Form N-CSRS WESTERN ASSET GLOBAL For: Nov 30
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21337
Western Asset Global High Income Fund Inc.
(Exact name of registrant as specified in charter)
One Madison Avenue, 17th Floor, New York, NY 10010
(Address of principal executive offices) (Zip code)
Marc A. De Oliveira
Franklin Templeton
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: November 30, 2025
| ITEM 1. | REPORT TO STOCKHOLDERS |
(a) The Report to Shareholders is filed herewith
Fund objectives
The Fund’s primary investment objective is high current income. The Fund’s secondary investment objective is total return.
Under normal market conditions, the Fund invests in a global portfolio of securities consisting of below investment grade fixed income securities, emerging market fixed income securities and investment grade fixed income securities.
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.
What’s inside
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III
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IV
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30
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31
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37
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II
Western Asset Global High Income Fund Inc.
Letter from the president
Dear Shareholder,
We are pleased to provide the semi-annual report of Western Asset Global High Income
Fund Inc. for the six-month reporting period ended November 30, 2025. Please read
on for Fund performance information during the Fund’s reporting period.
As always, we remain committed to providing you with excellent service and a full
spectrum of investment choices. We also remain committed to supplementing the support
you receive from your financial advisor. One way we accomplish this is through our
website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:
•
Fund prices and performance,
•
Market insights and commentaries from our portfolio managers, and
•
A host of educational resources.
We look forward to helping you meet your financial goals.
Sincerely,
Jane Trust, CFA
President and Chief Executive Officer
President and Chief Executive Officer
December 31, 2025
Western Asset Global High Income Fund Inc.
III
Performance review
For the six months ended November 30, 2025, Western Asset Global High Income Fund
Inc. returned 7.49% based on its net asset value (NAV)i and 6.79% based on its New York Stock Exchange (NYSE) market price per share. The Fund’s unmanaged benchmarks, the Bloomberg U.S. Aggregate Indexii, the Bloomberg U.S. Corporate High Yield — 2% Issuer Cap Indexiii, the J.P. Morgan Emerging Markets Bond Index Global (JPM EMBI Global)iv and the Composite Indexv, returned 4.89%, 5.19%, 9.44% and 6.50%, respectively, over the same time frame.
The Fund has a practice of seeking to maintain a relatively stable level of distributions
to shareholders. This practice has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. The Fund’s manager believes the practice helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV.
During this six-month period, the Fund made distributions to shareholders totaling
$0.42 per share. As of November 30, 2025, the Fund estimates that 65% of the distributions were
sourced from net investment income and 35% constituted a return of capital.* The performance table shows the Fund’s six-month total return based on its NAV and market price as of November 30, 2025. Past performance is no guarantee of future results.
|
Performance Snapshot as of November 30, 2025 (unaudited)
|
|
|
Price Per Share
|
6-Month
Total Return**
|
|
$6.75 (NAV)
|
7.49
%†
|
|
$6.42 (Market Price)
|
6.79
%‡
|
All figures represent past performance and are not a guarantee of future results.
Performance figures for periods shorter than one year represent cumulative figures and are not
annualized.
** Total returns are based on changes in NAV or market price, respectively. Returns
reflect the deduction of all Fund expenses, including management fees, operating expenses, and
other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that
investors may pay on distributions or the sale of shares.
† Total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV.
‡ Total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.
Looking for additional information?
The Fund is traded under the symbol “EHI” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available online under the symbol
*
These estimates are not for tax purposes. The Fund will issue a Form 1099 with final
composition of the distributions for tax purposes after year-end. A return of capital is not taxable
and results in a reduction in the tax basis of a shareholder’s investment. For more information about a distribution’s composition, please refer to the Fund’s distribution press release or, if applicable, the Section 19 notice located in the press release section of our website, www.franklintempleton.com.
IV
Western Asset Global High Income Fund Inc.
“XEHIX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition,
the Fund issues a quarterly press release that can be found on most major financial websites
as well as www.franklintempleton.com.
In a continuing effort to provide information concerning the Fund, shareholders may
call 1-888-777-0102 (toll free), Monday through Friday from 8:00 a.m. to 5:30 p.m. Eastern
Time, for the Fund’s current NAV, market price and other information.
Thank you for your investment in the Western Asset Global High Income Fund Inc. As
always, we appreciate that you have chosen us to manage your assets and we remain
focused on achieving the Fund’s investment goals.
Sincerely,
Jane Trust, CFA
President and Chief Executive Officer
President and Chief Executive Officer
December 31, 2025
RISKS: The Fund is a diversified, closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not
intended to be a complete investment program and, due to the uncertainty inherent in all investments,
there can be no assurance that the Fund will achieve its investment objective. The Fund’s common stock is traded on the New York Stock Exchange. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the
original investment. Shares of closed-end funds often trade at a discount to their net asset
value. Diversification does not assure against market loss. The Fund’s investments are subject to a number of risks, including credit risk, inflation risk, call risk and interest rate
risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire
principal amount that you invest. As interest rates rise, bond prices fall, reducing the value of the Fund’s holdings. The Fund may use derivatives, such as options, futures contracts, swap agreements
and credit default swaps, which can be illiquid, may disproportionately increase losses
and have a potentially large impact on Fund performance. Investing in foreign securities is
subject to certain risks not associated with domestic investing, such as currency fluctuations,
and changes in political, social and economic conditions. These risks are magnified in emerging
or developing markets. Emerging market countries tend to have economic, political and legal systems
that are less developed and are less stable than those of more developed countries. High yield
bonds, also known as “junk bonds”, involve greater credit risk (risk of default) and liquidity risk than investment grade bonds. Leverage may result in greater volatility of NAV and the market
price of common shares and increases a shareholder’s risk of loss. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in
general market conditions, overall economic trends or events, governmental actions or intervention,
Western Asset Global High Income Fund Inc.
V
Performance review (cont’d)
actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions
caused by trade disputes or other factors, political developments, armed conflicts, economic
sanctions and countermeasures in response to sanctions, major cybersecurity events, investor sentiment,
the global and domestic effects of a pandemic, and other factors that may or may not be
related to the issuer of the security or other asset. The Fund may also invest in money market
funds, including funds affiliated with the Fund’s manager and subadvisers.
All investments are subject to risk including the possible loss of principal. Past
performance is no guarantee of future results. All index performance reflects no deduction for fees,
expenses or taxes. Please note that an investor cannot invest directly in an index.
i
Net asset value (NAV) is calculated by subtracting total liabilities, including liabilities
associated with financial leverage (if any), from the closing value of all securities held by the Fund (plus
all other assets) and dividing the result (total net assets) by the total number of the common shares outstanding. The
NAV fluctuates with changes in the market prices of securities in which the Fund has invested. However, the price
at which an investor may buy or sell shares of the Fund is the Fund’s market price as determined by supply of and demand for the Fund’s shares.
ii
The Bloomberg U.S. Aggregate Index is comprised of investment-grade, U.S. dollar-denominated
government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
iii
The Bloomberg U.S. Corporate High Yield — 2% Issuer Cap Index measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bond market. The
Index limits the maximum exposure to any one issuer to 2%.
iv
The J.P. Morgan Emerging Markets Bond Index Global (JPM EMBI Global) tracks total
returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign
entities: Brady bonds, loans, Eurobonds and local market instruments.
v
The Composite Index reflects the blended rate of return of the following underlying
indices: 33 1/3% Bloomberg U.S. Aggregate Index, 33 1/3% Bloomberg U.S. Corporate High Yield—2% Issuer Cap Index and 33 1/3% JPM EMBI Global.
Important data provider notices and terms available at www.franklintempletondatasources.com.
VI
Western Asset Global High Income Fund Inc.
Fund at a glance† (unaudited)
Investment breakdown (%) as a percent of total investments
†
The bar graph above represents the composition of the Fund’s investments as of November 30, 2025, and May 31, 2025 and does not include derivatives, such as forward foreign currency contracts
and swap contracts. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
1
Schedule of investments (unaudited)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Corporate Bonds & Notes — 88.6%
|
|||||
|
Communication Services — 13.6%
|
|||||
|
Diversified Telecommunication Services — 3.2%
|
|||||
|
Altice Financing SA, Senior Secured Notes
|
5.000%
|
1/15/28
|
1,880,000
|
$1,258,425
(a)
|
|
|
Altice Financing SA, Senior Secured Notes
|
5.750%
|
8/15/29
|
960,000
|
641,765
(a)(b)
|
|
|
Altice France Lux 3/Altice Holdings 1,
Senior Notes
|
10.000%
|
1/15/33
|
324,000
|
309,078
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
9.500%
|
11/1/29
|
870,000
|
893,641
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.875%
|
10/15/30
|
161,721
|
159,527
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.875%
|
7/15/32
|
577,575
|
563,551
(a)
|
|
|
British Telecommunications PLC, Senior
Notes
|
9.625%
|
12/15/30
|
60,000
|
73,813
(b)
|
|
|
Fibercop SpA, Senior Secured Notes
|
7.200%
|
7/18/36
|
406,000
|
406,867
(a)(b)
|
|
|
Level 3 Financing Inc., Senior Secured
Notes
|
6.875%
|
6/30/33
|
330,000
|
336,386
(a)
|
|
|
Turk Telekomunikasyon AS, Senior Notes
|
7.375%
|
5/20/29
|
1,090,000
|
1,131,640
(a)
|
|
|
WULF Compute LLC, Senior Secured Notes
|
7.750%
|
10/15/30
|
890,000
|
920,901
(a)(b)
|
|
|
Total Diversified Telecommunication Services
|
6,695,594
|
||||
|
Entertainment — 1.0%
|
|||||
|
Banijay Entertainment SAS, Senior
Secured Notes
|
8.125%
|
5/1/29
|
670,000
|
698,100
(a)(b)
|
|
|
Warnermedia Holdings Inc., Senior Notes
|
5.050%
|
3/15/42
|
1,650,000
|
1,321,304
(b)
|
|
|
Total Entertainment
|
2,019,404
|
||||
|
Media — 7.2%
|
|||||
|
AMC Networks Inc., Senior Secured Notes
|
10.250%
|
1/15/29
|
540,000
|
566,975
(a)(b)
|
|
|
CCO Holdings LLC/CCO Holdings Capital
Corp., Senior Notes
|
4.500%
|
5/1/32
|
640,000
|
577,160
(b)
|
|
|
Charter Communications Operating LLC/
Charter Communications Operating Capital
Corp., Senior Secured Notes
|
3.700%
|
4/1/51
|
500,000
|
322,083
(b)
|
|
|
Charter Communications Operating LLC/
Charter Communications Operating Capital
Corp., Senior Secured Notes
|
3.850%
|
4/1/61
|
2,830,000
|
1,733,110
(b)
|
|
|
Clear Channel Outdoor Holdings Inc.,
Senior Secured Notes
|
7.125%
|
2/15/31
|
630,000
|
656,222
(a)
|
|
|
DirecTV Financing LLC/DirecTV Financing
Co-Obligor Inc., Senior Secured Notes
|
10.000%
|
2/15/31
|
590,000
|
586,551
(a)(b)
|
|
|
DISH Network Corp., Senior Secured
Notes
|
11.750%
|
11/15/27
|
980,000
|
1,024,144
(a)(b)
|
|
|
EchoStar Corp., Senior Secured Notes
|
10.750%
|
11/30/29
|
2,365,000
|
2,609,636
(b)
|
|
See Notes to Financial Statements.
2
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Media — continued
|
|||||
|
EchoStar Corp., Senior Secured Notes
(6.750% Cash or 6.750% PIK)
|
6.750%
|
11/30/30
|
1,401,269
|
$1,456,563
(b)(c)
|
|
|
Getty Images Inc., Senior Secured Notes
|
11.250%
|
2/21/30
|
90,000
|
86,479
(a)
|
|
|
Getty Images Inc., Senior Secured Notes
|
10.500%
|
11/15/30
|
470,000
|
480,574
(a)(b)
|
|
|
Gray Media Inc., Secured Notes
|
9.625%
|
7/15/32
|
940,000
|
975,071
(a)(b)
|
|
|
iHeartCommunications Inc., Senior
Secured Notes
|
9.125%
|
5/1/29
|
456,000
|
422,343
(a)(b)
|
|
|
Univision Communications Inc., Senior
Secured Notes
|
9.375%
|
8/1/32
|
490,000
|
520,587
(a)(b)
|
|
|
Versant Media Group Inc., Senior Secured
Notes
|
7.250%
|
1/30/31
|
550,000
|
565,450
(a)(b)
|
|
|
Virgin Media Finance PLC, Senior Notes
|
5.000%
|
7/15/30
|
960,000
|
850,587
(a)(b)
|
|
|
Virgin Media Vendor Financing Notes III
DAC, Senior Secured Notes
|
4.875%
|
7/15/28
|
500,000
GBP
|
644,658
(a)(b)
|
|
|
VZ Secured Financing BV, Senior Secured
Notes
|
5.250%
|
1/15/33
|
220,000
EUR
|
254,051
(a)
|
|
|
VZ Secured Financing BV, Senior Secured
Notes
|
7.500%
|
1/15/33
|
400,000
|
408,262
(a)
|
|
|
Total Media
|
14,740,506
|
||||
|
Wireless Telecommunication Services — 2.2%
|
|||||
|
CSC Holdings LLC, Senior Notes
|
11.750%
|
1/31/29
|
930,000
|
656,153
(a)(b)
|
|
|
CSC Holdings LLC, Senior Notes
|
4.500%
|
11/15/31
|
2,210,000
|
1,251,834
(a)(b)
|
|
|
Sprint Capital Corp., Senior Notes
|
6.875%
|
11/15/28
|
560,000
|
603,262
(b)
|
|
|
Sprint Capital Corp., Senior Notes
|
8.750%
|
3/15/32
|
1,160,000
|
1,412,277
(b)
|
|
|
Vmed O2 UK Financing I PLC, Senior
Secured Notes
|
4.500%
|
7/15/31
|
450,000
GBP
|
538,058
(a)
|
|
|
Total Wireless Telecommunication Services
|
4,461,584
|
||||
|
|
|||||
|
Total Communication Services
|
27,917,088
|
||||
|
Consumer Discretionary — 14.6%
|
|||||
|
Automobile Components — 2.9%
|
|||||
|
Adient Global Holdings Ltd., Senior Notes
|
7.500%
|
2/15/33
|
270,000
|
279,769
(a)
|
|
|
American Axle & Manufacturing Inc.,
Senior Notes
|
7.750%
|
10/15/33
|
1,220,000
|
1,233,039
(a)(b)
|
|
|
Clarios Global LP/Clarios US Finance Co.,
Senior Secured Notes
|
6.750%
|
2/15/30
|
730,000
|
759,383
(a)
|
|
|
Garrett Motion Holdings Inc./Garrett LX I
Sarl, Senior Notes
|
7.750%
|
5/31/32
|
360,000
|
380,783
(a)
|
|
|
JB Poindexter & Co. Inc., Senior Notes
|
8.750%
|
12/15/31
|
1,380,000
|
1,440,687
(a)(b)
|
|
|
ZF North America Capital Inc., Senior
Notes
|
7.500%
|
3/24/31
|
720,000
|
712,877
(a)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
3
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Automobile Components — continued
|
|||||
|
ZF North America Capital Inc., Senior
Notes
|
6.875%
|
4/23/32
|
1,090,000
|
$1,036,464
(a)(b)
|
|
|
Total Automobile Components
|
5,843,002
|
||||
|
Automobiles — 1.6%
|
|||||
|
Ford Motor Co., Senior Notes
|
3.250%
|
2/12/32
|
490,000
|
430,616
(b)
|
|
|
Ford Motor Credit Co. LLC, Senior Notes
|
7.350%
|
3/6/30
|
500,000
|
536,822
(b)
|
|
|
Nissan Motor Co. Ltd., Senior Notes
|
4.810%
|
9/17/30
|
770,000
|
722,828
(a)(b)
|
|
|
PM General Purchaser LLC, Senior Secured
Notes
|
9.500%
|
10/1/28
|
1,920,000
|
1,620,810
(a)(b)
|
|
|
Total Automobiles
|
3,311,076
|
||||
|
Broadline Retail — 0.8%
|
|||||
|
Marks & Spencer PLC, Senior Notes
|
7.125%
|
12/1/37
|
1,120,000
|
1,243,248
(a)(b)
|
|
|
Prosus NV, Senior Notes
|
4.193%
|
1/19/32
|
500,000
|
481,253
(d)
|
|
|
Total Broadline Retail
|
1,724,501
|
||||
|
Diversified Consumer Services — 0.4%
|
|||||
|
Service Corp. International, Senior Notes
|
7.500%
|
4/1/27
|
690,000
|
712,918
(b)
|
|
|
Hotels, Restaurants & Leisure — 6.8%
|
|||||
|
Carnival Corp., Senior Notes
|
6.125%
|
2/15/33
|
850,000
|
876,107
(a)(b)
|
|
|
Carnival PLC, Senior Notes
|
1.000%
|
10/28/29
|
2,760,000
EUR
|
2,971,242
(b)
|
|
|
Full House Resorts Inc., Senior Secured
Notes
|
8.250%
|
2/15/28
|
1,660,000
|
1,442,125
(a)
|
|
|
Las Vegas Sands Corp., Senior Notes
|
3.900%
|
8/8/29
|
610,000
|
595,603
(b)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
5.375%
|
12/4/29
|
530,000
|
514,094
(a)(b)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
6.500%
|
9/24/33
|
670,000
|
663,882
(a)
|
|
|
NCL Corp. Ltd., Senior Notes
|
6.250%
|
9/15/33
|
390,000
|
385,639
(a)
|
|
|
NCL Finance Ltd., Senior Notes
|
6.125%
|
3/15/28
|
1,410,000
|
1,440,923
(a)(b)
|
|
|
Rivers Enterprise Lender LLC/Rivers
Enterprise Lender Corp., Senior Secured
Notes
|
6.250%
|
10/15/30
|
1,120,000
|
1,137,740
(a)(b)
|
|
|
Sands China Ltd., Senior Notes
|
2.850%
|
3/8/29
|
680,000
|
642,032
(b)
|
|
|
Viking Ocean Cruises Ship VII Ltd., Senior
Secured Notes
|
5.625%
|
2/15/29
|
764,000
|
765,889
(a)(b)
|
|
|
VOC Escrow Ltd., Senior Secured Notes
|
5.000%
|
2/15/28
|
160,000
|
160,072
(a)
|
|
|
Wynn Macau Ltd., Senior Notes
|
5.625%
|
8/26/28
|
850,000
|
845,393
(a)(b)
|
|
|
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp., Senior Notes
|
5.125%
|
10/1/29
|
1,030,000
|
1,035,854
(a)(b)
|
|
|
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp., Senior Notes
|
7.125%
|
2/15/31
|
360,000
|
389,183
(a)(b)
|
|
|
Total Hotels, Restaurants & Leisure
|
13,865,778
|
||||
See Notes to Financial Statements.
