Schedule of Investments (unaudited)
February 28, 2026
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 Western Asset Global High Income Fund Inc.

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Corporate Bonds & Notes — 88.9%
Communication Services — 13.4%
Diversified Telecommunication Services — 4.0%
Altice Financing SA, Senior Secured Notes
5.000%
1/15/28
1,880,000
 
 $1,326,558
 (a)
Altice Financing SA, Senior Secured Notes
5.750%
8/15/29
960,000
 
665,988
 (a)(b)
Altice France Lux 3/Altice Holdings 1, Senior Notes
10.000%
1/15/33
324,000
 
304,854
 (a)
Altice France SA, Senior Secured Notes
9.500%
11/1/29
861,070
 
875,057
 (a)
Altice France SA, Senior Secured Notes
6.875%
10/15/30
160,061
 
155,350
 (a)
Altice France SA, Senior Secured Notes
6.875%
7/15/32
571,647
 
549,449
 (a)
British Telecommunications PLC, Senior Notes
9.625%
12/15/30
60,000
 
73,421
 (b)
Fibercop SpA, Senior Secured Notes
7.200%
7/18/36
406,000
 
412,648
 (a)(b)
Level 3 Financing Inc., Senior Notes
8.500%
1/15/36
1,240,000
 
1,292,402
 (a)(b)
Level 3 Financing Inc., Senior Secured Notes
6.875%
6/30/33
160,000
 
165,834
 (a)
Turk Telekomunikasyon AS, Senior Notes
7.375%
5/20/29
1,090,000
 
1,140,754
 (a)
WULF Compute LLC, Senior Secured Notes
7.750%
10/15/30
1,040,000
 
1,102,165
 (a)(b)
Total Diversified Telecommunication Services
8,064,480
Entertainment — 0.3%
Discovery Global Holdings Inc., Senior Notes
5.050%
3/15/42
970,000
 
683,850
 (b)
Media — 6.9%
AMC Networks Inc., Senior Secured Notes
10.250%
1/15/29
400,000
 
429,205
 (a)(b)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
7.375%
2/1/36
2,520,000
 
2,559,415
 (a)
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
3.700%
4/1/51
500,000
 
322,997
 (b)
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
3.850%
4/1/61
2,830,000
 
1,713,329
 (b)
Clear Channel Outdoor Holdings Inc., Senior Secured Notes
7.125%
2/15/31
630,000
 
666,241
 (a)(b)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior
Secured Notes
10.000%
2/15/31
590,000
 
603,881
 (a)(b)
DISH Network Corp., Senior Secured Notes
11.750%
11/15/27
980,000
 
1,015,114
 (a)(b)
EchoStar Corp., Senior Secured Notes
10.750%
11/30/29
2,365,000
 
2,583,819
 (b)
EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK)
6.750%
11/30/30
1,401,269
 
1,420,892
 (b)(c)
Getty Images Inc., Senior Secured Notes
11.250%
2/21/30
90,000
 
79,720
 (a)
Getty Images Inc., Senior Secured Notes
10.500%
11/15/30
470,000
 
416,412
 (a)(b)
iHeartCommunications Inc., Senior Secured Notes
9.125%
5/1/29
456,000
 
405,580
 (a)
Versant Media Group Inc., Senior Secured Notes
7.250%
1/30/31
550,000
 
563,216
 (a)(b)
Virgin Media Finance PLC, Senior Notes
5.000%
7/15/30
760,000
 
637,463
 (a)(b)
VZ Secured Financing BV, Senior Secured Notes
5.250%
1/15/33
220,000
 EUR
255,288
 (a)
VZ Secured Financing BV, Senior Secured Notes
7.500%
1/15/33
200,000
 
196,716
 (a)
Total Media
13,869,288
Wireless Telecommunication Services — 2.2%
CSC Holdings LLC, Senior Notes
11.750%
1/31/29
930,000
 
663,265
 (a)(b)
CSC Holdings LLC, Senior Notes
4.500%
11/15/31
2,210,000
 
1,328,257
 (a)(b)
Sprint Capital Corp., Senior Notes
6.875%
11/15/28
560,000
 
600,847
 (b)
Sprint Capital Corp., Senior Notes
8.750%
3/15/32
1,160,000
 
1,418,284
 (b)
Vmed O2 UK Financing I PLC, Senior Secured Notes
4.500%
7/15/31
450,000
 GBP
540,485
 (a)
Total Wireless Telecommunication Services
4,551,138
 
Total Communication Services
27,168,756
See Notes to Schedule of Investments.
1
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Consumer Discretionary — 15.8%
Automobile Components — 2.7%
American Axle & Manufacturing Inc., Senior Notes
7.750%
10/15/33
1,220,000
 
 $1,240,747
 (a)(b)
Clarios Global LP/Clarios US Finance Co., Senior Secured Notes
6.750%
2/15/30
730,000
 
765,011
 (a)
Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes
7.750%
5/31/32
360,000
 
380,723
 (a)
JB Poindexter & Co. Inc., Senior Notes
8.750%
12/15/31
1,150,000
 
1,192,102
 (a)
ZF North America Capital Inc., Senior Notes
7.500%
3/24/31
720,000
 
742,463
 (a)
ZF North America Capital Inc., Senior Notes
6.875%
4/23/32
1,090,000
 
1,094,150
 (a)(b)
Total Automobile Components
5,415,196
Automobiles — 1.9%
Ford Motor Co., Senior Notes
3.250%
2/12/32
220,000
 
198,112
 (b)
Ford Motor Credit Co. LLC, Senior Notes
7.350%
3/6/30
500,000
 
542,054
 (b)
Nissan Motor Co. Ltd., Senior Notes
4.810%
9/17/30
770,000
 
732,437
 (a)(b)
PM General Purchaser LLC, Senior Secured Notes
9.500%
10/1/28
2,650,000
 
2,481,619
 (a)(b)
Total Automobiles
3,954,222
Broadline Retail — 0.9%
Marks & Spencer PLC, Senior Notes
7.125%
12/1/37
1,120,000
 
1,259,310
 (a)(b)
Prosus NV, Senior Notes
4.193%
1/19/32
500,000
 
485,763
 (d)
Total Broadline Retail
1,745,073
Hotels, Restaurants & Leisure — 6.5%
Carnival Corp., Senior Notes
6.125%
2/15/33
690,000
 
714,748
 (a)(b)
Carnival PLC, Senior Notes
1.000%
10/28/29
2,760,000
 EUR
3,042,114
 (b)
Full House Resorts Inc., Senior Secured Notes
8.250%
2/15/28
1,660,000
 
1,444,200
 (a)
Las Vegas Sands Corp., Senior Notes
3.900%
8/8/29
610,000
 
597,368
 (b)
Melco Resorts Finance Ltd., Senior Notes
5.375%
12/4/29
530,000
 
518,154
 (a)(b)
Melco Resorts Finance Ltd., Senior Notes
6.500%
9/24/33
470,000
 
469,201
 (a)
NCL Corp. Ltd., Senior Notes
6.250%
9/15/33
190,000
 
191,894
 (a)
NCL Finance Ltd., Senior Notes
6.125%
3/15/28
1,410,000
 
1,448,384
 (a)(b)
Rivers Enterprise Borrower LLC, Senior Secured Notes
6.250%
10/15/30
980,000
 
1,001,805
 (a)(b)
Sands China Ltd., Senior Notes
2.850%
3/8/29
680,000
 
651,209
 (b)
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes
5.625%
2/15/29
764,000
 
766,032
 (a)(b)
Wynn Macau Ltd., Senior Notes
5.625%
8/26/28
850,000
 
849,567
 (a)(b)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes
5.125%
10/1/29
1,030,000
 
1,036,681
 (a)(b)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes
7.125%
2/15/31
360,000
 
