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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Western Asset High Income Fund Inc. | NYSE:HIF | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.77 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-7162 |
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Western Asset High Income Fund Inc. |
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(Exact name of registrant as specified in charter) |
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55 Water Street, New York, NY |
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10041 |
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(Address of principal executive offices) |
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(Zip code) |
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Robert I. Frenkel, Esq. Legg Mason & Co., LLC 100 First Stamford Place Stamford, CT 06902 |
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(Name and address of agent for service) |
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Registrants telephone number, including area code: |
(888) 777-0102 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
March 31, 2010 |
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ITEM 1. SCHEDULE OF INVESTMENTS
WESTERN ASSET HIGH INCOME FUND INC.
MARCH 31, 2010
Schedule of investments (unaudited)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
CORPORATE BONDS & NOTES 87.1% |
|
|
|
|
|
|
|
|
|
||
CONSUMER DISCRETIONARY 15.0% |
|
|
|
|
|
|
|
|
|
||
Auto Components 0.1% |
|
|
|
|
|
|
|
|
|
||
Allison Transmission Inc., Senior Notes |
|
11.000% |
|
11/1/15 |
|
|
35,000 |
|
$ |
37,450 |
(a) |
Lear Corp., Senior Notes |
|
8.125% |
|
3/15/20 |
|
10,000 |
|
10,213 |
|
||
Total Auto Components |
|
|
|
|
|
|
|
47,663 |
|
||
Automobiles 0.8% |
|
|
|
|
|
|
|
|
|
||
Motors Liquidation Co., Senior Debentures |
|
8.375% |
|
7/15/33 |
|
525,000 |
|
199,500 |
(b) |
||
Motors Liquidation Co., Senior Notes |
|
7.200% |
|
1/15/11 |
|
440,000 |
|
163,900 |
(b) |
||
Total Automobiles |
|
|
|
|
|
|
|
363,400 |
|
||
Diversified Consumer Services 0.7% |
|
|
|
|
|
|
|
|
|
||
Service Corp. International, Senior Notes |
|
7.500% |
|
4/1/27 |
|
60,000 |
|
55,200 |
|
||
Sothebys, Senior Notes |
|
7.750% |
|
6/15/15 |
|
100,000 |
|
102,125 |
|
||
Stonemor Operating LLC/Cornerstone Family Services/Osiris Holdings, Senior Notes |
|
10.250% |
|
12/1/17 |
|
195,000 |
|
201,825 |
(a) |
||
Total Diversified Consumer Services |
|
|
|
|
|
|
|
359,150 |
|
||
Hotels, Restaurants & Leisure 6.4% |
|
|
|
|
|
|
|
|
|
||
Ameristar Casinos Inc., Senior Notes |
|
9.250% |
|
6/1/14 |
|
125,000 |
|
131,562 |
|
||
Boyd Gaming Corp., Senior Subordinated Notes |
|
7.125% |
|
2/1/16 |
|
40,000 |
|
33,600 |
|
||
Downstream Development Quapaw, Senior Notes |
|
12.000% |
|
10/15/15 |
|
165,000 |
|
150,975 |
(a) |
||
El Pollo Loco Inc., Senior Notes |
|
11.750% |
|
11/15/13 |
|
285,000 |
|
255,075 |
|
||
El Pollo Loco Inc., Senior Secured Notes |
|
11.750% |