4
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Household Durables — 0.6%
|
|||||
|
Dream Finders Homes Inc., Senior Notes
|
6.875%
|
9/15/30
|
820,000
|
$827,093
(a)
|
|
|
Newell Brands Inc., Senior Notes
|
8.500%
|
6/1/28
|
400,000
|
417,390
(a)
|
|
|
Total Household Durables
|
1,244,483
|
||||
|
Specialty Retail — 1.5%
|
|||||
|
Global Auto Holdings Ltd./AAG FH UK Ltd.,
Senior Notes
|
11.500%
|
8/15/29
|
1,070,000
|
1,102,983
(a)(b)
|
|
|
Global Auto Holdings Ltd./AAG FH UK Ltd.,
Senior Notes
|
8.750%
|
1/15/32
|
200,000
|
189,230
(a)
|
|
|
Michaels Cos. Inc., Senior Notes
|
7.875%
|
5/1/29
|
170,000
|
155,168
(a)
|
|
|
Michaels Cos. Inc., Senior Secured Notes
|
5.250%
|
5/1/28
|
420,000
|
397,853
(a)(b)
|
|
|
Sally Holdings LLC/Sally Capital Inc.,
Senior Notes
|
6.750%
|
3/1/32
|
560,000
|
586,443
(b)
|
|
|
Upbound Group Inc., Senior Notes
|
6.375%
|
2/15/29
|
720,000
|
703,897
(a)(b)
|
|
|
Total Specialty Retail
|
3,135,574
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
29,837,332
|
||||
|
Consumer Staples — 1.0%
|
|||||
|
Beverages — 0.6%
|
|||||
|
Central American Bottling Corp./CBC
Bottling Holdco SL/Beliv Holdco SL, Senior
Notes
|
5.250%
|
4/27/29
|
1,250,000
|
1,227,293
(a)
|
|
|
Food Products — 0.4%
|
|||||
|
Grupo Nutresa SA, Senior Notes
|
8.000%
|
5/12/30
|
710,000
|
759,057
(a)
|
|
|
|
|||||
|
Total Consumer Staples
|
1,986,350
|
||||
|
Energy — 19.7%
|
|||||
|
Energy Equipment & Services — 1.9%
|
|||||
|
Nabors Industries Inc., Senior Notes
|
8.875%
|
8/15/31
|
960,000
|
938,098
(a)(b)
|
|
|
Noble Finance II LLC, Senior Notes
|
8.000%
|
4/15/30
|
500,000
|
519,820
(a)(b)
|
|
|
Shelf Drilling Holdings Ltd., Senior
Secured Notes
|
9.625%
|
4/15/29
|
1,220,000
|
1,278,547
(a)
|
|
|
WBI Operating LLC, Senior Notes
|
6.500%
|
10/15/33
|
580,000
|
580,162
(a)
|
|
|
Yinson Boronia Production BV, Senior
Secured Notes
|
8.947%
|
7/31/42
|
490,545
|
533,860
(a)
|
|
|
Total Energy Equipment & Services
|
3,850,487
|
||||
|
Oil, Gas & Consumable Fuels — 17.8%
|
|||||
|
Chord Energy Corp., Senior Notes
|
6.000%
|
10/1/30
|
560,000
|
565,017
(a)(b)
|
|
|
Chord Energy Corp., Senior Notes
|
6.750%
|
3/15/33
|
860,000
|
888,433
(a)
|
|
|
Continental Resources Inc., Senior Notes
|
4.375%
|
1/15/28
|
790,000
|
787,462
(b)
|
|
|
Continental Resources Inc., Senior Notes
|
4.900%
|
6/1/44
|
300,000
|
241,582
(b)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
9.250%
|
2/15/28
|
288,000
|
298,929
(a)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
5
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oil, Gas & Consumable Fuels — continued
|
|||||
|
Crescent Energy Finance LLC, Senior Notes
|
7.375%
|
1/15/33
|
360,000
|
$341,419
(a)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
8.375%
|
1/15/34
|
1,310,000
|
1,292,891
(a)(b)
|
|
|
Diamondback Energy Inc., Senior Notes
|
3.500%
|
12/1/29
|
730,000
|
708,368
(b)
|
|
|
Ecopetrol SA, Senior Notes
|
5.875%
|
5/28/45
|
2,050,000
|
1,550,748
(b)(e)
|
|
|
Energy Transfer LP, Junior Subordinated
Notes (6.625% to 2/15/28 then 3 mo. USD
LIBOR + 4.155%)
|
6.625%
|
2/15/28
|
680,000
|
682,000
(b)(f)(g)
|
|
|
Granite Ridge Resources Inc., Senior
Notes
|
8.875%
|
10/31/29
|
1,730,000
|
1,660,800
(a)(h)(i)
|
|
|
Howard Midstream Energy Partners LLC,
Senior Notes
|
6.625%
|
1/15/34
|
670,000
|
687,309
(a)(b)
|
|
|
KazMunayGas National Co. JSC, Senior
Notes
|
3.500%
|
4/14/33
|
500,000
|
452,326
(a)(b)
|
|
|
Kinder Morgan Inc., Senior Notes
|
7.750%
|
1/15/32
|
1,390,000
|
1,620,646
(b)
|
|
|
New Generation Gas Gathering LLC,
Senior Secured Notes (3 mo. Term SOFR +
5.750%)
|
9.639%
|
9/30/29
|
378,378
|
393,514
(a)(g)(h)(i)
|
|
|
NGPL PipeCo LLC, Senior Notes
|
7.768%
|
12/15/37
|
1,430,000
|
1,679,091
(a)(b)
|
|
|
Northern Oil & Gas Inc., Senior Notes
|
7.875%
|
10/15/33
|
910,000
|
886,363
(a)(b)
|
|
|
Occidental Petroleum Corp., Senior Notes
|
6.200%
|
3/15/40
|
310,000
|
317,259
(b)
|
|
|
Permian Resources Operating LLC, Senior
Notes
|
6.250%
|
2/1/33
|
400,000
|
410,255
(a)
|
|
|
Petrobras Global Finance BV, Senior Notes
|
6.750%
|
1/27/41
|
2,910,000
|
2,955,559
(b)
|
|
|
Petroleos del Peru SA, Senior Notes
|
4.750%
|
6/19/32
|
650,000
|
545,717
(a)
|
|
|
Petroleos del Peru SA, Senior Notes
|
5.625%
|
6/19/47
|
1,500,000
|
1,068,293
(a)
|
|
|
Petroleos Mexicanos, Senior Notes
|
6.500%
|
6/2/41
|
250,000
|
216,923
|
|
|
Petroleos Mexicanos, Senior Notes
|
6.375%
|
1/23/45
|
3,022,000
|
2,416,111
(b)
|
|
|
Range Resources Corp., Senior Notes
|
8.250%
|
1/15/29
|
430,000
|
438,906
(b)
|
|
|
Rockies Express Pipeline LLC, Senior
Notes
|
6.750%
|
3/15/33
|
250,000
|
262,609
(a)
|
|
|
Rockies Express Pipeline LLC, Senior
Notes
|
6.875%
|
4/15/40
|
330,000
|
344,796
(a)(b)
|
|
|
Summit Midstream Holdings LLC, Senior
Secured Notes
|
8.625%
|
10/31/29
|
320,000
|
330,458
(a)
|
|
|
Sunoco LP, Junior Subordinated Notes
(7.875% to 9/18/30 then 5 year Treasury
Constant Maturity Rate + 4.230%)
|
7.875%
|
9/18/30
|
1,485,000
|
1,512,086
(a)(f)(g)
|
|
|
Sunoco LP, Senior Notes
|
5.625%
|
3/15/31
|
620,000
|
623,915
(a)(b)
|
|
|
Transcontinental Gas Pipe Line Co. LLC,
Senior Notes
|
7.850%
|
2/1/26
|
1,500,000
|
1,500,557
|
|
See Notes to Financial Statements.
6
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oil, Gas & Consumable Fuels — continued
|
|||||
|
Venture Global LNG Inc., Junior
Subordinated Notes (9.000% to 9/30/29
then 5 year Treasury Constant Maturity
Rate + 5.440%)
|
9.000%
|
9/30/29
|
4,980,000
|
$4,242,833
(a)(b)(f)(g)
|
|
|
Venture Global Plaquemines LNG LLC,
Senior Secured Notes
|
7.750%
|
5/1/35
|
500,000
|
557,392
(a)(b)
|
|
|
Venture Global Plaquemines LNG LLC,
Senior Secured Notes
|
6.750%
|
1/15/36
|
390,000
|
409,033
(a)
|
|
|
Vermilion Energy Inc., Senior Notes
|
6.875%
|
5/1/30
|
570,000
|
558,652
(a)(b)
|
|
|
Western Midstream Operating LP, Senior
Notes
|
5.300%
|
3/1/48
|
500,000
|
434,918
(b)
|
|
|
Williams Cos. Inc., Senior Notes
|
7.500%
|
1/15/31
|
340,000
|
385,245
(b)
|
|
|
Williams Cos. Inc., Senior Notes
|
8.750%
|
3/15/32
|
486,000
|
593,592
(b)
|
|
|
Williams Cos. Inc., Senior Notes
|
5.750%
|
6/24/44
|
1,510,000
|
1,528,896
(e)
|
|
|
Total Oil, Gas & Consumable Fuels
|
36,390,903
|
||||
|
|
|||||
|
Total Energy
|
40,241,390
|
||||
|
Financials — 10.5%
|
|||||
|
Banks — 4.9%
|
|||||
|
Banco Nacional de Comercio Exterior SNC,
Subordinated Notes (2.720% to 8/11/26
then 5 year Treasury Constant Maturity
Rate + 2.000%)
|
2.720%
|
8/11/31
|
1,000,000
|
976,777
(d)(g)
|
|
|
Barclays PLC, Junior Subordinated Notes
(6.125% to 6/15/26 then 5 year Treasury
Constant Maturity Rate + 5.867%)
|
6.125%
|
12/15/25
|
1,000,000
|
1,001,504
(f)(g)
|
|
|
BNP Paribas SA, Junior Subordinated
Notes (7.750% to 8/16/29 then 5 year
Treasury Constant Maturity Rate +
4.899%)
|
7.750%
|
8/16/29
|
1,400,000
|
1,480,677
(a)(b)(f)(g)
|
|
|
Citigroup Inc., Junior Subordinated Notes
(6.875% to 8/15/30 then 5 year Treasury
Constant Maturity Rate + 2.890%)
|
6.875%
|
8/15/30
|
260,000
|
266,348
(f)(g)
|
|
|
HSBC Holdings PLC, Subordinated Notes
(8.113% to 11/3/32 then SOFR + 4.250%)
|
8.113%
|
11/3/33
|
950,000
|
1,117,422
(b)(g)
|
|
|
Intesa Sanpaolo SpA, Subordinated Notes
|
5.710%
|
1/15/26
|
2,250,000
|
2,252,729
(a)(b)
|
|
|
JPMorgan Chase & Co., Junior
Subordinated Notes (6.500% to 4/1/30
then 5 year Treasury Constant Maturity
Rate + 2.152%)
|
6.500%
|
4/1/30
|
420,000
|
434,211
(b)(f)(g)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
7
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Banks — continued
|
|||||
|
Lloyds Banking Group PLC, Junior
Subordinated Notes (8.000% to 3/27/30
then 5 year Treasury Constant Maturity
Rate + 3.913%)
|
8.000%
|
9/27/29
|
2,360,000
|
$2,551,125
(e)(f)(g)
|
|
|
Total Banks
|
10,080,793
|
||||
|
Capital Markets — 1.0%
|
|||||
|
Credit Suisse AG AT1 Claim
|
—
|
—
|
4,900,000
|
0
*(h)(i)(j)
|
|
|
StoneX Escrow Issuer LLC, Secured Notes
|
6.875%
|
7/15/32
|
340,000
|
352,219
(a)
|
|
|
StoneX Group Inc., Secured Notes
|
7.875%
|
3/1/31
|
330,000
|
349,801
(a)
|
|
|
UBS Group AG, Junior Subordinated Notes
(7.000% to 8/10/30 then USD 5 year SOFR
ICE Swap Rate + 3.077%)
|
7.000%
|
2/10/30
|
600,000
|
613,860
(a)(f)(g)
|
|
|
UBS Group AG, Junior Subordinated Notes
(7.125% to 2/10/35 then USD 5 year SOFR
ICE Swap Rate + 3.179%)
|
7.125%
|
8/10/34
|
260,000
|
266,713
(a)(f)(g)
|
|
|
UBS Group AG, Junior Subordinated Notes
(9.250% to 11/13/28 then 5 year Treasury
Constant Maturity Rate + 4.745%)
|
9.250%
|
11/13/28
|
500,000
|
550,391
(a)(f)(g)
|
|
|
Total Capital Markets
|
2,132,984
|
||||
|
Financial Services — 3.5%
|
|||||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust, Senior Notes
|
3.400%
|
10/29/33
|
4,000,000
|
3,632,599
(e)
|
|
|
Boost Newco Borrower LLC/GTCR W
Dutch Finance Sub BV, Senior Secured
Notes
|
8.500%
|
1/15/31
|
100,000
GBP
|
141,871
(a)
|
|
|
Capstone Borrower Inc., Senior Secured
Notes
|
8.000%
|
6/15/30
|
310,000
|
316,378
(a)
|
|
|
Jane Street Group/JSG Finance Inc.,
Senior Secured Notes
|
7.125%
|
4/30/31
|
710,000
|
748,505
(a)(b)
|
|
|
Rocket Cos. Inc., Senior Notes
|
6.125%
|
8/1/30
|
680,000
|
706,413
(a)
|
|
|
SGUS LLC, Senior Secured Notes
|
11.000%
|
12/15/29
|
459,255
|
374,456
(a)
|
|
|
VFH Parent LLC/Valor Co-Issuer Inc.,
Senior Secured Notes
|
7.500%
|
6/15/31
|
390,000
|
410,260
(a)(b)
|
|
|
VistaJet Malta Finance PLC/Vista
Management Holding Inc., Senior Notes
|
6.375%
|
2/1/30
|
930,000
|
896,290
(a)(b)
|
|
|
Total Financial Services
|
7,226,772
|
||||
|
Insurance — 0.4%
|
|||||
|
Acrisure LLC/Acrisure Finance Inc., Senior
Secured Notes
|
6.750%
|
7/1/32
|
280,000
|
287,029
(a)
|
|
See Notes to Financial Statements.
8
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Insurance — continued
|
|||||
|
APH Somerset Investor 2 LLC/APH2
Somerset Investor 2 LLC/APH3 Somerset
Investor 2 LLC, Senior Notes
|
7.875%
|
11/1/29
|
410,000
|
$413,834
(a)
|
|
|
Total Insurance
|
700,863
|
||||
|
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
|
|||||
|
Arbor Realty SR Inc., Senior Notes
|
7.875%
|
7/15/30
|
690,000
|
693,273
(a)(b)
|
|
|
Starwood Property Trust Inc., Senior Notes
|
7.250%
|
4/1/29
|
670,000
|
710,897
(a)(b)
|
|
|
Total Mortgage Real Estate Investment Trusts (REITs)
|
1,404,170
|
||||
|
|
|||||
|
Total Financials
|
21,545,582
|
||||
|
Health Care — 5.6%
|
|||||
|
Health Care Providers & Services — 2.8%
|
|||||
|
CHS/Community Health Systems Inc.,
Secured Notes
|
6.875%
|
4/15/29
|
1,300,000
|
1,174,451
(a)(b)
|
|
|
CHS/Community Health Systems Inc.,
Senior Secured Notes
|
4.750%
|
2/15/31
|
250,000
|
223,872
(a)(b)
|
|
|
CHS/Community Health Systems Inc.,
Senior Secured Notes
|
10.875%
|
1/15/32
|
2,310,000
|
2,497,976
(a)(b)
|
|
|
CHS/Community Health Systems Inc.,
Senior Secured Notes
|
9.750%
|
1/15/34
|
1,100,000
|
1,171,202
(a)(b)
|
|
|
Sotera Health Holdings LLC, Senior
Secured Notes
|
7.375%
|
6/1/31
|
630,000
|
664,282
(a)(b)
|
|
|
Total Health Care Providers & Services
|
5,731,783
|
||||
|
Pharmaceuticals — 2.8%
|
|||||
|
1261229 BC Ltd., Senior Secured Notes
|
10.000%
|
4/15/32
|
1,540,000
|
1,593,423
(a)(b)
|
|
|
Bausch Health Americas Inc., Senior Notes
|
8.500%
|
1/31/27
|
460,000
|
459,661
(a)(b)
|
|
|
Bausch Health Cos. Inc., Senior Notes
|
6.250%
|
2/15/29
|
160,000
|
131,317
(a)
|
|
|
Bausch Health Cos. Inc., Senior Secured
Notes
|
4.875%
|
6/1/28
|
840,000
|
763,111
(a)(b)
|
|
|
Par Pharmaceutical Inc., Escrow
|
—
|
—
|
310,000
|
0
*(h)(i)(j)
|
|
|
Teva Pharmaceutical Finance Netherlands
III BV, Senior Notes
|
3.150%
|
10/1/26
|
700,000
|
691,292
(b)
|
|
|
Teva Pharmaceutical Finance Netherlands
III BV, Senior Notes
|
6.000%
|
12/1/32
|
2,060,000
|
2,164,316
|
|
|
Total Pharmaceuticals
|
5,803,120
|
||||
|
|
|||||
|
Total Health Care
|
11,534,903
|
||||
|
Industrials — 9.4%
|
|||||
|
Aerospace & Defense — 1.2%
|
|||||
|
Axon Enterprise Inc., Senior Notes
|
6.125%
|
3/15/30
|
120,000
|
123,992
(a)
|
|
|
Axon Enterprise Inc., Senior Notes
|
6.250%
|
3/15/33
|
150,000
|
156,110
(a)
|
|
|
Bombardier Inc., Senior Notes
|
7.500%
|
2/1/29
|
620,000
|
647,542
(a)(b)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
9
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Aerospace & Defense — continued
|
|||||
|
Bombardier Inc., Senior Notes
|
7.250%
|
7/1/31
|
1,100,000
|
$1,173,065
(a)(b)
|
|
|
Bombardier Inc., Senior Notes
|
7.000%
|
6/1/32
|
310,000
|
327,013
(a)
|
|
|
Total Aerospace & Defense
|
2,427,722
|
||||
|
Building Products — 0.8%
|
|||||
|
Masterbrand Inc., Senior Notes
|
7.000%
|
7/15/32
|
210,000
|
216,908
(a)
|
|
|
Quikrete Holdings Inc., Senior Secured
Notes
|
6.375%
|
3/1/32
|
1,310,000
|
1,361,378
(a)(b)
|
|
|
Total Building Products
|
1,578,286
|
||||
|
Commercial Services & Supplies — 3.0%
|
|||||
|
CoreCivic Inc., Senior Notes
|
8.250%
|
4/15/29
|
1,380,000
|
1,458,885
(b)
|
|
|
GEO Group Inc., Senior Notes
|
10.250%
|
4/15/31
|
1,350,000
|
1,482,378
(b)
|
|
|
GEO Group Inc., Senior Secured Notes
|
8.625%
|
4/15/29
|
440,000
|
465,196
|
|
|
Neptune Bidco US Inc., Senior Secured
Notes
|
10.375%
|
5/15/31
|
580,000
|
586,764
(a)
|
|
|
RB Global Holdings Inc., Senior Notes
|
7.750%
|
3/15/31
|
690,000
|
724,047
(a)(b)
|
|
|
RR Donnelley & Sons Co., Senior Secured
Notes
|
9.500%
|
8/1/29
|
1,420,000
|
1,460,953
(a)(b)
|
|
|
Total Commercial Services & Supplies
|
6,178,223
|
||||
|
Construction & Engineering — 1.1%
|
|||||
|
Arcosa Inc., Senior Notes
|
6.875%
|
8/15/32
|
260,000
|
273,408
(a)
|
|
|
ATP Tower Holdings/Andean Telecom
Partners Chile SpA/Andean Tower Partners
Colombia SAS, Senior Secured Notes
|
7.875%
|
2/3/30
|
750,000
|
772,941
(a)
|
|
|
Tutor Perini Corp., Senior Notes
|
11.875%
|
4/30/29
|
1,040,000
|
1,157,196
(a)(b)
|
|
|
Total Construction & Engineering
|
2,203,545
|
||||
|
Ground Transportation — 0.4%
|
|||||
|
Carriage Purchaser Inc., Senior Notes
|
7.875%
|
10/15/29
|
980,000
|
912,001
(a)(b)
|
|
|
Industrial Conglomerates — 0.2%
|
|||||
|
Alfa SAB de CV, Senior Notes
|
6.875%
|
3/25/44
|
400,000
|
449,274
(a)
|
|
|
Machinery — 0.4%
|
|||||
|
Park-Ohio Industries Inc., Senior Secured
Notes
|
8.500%
|
8/1/30
|
710,000
|
724,523
(a)(b)
|
|
|
Passenger Airlines — 1.9%
|
|||||
|
American Airlines Inc., Senior Secured
Notes
|
7.250%
|
2/15/28
|
2,220,000
|
2,274,359
(a)(b)
|
|
|
American Airlines Inc., Senior Secured
Notes
|
8.500%
|
5/15/29
|
520,000
|
543,540
(a)(b)
|
|
|
Delta Air Lines Inc., Senior Notes
|
7.375%
|
1/15/26
|
690,000
|
690,687
|
|
See Notes to Financial Statements.