388,953
 (a)(b)
Total Hotels, Restaurants & Leisure
13,120,310
Household Durables — 0.4%
Dream Finders Homes Inc., Senior Notes
6.875%
9/15/30
400,000
 
409,311
 (a)
Newell Brands Inc., Senior Notes
8.500%
6/1/28
400,000
 
421,257
 (a)
Total Household Durables
830,568
Specialty Retail — 3.4%
Gee Automotive Holdings LLC, Senior Notes
7.250%
3/1/31
680,000
 
691,549
 (a)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
11.500%
8/15/29
1,070,000
 
1,096,654
 (a)(b)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
8.750%
1/15/32
200,000
 
185,345
 (a)
Michaels Cos. Inc., Secured Notes
11.000%
3/15/34
2,630,000
 
2,460,504
 (a)(e)
Michaels Cos. Inc., Senior Secured Notes
8.500%
3/15/33
420,000
 
408,910
 (a)(e)
Petco Health & Wellness Co. Inc., Senior Secured Notes
8.250%
2/1/31
700,000
 
684,131
 (a)(b)
Sally Holdings LLC/Sally Capital Inc., Senior Notes
6.750%
3/1/32
560,000
 
581,732
 (b)
See Notes to Schedule of Investments.
2
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
 Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Specialty Retail — continued
Upbound Group Inc., Senior Notes
6.375%
2/15/29
720,000
 
 $713,349
 (a)(b)
Total Specialty Retail
6,822,174
 
Total Consumer Discretionary
31,887,543
Consumer Staples — 1.4%
Beverages — 0.6%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco
SL, Senior Notes
5.250%
4/27/29
1,250,000
 
1,237,911
 (a)
Food Products — 0.8%
Grupo Nutresa SA, Senior Notes
8.000%
5/12/30
710,000
 
765,913
 (a)
TKC Holdings Inc., Senior Secured Notes
8.500%
8/15/30
740,000
 
757,860
 (a)
Total Food Products
1,523,773
 
Total Consumer Staples
2,761,684
Energy — 18.5%
Energy Equipment & Services — 1.3%
Nabors Industries Inc., Senior Notes
8.875%
8/15/31
960,000
 
995,064
 (a)(b)
Noble Finance II LLC, Senior Notes
8.000%
4/15/30
500,000
 
520,688
 (a)(b)
WBI Operating LLC, Senior Notes
6.500%
10/15/33
580,000
 
589,758
 (a)
Yinson Boronia Production BV, Senior Secured Notes
8.947%
7/31/42
485,730
 
535,975
 (a)
Total Energy Equipment & Services
2,641,485
Oil, Gas & Consumable Fuels — 17.2%
Chord Energy Corp., Senior Notes
6.000%
10/1/30
560,000
 
572,303
 (a)(b)
Chord Energy Corp., Senior Notes
6.750%
3/15/33
860,000
 
893,798
 (a)(b)
Continental Resources Inc., Senior Notes
4.375%
1/15/28
790,000
 
791,832
 (b)
Continental Resources Inc., Senior Notes
4.900%
6/1/44
300,000
 
247,482
 (b)
Crescent Energy Finance LLC, Senior Notes
9.250%
2/15/28
288,000
 
296,546
 (a)
Crescent Energy Finance LLC, Senior Notes
7.375%
1/15/33
360,000
 
357,897
 (a)
Crescent Energy Finance LLC, Senior Notes
8.375%
1/15/34
1,200,000
 
1,241,190
 (a)(b)
Diamondback Energy Inc., Senior Notes
3.500%
12/1/29
730,000
 
714,821
 (b)
Ecopetrol SA, Senior Notes
5.875%
5/28/45
1,860,000
 
1,401,464
 (b)(f)
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
 
689,277
 (b)(g)(h)
Granite Ridge Resources Inc., Senior Notes
8.875%
11/5/29
1,730,000
 
1,668,369
 (a)
Howard Midstream Energy Partners LLC, Senior Notes
6.625%
1/15/34
670,000
 
692,817
 (a)(b)
KazMunayGas National Co. JSC, Senior Notes
3.500%
4/14/33
500,000
 
460,686
 (a)(b)
Kinder Morgan Inc., Senior Notes
7.750%
1/15/32
1,390,000
 
1,634,662
 (b)
New Generation Gas Gathering LLC, Senior Secured Notes (3 mo.
Term SOFR + 5.750%)
9.410%
9/30/29
378,379
 
393,514
 (a)(h)(i)(j)
NGPL PipeCo LLC, Senior Notes
7.768%
12/15/37
1,430,000
 
1,712,812
 (a)(b)
Northern Oil & Gas Inc., Senior Notes
7.875%
10/15/33
680,000
 
695,627
 (a)(b)
Occidental Petroleum Corp., Senior Notes
6.200%
3/15/40
310,000
 
323,321
 (b)
Permian Resources Operating LLC, Senior Notes
6.250%
2/1/33
400,000
 
414,401
 (a)
Petrobras Global Finance BV, Senior Notes
6.750%
1/27/41
2,910,000
 
2,917,566
 (b)
Petroleos del Peru SA, Senior Notes
4.750%
6/19/32
650,000
 
475,982
 (a)
Petroleos del Peru SA, Senior Notes
5.625%
6/19/47
1,500,000
 
957,127
 (a)
Petroleos Mexicanos, Senior Notes
6.500%
6/2/41
250,000
 
223,140
 
Petroleos Mexicanos, Senior Notes
6.375%
1/23/45
3,022,000
 
2,504,281
 (b)
See Notes to Schedule of Investments.
3
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 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
Rockies Express Pipeline LLC, Senior Notes
6.750%
3/15/33
250,000
 
 $264,425
 (a)
Rockies Express Pipeline LLC, Senior Notes
6.875%
4/15/40
330,000
 
340,102
 (a)(b)
Summit Midstream Holdings LLC, Senior Secured Notes
8.625%
10/31/29
320,000
 
335,134
 (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
 
1,536,151
 (a)(b)(g)(h)
Sunoco LP, Senior Notes
5.625%
3/15/31
560,000
 
565,077
 (a)(b)
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
 
4,359,049
 (a)(b)(g)(h)
Venture Global Plaquemines LNG LLC, Senior Secured Notes
6.500%
6/15/34
520,000
 
546,242
 (a)
Venture Global Plaquemines LNG LLC, Senior Secured Notes
7.750%
5/1/35
500,000
 
567,386
 (a)(b)
Venture Global Plaquemines LNG LLC, Senior Secured Notes
6.750%
1/15/36
390,000
 
415,664
 (a)
Vermilion Energy Inc., Senior Notes
6.875%
5/1/30
570,000
 
578,419
 (a)(b)
Western Midstream Operating LP, Senior Notes
5.300%
3/1/48
500,000
 
442,105
 (b)
Williams Cos. Inc., Senior Notes
7.500%
1/15/31
340,000
 
388,757
 (b)
Williams Cos. Inc., Senior Notes
8.750%
3/15/32
486,000
 
594,259
 (b)
Williams Cos. Inc., Senior Notes
5.750%
6/24/44
1,510,000
 
1,538,164
 (f)
Total Oil, Gas & Consumable Fuels
34,751,849
 
Total Energy
37,393,334
Financials — 10.6%
Banks — 3.6%
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
 
992,973
 (d)(h)
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
 
1,491,057
 (a)(b)(g)(h)
Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5
year Treasury Constant Maturity Rate + 3.001%)
6.625%
2/15/31
360,000
 
372,394
 (g)(h)
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
 
266,748
 (g)(h)
HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then
SOFR + 4.250%)
8.113%
11/3/33
950,000
 
1,122,546
 (b)(h)
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
 
440,197
 (b)(g)(h)
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
 
2,565,365
 (g)(h)
Total Banks
7,251,280
Capital Markets — 1.0%
Credit Suisse AG AT1 Claim
—
—
4,900,000
 