|
12/1/12 |
|
85,000 |
|
87,975 |
|
||
Harrahs Operating Co. Inc., Senior Bonds |
|
5.625% |
|
6/1/15 |
|
130,000 |
|
86,125 |
|
||
Harrahs Operating Co. Inc., Senior Notes |
|
10.750% |
|
2/1/16 |
|
229,000 |
|
191,787 |
|
||
Harrahs Operating Co. Inc., Senior Secured Notes |
|
10.000% |
|
12/15/15 |
|
86,000 |
|
76,755 |
|
||
Harrahs Operating Co. Inc., Senior Secured Notes |
|
11.250% |
|
6/1/17 |
|
365,000 |
|
395,112 |
|
||
Indianapolis Downs LLC & Capital Corp., Senior Secured Notes |
|
11.000% |
|
11/1/12 |
|
120,000 |
|
80,400 |
(a) |
||
Inn of the Mountain Gods Resort & Casino, Senior Notes |
|
12.000% |
|
11/15/10 |
|
380,000 |
|
184,300 |
(b)(c) |
||
Landrys Restaurants Inc., Senior Secured Notes |
|
11.625% |
|
12/1/15 |
|
95,000 |
|
102,600 |
(a) |
||
MGM MIRAGE Inc., Notes |
|
6.750% |
|
9/1/12 |
|
260,000 |
|
247,000 |
|
||
MGM MIRAGE Inc., Senior Notes |
|
8.500% |
|
9/15/10 |
|
5,000 |
|
5,056 |
|
||
MGM MIRAGE Inc., Senior Secured Notes |
|
10.375% |
|
5/15/14 |
|
15,000 |
|
16,613 |
(a) |
||
MGM MIRAGE Inc., Senior Secured Notes |
|
11.125% |
|
11/15/17 |
|
40,000 |
|
45,200 |
(a) |
||
MGM MIRAGE Inc., Senior Secured Notes |
|
9.000% |
|
3/15/20 |
|
120,000 |
|
124,200 |
(a) |
||
Mohegan Tribal Gaming Authority, Senior Notes |
|
6.125% |
|
2/15/13 |
|
50,000 |
|
43,000 |
|
||
Mohegan Tribal Gaming Authority, Senior Secured Notes |
|
11.500% |
|
11/1/17 |
|
210,000 |
|
224,700 |
(a) |
||
Mohegan Tribal Gaming Authority, Senior Subordinated Notes |
|
8.000% |
|
4/1/12 |
|
30,000 |
|
27,825 |
|
||
NCL Corp. Ltd., Senior Secured Notes |
|
11.750% |
|
11/15/16 |
|
180,000 |
|
196,650 |
(a) |
||
Penn National Gaming Inc., Senior Subordinated Notes |
|
8.750% |
|
8/15/19 |
|
40,000 |
|
40,800 |
(a) |
||
Pinnacle Entertainment Inc., Senior Notes |
|
8.625% |
|
8/1/17 |
|
125,000 |
|
122,813 |
(a) |
||
Sbarro Inc., Senior Notes |
|
10.375% |
|
2/1/15 |
|
95,000 |
|
80,275 |
|
||
Snoqualmie Entertainment Authority, Senior Secured Notes |
|
4.136% |
|
2/1/14 |
|
90,000 |
|
66,150 |
(a)(d) |
||
Snoqualmie Entertainment Authority, Senior Secured Notes |
|
9.125% |
|
2/1/15 |
|
15,000 |
|
11,625 |
(a) |
||
Station Casinos Inc., Senior Notes |
|
6.000% |
|
4/1/12 |
|
215,000 |
|
15,588 |
(b)(c) |
||
Station Casinos Inc., Senior Notes |
|
7.750% |
|
8/15/16 |
|
90,000 |
|
6,975 |
(b)(c) |
||
Station Casinos Inc., Senior Subordinated Notes |
|
6.500% |
|
2/1/14 |
|
175,000 |
|
1,094 |
(b)(c) |
||
Station Casinos Inc., Senior Subordinated Notes |
|
6.625% |
|
3/15/18 |
|
20,000 |
|
125 |
(b)(c) |
||
Total Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
3,051,955 |
|
||
Household Durables 0.4% |
|
|
|
|
|
|
|
|
|
||
American Greetings Corp., Senior Notes |
|
7.375% |
|
6/1/16 |
|
45,000 |
|
45,113 |
|
||
American Greetings Corp., Senior Notes |
|
7.375% |
|
6/1/16 |
|
5,000 |
|
4,700 |
|
||
Libbey Glass Inc., Senior Secured Notes |
|
10.000% |
|
2/15/15 |
|
100,000 |
|
105,750 |
(a) |
||
Norcraft Holdings LP/Norcraft Capital Corp., Senior Discount Notes |
|