10
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Passenger Airlines — continued
|
|||||
|
JetBlue Airways Corp./JetBlue Loyalty LP,
Senior Secured Notes
|
9.875%
|
9/20/31
|
470,000
|
$464,574
(a)(b)
|
|
|
Total Passenger Airlines
|
3,973,160
|
||||
|
Trading Companies & Distributors — 0.4%
|
|||||
|
Herc Holdings Inc., Senior Notes
|
7.000%
|
6/15/30
|
150,000
|
157,580
(a)
|
|
|
Herc Holdings Inc., Senior Notes
|
7.250%
|
6/15/33
|
530,000
|
561,497
(a)(b)
|
|
|
Total Trading Companies & Distributors
|
719,077
|
||||
|
|
|||||
|
Total Industrials
|
19,165,811
|
||||
|
Information Technology — 4.8%
|
|||||
|
Communications Equipment — 1.7%
|
|||||
|
CommScope LLC, Senior Secured Notes
|
4.750%
|
9/1/29
|
290,000
|
290,223
(a)
|
|
|
CommScope LLC, Senior Secured Notes
|
9.500%
|
12/15/31
|
300,000
|
304,593
(a)
|
|
|
Connect Finco SARL/Connect US
Finco LLC, Senior Secured Notes
|
9.000%
|
9/15/29
|
2,040,000
|
2,169,032
(a)(b)
|
|
|
Viasat Inc., Senior Notes
|
7.500%
|
5/30/31
|
840,000
|
797,424
(a)(b)
|
|
|
Total Communications Equipment
|
3,561,272
|
||||
|
Electronic Equipment, Instruments & Components — 0.8%
|
|||||
|
EquipmentShare.com Inc., Secured Notes
|
8.625%
|
5/15/32
|
680,000
|
700,204
(a)(b)
|
|
|
EquipmentShare.com Inc., Senior Secured
Notes
|
8.000%
|
3/15/33
|
960,000
|
979,417
(a)(b)
|
|
|
Total Electronic Equipment, Instruments & Components
|
1,679,621
|
||||
|
IT Services — 0.9%
|
|||||
|
APLD ComputeCo LLC, Senior Secured
Notes
|
9.250%
|
12/15/30
|
530,000
|
512,112
(a)
|
|
|
CoreWeave Inc., Senior Notes
|
9.250%
|
6/1/30
|
1,120,000
|
1,034,388
(a)
|
|
|
Shift4 Payments LLC/Shift4 Payments
Finance Sub Inc., Senior Notes
|
5.500%
|
5/15/33
|
250,000
EUR
|
300,758
(a)
|
|
|
Total IT Services
|
1,847,258
|
||||
|
Semiconductors & Semiconductor Equipment — 0.4%
|
|||||
|
Qnity Electronics Inc., Senior Notes
|
6.250%
|
8/15/33
|
700,000
|
726,307
(a)(b)
|
|
|
Software — 0.8%
|
|||||
|
Cloud Software Group Inc., Senior Secured
Notes
|
8.250%
|
6/30/32
|
590,000
|
622,573
(a)(b)
|
|
|
Cloud Software Group Inc., Senior Secured
Notes
|
6.625%
|
8/15/33
|
510,000
|
509,586
(a)(b)
|
|
|
Gen Digital Inc., Senior Notes
|
6.250%
|
4/1/33
|
430,000
|
443,558
(a)
|
|
|
Total Software
|
1,575,717
|
||||
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
11
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Technology Hardware, Storage & Peripherals — 0.2%
|
|||||
|
Diebold Nixdorf Inc., Senior Secured Notes
|
7.750%
|
3/31/30
|
320,000
|
$340,550
(a)
|
|
|
|
|||||
|
Total Information Technology
|
9,730,725
|
||||
|
Materials — 4.9%
|
|||||
|
Chemicals — 0.5%
|
|||||
|
Cerdia Finanz GmbH, Senior Secured
Notes
|
9.375%
|
10/3/31
|
210,000
|
217,818
(a)
|
|
|
Orbia Advance Corp. SAB de CV, Senior
Notes
|
5.875%
|
9/17/44
|
1,000,000
|
768,745
(a)(b)
|
|
|
Total Chemicals
|
986,563
|
||||
|
Metals & Mining — 4.4%
|
|||||
|
ArcelorMittal SA, Senior Notes
|
7.000%
|
10/15/39
|
1,140,000
|
1,297,666
(e)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.625%
|
6/1/31
|
2,260,000
|
2,374,311
(a)(b)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.000%
|
3/1/33
|
2,500,000
|
2,636,320
(a)(b)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
7.250%
|
2/15/34
|
590,000
|
608,981
(a)
|
|
|
Southern Copper Corp., Senior Notes
|
5.250%
|
11/8/42
|
1,620,000
|
1,560,145
(e)
|
|
|
Teck Resources Ltd., Senior Notes
|
6.000%
|
8/15/40
|
460,000
|
479,646
(b)
|
|
|
Total Metals & Mining
|
8,957,069
|
||||
|
|
|||||
|
Total Materials
|
9,943,632
|
||||
|
Real Estate — 2.3%
|
|||||
|
Diversified REITs — 0.5%
|
|||||
|
MPT Operating Partnership LP/MPT
Finance Corp., Senior Notes
|
5.000%
|
10/15/27
|
650,000
|
628,715
|
|
|
MPT Operating Partnership LP/MPT
Finance Corp., Senior Notes
|
3.692%
|
6/5/28
|
110,000
GBP
|
123,390
|
|
|
MPT Operating Partnership LP/MPT
Finance Corp., Senior Secured Notes
|
8.500%
|
2/15/32
|
360,000
|
380,784
(a)
|
|
|
Total Diversified REITs
|
1,132,889
|
||||
|
Health Care REITs — 0.4%
|
|||||
|
Diversified Healthcare Trust, Senior Notes
|
4.375%
|
3/1/31
|
140,000
|
123,336
|
|
|
Diversified Healthcare Trust, Senior
Secured Notes
|
7.250%
|
10/15/30
|
600,000
|
610,656
(a)
|
|
|
Total Health Care REITs
|
733,992
|
||||
|
Real Estate Management & Development — 0.4%
|
|||||
|
Add Hero Holdings Ltd., Senior Secured
Notes (7.500% Cash or 8.500% PIK)
|
8.500%
|
9/30/29
|
108,284
|
6,226
(c)(d)
|
|
|
Add Hero Holdings Ltd., Senior Secured
Notes (8.000% Cash or 9.000% PIK)
|
9.000%
|
9/30/30
|
88,191
|
1,764
(c)(d)
|
|
|
Add Hero Holdings Ltd., Senior Secured
Notes (8.800% Cash or 9.800% PIK)
|
9.800%
|
9/30/31
|
116,412
|
2,328
(c)(d)
|
|
See Notes to Financial Statements.
12
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Real Estate Management & Development — continued
|
|||||
|
China Aoyuan Group Ltd., Senior Notes,
Step bond (0.000% to 9/30/31 then
1.000%)
|
0.000%
|
3/30/2173
|
152,810
|
$1,146
(d)(f)
|
|
|
China Aoyuan Group Ltd., Senior Secured
Notes (5.500% PIK)
|
5.500%
|
9/30/31
|
42,580
|
745
(c)(d)
|
|
|
Country Garden Holdings Co. Ltd., Senior
Secured Notes
|
—
|
1/27/24
|
400,000
|
39,672
*(d)(k)
|
|
|
Five Point Operating Co. LP, Senior Notes
|
8.000%
|
10/1/30
|
790,000
|
825,522
(a)
|
|
|
Total Real Estate Management & Development
|
877,403
|
||||
|
Specialized REITs — 1.0%
|
|||||
|
Iron Mountain Inc., Senior Notes
|
7.000%
|
2/15/29
|
450,000
|
462,592
(a)(b)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.375%
|
8/1/30
|
1,140,000
|
1,163,807
(a)(b)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.250%
|
9/15/32
|
330,000
|
334,008
(a)
|
|
|
Total Specialized REITs
|
1,960,407
|
||||
|
|
|||||
|
Total Real Estate
|
4,704,691
|
||||
|
Utilities — 2.2%
|
|||||
|
Electric Utilities — 2.0%
|
|||||
|
Alpha Generation LLC, Senior Notes
|
6.750%
|
10/15/32
|
160,000
|
164,795
(a)
|
|
|
Comision Federal de Electricidad, Senior
Notes
|
3.348%
|
2/9/31
|
600,000
|
541,183
(a)(b)
|
|
|
Eskom Holdings, Senior Notes
|
4.314%
|
7/23/27
|
980,000
|
971,013
(d)
|
|
|
NRG Energy Inc., Senior Notes
|
6.000%
|
1/15/36
|
1,410,000
|
1,432,866
(a)
|
|
|
Talen Energy Supply LLC, Senior Notes
|
6.500%
|
2/1/36
|
460,000
|
475,875
(a)(b)
|
|
|
Vistra Operations Co. LLC, Senior Notes
|
7.750%
|
10/15/31
|
550,000
|
584,549
(a)(b)
|
|
|
Total Electric Utilities
|
4,170,281
|
||||
|
Independent Power and Renewable Electricity Producers — 0.2%
|
|||||
|
Lightning Power LLC, Senior Secured
Notes
|
7.250%
|
8/15/32
|
390,000
|
414,181
(a)
|
|
|
|
|||||
|
Total Utilities
|
4,584,462
|
||||
|
Total Corporate Bonds & Notes (Cost — $170,780,443)
|
181,191,966
|
||||
|
Sovereign Bonds — 20.4%
|
|||||
|
Angola — 0.8%
|
|||||
|
Angolan Government International Bond,
Senior Notes
|
8.250%
|
5/9/28
|
500,000
|
498,422
(a)
|
|
|
Angolan Government International Bond,
Senior Notes
|
8.000%
|
11/26/29
|
1,200,000
|
1,162,363
(a)
|
|
|
Total Angola
|
1,660,785
|
||||
|
Argentina — 1.4%
|
|||||
|
Provincia de Buenos Aires, Senior Notes
|
6.625%
|
9/1/37
|
1,892,480
|
1,371,707
(a)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
13
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Argentina — continued
|
|||||
|
Provincia de Cordoba, Senior Notes
|
6.875%
|
12/10/25
|
166,670
|
$167,503
(d)
|
|
|
Provincia de Cordoba, Senior Notes
|
6.875%
|
2/1/29
|
1,370,000
|
1,317,771
(a)
|
|
|
Total Argentina
|
2,856,981
|
||||
|
Bahamas — 0.7%
|
|||||
|
Bahamas Government International Bond,
Senior Notes
|
6.000%
|
11/21/28
|
1,000,000
|
999,500
(a)
|
|
|
Bahamas Government International Bond,
Senior Notes
|
9.000%
|
6/16/29
|
425,000
|
458,362
(a)
|
|
|
Total Bahamas
|
1,457,862
|
||||
|
Benin — 0.5%
|
|||||
|
Benin Government International Bond,
Senior Notes
|
7.960%
|
2/13/38
|
1,100,000
|
1,123,952
(a)
|
|
|
Brazil — 0.2%
|
|||||
|
Brazilian Government International Bond,
Senior Notes
|
5.625%
|
1/7/41
|
500,000
|
470,250
|
|
|
Chile — 0.6%
|
|||||
|
Chile Government International Bond,
Senior Notes
|
3.100%
|
5/7/41
|
1,500,000
|
1,165,950
|
|
|
Costa Rica — 0.3%
|
|||||
|
Costa Rica Government International
Bond, Senior Notes
|
7.158%
|
3/12/45
|
500,000
|
545,500
(a)
|
|
|
Dominican Republic — 1.2%
|
|||||
|
Dominican Republic International Bond,
Senior Notes
|
4.500%
|
1/30/30
|
620,000
|
603,725
(a)
|
|
|
Dominican Republic International Bond,
Senior Notes
|
4.875%
|
9/23/32
|
1,910,000
|
1,826,246
(a)
|
|
|
Total Dominican Republic
|
2,429,971
|
||||
|
Ecuador — 0.3%
|
|||||
|
Ecuador Government International Bond,
Senior Notes
|
6.900%
|
7/31/35
|
389,403
|
331,285
(d)
|
|
|
Ecuador Government International Bond,
Senior Notes, Step bond (5.000% to
7/31/26 then 5.500%)
|
5.000%
|
7/31/40
|
480,000
|
360,000
(a)
|
|
|
Total Ecuador
|
691,285
|
||||
|
Egypt — 1.1%
|
|||||
|
Egypt Government International Bond,
Senior Notes
|
7.625%
|
5/29/32
|
2,280,000
|
2,355,478
(d)
|
|
See Notes to Financial Statements.
14
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Ghana — 0.3%
|
|||||
|
Ghana Government International Bond,
Senior Notes, Step bond (5.000% to
7/3/28 then 6.000%)
|
5.000%
|
7/3/35
|
600,000
|
$534,195
(a)
|
|
|
Guatemala — 0.6%
|
|||||
|
Guatemala Government Bond, Senior
Notes
|
4.650%
|
10/7/41
|
1,500,000
|
1,288,312
(a)
|
|
|
Ivory Coast — 0.7%
|
|||||
|
Ivory Coast Government International
Bond, Senior Notes
|
6.125%
|
6/15/33
|
1,500,000
|
1,454,613
(a)
|
|
|
Jamaica — 0.3%
|
|||||
|
Jamaica Government International Bond,
Senior Notes
|
8.000%
|
3/15/39
|
500,000
|
601,800
|
|
|
Jordan — 0.5%
|
|||||
|
Jordan Government International Bond,
Senior Notes
|
5.850%
|
7/7/30
|
960,000
|
966,114
(a)
|
|
|
Kenya — 0.5%
|
|||||
|
Republic of Kenya Government
International Bond, Senior Notes
|
9.750%
|
2/16/31
|
500,000
|
533,193
(a)
|
|
|
Republic of Kenya Government
International Bond, Senior Notes
|
8.000%
|
5/22/32
|
600,000
|
598,210
(a)
|
|
|
Total Kenya
|
1,131,403
|
||||
|
Mexico — 1.5%
|
|||||
|
Mexico Government International Bond,
Senior Notes
|
2.659%
|
5/24/31
|
2,020,000
|
1,807,900
(b)
|
|
|
Mexico Government International Bond,
Senior Notes
|
3.500%
|
2/12/34
|
1,500,000
|
1,296,975
(b)
|
|
|
Total Mexico
|
3,104,875
|
||||
|
Mozambique — 0.3%
|
|||||
|
Mozambique International Bond, Senior
Notes
|
9.000%
|
9/15/31
|
700,000
|
597,641
(d)
|
|
|
Nigeria — 1.2%
|
|||||
|
Nigeria Government International Bond,
Senior Notes
|
7.143%
|
2/23/30
|
920,000
|
936,718
(a)
|
|
|
Nigeria Government International Bond,
Senior Notes
|
7.696%
|
2/23/38
|
1,450,000
|
1,428,529
(d)
|
|
|
Total Nigeria
|
2,365,247
|
||||
|
Oman — 0.7%
|
|||||
|
Oman Government International Bond,
Senior Notes
|
5.625%
|
1/17/28
|
1,400,000
|
1,434,515
(a)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
15
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Panama — 0.8%
|
|||||
|
Panama Government International Bond,
Senior Notes
|
2.252%
|
9/29/32
|
1,890,000
|
$1,547,154
(b)
|
|
|
Peru — 1.0%
|
|||||
|
Peruvian Government International Bond,
Senior Notes
|
8.750%
|
11/21/33
|
1,604,000
|
2,028,900
(b)
|
|
|
Philippines — 0.4%
|
|||||
|
Philippine Government International Bond,
Senior Notes
|
3.200%
|
7/6/46
|
1,000,000
|
731,288
|
|
|
Qatar — 0.6%
|
|||||
|
Qatar Government International Bond,
Senior Notes
|
3.750%
|
4/16/30
|
1,200,000
|
1,192,033
(a)
|
|
|
Saudi Arabia — 0.4%
|
|||||
|
Saudi Government International Bond,
Senior Notes
|
3.250%
|
10/26/26
|
800,000
|
794,587
(a)
|
|
|
Senegal — 0.3%
|
|||||
|
Senegal Government International Bond,
Senior Notes
|
6.250%
|
5/23/33
|
450,000
|
278,335
(a)
|
|
|
Senegal Government International Bond,
Senior Notes
|
6.250%
|
5/23/33
|
600,000
|
371,113
(d)
|
|
|
Total Senegal
|
649,448
|
||||
|
South Africa — 0.2%
|
|||||
|
Republic of South Africa Government
International Bond, Senior Notes
|
6.250%
|
3/8/41
|
500,000
|
483,335
|
|
|
Turkey — 1.4%
|
|||||
|
Turkiye Government International Bond,
Senior Notes
|
5.125%
|
2/17/28
|
2,000,000
|
2,015,500
|
|
|
Turkiye Government International Bond,
Senior Notes
|
4.875%
|
4/16/43
|
1,000,000
|
772,029
|
|
|
Total Turkey
|
2,787,529
|
||||
|
Ukraine — 0.4%
|
|||||
|
Ukraine Government International Bond,
Senior Notes, Step bond (0.000% to
2/1/27 then 3.000%)
|
0.000%
|
2/1/30
|
50,520
|
28,160
(a)
|
|
|
Ukraine Government International Bond,
Senior Notes, Step bond (0.000% to
2/1/27 then 3.000%)
|
0.000%
|
2/1/34
|
188,784
|
87,253
(a)
|
|
|
Ukraine Government International Bond,
Senior Notes, Step bond (4.500% to
2/1/27 then 6.000%)
|
4.500%
|
2/1/34
|
184,969
|
108,859
(a)
|
|
See Notes to Financial Statements.