0
 *(i)(j)(k)
StoneX Escrow Issuer LLC, Secured Notes
6.875%
7/15/32
340,000
 
353,092
 (a)
StoneX Group Inc., Secured Notes
7.875%
3/1/31
330,000
 
350,556
 (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
 
613,450
 (a)(g)(h)
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
 
266,497
 (a)(g)(h)
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
 
545,406
 (a)(g)(h)
Total Capital Markets
2,129,001
See Notes to Schedule of Investments.
4
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
 Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Consumer Finance — 0.5%
Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo. Term
SOFR + 3.750%)
7.422%
1/15/56
1,020,000
 
 $1,005,375
 (a)(h)
Financial Services — 2.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior
Notes
3.400%
10/29/33
4,000,000
 
3,652,565
 (f)
Capstone Borrower Inc., Senior Secured Notes
8.000%
6/15/30
310,000
 
269,897
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
7.125%
4/30/31
710,000
 
739,118
 (a)(b)
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
7.500%
6/15/31
390,000
 
407,045
 (a)(b)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior
Notes
6.375%
2/1/30
930,000
 
866,198
 (a)(b)
Total Financial Services
5,934,823
Insurance — 1.7%
Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes
6.750%
7/1/32
280,000
 
274,835
 (a)
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3
Somerset Investor 2 LLC, Senior Notes
7.875%
11/1/29
410,000
 
397,583
 (a)
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
8.000%
12/31/32
2,050,000
 
2,154,894
 (a)(b)
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
8.375%
2/1/34
530,000
 
527,767
 (a)
Total Insurance
3,355,079
Mortgage Real Estate Investment Trusts (REITs) — 0.9%
Arbor Realty SR Inc., Senior Notes
8.500%
12/15/28
1,080,000
 
1,051,622
 (a)
Starwood Property Trust Inc., Senior Notes
7.250%
4/1/29
670,000
 
702,901
 (a)(b)
Total Mortgage Real Estate Investment Trusts (REITs)
1,754,523
 
Total Financials
21,430,081
Health Care — 5.8%
Health Care Providers & Services — 2.9%
CHS/Community Health Systems Inc., Secured Notes
6.875%
4/15/29
1,300,000
 
1,257,083
 (a)(b)
CHS/Community Health Systems Inc., Secured Notes
6.125%
4/1/30
310,000
 
274,394
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
4.750%
2/15/31
250,000
 
229,571
 (a)(b)
CHS/Community Health Systems Inc., Senior Secured Notes
10.875%
1/15/32
1,850,000
 
2,007,206
 (a)(b)
CHS/Community Health Systems Inc., Senior Secured Notes
9.750%
1/15/34
790,000
 
833,504
 (a)
Sotera Health Holdings LLC, Senior Secured Notes
7.375%
6/1/31
630,000
 
663,685
 (a)(b)
TEAM Services Holding Inc., Senior Secured Notes
9.000%
2/15/33
640,000
 
626,534
 (a)
Total Health Care Providers & Services
5,891,977
Pharmaceuticals — 2.9%
1261229 BC Ltd., Senior Secured Notes
10.000%
4/15/32
2,056,000
 
2,127,976
 (a)(b)
Bausch Health Americas Inc., Senior Notes
8.500%
1/31/27
460,000
 
456,275
 (a)(b)
Bausch Health Cos. Inc., Senior Notes
6.250%
2/15/29
160,000
 
126,600
 (a)
Bausch Health Cos. Inc., Senior Secured Notes
4.875%
6/1/28
249,000
 
231,960
 (a)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
3.150%
10/1/26
700,000
 
695,285
 (b)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
6.000%
12/1/32
2,060,000
 
2,187,518
 (b)
Total Pharmaceuticals
5,825,614
 
Total Health Care
11,717,591
Industrials — 8.8%
Aerospace & Defense — 1.2%
Axon Enterprise Inc., Senior Notes
6.125%
3/15/30
120,000
 
123,975
 (a)
Axon Enterprise Inc., Senior Notes
6.250%
3/15/33
150,000
 
155,591
 (a)
See Notes to Schedule of Investments.
5
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 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
7.500%
2/1/29
620,000
 
 $645,080
 (a)(b)
Bombardier Inc., Senior Notes
7.250%
7/1/31
1,100,000
 
1,171,679
 (a)(b)
Bombardier Inc., Senior Notes
7.000%
6/1/32
310,000
 
326,939
 (a)
Total Aerospace & Defense
2,423,264
Building Products — 0.8%
Masterbrand Inc., Senior Notes
7.000%
7/15/32
210,000
 
211,521
 (a)
Quikrete Holdings Inc., Senior Secured Notes
6.375%
3/1/32
1,310,000
 
1,362,332
 (a)(b)
Total Building Products
1,573,853
Commercial Services & Supplies — 3.1%
CoreCivic Inc., Senior Notes
8.250%
4/15/29
1,380,000
 
1,435,981
 (b)
GEO Group Inc., Senior Notes
10.250%
4/15/31
1,350,000
 
1,450,462
 (b)
GEO Group Inc., Senior Secured Notes
8.625%
4/15/29
330,000
 
344,128
 
Neptune Bidco US Inc., Senior Secured Notes
10.375%
5/15/31
580,000
 
585,883
 (a)(b)
Neptune Bidco US Inc., Senior Secured Notes
9.500%
2/15/33
950,000
 
931,039
 (a)
RR Donnelley & Sons Co., Senior Secured Notes
9.500%
8/1/29
1,420,000
 
1,464,587
 (a)(b)
Total Commercial Services & Supplies
6,212,080
Construction & Engineering — 1.1%
Arcosa Inc., Senior Notes
6.875%
8/15/32
260,000
 
272,954
 (a)
ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean
Tower Partners Colombia SAS, Senior Secured Notes
7.875%
2/3/30
750,000
 
774,987
 (a)
Tutor Perini Corp., Senior Notes
11.875%
4/30/29
1,040,000
 
1,141,339
 (a)(b)
Total Construction & Engineering
2,189,280
Ground Transportation — 0.5%
Carriage Purchaser Inc., Senior Notes
7.875%
10/15/29
980,000
 
956,667
 (a)(b)
Industrial Conglomerates — 0.2%
Sigma Foods SAB de CV, Senior Notes
6.875%
3/25/44
400,000
 
442,494
 (a)
Machinery — 0.5%
Columbus McKinnon Corp., Senior Secured Notes
7.125%
2/1/33
310,000
 
318,914
 (a)
Park-Ohio Industries Inc., Senior Secured Notes
8.500%
8/1/30
710,000
 
737,723
 (a)(b)
Total Machinery
1,056,637
Passenger Airlines — 1.1%
American Airlines Inc., Senior Secured Notes
7.250%
2/15/28
2,220,000
 
2,263,844
 (a)(b)
Trading Companies & Distributors — 0.3%
Herc Holdings Inc., Senior Notes
7.000%
6/15/30
150,000
 
157,281
 (a)
Herc Holdings Inc., Senior Notes
7.250%
6/15/33
530,000
 
560,590
 (a)(b)
Total Trading Companies & Distributors
717,871
 
Total Industrials
17,835,990
Information Technology — 4.7%
Communications Equipment — 1.0%
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
9.000%
9/15/29
1,840,000
 
1,954,858
 (a)(b)
Electronic Equipment, Instruments & Components — 0.9%
EquipmentShare.com Inc., Secured Notes
8.625%
5/15/32
840,000
 
899,550
 (a)(b)
EquipmentShare.com Inc., Secured Notes
8.000%
3/15/33
960,000
 
1,020,946
 (a)(b)
Total Electronic Equipment, Instruments & Components
1,920,496
IT Services — 1.0%
APLD ComputeCo LLC, Senior Secured Notes
9.250%
12/15/30
530,000
 