9.750% |
|
9/1/12 |
|
59,000 |
|
56,345 |
(c) |
||
Total Household Durables |
|
|
|
|
|
|
|
211,908 |
|
||
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
Internet & Catalog Retail 0.3% |
|
|
|
|
|
|
|
|
|
|
|
Netflix Inc., Senior Notes |
|
8.500% |
|
11/15/17 |
|
|
70,000 |
|
$ |
73,850 |
|
QVC Inc., Senior Secured Notes |
|
7.375% |
|
10/15/20 |
|
65,000 |
|
65,650 |
(a) |
||
Total Internet & Catalog Retail |
|
|
|
|
|
|
|
139,500 |
|
||
Leisure Equipment & Products 0.1% |
|
|
|
|
|
|
|
|
|
||
Eastman Kodak Co., Senior Notes |
|
7.250% |
|
11/15/13 |
|
50,000 |
|
47,875 |
|
||
Media 4.5% |
|
|
|
|
|
|
|
|
|
||
Affinion Group Inc., Senior Subordinated Notes |
|
10.125% |
|
10/15/13 |
|
80,000 |
|
82,400 |
|
||
CCH II LLC/CCH II Capital Corp., Senior Notes |
|
13.500% |
|
11/30/16 |
|
64,850 |
|
77,658 |
(a) |
||
Cengage Learning Acquisitions Inc., Senior Notes |
|
10.500% |
|
1/15/15 |
|
110,000 |
|
106,150 |
(a) |
||
Cengage Learning Acquisitions Inc., Senior Subordinated Notes |
|
13.250% |
|
7/15/15 |
|
90,000 |
|
87,750 |
(a) |
||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes |
|
10.875% |
|
9/15/14 |
|
290,000 |
|
325,887 |
(a) |
||
Clear Channel Communications Inc., Senior Notes |
|
6.250% |
|
3/15/11 |
|
100,000 |
|
97,250 |
|
||
CSC Holdings Inc., Senior Debentures |
|
7.875% |
|
2/15/18 |
|
230,000 |
|
242,650 |
|
||
DISH DBS Corp., Senior Notes |
|
6.625% |
|
10/1/14 |
|
90,000 |
|
90,900 |
|
||
DISH DBS Corp., Senior Notes |
|
7.875% |
|
9/1/19 |
|
215,000 |
|
224,675 |
|
||
Globo Communicacoes e Participacoes SA, Bonds |
|
7.250% |
|
4/26/22 |
|
140,000 |
|
148,050 |
(a) |
||
NET Servicos de Comunicacao SA, Bonds |
|
7.500% |
|
1/27/20 |
|
100,000 |
|
106,000 |
(a) |
||
Nielsen Finance LLC / Nielsen Finance Co., Senior Subordinated Notes, step bond |
|
0.000% |
|
8/1/16 |
|
180,000 |
|
171,900 |
|
||
Univision Communications Inc., Senior Secured Notes |
|
12.000% |
|
7/1/14 |
|
195,000 |
|
214,500 |
(a) |
||
UPC Holding BV, Senior Notes |
|
9.875% |
|
4/15/18 |
|
65,000 |
|
68,575 |
(a) |
||
Virgin Media Finance PLC, Senior Bonds |
|
9.500% |
|
8/15/16 |
|
20,000 |
|
21,950 |
|
||
Virgin Media Finance PLC, Senior Notes |
|
9.125% |
|
8/15/16 |
|
90,000 |
|
96,075 |
|
||
Total Media |
|
|
|
|
|
|
|
2,162,370 |
|
||
Multiline Retail 0.2% |
|
|
|
|
|
|
|
|
|
||
Neiman Marcus Group Inc., Senior Secured Notes |
|
7.125% |
|
6/1/28 |
|
105,000 |
|
93,975 |
|
||
Specialty Retail 0.9% |
|
|
|
|
|
|
|
|
|
||
Blockbuster Inc., Senior Secured Notes |
|
11.750% |
|
10/1/14 |
|
115,000 |
|
85,387 |
(a) |
||
Michaels Stores Inc., Senior Notes |
|
10.000% |
|
11/1/14 |
|
100,000 |
|
106,000 |
|
||
Michaels Stores Inc., Senior Subordinated Bonds |
|
11.375% |
|
11/1/16 |
|
110,000 |
|
119,350 |
|
||
Michaels Stores Inc., Senior Subordinated Notes, step bond |
|
0.000% |
|
11/1/16 |
|
160,000 |
|
142,400 |
|
||
Total Specialty Retail |
|
|
|
|
|
|
|
453,137 |
|
||
Textiles, Apparel & Luxury Goods 0.6% |
|
|
|
|
|
|
|
|
|
||
Oxford Industries Inc., Senior Secured Notes |