16
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Ukraine — continued
|
|||||
|
Ukraine Government International Bond,
Senior Notes, Step bond (0.000% to
2/1/27 then 3.000%)
|
0.000%
|
2/1/35
|
159,535
|
$90,343
(a)
|
|
|
Ukraine Government International Bond,
Senior Notes, Step bond (4.500% to
2/1/27 then 6.000%)
|
4.500%
|
2/1/35
|
323,695
|
189,356
(a)
|
|
|
Ukraine Government International Bond,
Senior Notes, Step bond (0.000% to
2/1/27 then 3.000%)
|
0.000%
|
2/1/36
|
132,946
|
75,035
(a)
|
|
|
Ukraine Government International Bond,
Senior Notes, Step bond (4.500% to
2/1/27 then 6.000%)
|
4.500%
|
2/1/36
|
416,179
|
239,545
(a)
|
|
|
Total Ukraine
|
818,551
|
||||
|
United Arab Emirates — 0.4%
|
|||||
|
Abu Dhabi Government International Bond,
Senior Notes
|
3.125%
|
10/11/27
|
750,000
|
742,629
(a)
|
|
|
Uruguay — 0.6%
|
|||||
|
Uruguay Government International Bond,
Senior Notes
|
9.750%
|
7/20/33
|
47,500,000
UYU
|
1,333,994
|
|
|
Zambia — 0.2%
|
|||||
|
Zambia Government International Bond,
Senior Notes, Step bond (5.750% to
6/30/31 then 7.500%)
|
5.750%
|
6/30/33
|
494,942
|
476,825
(d)
|
|
|
|
|||||
|
Total Sovereign Bonds (Cost — $37,292,580)
|
41,823,002
|
||||
|
Collateralized Mortgage Obligations(l) — 11.2%
|
|||||
|
BANK, 2022-BNK43 D
|
3.000%
|
8/15/55
|
510,000
|
376,665
(a)
|
|
|
BANK, 2022-BNK44 E
|
4.000%
|
11/15/32
|
600,000
|
444,734
(a)(g)
|
|
|
BANK, 2023-BNK45 E
|
4.000%
|
2/15/56
|
500,000
|
371,799
(a)
|
|
|
BANK5, 2024-5YR12 F
|
5.000%
|
12/15/57
|
500,000
|
400,700
(g)
|
|
|
BFLD Commercial Mortgage Trust, 2024-
UNIV E (1 mo. Term SOFR + 3.640%)
|
7.598%
|
11/15/41
|
1,000,000
|
1,003,360
(a)(g)
|
|
|
BWAY Mortgage Trust, 2013-1515 F
|
4.058%
|
3/10/33
|
400,000
|
339,054
(a)(g)
|
|
|
BX Commercial Mortgage Trust, 2019-IMC
E (1 mo. Term SOFR + 2.196%)
|
6.155%
|
4/15/34
|
870,000
|
853,561
(a)(g)
|
|
|
BX Commercial Mortgage Trust, 2024-
KING E (1 mo. Term SOFR + 3.688%)
|
7.647%
|
5/15/34
|
404,673
|
407,007
(a)(g)
|
|
|
BX Commercial Mortgage Trust, 2025-
SPOT E (1 mo. Term SOFR + 3.690%)
|
7.649%
|
4/15/40
|
679,982
|
685,543
(a)(g)
|
|
|
BX Trust, 2021-ARIA G (1 mo. Term SOFR +
3.257%)
|
7.216%
|
10/15/36
|
1,000,000
|
999,544
(a)(g)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
17
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Collateralized Mortgage Obligations(l) — continued
|
|||||
|
Citigroup Commercial Mortgage Trust,
2015-GC29 D
|
3.110%
|
4/10/48
|
320,000
|
$225,283
(a)
|
|
|
Citigroup Commercial Mortgage Trust,
2015-P1 D
|
3.225%
|
9/15/48
|
25,206
|
24,470
(a)
|
|
|
CSAIL Commercial Mortgage Trust,
2015-C3 C
|
4.192%
|
8/15/48
|
259,000
|
230,094
(g)
|
|
|
CSMC Trust, 2017-CHOP F (PRIME +
1.294%)
|
8.294%
|
7/15/32
|
500,000
|
497,789
(a)(g)
|
|
|
CSMC Trust, 2017-CHOP H (PRIME +
4.294%)
|
11.294%
|
7/15/32
|
900,000
|
864,032
(a)(g)
|
|
|
Extended Stay America Trust, 2025-ESH A
(1 mo. Term SOFR + 1.300%)
|
5.259%
|
10/15/42
|
200,000
|
200,588
(a)(g)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2020-DNA1 B2 (30 Day Average
SOFR + 5.364%)
|
9.436%
|
1/25/50
|
750,000
|
835,035
(a)(g)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2021-DNA3 B2 (30 Day Average
SOFR + 6.250%)
|
10.322%
|
10/25/33
|
570,000
|
712,273
(a)(g)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2021-DNA7 B2 (30 Day Average
SOFR + 7.800%)
|
11.872%
|
11/25/41
|
550,000
|
581,183
(a)(g)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA2 B2 (30 Day Average
SOFR + 8.500%)
|
12.572%
|
2/25/42
|
1,000,000
|
1,077,507
(a)(g)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) Structured Agency Credit Risk
Trust, 2019-DNA4 B2 (30 Day Average
SOFR + 6.364%)
|
10.436%
|
10/25/49
|
1,000,000
|
1,112,502
(a)(g)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) Structured Agency Credit Risk
Trust, 2019-HQA3 B2 (30 Day Average
SOFR + 7.614%)
|
11.686%
|
9/25/49
|
830,000
|
930,683
(a)(g)
|
|
|
Federal National Mortgage Association
(FNMA) — CAS, 2021-R02 2B2 (30 Day
Average SOFR + 6.200%)
|
10.272%
|
11/25/41
|
1,000,000
|
1,040,464
(a)(g)
|
|
|
Federal National Mortgage Association
(FNMA) — CAS, 2024-R01 1B2 (30 Day
Average SOFR + 4.000%)
|
8.072%
|
1/25/44
|
800,000
|
847,802
(a)(g)
|
|
See Notes to Financial Statements.
18
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Collateralized Mortgage Obligations(l) — continued
|
|||||
|
GS Mortgage Securities Corp. II, 2024-70P
E
|
9.263%
|
3/10/41
|
980,000
|
$1,021,898
(a)(g)
|
|
|
HIT Trust, 2022-HI32 J (1 mo. Term SOFR +
9.122%)
|
13.081%
|
7/15/39
|
400,000
|
404,831
(a)(g)
|
|
|
LHOME Mortgage Trust, 2025-RTL1 M1
|
7.023%
|
1/25/40
|
290,000
|
294,031
(a)(g)
|
|
|
Morgan Stanley Capital I Trust, 2015-UBS8
C
|
4.586%
|
12/15/48
|
510,000
|
491,427
(g)
|
|
|
Morgan Stanley Capital I Trust, 2016-BNK2
B
|
3.485%
|
11/15/49
|
530,000
|
489,370
|
|
|
Morgan Stanley Capital I Trust, 2021-230P
B (1 mo. Term SOFR + 1.563%)
|
5.522%
|
12/15/38
|
540,000
|
504,964
(a)(g)
|
|
|
New Residential Mortgage Loan Trust,
2022-NQM4 A3
|
5.000%
|
6/25/62
|
541,363
|
536,971
(a)
|
|
|
OBX Trust, 2025-NQM8 A3
|
5.826%
|
3/25/65
|
476,612
|
480,111
(a)
|
|
|
SMR Mortgage Trust, 2022-IND F (1 mo.
Term SOFR + 6.000%)
|
9.959%
|
2/15/39
|
824,109
|
806,231
(a)(g)
|
|
|
SMRT, 2022-MINI F (1 mo. Term SOFR +
3.350%)
|
7.309%
|
1/15/39
|
700,000
|
693,783
(a)(g)
|
|
|
Towd Point Mortgage Trust, 2016-4 B5
|
3.970%
|
7/25/56
|
1,060,000
|
783,999
(a)(g)
|
|
|
UBS Commercial Mortgage Trust, 2018-
C15 C
|
5.308%
|
12/15/51
|
345,000
|
332,106
(g)
|
|
|
Verus Securitization Trust, 2023-7 B1
|
7.896%
|
10/25/68
|
1,000,000
|
1,014,495
(a)(g)
|
|
|
|
|||||
|
Total Collateralized Mortgage Obligations (Cost — $22,531,132)
|
22,915,889
|
||||
|
Senior Loans — 10.5%
|
|||||
|
Communication Services — 1.8%
|
|||||
|
Interactive Media & Services — 0.6%
|
|||||
|
X Corp., Term Loan B1 (6 mo. Term SOFR +
6.750%)
|
10.448%
|
10/26/29
|
179,080
|
174,669
(g)(m)(n)
|
|
|
X Corp., Term Loan B3
|
9.500%
|
10/26/29
|
980,000
|
972,753
(m)(n)
|
|
|
Total Interactive Media & Services
|
1,147,422
|
||||
|
Media — 1.2%
|
|||||
|
Diamond Sports Net LLC, First Lien Exit
Term Loan (15.000% PIK)
|
15.000%
|
1/2/28
|
1,295,974
|
861,823
(c)(m)(n)
|
|
|
iHeartCommunications Inc., Refinanced
Term Loan B (1 mo. Term SOFR + 5.889%)
|
9.805%
|
5/1/29
|
678,870
|
607,589
(g)(m)(n)
|
|
|
Ziggo Financing Partnership, Advance Term
Loan Facility N (6 mo. Term SOFR +
3.250%)
|
7.027%
|
1/14/33
|
890,000
|
876,930
(g)(m)(n)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
19
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Media — continued
|
|||||
|
Ziggo Financing Partnership, Term Loan I (6
mo. Term SOFR + 2.928%)
|
6.706%
|
4/30/28
|
151,890
|
$152,048
(g)(m)(n)
|
|
|
Total Media
|
2,498,390
|
||||
|
|
|||||
|
Total Communication Services
|
3,645,812
|
||||
|
Consumer Discretionary — 2.2%
|
|||||
|
Automobile Components — 1.0%
|
|||||
|
ABC Technologies Inc., Term Loan B (1 mo.
Term SOFR + 8.250%)
|
12.166%
|
1/2/40
|
983,015
|
983,015
(g)(h)(i)(m)(n)
|
|
|
Autokiniton US Holdings Inc., 2024
Replacement Term Loan B (1 mo. Term
SOFR + 4.114%)
|
8.030%
|
4/6/28
|
736,875
|
732,638
(g)(m)(n)
|
|
|
First Brands Group LLC, 2022 Incremental
Term Loan (1 mo. Term SOFR + 7.114%)
|
11.099%
|
3/30/27
|
523,493
|
180,605
(g)(h)(m)(n)(o)
|
|
|
First Brands Group LLC, DIP Roll Up Term
Loan (1 mo. Term SOFR + 7.000%)
|
10.984%
|
6/29/26
|
172,763
|
70,779
(g)(m)(n)
|
|
|
First Brands Group LLC, USD DIP Term
Loan (1 mo. Term SOFR + 10.000%)
|
13.984%
|
6/29/26
|
138,384
|
146,267
(g)(m)(n)(o)
|
|
|
Total Automobile Components
|
2,113,304
|
||||
|
Diversified Consumer Services — 0.1%
|
|||||
|
WW International Inc., Take-Back Term
Loan (3 mo. Term SOFR + 6.800%)
|
10.803%
|
6/24/30
|
93,014
|
82,982
(g)(m)(n)
|
|
|
Hotels, Restaurants & Leisure — 0.7%
|
|||||
|
Fertitta Entertainment LLC, Initial Term
Loan B (1 mo. Term SOFR + 3.250%)
|
7.166%
|
1/27/29
|
982,188
|
982,169
(g)(m)(n)
|
|
|
Light & Wonder International Inc., Term
Loan B2 (1 mo. Term SOFR + 2.250%)
|
6.209%
|
4/14/29
|
493,763
|
495,510
(g)(m)(n)
|
|
|
Total Hotels, Restaurants & Leisure
|
1,477,679
|
||||
|
Specialty Retail — 0.4%
|
|||||
|
Petco Health and Wellness Co. Inc., First
Lien Initial Term Loan (3 mo. Term SOFR +
3.512%)
|
7.513%
|
3/3/28
|
770,000
|
759,520
(g)(m)(n)(o)
|
|
|
|
|||||
|
Total Consumer Discretionary
|
4,433,485
|
||||
|
Consumer Staples — 0.6%
|
|||||
|
Beverages — 0.4%
|
|||||
|
Triton Water Holdings Inc., 2025
Refinancing Term Loan (3 mo. Term SOFR +
2.250%)
|
6.252%
|
3/31/28
|
785,857
|
788,360
(g)(m)(n)
|
|
See Notes to Financial Statements.
20
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Consumer Staples Distribution & Retail — 0.2%
|
|||||
|
Froneri International Ltd., Term Loan
Facility B4 (6 mo. Term SOFR + 2.000%)
|
6.197%
|
9/30/31
|
493,634
|
$492,259
(g)(m)(n)
|
|
|
|
|||||
|
Total Consumer Staples
|
1,280,619
|
||||
|
Energy — 0.2%
|
|||||
|
Oil, Gas & Consumable Fuels — 0.2%
|
|||||
|
Buckeye Partners LP, 2025 Term Loan B7 (1
mo. Term SOFR + 1.750%)
|
5.666%
|
11/22/32
|
493,775
|
495,688
(g)(m)(n)
|
|
|
|
|||||
|
Financials — 1.5%
|
|||||
|
Banks — 0.2%
|
|||||
|
Ascensus Group Holdings Inc., 2025 Term
Loan (3 mo. Term SOFR + 3.000%)
|
6.954%
|
11/25/32
|
392,673
|
392,833
(g)(m)(n)
|
|
|
Consumer Finance — 0.1%
|
|||||
|
Blackhawk Network Holdings Inc., Term
Loan B (1 mo. Term SOFR + 4.000%)
|
7.916%
|
3/12/29
|
237,009
|
238,194
(g)(m)(n)
|
|
|
Financial Services — 0.8%
|
|||||
|
Boost Newco Borrower LLC, Term Loan B2
(3 mo. Term SOFR + 2.000%)
|
6.002%
|
1/31/31
|
1,042,138
|
1,045,525
(g)(m)(n)
|
|
|
Nexus Buyer LLC, Amendment No. 10 Term
Loan (1 mo. Term SOFR + 4.000%)
|
7.916%
|
7/31/31
|
190,000
|
190,178
(g)(m)(n)
|
|
|
Nexus Buyer LLC, Amendment No. 9
Refinancing Term Loan (1 mo. Term SOFR +
3.500%)
|
7.416%
|
7/31/31
|
396,013
|
391,920
(g)(m)(n)
|
|
|
Total Financial Services
|
1,627,623
|
||||
|
Insurance — 0.4%
|
|||||
|
Asurion LLC, New Term Loan B10 (1 mo.
Term SOFR + 4.100%)
|
8.016%
|
8/19/28
|
736,709
|
736,823
(g)(m)(n)
|
|
|
|
|||||
|
Total Financials
|
2,995,473
|
||||
|
Health Care — 0.4%
|
|||||
|
Health Care Equipment & Supplies — 0.4%
|
|||||
|
Medline Borrower LP, 2028 Refinancing
Term Loan (1 mo. Term SOFR + 2.000%)
|
5.916%
|
10/23/28
|
914,755
|
916,969
(g)(m)(n)
|
|
|
|
|||||
|
Industrials — 2.1%
|
|||||
|
Aerospace & Defense — 0.3%
|
|||||
|
TransDigm Inc., Term Loan J (3 mo. Term
SOFR + 2.500%)
|
6.502%
|
2/28/31
|
492,515
|
493,863
(g)(m)(n)
|
|
|
Building Products — 0.4%
|
|||||
|
ACProducts Holdings Inc., Initial Term Loan
(3 mo. Term SOFR + 4.512%)
|
8.513%
|
5/17/28
|
196,410
|
166,298
(g)(m)(n)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
21
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Building Products — continued
|
|||||
|
Quikrete Holdings Inc., Term Loan B3 (1
mo. Term SOFR + 2.250%)
|
6.166%
|
2/10/32
|
696,500
|
$698,147
(g)(m)(n)
|
|
|
Total Building Products
|
864,445
|
||||
|
Machinery — 0.5%
|
|||||
|
TK Elevator Midco GmbH, USD Term Loan
B (6 mo. Term SOFR + 2.750%)
|
6.947%
|
4/30/30
|
982,631
|
989,593
(g)(m)(n)
|
|
|
Passenger Airlines — 0.9%
|
|||||
|
Spirit Airlines LLC, Contingent DIP Facility
|
—
|
1/1/30
|
1,035,929
|
422,348
(h)(i)(o)
|
|
|
Spirit Airlines LLC, New Money Term Loan
|
—
|
1/2/40
|
242,534
|
242,231
(o)
|
|
|
Spirit Airlines LLC, Second New Money
Term Loan
|
—
|
7/14/26
|
60,011
|
53,860
(o)
|
|
|
United Airlines Inc., Term Loan B (1 mo.
Term SOFR + 2.000%)
|
5.954%
|
2/22/31
|
1,198,582
|
1,203,933
(g)(m)(n)
|
|
|
Total Passenger Airlines
|
1,922,372
|
||||
|
|
|||||
|
Total Industrials
|
4,270,273
|
||||
|
Information Technology — 1.5%
|
|||||
|
Semiconductors & Semiconductor Equipment — 0.2%
|
|||||
|
MKS Instruments Inc., 2025 Dollar Term
Loan B (1 mo. Term SOFR + 2.000%)
|
5.916%
|
8/17/29
|
423,448
|
425,553
(g)(m)(n)
|
|
|
Software — 1.3%
|
|||||
|
Modena Buyer LLC, Initial Term Loan (3
mo. Term SOFR + 4.250%)
|
8.090%
|
7/1/31
|
326,700
|
320,984
(g)(m)(n)
|
|
|
Red Planet Borrower LLC, Initial Term Loan
(1 mo. Term SOFR + 4.000%)
|
7.916%
|
9/8/32
|
520,000
|
520,650
(g)(m)(n)
|
|
|
X.Ai Corp., Initial Term Loan
|
12.500%
|
6/30/28
|
1,685,775
|
1,739,720
(m)(n)
|
|
|
Total Software
|
2,581,354
|
||||
|
|
|||||
|
Total Information Technology
|
3,006,907
|
||||
|
Utilities — 0.2%
|
|||||
|
Electric Utilities — 0.2%
|
|||||
|
Vistra Operations Co. LLC, 2018
Incremental Term Loan (1 mo. Term SOFR +
1.750%)
|
5.666%
|
12/20/30
|
393,000
|
395,103
(g)(m)(n)
|
|
|
|
|||||
|
Total Senior Loans (Cost — $22,019,734)
|
21,440,329
|
||||
|
Asset-Backed Securities — 6.6%
|
|||||
|
AGL CLO Ltd., 2021-16A DR (3 mo. Term
SOFR + 2.400%)
|
6.284%
|
1/20/35
|
160,000
|
159,209
(a)(g)
|
|
|
AMMC CLO Ltd., 2021-24A ER (3 mo. Term
SOFR + 6.500%)
|
10.384%
|
1/20/35
|
510,000
|
505,708
(a)(g)
|
|
|
Apex Credit CLO LLC, 2021-2A CR (3 mo.
