investments (unaudited) (continued)
2. Investments
At February 28, 2007, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
| Gross unrealized appreciation |
$ | 19,739,511 | ||
| Gross unrealized depreciation |
(4,632,191 | ) | ||
| Net unrealized appreciation |
$ | 15,107,320 | ||
At February 28, 2007, the Fund had the following open futures contracts:
| Number of Contracts |
Expiration Date |
Basis Value |
Market Value |
Unrealized Gain (Loss) |
||||||||||
| Contracts to Buy: | ||||||||||||||
| Euribor |
63 | 9/07 | $ | 180,666 | $ | 194,836 | $ | 14,170 | ||||||
| Eurodollar |
7 | 3/07 | 1,656,410 | 1,656,594 | 184 | |||||||||
| Eurodollar |
19 | 9/07 | 4,500,720 | 4,512,263 | 11,543 | |||||||||
| Eurodollar |
12 | 3/08 | 2,844,610 | 2,857,500 | 12,890 | |||||||||
| LIBOR |
44 | 9/07 | 10,153,428 | 10,173,059 | 19,631 | |||||||||
| Japanese Yen |
48 | 3/07 | 5,160,840 | 5,083,800 | (77,040 | ) | ||||||||
| (18,622 | ) | |||||||||||||
| Contracts to Sell: | ||||||||||||||
| U.S. Treasury 2 Year Note |
42 | 6/07 | $ | 8,578,946 | $ | 8,608,031 | (29,085 | ) | ||||||
| U.S. Treasury 5 Year Note |
225 | 6/07 | 23,707,578 | 23,839,453 | (131,875 | ) | ||||||||
| U.S. Treasury 10 Year Note |
11 | 3/07 | 1,182,679 | 1,194,187 | (11,508 | ) | ||||||||
| U.S. Treasury 10 Year Note |
434 | 6/07 | 46,688,783 | 47,129,687 | (440,904 | ) | ||||||||
| U.S. Treasury Bond |
32 | 3/07 | 3,592,340 | 3,616,000 | (23,660 | ) | ||||||||
| U.S. Treasury Bond |
19 | 6/07 | 2,113,022 | 2,145,813 | (32,791 | ) | ||||||||
| (669,823 | ) | |||||||||||||
| Net Unrealized Loss on Open Futures Contracts |
$ | (688,445 | ) | |||||||||||
At February 28, 2007, the Fund held TBA securities with a total cost of $208,745,688.
At February 28, 2007, the Fund had outstanding mortgage dollar rolls with a total cost of $206,082,313.
The average monthly balance of mortgage dollar rolls outstanding for the Fund during the period ended February 28, 2007 was approximately $162,204,381. Counterparties with mortgage dollar rolls outstanding in excess of 10% of total net assets at February 28, 2007 included Merrill Lynch, Pierce, Fenner & Smith Inc. ($72,536,417) and JP Morgan Chase ($67,506,438).
3. Loan
At February 28, 2007, the Fund had a $150,000,000 credit line available pursuant to a revolving credit and security agreement dated as of December 21, 2006 (“Agreement”), with CIESCO, LLC and Citibank, N.A. (“Citibank”). Citibank acts as administrative agent and secondary lender. Also as of February 28, 2007, the Fund had a $100,000,000 loan outstanding pursuant to the Agreement. The loan generally bears interest at a variable rate based on the weighted average interest rates of the underlying commercial paper or LIBOR, plus any applicable margin. In addition, the Fund pays a commitment fee on the total amount of the loan available, whether used or unused. Securities held by the Fund are subject to a lien, granted to the lenders, to the extent of the borrowing outstanding and any additional expenses.
17
| 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/ R. JAY GERKEN | |
| R. Jay Gerken | ||
| Chief Executive Officer | ||
Date: April 26, 2007
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/ R. JAY GERKEN | |
| R. Jay Gerken | ||
| Chief Executive Officer |
Date: April 26, 2007
| By | /s/ FRANCES M. GUGGINO | |
| Frances M. Guggino | ||
| Chief Financial Officer |
Date: April 26, 2007