556,702
 (a)
See Notes to Schedule of Investments.
6
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
 Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
IT Services — continued
CoreWeave Inc., Senior Notes
9.250%
6/1/30
1,320,000
 
 $1,294,247
 (a)(b)
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes
5.500%
5/15/33
250,000
 EUR
293,128
 (a)
Total IT Services
2,144,077
Semiconductors & Semiconductor Equipment — 0.4%
Qnity Electronics Inc., Senior Notes
6.250%
8/15/33
700,000
 
727,685
 (a)(b)
Software — 1.1%
Cloud Software Group Inc., Secured Notes
9.000%
9/30/29
690,000
 
676,437
 (a)
Cloud Software Group Inc., Senior Secured Notes
8.250%
6/30/32
590,000
 
590,999
 (a)(b)
Cloud Software Group Inc., Senior Secured Notes
6.625%
8/15/33
510,000
 
481,578
 (a)(b)
Gen Digital Inc., Senior Notes
6.250%
4/1/33
430,000
 
428,184
 (a)(b)
Total Software
2,177,198
Technology Hardware, Storage & Peripherals — 0.3%
Black Pearl Compute LLC, Senior Secured Notes
6.125%
2/15/31
270,000
 
276,670
 (a)
Diebold Nixdorf Inc., Senior Secured Notes
7.750%
3/31/30
320,000
 
338,310
 (a)
Total Technology Hardware, Storage & Peripherals
614,980
 
Total Information Technology
9,539,294
Materials — 5.1%
Chemicals — 0.6%
Celanese US Holdings LLC, Senior Notes
7.000%
2/15/31
310,000
 
319,478
 
Cerdia Finanz GmbH, Senior Secured Notes
9.375%
10/3/31
210,000
 
215,250
 (a)
Orbia Advance Corp. SAB de CV, Senior Notes
5.875%
9/17/44
1,000,000
 
810,875
 (a)(b)
Total Chemicals
1,345,603
Metals & Mining — 4.5%
ArcelorMittal SA, Senior Notes
7.000%
10/15/39
1,140,000
 
1,321,049
 (f)
First Quantum Minerals Ltd., Senior Notes
8.625%
6/1/31
2,260,000
 
2,371,474
 (a)(b)
First Quantum Minerals Ltd., Senior Notes
8.000%
3/1/33
2,500,000
 
2,672,165
 (a)(b)
First Quantum Minerals Ltd., Senior Notes
7.250%
2/15/34
590,000
 
618,217
 (a)
Southern Copper Corp., Senior Notes
5.250%
11/8/42
1,620,000
 
1,594,509
 (f)
Teck Resources Ltd., Senior Notes
6.000%
8/15/40
460,000
 
478,381
 (b)
Total Metals & Mining
9,055,795
 
Total Materials
10,401,398
Real Estate — 2.6%
Diversified REITs — 1.0%
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
5.000%
10/15/27
350,000
 
343,166
 
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
3.692%
6/5/28
110,000
 GBP
134,347
 
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
4.625%
8/1/29
300,000
 
259,466
 
MPT Operating Partnership LP/MPT Finance Corp., Senior Secured
Notes
8.500%
2/15/32
360,000
 
385,561
 (a)
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior
Notes
8.625%
6/15/32
950,000
 
964,304
 (a)
Total Diversified REITs
2,086,844
Health Care REITs — 0.4%
Diversified Healthcare Trust, Senior Notes
4.375%
3/1/31
140,000
 
126,734
 
Diversified Healthcare Trust, Senior Secured Notes
7.250%
10/15/30
600,000
 
624,682
 (a)
Total Health Care REITs
751,416
See Notes to Schedule of Investments.
7
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 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 — 0.4%
Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or
8.500% PIK)
8.500%
9/30/29
108,284
 
 $5,663
 (c)(d)
Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or
9.000% PIK)
9.000%
9/30/30
88,190
 
1,323
 (c)(d)
Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or
9.800% PIK)
9.800%
9/30/31
116,412
 
1,601
 (c)(d)
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)(g)
China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK)
5.500%
9/30/31
42,580
 
319
 (c)(d)
Country Garden Holdings Co. Ltd., Senior Secured Notes (2.500%
Cash or 5.000% PIK)
5.000%
12/31/32
144,998
 
20,300
 (c)(d)
Five Point Operating Co. LP, Senior Notes
8.000%
10/1/30
790,000
 
818,665
 (a)(b)
Total Real Estate Management & Development
849,017
Specialized REITs — 0.8%
Iron Mountain Inc., Senior Notes
7.000%
2/15/29
260,000
 
266,990
 (a)(b)
Millrose Properties Inc., Senior Notes
6.375%
8/1/30
1,140,000
 
1,170,210
 (a)(b)
Millrose Properties Inc., Senior Notes
6.250%
9/15/32
220,000
 
222,940
 (a)
Total Specialized REITs
1,660,140
 
Total Real Estate
5,347,417
Utilities — 2.2%
Electric Utilities — 2.0%
Comision Federal de Electricidad, Senior Notes
3.348%
2/9/31
600,000
 
551,956
 (a)(b)
Eskom Holdings, Senior Notes
4.314%
7/23/27
980,000
 
972,373
 (d)
NRG Energy Inc., Senior Notes
6.000%
1/15/36
1,410,000
 
1,435,778
 (a)(b)
Talen Energy Supply LLC, Senior Notes
6.500%
2/1/36
460,000
 
473,222
 (a)(b)
Vistra Operations Co. LLC, Senior Notes
7.750%
10/15/31
550,000
 
581,476
 (a)(b)
Total Electric Utilities
4,014,805
Independent Power and Renewable Electricity Producers — 0.2%
Lightning Power LLC, Senior Secured Notes
7.250%
8/15/32
390,000
 
414,301
 (a)
 
Total Utilities
4,429,106
Total Corporate Bonds & Notes (Cost — $169,426,409)
179,912,194
Sovereign Bonds — 21.9%
Angola — 0.9%
Angolan Government International Bond, Senior Notes
8.250%
5/9/28
500,000
 
506,968
 (a)
Angolan Government International Bond, Senior Notes
8.000%
11/26/29
1,430,000
 
1,426,519
 (a)
Total Angola
1,933,487
Argentina — 1.4%
Provincia de Buenos Aires, Senior Notes
6.625%
9/1/37
1,892,480
 
1,505,262
 (a)
Provincia de Cordoba, Senior Notes
6.875%
2/1/29
1,370,000
 
1,342,600
 (a)
Total Argentina
2,847,862
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
 
462,612
 (a)
Total Bahamas
1,462,112
Benin — 0.6%
 
Benin Government International Bond, Senior Notes
7.960%
2/13/38
1,100,000
 
1,160,328
 (a)
See Notes to Schedule of Investments.
8
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
 Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
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
 
1,189,500
 
Costa Rica — 0.3%
 
Costa Rica Government International Bond, Senior Notes
7.158%
3/12/45
500,000
 
561,715
 (a)
Dominican Republic — 1.2%
Dominican Republic International Bond, Senior Notes
4.500%
1/30/30
620,000
 
607,693
 (a)
Dominican Republic International Bond, Senior Notes
4.875%
9/23/32
1,910,000
 
1,842,138
 (a)
Total Dominican Republic
2,449,831
Ecuador — 0.6%
Ecuador Government International Bond, Senior Notes
8.750%
1/29/34
230,000
 
232,070
 (a)
Ecuador Government International Bond, Senior Notes
6.900%
7/31/35
389,403
 
354,357
 (d)
Ecuador Government International Bond, Senior Notes
9.250%
1/29/39
290,000
 
294,350
 (a)
Ecuador Government International Bond, Senior Notes, Step bond
(5.000% to 7/31/26 then 5.500%)
5.000%
7/31/40
480,000
 