Term SOFR + 3.750%)
|
7.634%
|
10/20/34
|
370,000
|
370,159
(a)(g)
|
|
See Notes to Financial Statements.
22
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Asset-Backed Securities — continued
|
|||||
|
Apex Credit CLO Ltd., 2019-2A ERR (3 mo.
Term SOFR + 7.670%)
|
11.528%
|
1/25/38
|
650,000
|
$640,386
(a)(g)
|
|
|
Apidos CLO Ltd., 2024-50A E (3 mo. Term
SOFR + 5.100%)
|
8.984%
|
1/20/38
|
440,000
|
442,200
(a)(g)
|
|
|
Bain Capital Credit CLO Ltd., 2020-3A DRR
(3 mo. Term SOFR + 3.100%)
|
6.960%
|
10/23/34
|
500,000
|
499,500
(a)(g)
|
|
|
Balboa Bay Loan Funding Ltd., 2020-1A
ERR (3 mo. Term SOFR + 7.150%)
|
11.034%
|
10/20/35
|
700,000
|
698,572
(a)(g)
|
|
|
Balboa Bay Loan Funding Ltd., 2024-2A E
(3 mo. Term SOFR + 5.750%)
|
9.634%
|
1/20/38
|
440,000
|
445,622
(a)(g)
|
|
|
Ballyrock CLO Ltd., 2020-14A DR (3 mo.
Term SOFR + 5.850%)
|
9.734%
|
7/20/37
|
500,000
|
503,467
(a)(g)
|
|
|
Bear Mountain Park CLO Ltd., 2022-1A ER
(3 mo. Term SOFR + 5.950%)
|
9.855%
|
7/15/37
|
600,000
|
597,351
(a)(g)
|
|
|
Clover CLO LLC, 2021-3A DR (3 mo. Term
SOFR + 2.550%)
|
6.408%
|
1/25/35
|
370,000
|
370,923
(a)(g)
|
|
|
Elevation CLO Ltd., 2016-5A ERR (3 mo.
Term SOFR + 7.580%)
|
11.438%
|
1/25/38
|
610,000
|
612,844
(a)(g)
|
|
|
GoldenTree Loan Management US CLO
Ltd., 2020-8A ERR (3 mo. Term SOFR +
5.750%)
|
9.634%
|
10/20/34
|
650,000
|
641,281
(a)(g)
|
|
|
Golub Capital Partners CLO Ltd., 2024-77A
E (3 mo. Term SOFR + 4.850%)
|
8.708%
|
1/25/38
|
240,000
|
239,989
(a)(g)
|
|
|
HalseyPoint CLO Ltd., 2019-1A FR (3 mo.
Term SOFR + 10.730%)
|
14.614%
|
10/20/37
|
800,000
|
800,750
(a)(g)
|
|
|
Hartwick Park CLO Ltd., 2023-1A ER (3 mo.
Term SOFR + 4.850%)
|
8.734%
|
1/20/37
|
330,000
|
327,106
(a)(g)
|
|
|
Jamestown CLO Ltd., 2016-9A CR3 (3 mo.
Term SOFR + 3.250%)
|
7.108%
|
7/25/34
|
410,000
|
407,626
(a)(g)
|
|
|
Magnetite Ltd., 2020-26A ER2 (3 mo. Term
SOFR + 4.700%)
|
8.558%
|
1/25/38
|
740,000
|
735,900
(a)(g)
|
|
|
Magnetite Ltd., 2023-39A E1R (3 mo. Term
SOFR + 4.900%)
|
8.758%
|
1/25/37
|
440,000
|
438,681
(a)(g)
|
|
|
MidOcean Credit CLO LLC, 2025-18A E (3
mo. Term SOFR + 5.400%)
|
9.718%
|
10/18/35
|
700,000
|
697,557
(a)(g)
|
|
|
Obra CLO Ltd., 2024-1A E (3 mo. Term
SOFR + 6.750%)
|
10.634%
|
1/20/38
|
610,000
|
622,363
(a)(g)
|
|
|
Ocean Trails CLO Ltd., 2023-14A ER (3 mo.
Term SOFR + 6.340%)
|
10.224%
|
1/20/38
|
730,000
|
737,148
(a)(g)
|
|
|
Ocean Trails CLO Ltd., 2024-16A E (3 mo.
Term SOFR + 6.690%)
|
10.574%
|
1/20/38
|
270,000
|
275,480
(a)(g)
|
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
23
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Asset-Backed Securities — continued
|
|||||
|
Octagon Investment Partners Ltd., 2020-1A
ER2 (3 mo. Term SOFR + 6.000%)
|
9.857%
|
1/22/38
|
550,000
|
$534,875
(a)(g)
|
|
|
OHA Credit Funding Ltd., 2022-11A D1R (3
mo. Term SOFR + 2.850%)
|
6.734%
|
7/19/37
|
190,000
|
190,801
(a)(g)
|
|
|
Palmer Square CLO Ltd., 2022-3A D1R (3
mo. Term SOFR + 2.950%)
|
6.834%
|
7/20/37
|
160,000
|
160,515
(a)(g)
|
|
|
Trestles CLO Ltd., 2025-8A E (3 mo. Term
SOFR + 5.500%)
|
9.797%
|
6/11/35
|
300,000
|
304,663
(a)(g)
|
|
|
Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term
SOFR + 4.300%)
|
8.184%
|
4/18/37
|
180,000
|
181,935
(a)(g)
|
|
|
Warwick Capital CLO Ltd., 2024-3A D (3
mo. Term SOFR + 4.500%)
|
8.384%
|
4/20/37
|
100,000
|
100,744
(a)(g)
|
|
|
Whitebox CLO Ltd., 2020-2A E1R2 (3 mo.
Term SOFR + 5.750%)
|
9.615%
|
10/24/37
|
360,000
|
365,848
(a)(g)
|
|
|
|
|||||
|
Total Asset-Backed Securities (Cost — $13,497,816)
|
13,609,203
|
||||
|
|
|
|
|
Shares
|
|
|
Preferred Stocks — 2.2%
|
|||||
|
Financials — 2.2%
|
|||||
|
Mortgage Real Estate Investment Trusts (REITs) — 2.2%
|
|||||
|
AGNC Investment Corp., Non Voting
Shares (3 mo. Term SOFR + 4.959%)
|
8.731%
|
|
55,664
|
1,381,581
(g)
|
|
|
Chimera Investment Corp., Non Voting
Shares (3 mo. Term SOFR + 5.005%)
|
8.777%
|
|
65,267
|
1,455,454
(g)
|
|
|
MFA Financial Inc., Non Voting Shares (3
mo. Term SOFR + 5.607%)
|
9.608%
|
|
66,471
|
1,574,698
(g)
|
|
|
|
|||||
|
Total Preferred Stocks (Cost — $4,496,201)
|
4,411,733
|
||||
|
|
|
|
Maturity
Date
|
Face
Amount†
|
|
|
Convertible Bonds & Notes — 0.2%
|
|||||
|
Communication Services — 0.1%
|
|||||
|
Media — 0.1%
|
|||||
|
EchoStar Corp., Senior Secured Notes
(3.875% Cash or 3.875% PIK)
|
3.875%
|
11/30/30
|
119,659
|
282,585
(b)(c)
|
|
|
|
|||||
|
Consumer Discretionary — 0.1%
|
|||||
|
Hotels, Restaurants & Leisure — 0.1%
|
|||||
|
NCL Corp. Ltd., Senior Notes
|
1.125%
|
2/15/27
|
190,000
|
185,155
|
|
See Notes to Financial Statements.
24
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Real Estate — 0.0%††
|
|||||
|
Real Estate Management & Development — 0.0%††
|
|||||
|
China Aoyuan Group Ltd., Senior Notes
|
0.000%
|
9/30/28
|
13,656
|
$170
(d)
|
|
|
|
|||||
|
Total Convertible Bonds & Notes (Cost — $326,283)
|
467,910
|
||||
|
|
|
|
|
Shares
|
|
|
Common Stocks — 0.2%
|
|||||
|
Communication Services — 0.2%
|
|||||
|
Diversified Telecommunication Services — 0.2%
|
|||||
|
Altice France Luxco
|
|
18,570
|
339,516
*
|
||
|
|
|||||
|
Consumer Discretionary — 0.0%††
|
|||||
|
Diversified Consumer Services — 0.0%††
|
|||||
|
WW International Inc.
|
|
1,820
|
51,633
*
|
||
|
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC
|
|
229
|
71
*(h)(p)
|
||
|
Spirit Aviation Holdings Inc.
|
|
39,554
|
12,262
*
|
||
|
|
|||||
|
Total Industrials
|
12,333
|
||||
|
Real Estate — 0.0%††
|
|||||
|
Real Estate Management & Development — 0.0%††
|
|||||
|
China Aoyuan Group Ltd.
|
|
38,203
|
463
*(h)
|
||
|
|
|||||
|
Total Common Stocks (Cost — $587,253)
|
403,945
|
||||
|
|
|
|
Expiration
Date
|
Rights
|
|
|
Rights — 0.0%††
|
|||||
|
Communication Services — 0.0%††
|
|||||
|
Diversified Telecommunication Services — 0.0%††
|
|||||
|
Altice France Luxco (Cost — $0)
|
|
—
|
1,354
|
18,853
*
|
|
|
|
|
|
|
Warrants
|
|
|
Warrants — 0.0%††
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC (Cost — $342,120)
|
|
3/12/30
|
28,104
|
8,712
*(a)(h)(p)
|
|
|
Total Investments — 139.9% (Cost — $271,873,562)
|
286,291,542
|
||||
|
Liabilities in Excess of Other Assets — (39.9)%
|
(81,699,099
)
|
||||
|
Total Net Assets — 100.0%
|
$204,592,443
|
||||
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
25
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
|
†
|
Face amount denominated in U.S. dollars, unless otherwise noted.
|
|
††
|
Represents less than 0.1%.
|
|
*
|
Non-income producing security.
|
|
(a)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933.
This security may be resold in
transactions that are exempt from registration, normally to qualified institutional
buyers. This security has been
deemed liquid pursuant to guidelines approved by the Board of Directors.
|
|
(b)
|
All or a portion of this security is pledged as collateral pursuant to the loan agreement (Note 5).
|
|
(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 securities.
|
|
(d)
|
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.
|
|
(e)
|
All or a portion of this security is held by the counterparty as collateral for open
reverse repurchase agreements.
|
|
(f)
|
Security has no maturity date. The date shown represents the next call date.
|
|
(g)
|
Variable rate security. Interest rate disclosed is as of the most recent information
available. Certain variable rate
securities are not based on a published reference rate and spread but are determined
by the issuer or agent and
are based on current market conditions. These securities do not indicate a reference
rate and spread in their
description above.
|
|
(h)
|
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
|
|
(i)
|
Security is valued using significant unobservable inputs (Note 1).
|
|
(j)
|
Value is less than $1.
|
|
(k)
|
The maturity principal is currently in default as of November 30, 2025.
|
|
(l)
|
Collateralized mortgage obligations are secured by an underlying pool of mortgages
or mortgage pass-through
certificates that are structured to direct payments on underlying collateral to different
series or classes of the
obligations. The interest rate may change positively or inversely in relation to one
or more interest rates, financial
indices or other financial indicators and may be subject to an upper and/or lower
limit.
|
|
(m)
|
Interest rates disclosed represent the effective rates on senior loans. Ranges in
interest rates are attributable to
multiple contracts under the same loan.
|
|
(n)
|
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.
|
|
(o)
|
All or a portion of this loan has not settled as of November 30, 2025. Interest rates
are not effective until
settlement date. Interest rates shown, if any, are for the settled portion of the
loan.
|
|
(p)
|
Restricted security (Note 11).
|
See Notes to Financial Statements.
26
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
|
Abbreviation(s) used in this schedule:
|
||
|
CAS
|
—
|
Connecticut Avenue Securities
|
|
CLO
|
—
|
Collateralized Loan Obligation
|
|
DAC
|
—
|
Designated Activity Company
|
|
DIP
|
—
|
Debtor-in-possession
|
|
EUR
|
—
|
Euro
|
|
GBP
|
—
|
British Pound
|
|
ICE
|
—
|
Intercontinental Exchange
|
|
JSC
|
—
|
Joint Stock Company
|
|
LIBOR
|
—
|
London Interbank Offered Rate
|
|
PIK
|
—
|
Payment-In-Kind
|
|
REMIC
|
—
|
Real Estate Mortgage Investment Conduit
|
|
SOFR
|
—
|
Secured Overnight Financing Rate
|
|
USD
|
—
|
United States Dollar
|
|
UYU
|
—
|
Uruguayan Peso
|
At November 30, 2025, the Fund had the following open reverse repurchase agreements:
|
Counterparty
|
Rate
|
Effective
Date
|
Maturity
Date
|
Face Amount
of Reverse
Repurchase
Agreements
|
Asset Class
of Collateral*
|
Collateral
Value**
|
|
Deutsche Bank AG
|
4.400%
|
9/25/2025
|
12/17/2025
|
$6,071,687
|
Corporate Bonds &
Notes
Cash
|
$6,519,312
10,317
|
|
Deutsche Bank AG
|
4.580%
|
11/19/2025
|
2/19/2026
|
2,167,755
|
Corporate Bonds &
Notes
Cash
|
2,584,689
3,683
|
|
Goldman Sachs
Group Inc.
|
4.350%
|
11/4/2025
|
TBD***
|
1,129,932
|
Corporate Bonds &
Notes
|
1,565,579
|
|
Goldman Sachs
Group Inc.
|
4.500%
|
11/4/2025
|
TBD***
|
827,045
|
Corporate Bonds &
Notes
|
1,135,391
|
|
|
|
|
|
$10,196,419
|
|
$11,818,971
|
|
*
|
Refer to the Schedule of Investments for positions held at the counterparty as collateral
for reverse repurchase
agreements.
|
|
**
|
Including accrued interest.
|
|
***
|
TBD — To Be Determined; These reverse repurchase agreements have no maturity dates because they are
renewed daily and can be terminated by either the Fund or the counterparty in accordance
with the terms of the
agreements. The rates for these agreements are variable. The rate disclosed is the
rate as of November 30, 2025.
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
27
Schedule of investments (unaudited) (cont’d)
November 30, 2025
Western Asset Global High Income Fund Inc.
At November 30, 2025, the Fund had the following open forward foreign currency contracts:
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
USD
|
8,594
|
GBP
|
6,390
|
BNP Paribas SA
|
1/16/26
|
$135
|
|
USD
|
127,922
|
GBP
|
96,332
|
BNP Paribas SA
|
1/16/26
|
409
|
|
EUR
|
34,438
|
USD
|
40,017
|
Goldman Sachs Group Inc.
|
1/16/26
|
50
|
|
USD
|
372,174
|
EUR
|
320,390
|
JPMorgan Chase & Co.
|
1/16/26
|
(585
)
|
|
Net unrealized appreciation on open forward foreign currency contracts
|
$9
|
|||||
|
Abbreviation(s) used in this table:
|
||
|
EUR
|
—
|
Euro
|
|
GBP
|
—
|
British Pound
|
|
USD
|
—
|
United States Dollar
|
|
Summary of Investments by Country#
|
|
|
United States
|
56.8
%
|
|
United Kingdom
|
4.0
|
|
Cayman Islands
|
3.8
|
|
Mexico
|
3.5
|
|
Zambia
|
2.1
|
|
France
|
1.5
|
|
Brazil
|
1.4
|
|
Turkey
|
1.4
|
|
Canada
|
1.4
|
|
Peru
|
1.3
|
|
Ireland
|
1.3
|
|
Luxembourg
|
1.2
|
|
Germany
|
1.0
|
|
Argentina
|
1.0
|
|
Israel
|
1.0
|
|
Italy
|
0.9
|
|
Guatemala
|
0.9
|
|
Dominican Republic
|
0.8
|
|
Nigeria
|
0.8
|
|
Egypt
|
0.8
|
|
Switzerland
|
0.8
|
|
Colombia
|
0.8
|
|
United Arab Emirates
|
0.7
|
|
Chile
|
0.7
|
|
Netherlands
|
0.6
|
|
Jersey
|
0.6
|
See Notes to Financial Statements.
28
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Western Asset Global High Income Fund Inc.
|
Summary of Investments by Country# (cont’d)
|
|
|
Angola
|
0.6
%
|
|
Panama
|
0.5
|
|
Macau
|
0.5
|
|
Bahamas
|
0.5
|
|
Ivory Coast
|
0.5
|
|
South Africa
|
0.5
|
|
Oman
|
0.5
|
|
Uruguay
|
0.5
|
|
Qatar
|
0.4
|
|
Hong Kong
|
0.4
|
|
Kenya
|
0.4
|
|
Benin
|
0.4
|
|
Jordan
|
0.3
|
|
Ukraine
|
0.3
|
|
Saudi Arabia
|
0.3
|
|
Philippines
|
0.3
|
|
Japan
|
0.3
|
|
Ecuador
|
0.2
|
|
Senegal
|
0.2
|
|
Jamaica
|
0.2
|
|
Mozambique
|
0.2
|
|
Costa Rica
|
0.2
|
|
Ghana
|
0.2
|
|
China
|
0.2
|
|
Kazakhstan
|
0.2
|
|
Bermuda
|
0.1
|
|
|
100.0
%
|
|
#
|
As a percentage of total investments. Please note that the Fund holdings are as of
November 30, 2025, and are
subject to change.
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
29
Statement of assets and liabilities (unaudited)
November 30, 2025
|
Assets:
|
|
|
Investments, at value (Cost — $271,873,562)
|
$286,291,542
|
|
Foreign currency, at value (Cost — $359,564)
|
289,379
|
|
Cash
|
1,579,321
|
|
Interest receivable
|
4,585,310
|
|
Receivable for securities sold
|
294,750
|
|
Deposits with brokers for open reverse repurchase agreements
|
14,000
|
|
Unrealized appreciation on forward foreign currency contracts
|
594
|
|
Deposits with brokers
|
485
|
|
Dividends receivable from affiliated investments
|
379
|
|
Prepaid expenses
|
198,513
|
|
Total Assets
|
293,254,273
|
|
Liabilities:
|
|
|
Loan payable (Note 5)
|
75,000,000
|
|
Payable for open reverse repurchase agreements (Note 3)
|
10,196,419
|
|
Distributions payable
|
2,120,982
|
|
Payable for securities purchased
|
622,968
|
|
Interest and commitment fees payable
|
380,756
|
|
Investment management fee payable
|
190,940
|
|
Directors’ fees payable
|
1,101
|
|
Unrealized depreciation on forward foreign currency contracts
|
585
|
|
Accrued expenses
|
148,079
|
|
Total Liabilities
|
88,661,830
|
|
Total Net Assets
|
$204,592,443
|
|
Net Assets:
|
|
|
Par value ($0.001 par value; 30,299,742 shares issued and outstanding; 100,000,000
shares
authorized)
|
$30,300
|
|
Paid-in capital in excess of par value
|
339,572,720
|
|
Total distributable earnings (loss)
|
(135,010,577
)
|
|
Total Net Assets
|
$204,592,443
|
|
Shares Outstanding
|
30,299,742
|
|
Net Asset Value
|
$6.75
|
See Notes to Financial Statements.