|
11.375% |
|
7/15/15 |
|
245,000 |
|
274,400 |
|
||
TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
7,205,333 |
|
||
CONSUMER STAPLES 1.2% |
|
|
|
|
|
|
|
|
|
||
Food Products 0.3% |
|
|
|
|
|
|
|
|
|
||
Bumble Bee Foods LLC, Senior Secured Notes |
|
7.750% |
|
12/15/15 |
|
70,000 |
|
71,050 |
(a) |
||
Smithfield Foods Inc., Senior Secured Notes |
|
10.000% |
|
7/15/14 |
|
60,000 |
|
67,200 |
(a) |
||
Total Food Products |
|
|
|
|
|
|
|
138,250 |
|
||
Household Products 0.4% |
|
|
|
|
|
|
|
|
|
||
American Achievement Corp., Senior Subordinated Notes |
|
8.250% |
|
4/1/12 |
|
55,000 |
|
54,725 |
(a) |
||
Reynolds Group DL Escrow Inc./Reynolds Group Escrow LLC, Senior Secured Notes |
|
7.750% |
|
10/15/16 |
|
120,000 |
|
123,900 |
(a) |
||
Total Household Products |
|
|
|
|
|
|
|
178,625 |
|
||
Tobacco 0.5% |
|
|
|
|
|
|
|
|
|
||
Alliance One International Inc., Senior Notes |
|
10.000% |
|
7/15/16 |
|
200,000 |
|
210,000 |
(a) |
||
Alliance One International Inc., Senior Notes |
|
10.000% |
|
7/15/16 |
|
40,000 |
|
42,000 |
(a) |
||
Total Tobacco |
|
|
|
|
|
|
|
252,000 |
|
||
TOTAL CONSUMER STAPLES |
|
|
|
|
|
|
|
568,875 |
|
||
ENERGY 12.1% |
|
|
|
|
|
|
|
|
|
||
Energy Equipment & Services 1.4% |
|
|
|
|
|
|
|
|
|
||
Basic Energy Services Inc., Senior Secured Notes |
|
11.625% |
|
8/1/14 |
|
145,000 |
|
160,225 |
|
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
Energy Equipment & Services continued |
|
|
|
|
|
|
|
|
|
|
|
Complete Production Services Inc., Senior Notes |
|
8.000% |
|
12/15/16 |
|
|
110,000 |
|
$ |
109,450 |
|
Hercules Offshore LLC, Senior Secured Notes |
|
10.500% |
|
10/15/17 |
|
85,000 |
|
85,213 |
(a) |
||
Key Energy Services Inc., Senior Notes |
|
8.375% |
|
12/1/14 |
|
190,000 |
|
193,087 |
|
||
Parker Drilling Co., Senior Notes |
|
9.125% |
|
4/1/18 |
|
140,000 |
|
144,025 |
(a) |
||
Total Energy Equipment & Services |
|
|
|
|
|
|
|
692,000 |
|
||
Oil, Gas & Consumable Fuels 10.7% |
|
|
|
|
|
|
|
|
|
||
Arch Coal Inc., Senior Notes |
|
8.750% |
|
8/1/16 |
|
120,000 |
|
127,500 |
(a) |
||
Atlas Pipeline Partners LP, Senior Notes |
|
8.750% |
|
6/15/18 |
|
50,000 |
|
48,500 |
|
||
Belden & Blake Corp., Secured Notes |
|
8.750% |
|
7/15/12 |
|
365,000 |
|
343,100 |
|
||
Berry Petroleum Co., Senior Notes |
|
10.250% |
|
6/1/14 |
|
110,000 |
|
121,825 |
|
||
Chesapeake Energy Corp., Senior Notes |
|
6.625% |
|
1/15/16 |
|
95,000 |
|
93,575 |
|
||
Chesapeake Energy Corp., Senior Notes |
|
6.875% |
|
1/15/16 |
|
150,000 |
|
148,875 |
|
||
Chesapeake Energy Corp., Senior Notes |
|
7.250% |
|
12/15/18 |
|
145,000 |
|
145,725 |
|
||
Compagnie Generale de Geophysique SA, Senior Notes |
|
7.500% |
|
5/15/15 |
|
55,000 |
|
55,413 |
|
||
Compagnie Generale de Geophysique-Veritas, Senior Notes |
|
9.500% |
|
5/15/16 |
|
60,000 |
|
64,500 |
|
||
CONSOL Energy Inc., Senior Notes |
|
8.250% |
|
4/1/20 |
|
180,000 |
|
185,850 |
(a) |
||
Corral Petroleum Holdings AB, Senior Secured Subordinated Bonds |
|
5.251% |
|
4/15/10 |
|