393,360
 (a)
Total Ecuador
1,274,137
Egypt — 1.2%
 
Egypt Government International Bond, Senior Notes
7.625%
5/29/32
2,280,000
 
2,352,707
 (d)
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
 
545,459
 (a)
Guatemala — 0.7%
 
Guatemala Government Bond, Senior Notes
4.650%
10/7/41
1,500,000
 
1,332,112
 (a)
Ivory Coast — 1.1%
Ivory Coast Government International Bond, Senior Notes
6.125%
6/15/33
1,500,000
 
1,496,378
 (a)
Ivory Coast Government International Bond, Senior Notes
6.750%
2/25/41
700,000
 
668,972
 (a)
Total Ivory Coast
2,165,350
Jamaica — 0.3%
 
Jamaica Government International Bond, Senior Notes
8.000%
3/15/39
500,000
 
607,665
 
Jordan — 0.5%
 
Jordan Government International Bond, Senior Notes
5.850%
7/7/30
960,000
 
967,125
 (a)
Kenya — 0.4%
Republic of Kenya Government International Bond, Senior Notes
9.750%
2/16/31
270,000
 
296,031
 (a)
Republic of Kenya Government International Bond, Senior Notes
8.000%
5/22/32
600,000
 
624,808
 (a)
Total Kenya
920,839
Mexico — 1.5%
Mexico Government International Bond, Senior Notes
2.659%
5/24/31
2,020,000
 
1,816,081
 (b)
Mexico Government International Bond, Senior Notes
3.500%
2/12/34
1,500,000
 
1,313,850
 (b)
Total Mexico
3,129,931
Mozambique — 0.3%
 
Mozambique International Bond, Senior Notes
9.000%
9/15/31
700,000
 
595,174
 (d)
Nigeria — 1.2%
Nigeria Government International Bond, Senior Notes
7.143%
2/23/30
920,000
 
949,341
 (a)
Nigeria Government International Bond, Senior Notes
7.696%
2/23/38
1,450,000
 
1,453,257
 (d)
Total Nigeria
2,402,598
See Notes to Schedule of Investments.
9
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oman — 0.7%
 
Oman Government International Bond, Senior Notes
5.625%
1/17/28
1,400,000
 
 $1,433,942
 (a)
Panama — 0.8%
 
Panama Government International Bond, Senior Notes
2.252%
9/29/32
1,890,000
 
1,594,120
 
Peru — 1.0%
 
Peruvian Government International Bond, Senior Notes
8.750%
11/21/33
1,604,000
 
2,026,173
 (b)
Philippines — 0.4%
 
Philippine Government International Bond, Senior Notes
3.200%
7/6/46
1,000,000
 
730,127
 
Qatar — 0.6%
 
Qatar Government International Bond, Senior Notes
3.750%
4/16/30
1,200,000
 
1,200,004
 (a)
Saudi Arabia — 0.4%
 
Saudi Government International Bond, Senior Notes
3.250%
10/26/26
800,000
 
798,360
 (a)
Senegal — 0.3%
Senegal Government International Bond, Senior Notes
6.250%
5/23/33
450,000
 
280,557
 (a)
Senegal Government International Bond, Senior Notes
6.250%
5/23/33
600,000
 
374,077
 (d)
Total Senegal
654,634
South Africa — 0.6%
Republic of South Africa Government International Bond, Senior
Notes
6.125%
12/11/37
760,000
 
750,937
 (a)
Republic of South Africa Government International Bond, Senior
Notes
6.250%
3/8/41
500,000
 
479,761
 
Total South Africa
1,230,698
Turkey — 1.4%
Turkiye Government International Bond, Senior Notes
5.125%
2/17/28
2,000,000
 
2,011,169
 
Turkiye Government International Bond, Senior Notes
4.875%
4/16/43
1,000,000
 
766,694
 
Total Turkey
2,777,863
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
 
32,805
 (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
 
93,170
 (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
 
115,561
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
0.000%
2/1/35
159,535
 
91,481
 (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
 
198,451
 (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
 
76,000
 (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
 
251,951
 (a)
Total Ukraine
859,419
United Arab Emirates — 0.4%
 
Abu Dhabi Government International Bond, Senior Notes
3.125%
10/11/27
750,000
 
744,047
 (a)
Uruguay — 0.7%
 
Uruguay Government International Bond, Senior Notes
9.750%
7/20/33
47,500,000
 UYU
1,414,933
 
See Notes to Schedule of Investments.
10
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
 Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
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
 
 $482,155
 (d)
 
Total Sovereign Bonds (Cost — $39,260,046)
44,314,657
Senior Loans — 10.2%
Communication Services — 1.4%
Interactive Media & Services — 0.6%
X Corp., Term Loan B1 (6 mo. Term SOFR + 6.750%)
10.448%
10/26/29
178,619
 
179,308
 (h)(l)(m)
X Corp., Term Loan B3
9.500%
10/26/29
980,000
 
1,029,735
 (l)(m)
Total Interactive Media & Services
1,209,043
Media — 0.8%
Diamond Sports Net LLC, First Lien Exit Term Loan (15.000% PIK)
15.000%
1/2/28
1,345,653
 
255,674
 (c)(l)(m)
iHeartCommunications Inc., Refinanced Term Loan B (1 mo. Term
SOFR + 5.889%)
9.562%
5/1/29
677,160
 
587,998
 (h)(l)(m)
Ziggo Financing Partnership, Advance Term Loan Facility N (6 mo.
Term SOFR + 3.250%)
7.027%
1/15/33
890,000
 
870,714
 (h)(l)(m)
Total Media
1,714,386
 
Total Communication Services
2,923,429
Consumer Discretionary — 2.2%
Automobile Components — 0.9%
ABC Technologies Inc., Term Loan B
11.922-11.923%
1/2/40
1,005,867
 
1,005,866
 (h)(i)(j)(l)(m)
Autokiniton US Holdings Inc., 2024 Replacement Term Loan B (1 mo.
Term SOFR + 4.114%)
7.787%
4/6/28
718,043
 
716,507
 (h)(l)(m)
First Brands Group LLC, 2022 Incremental Term Loan (1 mo. Term
SOFR + 7.114%)
10.786%
3/30/27
319,032
 
1,211
 (h)(l)(m)
First Brands Group LLC, DIP Roll Up Term Loan (1 mo. Term SOFR +
7.000%)
10.671%
6/29/26
408,035
 
1,989
 (h)(l)(m)
First Brands Group LLC, USD DIP Term Loan (1 mo. Term SOFR +
10.000%)
13.671%
6/29/26
142,451
 
27,986
 (h)(l)(m)
Total Automobile Components
1,753,559
Diversified Consumer Services — 0.5%
WW International Inc., Take-Back Term Loan (3 mo. Term SOFR +
6.800%)
10.489%
6/24/30
1,253,014
 
1,076,026
 (h)(l)(m)(n)
Hotels, Restaurants & Leisure — 0.3%
Light & Wonder International Inc., Term Loan B3 (1 mo. Term SOFR +
2.000%)
5.677%
4/16/29
492,516
 
493,439
 (h)(l)(m)
Specialty Retail — 0.5%
Kodiak BP LLC, Initial Term Loan (1 mo. Term SOFR + 3.750%)
7.423%
12/4/31
440,000
 
440,587
 (h)(l)(m)
Petco Health & Wellness Co. Inc., 2026 Term Loan (1 mo. Term SOFR
+ 4.250%)
7.923%
1/22/31
660,000
 
636,075
 (h)(l)(m)
Total Specialty Retail
1,076,662
 
Total Consumer Discretionary
4,399,686
Consumer Staples — 0.6%
Beverages — 0.4%
Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term
SOFR + 2.250%)
5.922%
3/31/28
783,878
 
784,544
 (h)(l)(m)
See Notes to Schedule of Investments.
11
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 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 +
2.250%)
5.877%
9/30/31
492,393
 
 $481,649
 (h)(l)(m)
 