30
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Statement of operations (unaudited)
For the Six Months Ended November 30, 2025
|
Investment Income:
|
|
|
Interest
|
$11,700,225
|
|
Dividends from unaffiliated investments
|
213,416
|
|
Dividends from affiliated investments
|
35,231
|
|
Total Investment Income
|
11,948,872
|
|
Expenses:
|
|
|
Interest expense (Notes 3 and 5)
|
2,204,613
|
|
Investment management fee (Note 2)
|
1,240,630
|
|
Shareholder reports
|
78,515
|
|
Legal fees
|
39,423
|
|
Audit and tax fees
|
37,850
|
|
Commitment fees (Note 5)
|
34,314
|
|
Directors’ fees
|
33,018
|
|
Transfer agent fees
|
27,230
|
|
Fund accounting fees
|
10,099
|
|
Stock exchange listing fees
|
7,882
|
|
Custody fees
|
1,598
|
|
Insurance
|
773
|
|
Miscellaneous expenses
|
8,369
|
|
Total Expenses
|
3,724,314
|
|
Less: Fee waivers and/or expense reimbursements (Note 2)
|
(62,125
)
|
|
Net Expenses
|
3,662,189
|
|
Net Investment Income
|
8,286,683
|
|
Realized and Unrealized Gain (Loss) on Investments, Swap Contracts, Forward Foreign
Currency
Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
|
|
|
Net Realized Gain (Loss) From:
|
|
|
Investment transactions in unaffiliated securities
|
(531,896
)
|
|
Swap contracts
|
58,236
|
|
Forward foreign currency contracts
|
(200,675
)
|
|
Foreign currency transactions
|
14,771
|
|
Net Realized Loss
|
(659,564
)
|
|
Change in Net Unrealized Appreciation (Depreciation) From:
|
|
|
Investments in unaffiliated securities
|
7,324,678
|
|
Swap contracts
|
(9,808
)
|
|
Forward foreign currency contracts
|
122,522
|
|
Foreign currencies
|
(8,003
)
|
|
Change in Net Unrealized Appreciation (Depreciation)
|
7,429,389
|
|
Net Gain on Investments, Swap Contracts, Forward Foreign Currency Contracts and
Foreign Currency Transactions
|
6,769,825
|
|
Increase in Net Assets From Operations
|
$15,056,508
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
31
Statements of changes in net assets
|
For the Six Months Ended November 30, 2025 (unaudited)
and the Year Ended May 31, 2025
|
November 30
|
May 31
|
|
Operations:
|
|
|
|
Net investment income
|
$8,286,683
|
$14,913,174
|
|
Net realized gain (loss)
|
(659,564
)
|
2,133,831
|
|
Change in net unrealized appreciation (depreciation)
|
7,429,389
|
(4,066,285
)
|
|
Increase in Net Assets From Operations
|
15,056,508
|
12,980,720
|
|
Distributions to Shareholders From (Note 1):
|
|
|
|
Total distributable earnings
|
(12,725,892
)
|
(15,292,438
)
|
|
Return of capital
|
—
|
(8,038,363
)
|
|
Decrease in Net Assets From Distributions to Shareholders
|
(12,725,892
)
|
(23,330,801
)
|
|
Fund Share Transactions:
|
|
|
|
Net proceeds from sale of shares from rights offering (0 and 7,574,935
shares issued, respectively) (Note 9)
|
—
|
49,628,033
‡
|
|
Increase in Net Assets From Fund Share Transactions
|
—
|
49,628,033
|
|
Increase in Net Assets
|
2,330,616
|
39,277,952
|
|
Net Assets:
|
|
|
|
Beginning of period
|
202,261,827
|
162,983,875
|
|
End of period
|
$204,592,443
|
$202,261,827
|
|
‡
|
Net of rights offering costs of $366,538 (Note 9).
|
See Notes to Financial Statements.
32
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Statement of cash flows (unaudited)
For the Six Months Ended November 30, 2025
|
Increase (Decrease) in Cash:
|
|
|
Cash Flows from Operating Activities:
|
|
|
Net increase in net assets resulting from operations
|
$15,056,508
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net
cash
provided (used) by operating activities:
|
|
|
Purchases of portfolio securities
|
(63,444,649
)
|
|
Sales of portfolio securities
|
68,319,742
|
|
Net purchases, sales and maturities of short-term investments
|
4,082,772
|
|
Payment-in-kind
|
(141,873
)
|
|
Net amortization of premium (accretion of discount)
|
(1,412,294
)
|
|
Securities litigation proceeds
|
5,687
|
|
Increase in receivable for securities sold
|
(294,750
)
|
|
Increase in interest receivable
|
(262,725
)
|
|
Decrease in receivable from brokers — net variation margin on centrally cleared swap
contracts
|
2,140
|
|
Decrease in prepaid expenses
|
6,646
|
|
Decrease in dividends receivable from affiliated investments
|
13,839
|
|
Decrease in other assets
|
1,603
|
|
Decrease in principal paydown receivable
|
99,662
|
|
Decrease in payable for securities purchased
|
(1,758,787
)
|
|
Decrease in investment management fee payable
|
(15,541
)
|
|
Increase in Directors’ fees payable
|
1,101
|
|
Decrease in interest and commitment fees payable
|
(69,781
)
|
|
Decrease in accrued expenses
|
(21,939
)
|
|
Net realized loss on investments
|
531,896
|
|
Change in net unrealized appreciation (depreciation) of investments and forward foreign
currency contracts
|
(7,447,200
)
|
|
Net Cash Provided in Operating Activities*
|
13,252,057
|
|
Cash Flows from Financing Activities:
|
|
|
Distributions paid on common stock (net of distributions payable)
|
(12,725,892
)
|
|
Increase in payable for open reverse repurchase agreements
|
473,818
|
|
Net Cash Used by Financing Activities
|
(12,252,074
)
|
|
Net Increase in Cash and Restricted Cash
|
999,983
|
|
Cash and restricted cash at beginning of period
|
883,202
|
|
Cash and restricted cash at end of period
|
$1,883,185
|
|
*
|
Included in operating expenses is $2,308,708 paid for interest and commitment fees
on borrowings.
|
The following table provides a reconciliation of cash (including foreign currency)
and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts
shown on the Statement of
Cash Flows.
|
|
November 30, 2025
|
|
Cash
|
$1,868,700
|
|
Restricted cash
|
14,485
|
|
Total cash and restricted cash shown in the Statement of Cash Flows
|
$1,883,185
|
Restricted cash consists of cash that has been segregated to cover the Fund’s collateral or margin obligations under derivative contracts and for reverse repurchase agreements. It is separately
reported on the Statement of Assets and Liabilities as Deposits with brokers.
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
33
Financial highlights
|
For a share of capital stock outstanding throughout each year ended May 31, unless
otherwise noted:
|
||||||
|
|
20251,2
|
20251
|
20241
|
20231
|
20221
|
20211
|
|
Net asset value, beginning of period
|
$6.68
|
$7.17
|
$7.14
|
$8.50
|
$10.66
|
$9.75
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.27
|
0.54
|
0.62
|
0.69
|
0.79
|
0.72
|
|
Net realized and unrealized gain
(loss)
|
0.22
|
0.01
3
|
0.22
|
(1.25
)
|
(2.15
)
|
0.96
|
|
Total income (loss) from
operations
|
0.49
|
0.55
|
0.84
|
(0.56)
|
(1.36)
|
1.68
|
|
Less distributions from:
|
|
|
|
|
|
|
|
Net investment income
|
(0.42
)4
|
(0.55
)
|
(0.52
)
|
(0.66
)
|
(0.80
)
|
(0.55
)
|
|
Return of capital
|
—
|
(0.29
)
|
(0.29
)
|
(0.14
)
|
—
|
(0.25
)
|
|
Total distributions
|
(0.42
)
|
(0.84
)
|
(0.81
)
|
(0.80
)
|
(0.80
)
|
(0.80
)
|
|
Dilutive impact of rights offering
|
—
|
(0.20
)6
|
—
|
—
|
—
|
—
|
|
Anti-dilutive impact of tender offer
|
—
|
—
|
—
|
—
|
—
|
0.03
7
|
|
Net asset value, end of period
|
$6.75
|
$6.68
|
$7.17
|
$7.14
|
$8.50
|
$10.66
|
|
Market price, end of period
|
$6.42
|
$6.41
|
$6.96
|
$6.65
|
$7.57
|
$10.40
|
|
Total return, based on NAV8,9
|
7.49
%
|
5.03
%
|
12.34
%
|
(6.65
)%
|
(13.52
)%
|
18.06
%
|
|
Total return, based on Market
Price12
|
6.79
%
|
4.17
%
|
17.46
%
|
(1.84
)%
|
(20.72
)%
|
24.19
%
|
|
Net assets, end of period (millions)
|
$205
|
$202
|
$163
|
$162
|
$193
|
$242
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
3.61
%13
|
4.14
%
|
4.46
%
|
3.92
%
|
1.89
%
|
1.69
%
|
|
Net expenses15,16
|
3.55
13
|
4.14
|
4.46
|
3.92
|
1.89
|
1.69
|
|
Net investment income
|
8.02
13
|
7.72
|
8.60
|
8.94
|
7.86
|
6.95
|
|
Portfolio turnover rate
|
22
%
|
53
%
|
45
%
|
75
%
|
50
%
|
43
%
|
|
Supplemental data:
|
|
|
|
|
|
|
|
Loan Outstanding, End of Period
(000s)
|
$75,000
|
$75,000
|
$70,000
|
$70,000
|
$77,000
|
$85,500
|
|
Asset Coverage Ratio for Loan
Outstanding17
|
373
%
|
370
%
|
333
%
|
332
%
|
350
%
|
383
%
|
|
Asset Coverage, per $1,000 Principal
Amount of Loan Outstanding17
|
$3,728
|
$3,697
|
$3,328
|
$3,315
|
$3,505
|
$3,829
|
|
Weighted Average Loan (000s)
|
$75,000
|
$72,370
|
$70,000
|
$74,603
|
$83,148
|
$111,103
|
|
Weighted Average Interest Rate on
Loan
|
5.15
%
|
5.63
%
|
6.11
%
|
4.30
%
|
1.00
%
|
0.92
%
|
See Notes to Financial Statements.
34
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
|
For a share of capital stock outstanding throughout each year ended May 31, unless
otherwise noted:
|
|||||
|
|
20201
|
20191
|
20181
|
20171
|
20161
|
|
Net asset value, beginning of period
|
$10.54
|
$10.58
|
$11.31
|
$10.55
|
$12.33
|
|
Income (loss) from operations:
|
|||||
|
Net investment income
|
0.76
|
0.72
|
0.73
|
0.82
|
0.97
|
|
Net realized and unrealized gain (loss)
|
(0.78
)
|
(0.04
)
|
(0.69
)
|
0.98
|
(1.59
)
|
|
Total income (loss) from operations
|
(0.02)
|
0.68
|
0.04
|
1.80
|
(0.62)
|
|
Less distributions from:
|
|
|
|
|
|
|
Net investment income
|
(0.69
)
|
(0.70
)
|
(0.75
)
|
(0.93
)
|
(1.16
)
|
|
Return of capital
|
(0.09
)
|
(0.04
)
|
(0.03
)
|
(0.11
)
|
—
|
|
Total distributions
|
(0.78
)
|
(0.74
)
|
(0.78
)
|
(1.04
)
|
(1.16
)
|
|
Anti-dilutive impact of repurchase plan
|
0.01
5
|
0.03
5
|
0.01
5
|
—
|
—
|
|
Net asset value, end of period
|
$9.75
|
$10.54
|
$10.58
|
$11.31
|
$10.55
|
|
Market price, end of period
|
$9.07
|
$9.59
|
$9.18
|
$10.23
|
$9.52
|
|
Total return, based on NAV8,9
|
(0.17
)%10,11
|
6.90
%
|
0.29
%
|
17.82
%
|
(4.66
)%
|
|
Total return, based on Market Price12
|
2.66
%
|
13.17
%
|
(2.99
)%
|
19.21
%
|
(1.08
)%
|
|
Net assets, end of period (millions)
|
$428
|
$465
|
$475
|
$512
|
$327
|
|
Ratios to average net assets:
|
|||||
|
Gross expenses
|
2.76
%11
|
2.54
%
|
2.06
%14
|
1.89
%14
|
1.79
%14
|
|
Net expenses15
|
2.73
11,16
|
2.52
|
2.02
14
|
1.82
14
|
1.72
14
|
|
Net investment income
|
7.29
|
6.93
|
6.58
|
7.41
|
8.99
|
|
Portfolio turnover rate
|
60
%
|
89
%
|
97
%
|
78
%
|
71
%
|
|
Supplemental data:
|
|
|
|
|
|
|
Loan Outstanding, End of Period (000s)
|
$158,000
|
$180,000
|
$168,000
|
$171,000
|
$120,000
|
|
Asset Coverage Ratio for Loan Outstanding17
|
371
%
|
358
%
|
383
%
|
399
%
|
373
%
|
|
Asset Coverage, per $1,000 Principal Amount
of Loan Outstanding17
|
$3,706
|
$3,583
|
$3,829
|
$3,992
|
$3,729
|
|
Weighted Average Loan (000s)
|
$175,765
|
$177,490
|
$170,507
|
$156,400
|
$120,027
|
|
Weighted Average Interest Rate on Loan
|
2.74
%
|
3.06
%
|
2.36
%
|
1.72
%
|
1.18
%
|
See Notes to Financial Statements.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
35
Financial highlights (cont’d)
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended November 30, 2025 (unaudited).
|
|
3
|
Calculation of the net gain per share (both realized and unrealized) does not correlate
to the aggregate realized and
unrealized loss presented in the Statement of Operations due to the timing of sale
of Fund shares in relation to
fluctuating market values of the investments of the Fund.
|
|
4
|
The actual source of the Fund’s current fiscal year distributions may be from net investment income, realized
capital gains, return of capital or a combination of such amounts. Shareholders will
be informed of the tax
characteristics of the distributions after the close of the fiscal year.
|
|
5
|
The repurchase plan was completed at an average repurchase price of $7.50 for 239,229
shares and $1,781,056 for
the year ended May 31, 2020, $8.74 for 816,259 shares and $7,135,435 for the year
ended May 31, 2019, and
$9.50 for 319,205 shares and $3,031,002 for the year ended May 31, 2018.
|
|
6
|
The rights offering was completed at a price of $6.60 for 7,574,935 shares and $49,994,571
for the year ended
May 31, 2025.
|
|
7
|
The tender offer was completed at a price of $10.39 for 21,170,180 shares and $219,958,165
for the year ended
May 31, 2021.
|
|
8
|
Performance figures may reflect compensating balance arrangements, fee waivers and/or
expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements,
the total
return would have been lower. Past performance is no guarantee of future results.
Total returns for periods of less
than one year are not annualized.
|
|
9
|
The total return calculation assumes that distributions are reinvested at NAV. Past
performance is no guarantee of
future results. Total returns for periods of less than one year are not annualized.
|
|
10
|
The total return includes gains from settlement of security litigations. Without these
gains, the total return
would have been -0.27% for the year ended May 31, 2020.
|
|
11
|
Included in the expense ratios and total return are certain non-recurring legal and
transfer agent fees that were
incurred by the Fund during the period. Without these fees, the gross and net expense
ratios would have been
2.49% and 2.47%, respectively, and total return would have been 0.04% for the year
ended May 31, 2020.
|
|
12
|
The total return calculation assumes that distributions are reinvested in accordance with the Fund’s dividend
reinvestment plan. Past performance is no guarantee of future results. Total returns
for periods of less than one
year are not annualized.
|
|
13
|
Annualized.
|
|
14
|
Included in the expense ratios are certain non-recurring reorganization fees that
were incurred by the Fund during
the period. Without these fees, the gross and net expense ratios would not have changed
for the year ended
May 31, 2018, would have been 1.87% and 1.80%, respectively, for the year ended May
31, 2017 and 1.76% and
1.69%, respectively, for the year ended May 31, 2016.
|
|
15
|
Reflects fee waivers and/or expense reimbursements.
|
|
16
|
The manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
|
|
17
|
Represents value of net assets plus the loan outstanding at the end of the period
divided by the loan outstanding
at the end of the period.
|
See Notes to Financial Statements.
36
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Notes to financial statements (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 diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors (the “Board”) 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 Fund follows the accounting and reporting guidance in Financial Accounting Standards
Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted
accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net
assets resulting from operations when financial statements are prepared. Changes in the economic
environment, financial markets and any other parameters used in determining these
estimates could cause actual results to differ. Subsequent events have been evaluated
through the date the financial statements were issued.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized
mortgage obligations and asset-backed securities) and certain derivative instruments
are typically the prices supplied by independent third party pricing services, which may
use market prices or broker/dealer quotations or a variety of valuation techniques and
methodologies. The independent third party pricing services typically use inputs that
are observable such as issuer details, interest rates, yield curves, prepayment speeds,
credit risks/spreads, default rates and quoted prices for similar securities. Investments
in open-end funds are valued at the closing net asset value per share of each fund on the day
of valuation. Equity securities for which market quotations are available are valued
at the last reported sales price or official closing price on the primary market or exchange on
which they trade. When the Fund holds securities or other assets that are denominated in
a foreign currency, the Fund will normally use the currency exchange rates as of 4:00
p.m. (Eastern Time). If independent third party pricing services are unable to supply prices
for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable,
the market price may be determined by the manager using quotations from one or more
broker/dealers or at the transaction price if the security has recently been purchased
and no value has yet been obtained from a pricing service or pricing broker. When reliable
prices are not readily available, such as when the value of a security has been significantly
affected by events after the close of the exchange or market on which the security
is principally traded, but before the Fund calculates its net asset value, the Fund values
these securities as determined in accordance with procedures approved by the Fund’s Board.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
37
Notes to financial statements (unaudited) (cont’d)
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process.
The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. 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, 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 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.