339,054 |
|
250,900 |
(a)(c)(d)(e) |
||
Crosstex Energy/Crosstex Energy Finance Corp., Senior Notes |
|
8.875% |
|
2/15/18 |
|
90,000 |
|
93,262 |
(a) |
||
Denbury Resources Inc., Senior Subordinated Notes |
|
8.250% |
|
2/15/20 |
|
128,000 |
|
136,320 |
|
||
El Paso Corp., Medium-Term Notes |
|
7.800% |
|
8/1/31 |
|
75,000 |
|
74,087 |
|
||
El Paso Corp., Notes |
|
7.875% |
|
6/15/12 |
|
200,000 |
|
212,885 |
|
||
Enterprise Products Operating LLP, Junior Subordinated Notes |
|
8.375% |
|
8/1/66 |
|
120,000 |
|
121,948 |
(d) |
||
Enterprise Products Operating LLP, Subordinated Notes |
|
7.034% |
|
1/15/68 |
|
75,000 |
|
71,448 |
(d) |
||
Griffin Coal Mining Co. Pty Ltd., Senior Notes |
|
9.500% |
|
12/1/16 |
|
10,000 |
|
6,450 |
(a)(b) |
||
International Coal Group Inc., Senior Secured Notes |
|
9.125% |
|
4/1/18 |
|
20,000 |
|
20,400 |
|
||
KazMunaiGaz Finance Sub B.V., Senior Notes |
|
8.375% |
|
7/2/13 |
|
100,000 |
|
112,875 |
(a) |
||
Linn Energy LLC/Linn Energy Finance Corp., Senior Notes |
|
8.625% |
|
4/15/20 |
|
130,000 |
|
130,487 |
(a) |
||
LUKOIL International Finance BV, Bonds |
|
6.356% |
|
6/7/17 |
|
140,000 |
|
144,550 |
(a) |
||
Mariner Energy Inc., Senior Notes |
|
7.500% |
|
4/15/13 |
|
85,000 |
|
86,063 |
|
||
Mariner Energy Inc., Senior Notes |
|
8.000% |
|
5/15/17 |
|
45,000 |
|
44,438 |
|
||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., Senior Notes |
|
8.750% |
|
4/15/18 |
|
45,000 |
|
46,406 |
|
||
Murray Energy Corp., Senior Secured Notes |
|
10.250% |
|
10/15/15 |
|
165,000 |
|
169,950 |
(a) |
||
OPTI Canada Inc., Senior Secured Notes |
|
9.000% |
|
12/15/12 |
|
100,000 |
|
103,500 |
(a) |
||
OPTI Canada Inc., Senior Secured Notes |
|
8.250% |
|
12/15/14 |
|
130,000 |
|
122,850 |
|
||
Overseas Shipholding Group Inc., Senior Notes |
|
8.125% |
|
3/30/18 |
|
140,000 |
|
139,650 |
|
||
Petrobras International Finance Co., Senior Notes |
|
6.875% |
|
1/20/40 |
|
55,000 |
|
57,045 |
|
||
Petrohawk Energy Corp., Senior Notes |
|
9.125% |
|
7/15/13 |
|
145,000 |
|
152,069 |
|
||
Petroplus Finance Ltd., Senior Notes |
|
6.750% |
|
5/1/14 |
|
75,000 |
|
67,875 |
(a) |
||
Petroplus Finance Ltd., Senior Notes |
|
7.000% |
|
5/1/17 |
|
60,000 |
|
51,900 |
(a) |
||
Plains Exploration & Production Co., Senior Notes |
|
10.000% |
|
3/1/16 |
|
110,000 |
|
122,100 |
|
||
Plains Exploration & Production Co., Senior Notes |
|
8.625% |
|
10/15/19 |
|
115,000 |
|
122,475 |
|
||
Quicksilver Resources Inc., Senior Notes |
|
11.750% |
|
1/1/16 |
|
155,000 |
|
178,250 |
|
||
SandRidge Energy Inc., Senior Notes |
|
8.625% |
|
4/1/15 |
|
450,000 |
|
439,875 |
(e) |
||
Stone Energy Corp., Senior Notes |
|
8.625% |
|
2/1/17 |
|
90,000 |
|
89,100 |
|
||
Teekay Corp., Senior Notes |
|
8.500% |
|
1/15/20 |
|
260,000 |
|
273,000 |
|
||
Whiting Petroleum Corp., Senior Subordinated Notes |
|
7.250% |
|
5/1/12 |
|
125,000 |
|
125,937 |
|
||
Whiting Petroleum Corp., Senior Subordinated Notes |
|
7.000% |
|
2/1/14 |
|
10,000 |
|
10,288 |
|
||
Williams Partners LP, Senior Notes |