Total Consumer Staples
1,266,193
Energy — 0.3%
Oil, Gas & Consumable Fuels — 0.3%
Buckeye Partners LP, 2025 Term Loan B7 (1 mo. Term SOFR + 1.750%)
5.423%
11/22/32
493,775
 
495,832
 (h)(l)(m)
 
Financials — 0.8%
Banks — 0.2%
Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR +
3.000%)
6.673%
11/24/32
392,674
 
384,164
 (h)(l)(m)
Consumer Finance — 0.1%
Blackhawk Network Holdings Inc., Term Loan B2 (1 mo. Term SOFR +
3.500%)
7.173%
3/12/29
236,412
 
235,053
 (h)(l)(m)
Financial Services — 0.3%
Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR +
4.000%)
7.673%
7/31/31
189,525
 
182,228
 (h)(l)(m)
Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo.
Term SOFR + 3.500%)
7.173%
7/31/31
395,017
 
372,429
 (h)(l)(m)
Total Financial Services
554,657
Insurance — 0.2%
Broadstreet Partners Inc., 2024 Term Loan B
—
6/13/31
440,000
 
422,492
 (n)
 
Total Financials
1,596,366
Health Care — 0.6%
Health Care Equipment & Supplies — 0.1%
Medline Borrower LP, 2028 Refinancing Term Loan (1 mo. Term SOFR
+ 1.750%)
5.423%
10/23/28
173,931
 
174,375
 (h)(l)(m)
Health Care Providers & Services — 0.3%
Team Services Holding Inc., Term Loan
—
1/31/33
690,000
 
652,050
 (n)
Health Care Technology — 0.2%
AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR +
2.750%)
6.423%
2/15/29
440,000
 
429,733
 (h)(l)(m)
 
Total Health Care
1,256,158
Industrials — 1.7%
Aerospace & Defense — 0.3%
TransDigm Inc., Term Loan J (1 mo. Term SOFR + 2.500%)
6.173%
2/28/31
491,269
 
491,821
 (h)(l)(m)
Building Products — 0.4%
ACProducts Holdings Inc., Initial Term Loan (3 mo. Term SOFR +
4.512%)
8.184%
5/17/28
195,898
 
157,551
 (h)(l)(m)
Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%)
5.923%
2/10/32
694,750
 
695,184
 (h)(l)(m)
Total Building Products
852,735
Machinery — 0.5%
TK Elevator Midco GmbH, USD Term Loan B (6 mo. Term SOFR +
2.750%)
6.377%
4/30/30
980,174
 
981,571
 (h)(l)(m)
Passenger Airlines — 0.5%
Spirit Airlines LLC, Contingent DIP Facility
—
1/1/30
285,792
 
46,441
 *(o)
Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR +
8.000%)
11.660%
1/2/40
230,774
 
225,004
 (h)(l)(m)
See Notes to Schedule of Investments.
12
Western Asset Global High Income Fund Inc. 2026 Quarterly 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
Spirit Airlines LLC, Roll Up Term Loan
—
10/14/26
750,137
 
 $656,370
 (n)
Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR
+ 8.000%)
11.660%
7/14/26
57,233
 
55,803
 (h)(l)(m)
Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term
SOFR + 8.000%)
11.660%
7/14/26
113,038
 
110,212
 (h)(l)(m)
Total Passenger Airlines
1,093,830
 
Total Industrials
3,419,957
Information Technology — 2.1%
Semiconductors & Semiconductor Equipment — 0.8%
VCI Asset Holdings 2 LLC, Initial Term Loan (6 mo. Term SOFR +
7.750%)
11.500%
2/6/31
1,610,000
 
1,642,200
 (h)(i)(j)(l)(m)(n)
Software — 1.3%
Cloudera Inc., Term Loan
—
10/8/28
360,000
 
319,372
 (n)
Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR + 4.250%)
7.917%
7/1/31
325,875
 
288,515
 (h)(l)(m)
X.Ai Corp., Initial Term Loan
12.500%
6/30/28
1,681,550
 
1,907,685
 (l)(m)
Total Software
2,515,572
 
Total Information Technology
4,157,772
Materials — 0.3%
Chemicals — 0.3%
Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term
SOFR + 4.000%)
7.677%
3/15/29
687,208
 
675,673
 (h)(l)(m)(n)
 
Utilities — 0.2%
Electric Utilities — 0.2%
Vistra Operations Co. LLC, 2018 Incremental Term Loan (1 mo. Term
SOFR + 1.750%)
5.423%
12/20/30
392,000
 
393,390
 (h)(l)(m)
 
Total Senior Loans (Cost — $21,808,453)
20,584,456
Collateralized Mortgage Obligations(p) — 9.9%
BANK, 2022-BNK44 E
4.000%
11/15/32
600,000
 
419,086
 (a)(h)
BANK5, 2024-5YR12 F
4.802%
12/15/57
500,000
 
401,885
 (h)
BFLD Commercial Mortgage Trust, 2024-UNIV E (1 mo. Term SOFR +
3.640%)
7.299%
11/15/41
1,000,000
 
1,005,303
 (a)(h)
BWAY Mortgage Trust, 2013-1515 F
3.927%
3/10/33
400,000
 
343,468
 (a)(h)
BX Commercial Mortgage Trust, 2019-IMC E (1 mo. Term SOFR +
2.196%)
5.856%
4/15/34
870,000
 
858,447
 (a)(h)
BX Commercial Mortgage Trust, 2024-KING E (1 mo. Term SOFR +
3.688%)
7.348%
5/15/34
404,673
 
406,690
 (a)(h)
BX Commercial Mortgage Trust, 2025-SPOT E (1 mo. Term SOFR +
3.690%)
7.350%
4/15/40
679,982
 
685,446
 (a)(h)
Citigroup Commercial Mortgage Trust, 2015-P1 D
3.225%
9/15/48
3,744
 
3,671
 (a)
CSMC Trust, 2017-CHOP F (PRIME + 1.294%)
8.044%
7/15/32
500,000
 
500,255
 (a)(h)
CSMC Trust, 2017-CHOP H (PRIME + 4.294%)
11.044%
7/15/32
900,000
 
870,044
 (a)(h)
Extended Stay America Trust, 2025-ESH A (1 mo. Term SOFR +
1.300%)
4.960%
10/15/42
200,000
 
200,514
 (a)(h)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured
Agency Credit Risk Trust, 2020-DNA1 B2 (30 Day Average SOFR +
5.364%)
9.032%
1/25/50
750,000
 
841,484
 (a)(h)
See Notes to Schedule of Investments.
13
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(p) — continued
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured
Agency Credit Risk Trust, 2021-DNA3 B2 (30 Day Average SOFR +
6.250%)
9.917%
10/25/33
570,000
 
 $725,137
 (a)(h)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured
Agency Credit Risk Trust, 2022-DNA2 B2 (30 Day Average SOFR +
8.500%)
12.167%
2/25/42
1,000,000
 
1,064,773
 (a)(h)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency
Credit Risk Trust, 2019-DNA4 B2 (30 Day Average SOFR + 6.364%)
10.032%
10/25/49
1,000,000
 
1,106,078
 (a)(h)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency
Credit Risk Trust, 2019-HQA3 B2 (30 Day Average SOFR + 7.614%)
11.282%
9/25/49
830,000
 
926,652
 (a)(h)
Federal National Mortgage Association (FNMA) — CAS, 2021-R02
2B2 (30 Day Average SOFR + 6.200%)
9.867%
11/25/41
1,000,000
 
1,033,063
 (a)(h)
Federal National Mortgage Association (FNMA) — CAS, 2024-R01
1B2 (30 Day Average SOFR + 4.000%)
7.667%
1/25/44
800,000
 
846,563
 (a)(h)
GS Mortgage Securities Corp. II, 2024-70P E
9.263%
3/10/41
980,000
 