38
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques
used to value assets and liabilities at measurement date. These inputs are summarized
in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication
of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
|
ASSETS
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Long-Term Investments†:
|
|
|
|
|
|
Corporate Bonds & Notes:
|
|
|
|
|
|
Energy
|
—
|
$38,187,076
|
$2,054,314
|
$40,241,390
|
|
Financials
|
—
|
21,545,582
|
0
*
|
21,545,582
|
|
Health Care
|
—
|
11,534,903
|
0
*
|
11,534,903
|
|
Other Corporate Bonds &
Notes
|
—
|
107,870,091
|
—
|
107,870,091
|
|
Sovereign Bonds
|
—
|
41,823,002
|
—
|
41,823,002
|
|
Collateralized Mortgage
Obligations
|
—
|
22,915,889
|
—
|
22,915,889
|
|
Senior Loans:
|
|
|
|
|
|
Consumer Discretionary
|
—
|
3,450,470
|
983,015
|
4,433,485
|
|
Industrials
|
—
|
3,847,925
|
422,348
|
4,270,273
|
|
Other Senior Loans
|
—
|
12,736,571
|
—
|
12,736,571
|
|
Asset-Backed Securities
|
—
|
13,609,203
|
—
|
13,609,203
|
|
Preferred Stocks
|
$4,411,733
|
—
|
—
|
4,411,733
|
|
Convertible Bonds & Notes
|
—
|
467,910
|
—
|
467,910
|
|
Common Stocks:
|
|
|
|
|
|
Consumer Discretionary
|
51,633
|
—
|
—
|
51,633
|
|
Industrials
|
12,262
|
71
|
—
|
12,333
|
|
Other Common Stocks
|
—
|
339,979
|
—
|
339,979
|
|
Rights
|
—
|
18,853
|
—
|
18,853
|
|
Warrants
|
—
|
8,712
|
—
|
8,712
|
|
Total Investments
|
$4,475,628
|
$278,356,237
|
$3,459,677
|
$286,291,542
|
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
39
Notes to financial statements (unaudited) (cont’d)
|
ASSETS (cont’d)
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency
Contracts††
|
—
|
$594
|
—
|
$594
|
|
Total
|
$4,475,628
|
$278,356,831
|
$3,459,677
|
$286,292,136
|
|
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††
|
—
|
$585
|
—
|
$585
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
|
*
|
Amount represents less than $1.
|
|
††
|
Reflects the unrealized appreciation (depreciation) of the instruments.
|
The following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determining fair value:
|
Investments in
Securities
|
Balance
as of
May 31, 2025
|
Accrued
premiums/
discounts
|
Realized
gain
(loss)
|
Change in
unrealized
appreciation
(depreciation)1
|
Purchases
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Energy
|
$340,757
|
$1,526
|
—
|
$19,284
|
$1,692,746
|
|
Financials
|
0
*
|
—
|
—
|
—
|
—
|
|
Health Care
|
0
*
|
—
|
—
|
—
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
—
|
895
|
—
|
35,480
|
946,640
|
|
Industrials
|
—
|
23,690
|
—
|
(23,690)
|
422,348
|
|
Sovereign Bonds
|
982,500
|
—
|
$(16,375)
|
17,500
|
—
|
|
Total
|
$1,323,257
|
$26,111
|
$(16,375)
|
$48,574
|
$3,061,734
|
40
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
|
Investments in
Securities (cont’d)
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as of
November 30,
2025
|
Net change
in unrealized
appreciation
(depreciation)
for
investments
in securities
still held at
November 30,
2025
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Energy
|
—
|
—
|
—
|
$2,054,314
|
$19,284
|
|
Financials
|
—
|
—
|
—
|
0
*
|
—
|
|
Health Care
|
—
|
—
|
—
|
0
*
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
—
|
—
|
—
|
983,015
|
35,480
|
|
Industrials
|
—
|
—
|
—
|
422,348
|
(23,690)
|
|
Sovereign Bonds
|
$(983,625)
|
—
|
—
|
—
|
—
|
|
Total
|
$(983,625)
|
—
|
—
|
$3,459,677
|
$31,074
|
|
*
|
Amount represents less than $1.
|
|
1
|
This amount is included in the change in net unrealized appreciation (depreciation)
in the accompanying Statement
of Operations. 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.
|
(b) Forward foreign currency contracts. The Fund enters into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar
denominated securities or to facilitate settlement of a foreign currency denominated
portfolio transaction. A forward foreign currency contract is an agreement between
two parties to buy and sell a currency at a set price with delivery and settlement at
a future date. The contract is marked-to-market daily and the change in value is recorded by
the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed,
through either delivery or offset by entering into another forward foreign currency
contract, the Fund recognizes a realized gain or loss equal to the difference between the value
of the contract at the time it was opened and the value of the contract at the time it is
closed.
Forward foreign currency contracts involve elements of market risk in excess of the
amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an
unfavorable change in the foreign exchange rate underlying the forward foreign currency
contract. Risks may also arise upon entering into these contracts from the potential
inability of the counterparties to meet the terms of their contracts.
(c) Swap agreements. The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of
swaps
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
41
Notes to financial statements (unaudited) (cont’d)
involves risks that are different from those associated with other portfolio transactions.
Swap agreements are privately negotiated in the over-the-counter market and may be
entered into as a bilateral contract (“OTC Swaps”) or centrally cleared (“Centrally Cleared Swaps”). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.
In a Centrally Cleared Swap, immediately following execution of the swap, the swap
agreement is submitted to a clearinghouse or central counterparty (the “CCP”) and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments
are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap,
the Fund is required to deposit initial margin with the broker in the form of cash or
securities.
Swap contracts are marked-to-market daily and changes in value are recorded as unrealized
appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps,
if any, is recorded as a net receivable or payable for variation margin on the Statement
of Assets and Liabilities. Gains or losses are realized upon termination of the swap
agreement. Collateral, in the form of restricted cash or securities, may be required
to be held in segregated accounts with the Fund’s custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified
in the Schedule of Investments and restricted cash, if any, is identified on the Statement
of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and
Liabilities. These risks include changes in the returns of the underlying instruments,
failure of the counterparties to perform under the contracts’ terms, and the possible lack of liquidity with respect to the swap agreements.
OTC Swap payments received or made at the beginning of the measurement period are
reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities.
These upfront payments are amortized over the life of the swap and are recognized
as realized gain or loss in the Statement of Operations. Net periodic payments received
or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.
The Fund’s maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of November 30, 2025, the Fund
did not hold any credit default swaps to sell protection.
For average notional amounts of swaps held during the six months ended November 30, 2025, see Note 4.
Credit default swaps
The Fund enters into credit default swap (“CDS”) contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making
a stream of payments to another party in exchange for the right to receive a specified
return in the event of a default by a third party, typically corporate or sovereign issuers,
on a specified obligation, or in the event of a write-down, principal shortfall, interest
shortfall or default of all or part of the referenced entities comprising a credit index. The Fund
may use
42
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
a CDS to provide protection against defaults of the issuers (i.e., to reduce risk
where the Fund has exposure to an issuer) or to take an active long or short position with respect
to the likelihood of a particular issuer’s default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap,
provided that there is no credit event. If the Fund is a seller of protection and
a credit event occurs, as defined under the terms of that particular swap agreement, the maximum
potential amount of future payments (undiscounted) that the Fund could be required
to make under a CDS agreement would be an amount equal to the notional amount of the
agreement. These amounts of potential payments will be partially offset by any recovery
of values from the respective referenced obligations. As a seller of protection, the
Fund effectively adds leverage to its portfolio because, in addition to its total net assets,
the Fund is subject to investment exposure on the notional amount of the swap. As a buyer
of protection, the Fund generally receives an amount up to the notional value of the
swap if a credit event occurs.
Implied spreads are the theoretical prices a lender receives for credit default protection.
When spreads rise, market perceived credit risk rises and when spreads fall, market
perceived credit risk falls. The implied credit spread of a particular referenced
entity reflects the cost of buying/selling protection and may include upfront payments required to
enter into the agreement. Wider credit spreads and decreasing market values, when compared
to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring
as defined under the terms of the agreement. Credit spreads utilized in determining the
period end market value of CDS agreements on corporate or sovereign issues are disclosed
in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For
CDS agreements on asset-backed securities and credit indices, the quoted market prices
and resulting values, particularly in relation to the notional amount of the contract
as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.
The Fund’s maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the
counterparty to the Fund to cover the Fund’s exposure to the counterparty). As the protection seller, the Fund’s maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection
seller to the protection buyer upon the occurrence of a defined credit event.
Entering into a CDS agreement involves, to varying degrees, elements of credit, market
and documentation risk in excess of the related amounts recognized on the Statement of
Assets and Liabilities. Such risks involve the possibility that there will be no liquid
market for these agreements, that the counterparty to the agreement may default on its obligation
to perform or disagree as to the meaning of the contractual terms in the agreement,
and that there will be unfavorable changes in net interest rates.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
43
Notes to financial statements (unaudited) (cont’d)
(d) 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 related to the loan, or any rights
of offset 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 offset between the lender and
the borrower.
(e) Reverse repurchase agreements. The Fund may enter into reverse repurchase agreements. Under the terms of a typical reverse repurchase agreement, a fund sells
a security subject to an obligation to repurchase the security from the buyer at an
agreed upon time and price. In the event the buyer of securities under a reverse repurchase
agreement files for bankruptcy or becomes insolvent, the Fund’s use of the proceeds of the agreement may be restricted pending a determination by the counterparty, or its trustee
or receiver, whether to enforce the Fund’s obligation to repurchase the securities. In entering into reverse repurchase agreements, the Fund will pledge cash, U.S. government securities
or other liquid debt obligations at least equal in value to its obligations with respect
to reverse repurchase agreements or will take other actions permitted by law to cover
its obligations. If the market value of the collateral declines during the period, the
Fund may be required to post additional collateral to cover its obligation. Cash collateral that
has been pledged to cover obligations of the Fund under reverse repurchase agreements, if any,
will be reported separately in the Statement of Assets and Liabilities. Securities pledged
as collateral are noted in the Schedule of Investments. Interest payments made on reverse
repurchase agreements are recognized as a component of “Interest expense” on the Statement of Operations. In periods of increased demand for the security, the Fund
may receive a fee for use of the security by the counterparty, which may result in interest
income to the Fund.
(f) Cash flow information. The Fund invests in securities and distributes dividends from net investment income and net realized gains, which are paid in cash and may be reinvested at the discretion of shareholders. These activities are reported in the
Statements of Changes in Net Assets and additional information on cash receipts and cash payments
is presented in the Statement of Cash Flows.
(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
44
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
into U.S. dollar amounts based upon prevailing exchange rates on the respective dates
of such transactions.
The Fund does not isolate that portion of the results of operations resulting from
fluctuations in foreign exchange rates on investments from the fluctuations arising
from changes in market prices of securities held. Such fluctuations are included with the
net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies,
including gains and losses on forward foreign currency contracts, currency gains or
losses realized between the trade and settlement dates on securities transactions, and the
difference between the amounts of dividends, interest, and foreign withholding taxes
recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes
in the values of assets and liabilities, other than investments in securities, on the
date of valuation, resulting from changes in exchange rates.
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 investments 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 investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange
rate fluctuations.
(i) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in
foreign currencies, may require settlement in foreign currencies or may pay interest or dividends
in foreign currencies, changes in the relationship of these foreign currencies to the
U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign
investments may also subject the Fund to foreign government exchange restrictions,
expropriation, taxation or other political, social or economic developments, all of
which affect the market and/or credit risk of the investments.
(j) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
45
Notes to financial statements (unaudited) (cont’d)
where the Fund is exposed to counterparty credit risk in addition to broader market
risks. The Fund may invest in securities of issuers, which may also be considered counterparties
as trading partners in other transactions. This may increase the risk of loss in the
event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to
meet its contractual obligations. The Fund’s subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring
and/or limiting the amount of its net exposure to each individual counterparty based on its
assessment and (iii) requiring collateral from the counterparty for certain transactions.
Market events and changes in overall economic conditions may impact the assessment
of such counterparty risk by the subadviser. In addition, declines in the values of underlying
collateral received may expose the Fund to increased risk of loss.
With exchange traded and centrally cleared derivatives, there is less counterparty
risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments,
guarantees against a possible default. The clearinghouse stands between the buyer
and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse.
While offset rights may exist under applicable law, the Fund does not have a contractual
right of offset against a clearing broker or clearinghouse in the event of a default
of the clearing broker or clearinghouse.
The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter
(“OTC”) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination
and credit related contingent features. The credit related contingent features include, but are
not limited to, a percentage decrease in the Fund’s net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered,
the derivatives counterparty could terminate the positions and demand payment or require
additional collateral.
Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset
with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an
event of default by the counterparty or a termination of the agreement, the terms of the
ISDA Master Agreements do not result in an offset of reported amounts of financial assets
and financial liabilities in the Statement of Assets and Liabilities across transactions
between the Fund and the applicable counterparty. The enforceability of the right to offset
may vary by jurisdiction.
Collateral requirements differ by type of derivative. Collateral or margin requirements
are set by the broker or exchange clearinghouse for exchange traded derivatives while
collateral terms are contract specific for OTC traded derivatives. Cash collateral
that has been pledged to cover obligations of the Fund under derivative contracts, if any,
will be
46
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
reported separately in the Statement of Assets and Liabilities. Securities pledged
as collateral, if any, for the same purpose are noted in the Schedule of Investments.
As of November 30, 2025, the Fund held forward foreign currency contracts with credit
related contingent features which had a liability position of $585. If a contingent
feature in the master agreements would have been triggered, the Fund would have been required
to pay this amount to its derivatives counterparties.
(k) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind
securities) is recorded on the accrual basis. Amortization of premiums and accretion
of discounts on debt securities are recorded to interest income over the lives of the
respective securities, except for premiums on certain callable debt securities, which are amortized
to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities
are recorded as adjustments to interest income. Dividend income is recorded on the
ex-dividend date for dividends received in cash and/or securities. Foreign dividend
income is recorded on the ex-dividend date or as soon as practicable after the Fund determines
the existence of a dividend declaration after exercising reasonable due diligence. The
cost of investments sold is determined by use of the specific identification method. To the
extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may
halt any additional interest income accruals and consider the realizability of interest accrued
up to the date of default or credit event.
(l) Distributions to shareholders. Distributions from net investment income of the Fund, if any, are declared quarterly and paid on a monthly basis. Distributions of net realized
gains, if any, are declared at least annually. The actual source of the Fund’s current fiscal year distributions may be from net investment income, realized capital gains, return
of capital or a combination of such amounts. Distributions to shareholders of the Fund
are recorded on the ex-dividend date and are determined in accordance with income tax
regulations, which may differ from GAAP.
(m) Compensating balance arrangements. The Fund had an arrangement with its custodian bank whereby a portion of the custodian’s fees was paid indirectly by credits earned on the Fund’s cash on deposit with the bank. Effective April 1, 2025, any cash on deposit with the bank will earn interest and be recognized as interest income on the
Statement of Operations.
(n) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute
its taxable income and net realized gains, if any, to shareholders in accordance with
timing requirements imposed by the Code. Therefore, no federal or state income tax provision
is required in the Fund’s financial statements.
Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of May 31, 2025, no provision for income tax is
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
47
Notes to financial statements (unaudited) (cont’d)
required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by
the Internal Revenue Service and state departments of revenue.
(o) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.
2. Investment management agreement and other transactions with affiliates
Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager. Western Asset Management Company, LLC (“Western Asset”), Western Asset Management Company Limited (“Western Asset London”) and Western Asset Management Company Pte. Ltd. (“Western Asset Singapore”) are the Fund’s subadvisers. FTFA, Western Asset, Western Asset London and Western Asset Singapore are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).
FTFA provides administrative and certain oversight services to the Fund. The Fund
pays FTFA an investment management fee, calculated daily and paid monthly, at an annual rate
of 0.85% of the Fund’s average daily Managed Assets. “Managed Assets” means net assets plus the amount of any borrowings and assets attributable to any preferred stock that
may be outstanding.
FTFA delegates to Western Asset the day-to-day portfolio management of the Fund. Western Asset London and Western Asset Singapore provide certain subadvisory services
to the Fund relating to currency transactions and investment in non-U.S. dollar denominated
securities. Western Asset London and Western Asset Singapore do not receive any compensation from the Fund and are compensated by Western Asset for their services
to the Fund. For its services, FTFA pays Western Asset monthly 70% of the net management
fee it receives from the Fund. Western Asset pays Western Asset London and Western
Asset Singapore a monthly subadvisory fee in an amount equal to 100% of the management fee paid to Western Asset on the assets that Western Asset allocates to
each such non-U.S. subadviser to manage.
During the periods in which the Fund utilizes financial leverage, the fees paid to
FTFA will be higher than if the Fund did not utilize leverage because the fees are calculated
as a percentage of the Fund’s assets, including those investments purchased with leverage.
The manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated
money market fund (the “affiliated money market fund waiver”).
Effective July 1, 2025, FTFA implemented a voluntary investment management fee waiver
of 0.05% that will continue until June 30, 2026.
During the six months ended November 30, 2025, fees waived and/or expenses reimbursed amounted to $62,125, which included an affiliated money market fund waiver of $1,015.
48
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
All officers and one Director of the Fund are employees of Franklin Resources or its
affiliates and do not receive compensation from the Fund.
3. Investments
During the six months ended November 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:
|
|
Investments
|
U.S. Government &
Agency Obligations
|
|
Purchases
|
$63,444,649
|
—
|
|
Sales
|
64,367,803
|
$3,951,939
|
At November 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes
were substantially as follows:
|
|
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
|
|
Securities
|
$273,229,383
|
$19,280,393
|
$(6,218,234)
|
$13,062,159
|
|
Forward foreign currency contracts
|
—
|
594
|
(585)
|
9
|
Transactions in reverse repurchase agreements for the Fund during the six months ended
November 30, 2025 were as follows:
|
Average Daily
Balance*
|
Weighted Average
Interest Rate*
|
Maximum Amount
Outstanding
|
|
$10,097,825
|
4.706%
|
$10,978,670
|
|
* Averages based on the number of days that the Fund had reverse repurchase agreements
outstanding.
|
Interest rates on reverse repurchase agreements ranged from 4.350% to 5.000% during
the six months ended November 30, 2025. Interest expense incurred on reverse repurchase agreements totaled $241,559.