|
5.250% |
|
3/15/20 |
|
10,000 |
|
10,040 |
(a) |
||
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
5,123,286 |
|
||
TOTAL ENERGY |
|
|
|
|
|
|
|
5,815,286 |
|
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
FINANCIALS 16.6% |
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 0.1% |
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers Holdings Inc., Medium-Term Notes, Senior Notes |
|
5.250% |
|
2/6/12 |
|
|
140,000 |
|
$ |
33,250 |
(b) |
Commercial Banks 2.3% |
|
|
|
|
|
|
|
|
|
||
BAC Capital Trust VI, Capital Securities, Junior Subordinated Notes |
|
5.625% |
|
3/8/35 |
|
140,000 |
|
115,945 |
|
||
Credit Agricole SA, Subordinated Notes |
|
8.375% |
|
10/13/19 |
|
100,000 |
|
108,750 |
(a)(d)(f) |
||
HSBC Bank PLC, Credit-Linked Notes (Russian Agricultural Bank) |
|
8.900% |
|
12/20/10 |
|
1,224,000 |
RUB |
33,630 |
(c) |
||
ICICI Bank Ltd., Subordinated Bonds |
|
6.375% |
|
4/30/22 |
|
140,000 |
|
132,181 |
(a)(d) |
||
NB Capital Trust II, Junior Subordinated Notes |
|
7.830% |
|
12/15/26 |
|
140,000 |
|
139,300 |
|
||
NB Capital Trust IV, Junior Subordinated Notes |
|
8.250% |
|
4/15/27 |
|
90,000 |
|
91,575 |
|
||
Royal Bank of Scotland Group PLC, Subordinated Notes |
|
5.000% |
|
11/12/13 |
|
75,000 |
|
72,920 |
|
||
Royal Bank of Scotland Group PLC, Subordinated Notes |
|
5.050% |
|
1/8/15 |
|
30,000 |
|
28,435 |
|
||
RSHB Capital, Loan Participation Notes, Senior Secured Bonds |
|
6.299% |
|
5/15/17 |
|
140,000 |
|
145,936 |
(a) |
||
RSHB Capital, Loan Participation Notes, Senior Secured Notes |
|
7.175% |
|
5/16/13 |
|
70,000 |
|
76,139 |
(a) |
||
RSHB Capital, Loan Participation Notes, Senior Secured Notes |
|
9.000% |
|
6/11/14 |
|
150,000 |
|
173,790 |
(a) |
||
Total Commercial Banks |
|
|
|
|
|
|
|
1,118,601 |
|
||
Consumer Finance 5.0% |
|
|
|
|
|
|
|
|
|
||
FMG Finance Pty Ltd., Senior Secured Notes |
|
10.625% |
|
9/1/16 |
|
185,000 |
|
214,138 |
(a) |
||
Ford Motor Credit Co., LLC, Senior Notes |
|
9.875% |
|
8/10/11 |
|
190,000 |
|
201,574 |
|
||
Ford Motor Credit Co., LLC, Senior Notes |
|
7.500% |
|
8/1/12 |
|
105,000 |
|
108,783 |
|
||
Ford Motor Credit Co., LLC, Senior Notes |
|
12.000% |
|
5/15/15 |
|
625,000 |
|
747,419 |
|
||
GMAC Inc., Senior Notes |
|
7.500% |
|
12/31/13 |
|
30,000 |
|
30,825 |
|
||
GMAC Inc., Senior Notes |
|
8.300% |
|
2/12/15 |
|
30,000 |
|
31,575 |
(a) |
||
GMAC Inc., Senior Notes |
|
8.000% |
|
3/15/20 |
|
160,000 |
|
164,400 |
(a) |
||
GMAC LLC, Debentures, zero coupon bond |
|
0.000% |
|
6/15/15 |
|
410,000 |
|
264,450 |
|
||
GMAC LLC, Senior Bonds, zero coupon bond |
|
0.000% |
|
12/1/12 |
|
160,000 |
|
130,228 |
|
||
SLM Corp., Medium-Term Notes, Senior Notes |
|
8.450% |
|
6/15/18 |
|
145,000 |
|
146,862 |
|
||
SLM Corp., Senior Notes |
|
8.000% |
|
3/25/20 |
|
360,000 |
|
351,143 |
|
||
Total Consumer Finance |
|
|
|
|
|
|
|
2,391,397 |
|
||
Diversified Financial Services 6.9% |
|
|
|
|
|
|
|
|
|
||
AES Red Oak LLC, Secured Notes |
|
9.200% |
|
11/30/29 |
|
280,000 |
|
277,200 |
|