1,031,322
 (a)(h)
HIT Trust, 2022-HI32 J (1 mo. Term SOFR + 9.122%)
12.782%
7/15/39
400,000
 
403,904
 (a)(h)
LHOME Mortgage Trust, 2025-RTL1 M1
7.023%
1/25/40
290,000
 
294,770
 (a)(h)
Morgan Stanley Capital I Trust, 2015-UBS8 C
4.364%
12/15/48
83,265
 
81,850
 (h)
Morgan Stanley Capital I Trust, 2016-BNK2 B
3.485%
11/15/49
530,000
 
493,272
 
Morgan Stanley Capital I Trust, 2021-230P B (1 mo. Term SOFR +
1.563%)
5.223%
12/15/38
540,000
 
516,807
 (a)(h)
New Residential Mortgage Loan Trust, 2022-NQM4 A3
5.000%
6/25/62
528,228
 
526,246
 (a)
OBX Trust, 2025-NQM8 A3
5.826%
3/25/65
428,867
 
433,499
 (a)
SMR Mortgage Trust, 2022-IND F (1 mo. Term SOFR + 6.000%)
9.660%
2/15/39
824,109
 
809,252
 (a)(h)
SMRT, 2022-MINI F (1 mo. Term SOFR + 3.350%)
7.010%
1/15/39
700,000
 
699,646
 (a)(h)
Towd Point Mortgage Trust, 2016-4 B5
3.943%
7/25/56
1,060,000
 
859,077
 (a)(h)
UBS Commercial Mortgage Trust, 2018-C15 C
5.136%
12/15/51
345,000
 
333,885
 (h)
Verus Securitization Trust, 2023-7 B1
7.894%
10/25/68
1,000,000
 
1,011,702
 (a)(h)
Verus Securitization Trust, 2026-2 A2
4.844%
2/25/71
250,000
 
249,879
 (a)
 
Total Collateralized Mortgage Obligations (Cost — $19,572,468)
19,983,670
Asset-Backed Securities — 7.0%
720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%)
8.418%
4/20/37
410,000
 
412,807
 (a)(h)
AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR + 2.400%)
6.068%
1/20/35
160,000
 
152,709
 (a)(h)
AMMC CLO Ltd., 2021-24A ER (3 mo. Term SOFR + 6.500%)
10.168%
1/20/35
510,000
 
501,675
 (a)(h)
Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%)
7.418%
10/20/34
270,000
 
263,925
 (a)(h)
Apex Credit CLO Ltd., 2019-2A ERR (3 mo. Term SOFR + 7.670%)
11.338%
1/25/38
650,000
 
565,953
 (a)(h)
Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%)
8.768%
1/20/38
440,000
 
440,608
 (a)(h)
Bain Capital Credit CLO Ltd., 2020-3A DRR (3 mo. Term SOFR +
3.100%)
6.771%
10/23/34
500,000
 
488,751
 (a)(h)
Balboa Bay Loan Funding Ltd., 2020-1A ERR (3 mo. Term SOFR +
7.150%)
10.818%
10/20/35
700,000
 
696,915
 (a)(h)
Balboa Bay Loan Funding Ltd., 2024-2A E (3 mo. Term SOFR +
5.750%)
9.418%
1/20/38
440,000
 
443,226
 (a)(h)
Ballyrock CLO Ltd., 2020-14A DR (3 mo. Term SOFR + 5.850%)
9.518%
7/20/37
500,000
 
500,847
 (a)(h)
Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR +
5.950%)
9.622%
7/15/37
600,000
 
573,389
 (a)(h)
Capital Four US CLO Ltd., 2021-1A DR (3 mo. Term SOFR + 3.250%)
6.915%
1/18/35
570,000
 
562,173
 (a)(h)
See Notes to Schedule of Investments.
14
Western Asset Global High Income Fund Inc. 2026 Quarterly 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
Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%)
6.218%
1/25/35
370,000
 
 $367,008
 (a)(h)
Elevation CLO Ltd., 2016-5A ERR (3 mo. Term SOFR + 7.580%)
11.248%
1/25/38
610,000
 
591,564
 (a)(h)
GoldenTree Loan Management US CLO Ltd., 2020-8A ERR (3 mo. Term
SOFR + 5.750%)
9.418%
10/20/34
650,000
 
653,268
 (a)(h)
Golub Capital Partners CLO Ltd., 2024-77A E (3 mo. Term SOFR +
4.850%)
8.518%
1/25/38
240,000
 
242,089
 (a)(h)
HalseyPoint CLO Ltd., 2019-1A FR (3 mo. Term SOFR + 10.730%)
14.398%
10/20/37
800,000
 
762,429
 (a)(h)
Hartwick Park CLO Ltd., 2023-1A ER (3 mo. Term SOFR + 4.850%)
8.518%
1/20/37
140,000
 
130,521
 (a)(h)
Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%)
6.918%
7/25/34
410,000
 
410,937
 (a)(h)
Katayma CLO Ltd., 2024-2A D (3 mo. Term SOFR + 4.500%)
8.168%
4/20/37
560,000
 
565,472
 (a)(h)
Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%)
8.368%
1/25/38
740,000
 
740,964
 (a)(h)
MidOcean Credit CLO LLC, 2025-18A E (3 mo. Term SOFR + 5.400%)
9.070%
10/18/35
700,000
 
696,677
 (a)(h)
Obra CLO Ltd., 2024-1A E (3 mo. Term SOFR + 6.750%)
10.418%
1/20/38
610,000
 
604,283
 (a)(h)
Ocean Trails CLO Ltd., 2023-14A ER (3 mo. Term SOFR + 6.340%)
10.008%
1/20/38
730,000
 
706,695
 (a)(h)
Ocean Trails CLO Ltd., 2024-16A E (3 mo. Term SOFR + 6.690%)
10.358%
1/20/38
270,000
 
272,313
 (a)(h)
Octagon Investment Partners Ltd., 2020-1A ER2 (3 mo. Term SOFR +
6.000%)
9.669%
1/22/38
550,000
 
536,256
 (a)(h)
OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%)
6.518%
7/19/37
190,000
 
191,022
 (a)(h)
Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%)
6.618%
7/20/37
160,000
 
160,706
 (a)(h)
Trestles CLO Ltd., 2025-8A E (3 mo. Term SOFR + 5.500%)
9.168%
6/11/35
300,000
 
300,760
 (a)(h)
Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term SOFR + 4.300%)
7.968%
4/18/37
180,000
 
181,768
 (a)(h)
Warwick Capital CLO Ltd., 2024-3A D (3 mo. Term SOFR + 4.500%)
8.168%
4/20/37
100,000
 
100,977
 (a)(h)
Whitebox CLO Ltd., 2020-2A E1R2 (3 mo. Term SOFR + 5.750%)
9.418%
10/24/37
360,000
 
355,785
 (a)(h)
 
Total Asset-Backed Securities (Cost — $14,312,293)
14,174,472
 
 
 
 
Shares
 
Preferred Stocks — 2.1%
Financials — 2.1%
Mortgage Real Estate Investment Trusts (REITs) — 2.1%
AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR +
4.959%)
8.615%
55,664
1,388,817
 (h)
Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR +
5.005%)
8.690%
65,267
1,435,221
 (h)
MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%)
9.279%
66,471
1,519,527
 (h)
 
Total Preferred Stocks (Cost — $4,496,201)
4,343,565
 
 
 
 
 
 
Common Stocks — 0.4%
Communication Services — 0.2%
Diversified Telecommunication Services — 0.2%
Altice France Luxco
18,570
348,148
 *
 
Consumer Discretionary — 0.0%††
Diversified Consumer Services — 0.0%††
WW International Inc.
1,820
38,693
 *
 