4. Derivative instruments and hedging activities
Below is a table, grouped by derivative type, that provides information about the
fair value and the location of derivatives within the Statement of Assets and Liabilities at
November 30, 2025.
|
ASSET DERIVATIVES1
|
|
|
|
Foreign
Exchange Risk
|
|
Forward foreign currency contracts
|
$594
|
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
49
Notes to financial statements (unaudited) (cont’d)
|
LIABILITY DERIVATIVES1
|
|
|
|
Foreign
Exchange Risk
|
|
Forward foreign currency contracts
|
$585
|
|
1
|
Generally, the balance sheet location for asset derivatives is receivables/net unrealized
appreciation and for
liability derivatives is payables/net unrealized depreciation.
|
The following tables provide information about the effect of derivatives and hedging
activities on the Fund’s Statement of Operations for the six months ended November 30, 2025. The first table provides additional detail about the amounts and sources of
gains (losses) realized on derivatives during the period. The second table provides additional
information about the change in net unrealized appreciation (depreciation) resulting
from the Fund’s derivatives and hedging activities during the period.
|
AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
|
|||
|
|
Foreign
Exchange Risk
|
Credit
Risk
|
Total
|
|
Swap contracts
|
—
|
$58,236
|
$58,236
|
|
Forward foreign currency contracts
|
$(200,675
)
|
—
|
(200,675
)
|
|
Total
|
$(200,675
)
|
$58,236
|
$(142,439
)
|
|
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
|
|||
|
|
Foreign
Exchange Risk
|
Credit
Risk
|
Total
|
|
Swap contracts
|
—
|
$(9,808
)
|
$(9,808
)
|
|
Forward foreign currency contracts
|
$122,522
|
—
|
122,522
|
|
Total
|
$122,522
|
$(9,808
)
|
$112,714
|
During the six months ended November 30, 2025, the volume of derivative activity for the Fund was as follows:
|
|
Average Market
Value*
|
|
Forward foreign currency contracts (to buy)
|
$1,238,882
|
|
Forward foreign currency contracts (to sell)
|
2,550,884
|
|
|
Average Notional
Balance**
|
|
Credit default swap contracts (sell protection)†
|
$993,714
|
|
*
|
Based on the average of the market values at each month-end during the period.
|
|
**
|
Based on the average of the notional amounts at each month-end during the period.
|
|
†
|
At November 30, 2025, there were no open positions held in this derivative.
|
50
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
The following table presents the Fund’s OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the
related collateral pledged (received) by the Fund as of November 30, 2025.
|
Counterparty
|
Gross Assets
Subject to
Master
Agreements1
|
Gross
Liabilities
Subject to
Master
Agreements1
|
Net Assets
(Liabilities)
Subject to
Master
Agreements
|
Collateral
Pledged
(Received)
|
Net
Amount2,3
|
|
BNP Paribas SA
|
$544
|
—
|
$544
|
—
|
$544
|
|
Goldman Sachs Group Inc.
|
50
|
—
|
50
|
—
|
50
|
|
JPMorgan Chase & Co.
|
—
|
$(585)
|
(585)
|
—
|
(585)
|
|
Total
|
$594
|
$(585)
|
$9
|
—
|
$9
|
|
1
|
Absent an event of default or early termination, derivative assets and liabilities
are presented gross and not
offset in the Statement of Assets and Liabilities.
|
|
2
|
Net amount may also include forward foreign currency exchange contracts that are not
required to be
collateralized.
|
|
3
|
Represents the net amount receivable (payable) from (to) the counterparty in the event
of default.
|
5. Loan
The Fund has a Margin Loan and Security Agreement (the “BofA Credit Agreement”) with the Bank of America, N.A. (“BofA”). The BofA Credit Agreement allows the Fund to borrow up to an aggregate amount of $120,000,000 and renews daily for a 179-day term unless
notice to the contrary is given to the Fund. The Fund pays interest on borrowings
calculated based on SOFR plus applicable margin. The Fund pays a commitment fee on the unutilized
portion of the loan commitment amount at an annual rate of 0.20% except that the commitment fee is 0.15% when the aggregate outstanding balance of the loan is equal
to or greater than 50% of the maximum commitment amount. To the extent of the borrowing
outstanding, the Fund is required to maintain collateral in a special custody account
at the Fund’s custodian on behalf of BofA. The BofA Credit Agreement contains customary covenants that, among other things, may limit the Fund’s ability to pay distributions in certain circumstances, incur additional debt, change certain material investment policies
and engage in certain transactions, including mergers and consolidations, and require
asset coverage ratios in addition to those required by the 1940 Act. In addition, the BofA
Credit Agreement may be subject to early termination under certain conditions and may contain
other provisions that could limit the Fund’s ability to utilize borrowing under the agreement. Interest expense related to the BofA Credit Agreement for the six months ended November 30, 2025 was $1,962,625. For the six months ended November 30, 2025, the
Fund incurred commitment fees of $34,314. For the six months ended November 30, 2025,
the average daily loan balance was $75,000,000 and the weighted average interest rate
was 5.15%. At November 30, 2025, the Fund had $75,000,000 of borrowings outstanding
per the Credit Agreement.
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
51
Notes to financial statements (unaudited) (cont’d)
6. Distributions subsequent to November 30, 2025
The following distributions have been declared by the Fund’s Board and are payable subsequent to the period end of this report:
|
Record Date
|
Payable Date
|
Amount
|
|
11/20/2025
|
12/1/2025
|
$0.0700
|
|
12/23/2025
|
12/31/2025
|
$0.0700
|
|
1/23/2026
|
1/30/2026
|
$0.0700
|
|
2/20/2026
|
2/27/2026
|
$0.0700
|
7. Stock repurchase program
On November 16, 2015, the Fund announced that the Board had authorized the Fund to
repurchase in the open market up to approximately 10% of the Fund’s outstanding common stock when the Fund’s shares are trading at a discount to net asset value. The Board has directed management of the Fund to repurchase shares of common stock at such times
and in such amounts as management reasonably believes may enhance stockholder value. The
Fund is under no obligation to purchase shares at any specific discount levels or
in any specific amounts. During the six months ended November 30, 2025, and the year ended
May 31, 2025, the Fund did not repurchase any shares.
Since the commencement of the stock repurchase program through November 30, 2025,
the Fund repurchased 1,374,693 shares or 3.04% of its common shares outstanding for a
total amount of $11,947,493.
8. Capital shares
The Fund filed a registration statement with the Securities and Exchange Commission
(“SEC”), effective March 7, 2024, authorizing the Fund to offer and sell shares of common stock having an aggregate offering price of up to $75,000,000 (“Shelf Registration”). On October 21, 2024, the Fund entered into a distribution agreement (“Distribution Agreement”) with Franklin Distributors, LLC (“Distributor”), an affiliate of FTFA, to provide for distribution of the Fund’s shares of common stock. The Distributor entered into a sub-placement agreement, dated October 21, 2024 (“Sub-Placement Agent Agreement”), with UBS Securities LLC with respect to the Fund relating to common stock offered by a
prospectus supplement filed by the Fund with the SEC on October 21, 2024. Under this
equity shelf offering program, the Fund, subject to market conditions, may raise additional
equity capital from time to time in varying amounts and offering methods at a net
price at or above the Fund’s then-current net asset value per common share. Costs incurred by the Fund in connection with the offering are recorded as a prepaid expense. These costs are
amortized on a pro-rata basis as shares are sold and are presented as a reduction
to the net proceeds from the sale of shares on the Statement of Changes in Net Assets, if applicable.
Any deferred charges remaining at the end of the life of the shelf offering period
will be expensed. For the six months ended November 30, 2025, and the year ended May 31, 2025,
there were no shares sold under the Sub-Placement Agent Agreement.
52
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
9. Rights offering
On August 29, 2024, the Fund announced that the Board had approved a transferable
rights offering (“Rights”) to common shareholders of record (“Record Date”) as of September 9, 2024, to subscribe for additional shares of common stock for up to an aggregate offering
price of $50,000,000. The Rights offering expired on October 8, 2024. Each Record
Date stockholder received one right for each outstanding whole common share held. The Rights
holders were entitled to purchase one additional share of common stock for every three
Rights held (“Primary Subscription”) at the final subscription price (“Subscription Price”) per share. Stockholders who held fewer than three common shares on Record Date were entitled to subscribe for one common share, and fractional shares were not issued.
The Subscription Price was determined based upon a formula equal to 92.5% of the average
of the last reported sales price per share of the Fund’s common stock on the New York Stock Exchange (“NYSE”) on the expiration date and each of the four preceding trading days (“Formula Price”). If, however, the Formula Price was less than 90% of the net asset value per share of common stock at the close of trading on the NYSE on the expiration date,
then the Subscription Price was 90% of the Fund’s net asset value per share of common stock at the close of trading on the NYSE on that day. Record Date stockholders who fully exercised
their Rights in the Primary Subscription were eligible for an over-subscription privilege
entitling those stockholders to subscribe for any additional shares of common stock
not purchased pursuant to the Primary Subscription, subject to certain limitations, allotment
and the right of the Board to have eliminated the over-subscription privilege. Holders
of Rights acquired in the secondary market were not able to participate in the over-subscription privilege. The Rights offering resulted in the issuance of 7,574,935 shares of common stock. The gross proceeds from the Rights offering were $49,994,571. The Fund
received the gross proceeds of the Rights offering less fees and expenses totaling
$366,538. The shares of common stock subscribed were issued on October 16, 2024.
10. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5%
or more of the outstanding voting securities, or a company which is under common ownership
or control with the Fund. The following company was considered an affiliated company
for all or some portion of the six months ended November 30, 2025. The following transactions were effected in such company for the six months ended November 30, 2025.
|
|
Affiliate
Value at
May 31, 2025
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Western Asset
Premier
Institutional
Government
Reserves, Premium
Shares
|
$5,002,223
|
$29,024,006
|
29,024,006
|
$34,026,229
|
34,026,229
|
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
53
Notes to financial statements (unaudited) (cont’d)
|
(cont’d)
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
November 30,
2025
|
|
Western Asset Premier
Institutional
Government Reserves,
Premium Shares
|
—
|
$35,231
|
—
|
—
|
11. Restricted securities
The following Fund investments are restricted as to resale and, in the absence of
readily ascertainable market values, are fair valued in accordance with procedures approved
by the Board.
|
Security
|
Number of
Shares/
Warrants
|
Acquisition
Date
|
Cost
|
Fair Value
at 11/30/2025
|
Value Per
Share/Warrant
|
Percent of
Net Assets
|
|
Spirit Airlines LLC,
Common Shares
|
229
|
3/25
|
$2,788
|
$71
|
$0.31
|
0.00
%(a)
|
|
Spirit Airlines LLC,
Warrants
|
28,104
|
3/25
|
342,120
|
8,712
(b)
|
0.31
|
0.00
(a)
|
|
Total
|
|
|
$344,908
|
$8,783
|
|
0.00
%(a)
|
|
(a)
|
Amount represents less than 0.005%.
|
|
(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.
|
12. Deferred capital losses
As of May 31, 2025, the Fund had deferred capital losses of $140,932,005, which have
no expiration date, that will be available to offset future taxable capital gains.
13. Operating segments
The Fund operates as a single operating segment, which is an investment portfolio.
A management group assigned to the Fund within the Fund’s investment manager serves as the Chief Operating Decision Maker (“CODM”) and is responsible for evaluating the Fund’s operating results and allocating resources in accordance with the Fund’s investment strategy. Internal reporting provided to the CODM aligns with the accounting policies
and measurement principles used in the financial statements.
For information regarding segment assets, segment profit or loss, and significant
expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations,
along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio
turnover and expense ratios, are disclosed in the Financial Highlights.
54
Western Asset Global High Income Fund Inc. 2025 Semi-Annual Report
Additional shareholder information (unaudited)
Results of annual meeting of shareholders
The Annual Meeting of Shareholders of Western Asset Global High Income Fund Inc. was
held on October 17, 2025 for the purpose of considering and voting upon the proposals
presented at the Meeting. The following table provides information concerning the
matters voted upon at the Meeting:
Election of Directors
|
Nominees
|
FOR
|
WITHHELD
|
ABSTAIN
|
|
Robert D. Agdern
|
20,239,753
|
445,953
|
498,978
|
|
Eileen A. Kamerick
|
20,163,336
|
514,164
|
507,184
|
|
Peter Mason
|
20,283,119
|
388,162
|
513,403
|
At the Meeting, Ms. Kamerick and Messrs. Agdern and Mason were each duly elected by
the shareholders to serve as Class III Directors of the Fund until the 2028 Annual
Meeting of Shareholders, or until their successors have been duly elected and qualified or until
their resignation or are otherwise removed.
At November 30, 2025, in addition to Ms. Kamerick and Messrs. Agdern and Mason, the
other Directors of the Fund were as follows:
Carol L. Colman
Anthony Grillo
Nisha Kumar
Hillary A. Sale
Jane Trust
Anthony Grillo
Nisha Kumar
Hillary A. Sale
Jane Trust
Ratification of Selection of Independent Registered Public Accountants
To ratify the selection of PricewaterhouseCoopers LLP (“PwC”) as independent registered public accountants of the Fund for the fiscal year ended May 31, 2026.
|
FOR
|
AGAINST
|
ABSTAIN
|
BROKER NON-VOTES
|
|
20,575,846
|
193,046
|
415,792
|
N/A
|
Western Asset Global High Income Fund Inc.
55
Dividend reinvestment plan (unaudited)
Unless you elect to receive distributions in cash (i.e., opt-out), all dividends,
including any capital gain dividends and return of capital distributions, on your Common Stock will
be automatically reinvested by Computershare Trust Company, N.A., as agent for the stock-
holders (the “Plan Agent”), in additional shares of Common Stock under the Fund’s Dividend Reinvestment Plan (the “Plan”). You may elect not to participate in the Plan by contacting the Plan Agent. If you do not participate, you will receive all cash distributions
paid by check mailed directly to you by Computershare Trust Company, N.A., as dividend paying
agent.
If you participate in the Plan, the number of shares of Common Stock you will receive
will be determined as follows:
(1) If the market price of the Common Stock (plus $0.03 per share commission) on the
payment date (or, if the payment date is not a NYSE trading day, the immediately preceding trading day) is equal to or exceeds the net asset value per share of the
Common Stock at the close of trading on the NYSE on the payment date, the Fund will
issue new Common Stock at a price equal to the greater of (a) the net asset value
per share at the close of trading on the NYSE on the payment date or (b) 95% of the market price per share of the Common Stock on the payment date.
(2) If the net asset value per share of the Common Stock exceeds the market price
of the Common Stock (plus $0.03 per share commission) at the close of trading on the
NYSE on the payment date, the Plan Agent will receive the dividend or distribution
in cash and will buy Common Stock in the open market, on the NYSE or elsewhere, for your account as soon as practicable commencing on the trading day following the payment date and terminating no later than the earlier of (a) 30 days after the dividend or distribution payment date, or (b) the payment date for the next succeeding
dividend or distribution to be made to the stockholders; except when necessary to
comply with applicable provisions of the federal securities laws. If during this period:
(i) the market price (plus $0.03 per share commission) rises so that it equals or
exceeds the net asset value per share of the Common Stock at the close of trading
on the NYSE on the payment date before the Plan Agent has completed the open market purchases or (ii) if the Plan Agent is unable to invest the full amount eligible to
be reinvested in open market purchases, the Plan Agent will cease purchasing Common Stock in the open market and the Fund shall issue the remaining Common Stock at a
price per share equal to the greater of (a) the net asset value per share at the close
of trading on the NYSE on the day prior to the issuance of shares for reinvestment or
(b) 95% of the then current market price per share.
Common Stock in your account will be held by the Plan Agent in non-certificated form.
Any proxy you receive will include all shares of Common Stock you have received under
the Plan. You may withdraw from the Plan (i.e., opt-out) by notifying the Plan Agent in
writing at P.O. Box 43006, Providence, RI 02940-3078 or by calling the Plan Agent at 1-888-888-0151.
Such withdrawal will be effective immediately if notice is received by the Plan Agent
not less than ten business days prior to any dividend or distribution record date; otherwise
such
56
Western Asset Global High Income Fund Inc.
withdrawal will be effective as soon as practicable after the Plan Agent’s investment of the most recently declared dividend or distribution on the Common Stock.
Plan participants who sell their shares will be charged a service charge (currently
$5.00 per transaction) and the Plan Agent is authorized to deduct brokerage charges actually
incurred from the proceeds (currently $0.05 per share commission). There is no service charge
for reinvestment of your dividends or distributions in Common Stock. However, all participants
will pay a pro rata share of brokerage commissions incurred by the Plan Agent when
it makes open market purchases. Because all dividends and distributions will be automatically
reinvested in additional shares of Common Stock, this allows you to add to your investment
through dollar cost averaging, which may lower the average cost of your Common Stock
over time. Dollar cost averaging is a technique for lowering the average cost per
share over time if the Fund’s net asset value declines. While dollar cost averaging has definite advantages, it cannot assure profit or protect against loss in declining markets.
Automatically reinvesting dividends and distributions does not mean that you do not
have to pay income taxes due upon receiving dividends and distributions. Investors will be
subject to income tax on amounts reinvested under the Plan.
The Fund reserves the right to amend or terminate the Plan if, in the judgment of
the Board of Directors, the change is warranted. The Plan may be terminated, amended or supplemented by the Fund upon notice in writing mailed to stockholders at least 30
days prior to the record date for the payment of any dividend or distribution by the Fund
for which the termination or amendment is to be effective. Upon any termination, you will be
sent cash for any fractional share of Common Stock in your account. You may elect to notify
the Plan Agent in advance of such termination to have the Plan Agent sell part or all
of your Common Stock on your behalf. Additional information about the Plan and your account
may be obtained from the Plan Agent at P.O. Box 43006, Providence, RI 02940-3078 or by
calling the Plan Agent at 1-888-888-0151.
Western Asset Global High Income Fund Inc.
57
Western Asset
Global High Income Fund Inc.
Directors
Robert D. Agdern
Carol L. Colman
Anthony Grillo
Eileen A. Kamerick
Chair
Nisha Kumar
Peter Mason
Hillary A. Sale
Jane Trust
Officers
Jane Trust
President and Chief Executive
Officer
President and Chief Executive
Officer
Christopher Berarducci
Treasurer and Principal Financial
Officer
Treasurer and Principal Financial
Officer
Fred Jensen
Chief Compliance Officer
Chief Compliance Officer
Marc A. De Oliveira
Secretary and Chief Legal Officer
Secretary and Chief Legal Officer
Thomas C. Mandia
Senior Vice President
Senior Vice President
Jeanne M. Kelly
Senior Vice President
Senior Vice President
Western Asset Global High Income Fund Inc.
One Madison Avenue
17th Floor
New York, NY 10010
17th Floor
New York, NY 10010
Investment manager
Franklin Templeton Fund Adviser, LLC
Subadvisers
Western Asset Management Company, LLC
Western Asset Management Company Limited
Western Asset Management Company Pte. Ltd.
Custodian
The Bank of New York Mellon
Transfer agent
Computershare Inc.
P.O. Box 43006
Providence, RI 02940-3078
P.O. Box 43006
Providence, RI 02940-3078
Independent registered
public accounting firm
public accounting firm
PricewaterhouseCoopers LLP
Baltimore, MD
Baltimore, MD
Legal counsel
Simpson Thacher & Bartlett LLP
900 G Street NW
Washington, DC 20001
900 G Street NW
Washington, DC 20001
New York Stock
Exchange Symbol
Exchange Symbol
EHI
Western Asset Global High Income Fund Inc.
Western Asset Global High Income Fund Inc.
One Madison Avenue
17th Floor
New York, NY 10010
One Madison Avenue
17th Floor
New York, NY 10010
Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase, at market prices, shares of its stock.
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-888-777-0102.
Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling 1-888-777-0102, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on Franklin Templeton’s website, which can be accessed at www.franklintempleton.com. Any reference to Franklin Templeton’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate Franklin Templeton’s website in this report.
This report is transmitted to the shareholders of Western Asset Global High Income Fund Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.
Computershare Inc.
P.O. Box 43006
Providence, RI 02940-3078
P.O. Box 43006
Providence, RI 02940-3078
90293-S 1/26
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
Not applicable.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.
| ITEM 16. | 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 period covered by this report that have materially affected, or are likely to materially affect the Registrant’s internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
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, there unto duly authorized.
Western Asset Global High Income Fund Inc.
| By: | /s/ Jane Trust | |
| Jane Trust | ||
| Chief Executive Officer | ||
| Date: | January 27, 2026 |
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: | January 27, 2026 |
| By: | /s/ Christopher Berarducci | |
| Christopher Berarducci | ||
| Principal Financial Officer | ||
| Date: | January 27, 2026 |
ATTACHMENTS / EXHIBITS
CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
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