||
Astoria Depositor Corp., Pass-Through Certificates |
|
8.144% |
|
5/1/21 |
|
150,000 |
|
146,344 |
(a) |
||
Bank of America Corp., Notes, Preferred Securities |
|
8.000% |
|
1/30/18 |
|
15,000 |
|
15,327 |
(d)(f) |
||
Capital One Capital V, Junior Subordinated Notes, Cumulative Trust Preferred Securities |
|
10.250% |
|
8/15/39 |
|
110,000 |
|
130,657 |
|
||
CCM Merger Inc., Notes |
|
8.000% |
|
8/1/13 |
|
220,000 |
|
192,500 |
(a) |
||
CIT Group Inc., Senior Secured Bonds |
|
7.000% |
|
5/1/14 |
|
64,771 |
|
61,370 |
|
||
CIT Group Inc., Senior Secured Bonds |
|
7.000% |
|
5/1/15 |
|
44,771 |
|
41,861 |
|
||
CIT Group Inc., Senior Secured Bonds |
|
7.000% |
|
5/1/16 |
|
134,619 |
|
124,523 |
|
||
CIT Group Inc., Senior Secured Bonds |
|
7.000% |
|
5/1/17 |
|
484,468 |
|
448,133 |
|
||
Countrywide Capital III, Junior Subordinated Notes |
|
8.050% |
|
6/15/27 |
|
30,000 |
|
30,069 |
|
||
Express LLC/Express Finance Corp., Senior Notes |
|
8.750% |
|
3/1/18 |
|
130,000 |
|
133,250 |
(a) |
||
Fresenius U.S. Finance II Inc., Senior Notes |
|
9.000% |
|
7/15/15 |
|
120,000 |
|
134,400 |
(a) |
||
International Lease Finance Corp., Medium-Term Notes |
|
6.375% |
|
3/25/13 |
|
220,000 |
|
215,139 |
|
||
International Lease Finance Corp., Medium-Term Notes, Senior Notes |
|
5.625% |
|
9/20/13 |
|
210,000 |
|
198,239 |
|
||
International Lease Finance Corp., Notes |
|
5.875% |
|
5/1/13 |
|
50,000 |
|
48,050 |
|
||
International Lease Finance Corp., Senior Notes |
|
8.750% |
|
3/15/17 |
|
90,000 |
|
92,298 |
(a) |
||
JPMorgan Chase & Co., Junior Subordinated Notes |
|
7.900% |
|
4/30/18 |
|
5,000 |
|
5,348 |
(d)(f) |
||
LBI Escrow Corp., Senior Secured Notes |
|
8.000% |
|
11/1/17 |
|
165,000 |
|
171,394 |
(a) |
||
Leucadia National Corp., Senior Notes |
|
7.750% |
|
8/15/13 |
|
40,000 |
|
41,800 |
|
||
Leucadia National Corp., Senior Notes |
|
8.125% |
|
9/15/15 |
|
120,000 |
|
124,950 |
|
||
MBNA Capital A, Junior Subordinated Notes |
|
8.278% |
|
12/1/26 |
|
130,000 |
|
131,950 |
|
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
Diversified Financial Services continued |
|
|
|
|
|
|
|
|
|
|
|
Midwest Gaming Borrower LLC/Midwest Finance Corp., Senior Secured Notes |
|
11.625% |
|
4/15/16 |
|
|
70,000 |
|
$ |
69,259 |
(a) |
New Communications Holdings Inc., Senior Notes |
|
8.750% |
|
4/15/22 |
|
16,000 |
|
16,080 |
(a) |
||
TNK-BP Finance SA, Senior Notes |
|
7.500% |
|
7/18/16 |
|
210,000 |
|
229,425 |
(a) |
||
UPC Germany GmbH, Senior Secured Bonds |
|
8.125% |
|
12/1/17 |
|
100,000 |
|
103,625 |
(a) |
||
Vanguard Health Holdings Co., II LLC, Senior Notes |
|
8.000% |
|
2/1/18 |
|
140,000 |
|
136,850 |
(a) |
||
Total Diversified Financial Services |
|
|
|
|
|
|
|
3,320,041 |
|
||
Insurance 0.9% |
|
|
|
|
|
|
|
|
|
||
American International Group Inc., Junior Subordinated Notes |
|
8.175% |
|
5/15/58 |
|
85,000 |
|
72,462 |
(d) |
||
American International Group Inc., Medium-Term Notes, Senior Notes |
|
5.450% |
|
5/18/17 |
|
210,000 |
|
193,466 |
|
||