Industrials — 0.0%††
Passenger Airlines — 0.0%††
Spirit Airlines LLC
229
110
 *(i)(q)
See Notes to Schedule of Investments.
15
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Global High Income Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Passenger Airlines — continued
Spirit Aviation Holdings Inc.
39,554
 $18,986
 *
 
Total Industrials
19,096
Information Technology — 0.2%
Semiconductors & Semiconductor Equipment — 0.2%
VCI Asset Holdings 2 LLC
299,606
299,606
 *(i)(j)
 
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd.
38,203
370
 *(i)
Country Garden Holdings Co. Ltd.
1,200
54
 *(i)
 
Total Real Estate
424
Total Common Stocks (Cost — $886,920)
705,967
 
 
 
Rate
Maturity
Date
Face
Amount†
 
Convertible Bonds & Notes — 0.2%
Communication Services — 0.2%
Media — 0.2%
EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK)
3.875%
11/30/30
119,659
 
422,996
 (b)(c)
 
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd., Senior Notes
0.000%
9/30/28
13,656
 
171
 (d)
Country Garden Holdings Co. Ltd., Senior Notes
0.000%
12/31/31
300,398
 
36,655
 (d)
 
Total Real Estate
36,826
Total Convertible Bonds & Notes (Cost — $168,970)
459,822
 
 
 
Expiration
Date 
Rights
 
Rights — 0.0%††
Communication Services — 0.0%††
Diversified Telecommunication Services — 0.0%††
Altice France Luxco (Cost — $0)
—
1,354
21,798
 *
 
 
 
 
Warrants
 
Warrants — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
Spirit Airlines LLC (Cost — $342,120)
3/12/30
28,104
 
13,490
 *(a)(i)(q)
Total Investments — 140.6% (Cost — $270,273,880)
284,514,091
Liabilities in Excess of Other Assets — (40.6)%
(82,124,054
)
Total Net Assets — 100.0%
$202,390,037
 
See Notes to Schedule of Investments.
16
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
 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.
(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)
Securities traded on a when-issued or delayed delivery basis.
(f)
All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements.
(g)
Security has no maturity date. The date shown represents the next call date.
(h)
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.
(i)
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
(j)
Security is valued using significant unobservable inputs (Note 1).
(k)
Value is less than $1.
(l)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(m)
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.
(n)
All or a portion of this loan has not settled as of February 28, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for
the settled portion of the loan.
(o)
The coupon payment on this security is currently in default as of February 28, 2026.
(p)
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.
(q)
Restricted security (Note 3).
 
Abbreviation(s) used in this schedule:
CAS
—
Connecticut Avenue Securities
CLO
—
Collateralized Loan Obligation
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 February 28, 2026, 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
4.160%
12/17/2025
3/11/2026
 $6,030,691
Corporate Bonds & Notes
Cash
 $6,604,172
14,000
Goldman Sachs Group Inc.
4.100%
12/12/2025
TBD***
1,097,370
Corporate Bonds & Notes
1,621,205
See Notes to Schedule of Investments.
17
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Western Asset Global High Income Fund Inc.
Counterparty
Rate
Effective
Date
Maturity
Date
Face Amount
of Reverse
Repurchase
Agreements
Asset Class
of Collateral*
Collateral
Value**
Goldman Sachs Group Inc.
4.250%
12/12/2025
TBD***
 $784,639
Corporate Bonds & Notes
 $1,151,841
 
$7,912,700
$9,377,218
 
*
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 February 28, 2026.
At February 28, 2026, the Fund had the following open forward foreign currency contracts: 
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
EUR
3,850
USD
4,560
BNP Paribas SA
4/16/26
 $1
USD
138,340
GBP
102,722
BNP Paribas SA
4/16/26
(116)
GBP
10,000
USD
13,653
Citibank N.A.
4/16/26
(174)
USD
335,551
EUR
285,953
Citibank N.A.
4/16/26
(3,179)
GBP
78,900
USD
105,484
Morgan Stanley & Co. Inc.
4/16/26
863
Net unrealized depreciation on open forward foreign currency contracts
$(2,605)
 
Abbreviation(s) used in this table:
EUR
—
Euro
GBP
—
British Pound
USD
—
United States Dollar
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
18
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Global High Income Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors (the “Board”) authorized100 million shares of $0.001 par value common stock. The Fund’s primary investment objective is high current income. The Fund’s secondary investment objective is total return.
Under normal market conditions, the Fund invests in a global portfolio of securities consisting of below investment grade fixed income securities, emerging market fixed income securities and investment grade fixed income securities.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board.
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
19
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — 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
—
 $36,999,820
 $393,514
 $37,393,334
Financials
—
21,430,081
0
*
21,430,081
Other Corporate Bonds & Notes
—
121,088,779
—
121,088,779
Sovereign Bonds
—
44,314,657
—
44,314,657
Senior Loans:
Consumer Discretionary
—
3,393,820
1,005,866
4,399,686
Information Technology
—
2,515,572
1,642,200
4,157,772
Other Senior Loans
—
12,026,998
—
12,026,998
Collateralized Mortgage Obligations
—
19,983,670
—
19,983,670
Asset-Backed Securities
—
14,174,472
—
14,174,472
Preferred Stocks
 $4,343,565
—
—
4,343,565
Common Stocks:
Consumer Discretionary
38,693
—
—
38,693
Industrials
18,986
110
—
19,096
Information Technology
—
—
299,606
299,606
Other Common Stocks
—
348,572
—
348,572
Convertible Bonds & Notes
—
459,822
—
459,822
Rights
—
21,798
—
21,798
Warrants
—
13,490
—
13,490
Total Investments
$4,401,244
$276,771,661
$3,341,186
$284,514,091
Other Financial Instruments:
Forward Foreign Currency Contracts††
—
 $864
—
 $864
Total
$4,401,244
$276,772,525
$3,341,186
$284,514,955
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††
—
 $3,469
—
 $3,469
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
20
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
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
 $747
—
 $20,064
 $31,946
Financials
0
*
—
—
—
—
Health Care
0
*
—
 $627
—
—
Senior Loans:
Consumer
Discretionary
—
2,404
—
33,971
969,491
Information
Technology
—
—
—
37,725
1,604,475
Sovereign Bonds
982,500
—
(16,375
)
17,500
—
Common Stocks:
Information
Technology
—
—
—
—
299,606
Total
$1,323,257
$3,151
$(15,748
)
$109,260
$2,905,518

 
Investments in
Securities (cont’d)
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
February 28, 2026
Net change
in unrealized
appreciation
(depreciation) for
investments
in securities
still held at
February 28, 20261
Corporate Bonds &
Notes:
Energy
—
—
—
 $393,514
 $20,064
Financials
—
—
—
0
*
—
Health Care
 $(627
)
—
—
—
—
Senior Loans:
Consumer
Discretionary
—
—
—
1,005,866
33,971
Information
Technology
—
—
—
1,642,200
37,725
Sovereign Bonds
(983,625
)
—
—
—
—
Common Stocks:
Information
Technology
—
—
—
299,606
—
Total
$(984,252
)
—
—
$3,341,186
$91,760
 
*
Amount represents less than $1.
1
Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the
reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended February 28, 2026. The following transactions were
21
Western Asset Global High Income Fund Inc. 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
effected in such company for the period ended February 28, 2026.
 
 
Affiliate
Value at

May 31,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $5,002,223
 $34,464,597
34,464,597
 $39,466,820
39,466,820

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
February 28,
2026
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $37,827
—
—
3. 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 2/28/2026
Value Per
Share/Warrant
Percent of
Net Assets
Spirit Airlines LLC, Common Shares
229
3/25
 $2,788
 $110
 $0.48
0.00
 %(a)
Spirit Airlines LLC, Warrants
28,104
3/25
342,120
13,490
(b)
0.48
0.01
Total
$344,908
$13,600
0.01
%
 
(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.
22
Western Asset Global High Income Fund Inc. 2026 Quarterly Report