American International Group Inc., Medium-Term Notes, Senior Notes |
|
5.850% |
|
1/16/18 |
|
25,000 |
|
23,265 |
|
||
American International Group Inc., Senior Notes |
|
8.250% |
|
8/15/18 |
|
100,000 |
|
105,086 |
|
||
MetLife Capital Trust IV, Junior Subordinated Notes |
|
7.875% |
|
12/15/37 |
|
60,000 |
|
61,800 |
(a) |
||
Total Insurance |
|
|
|
|
|
|
|
456,079 |
|
||
Real Estate Investment Trusts (REITs) 0.2% |
|
|
|
|
|
|
|
||||
DuPont Fabros Technology LP, Senior Notes |
|
8.500% |
|
12/15/17 |
|
70,000 |
|
72,450 |
(a) |
||
Host Hotels & Resorts, LP, Senior Notes |
|
6.375% |
|
3/15/15 |
|
20,000 |
|
19,950 |
|
||
Total Real Estate Investment Trusts (REITs) |
|
|
|
|
|
|
|
92,400 |
|
||
Real Estate Management & Development 1.2% |
|
|
|
|
|
|
|
||||
Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Subordinated Notes, step bond |
|
0.000% |
|
6/30/15 |
|
54,600 |
|
24,570 |
(a)(c) |
||
Realogy Corp., Senior Notes |
|
10.500% |
|
4/15/14 |
|
590,000 |
|
511,825 |
|
||
Realogy Corp., Senior Toggle Notes |
|
11.000% |
|
4/15/14 |
|
18,445 |
|
16,232 |
(e) |
||
Total Real Estate Management & Development |
|
|
|
|
|
|
|
552,627 |
|
||
TOTAL FINANCIALS |
|
|
|
|
|
|
|
7,964,395 |
|
||
HEALTH CARE 4.7% |
|
|
|
|
|
|
|
|
|
||
Health Care Equipment & Supplies 0.4% |
|
|
|
|
|
|
|
|
|
||
Biomet Inc., Senior Notes |
|
10.000% |
|
10/15/17 |
|
80,000 |
|
88,600 |
|
||
Biomet Inc., Senior Toggle Notes |
|
10.375% |
|
10/15/17 |
|
90,000 |
|
99,450 |
(e) |
||
Total Health Care Equipment & Supplies |
|
|
|
|
|
|
|
188,050 |
|
||
Health Care Providers & Services 4.2% |
|
|
|
|
|
|
|
|
|
||
CRC Health Corp., Senior Subordinated Notes |
|
10.750% |
|
2/1/16 |
|
345,000 |
|
313,087 |
|
||
HCA Inc., Senior Notes |
|
6.300% |
|
10/1/12 |
|
125,000 |
|
125,469 |
|
||
HCA Inc., Senior Notes |
|
6.250% |
|
2/15/13 |
|
5,000 |
|
4,988 |
|
||
HCA Inc., Senior Secured Notes |
|
9.625% |
|
11/15/16 |
|
136,000 |
|
146,030 |
(e) |
||
HCA Inc., Senior Secured Notes |
|
7.875% |
|
2/15/20 |
|
275,000 |
|
288,578 |
(a) |
||
Tenet Healthcare Corp., Senior Notes |
|
9.000% |
|
5/1/15 |
|
130,000 |
|
140,725 |
(a) |
||
Tenet Healthcare Corp., Senior Notes |
|
10.000% |
|
5/1/18 |
|
240,000 |
|
270,000 |
(a) |
||
Universal Hospital Services Inc., Senior Secured Notes |
|
3.859% |
|
6/1/15 |
|
50,000 |
|
42,875 |
(d) |
||
Universal Hospital Services Inc., Senior Secured Notes |
|
8.500% |
|
6/1/15 |
|
190,000 |
|
190,000 |
(e) |
||
US Oncology Holdings Inc., Senior Notes |
|
6.643% |
|
3/15/12 |
|
339,000 |
|
322,897 |
(d)(e) |
||
US Oncology Inc., Senior Secured Notes |
|
9.125% |
|
8/15/17 |
|
180,000 |
|
189,000 |
|
||
Total Health Care Providers & Services |
|
|
|
|
|
|
|
2,033,649 |
|
||
Pharmaceuticals 0.1% |
|
|
|
|
|
|
|
|
|
||
Pharmanet Development Group Inc., Senior Secured Notes |
|
10.875% |
|
4/15/17 |
|
50,000 |
|
50,000 |
(a) |
||
TOTAL HEALTH CARE |
|
|
|
|
|
|
|
2,271,699 |
|
||
INDUSTRIALS 10.1% |
|
|
|
|
|
|
|
|
|
||
Aerospace & Defense 1.0% |
|
|
|
|
|
|
|
|
|
||
Freedom Group Inc., Senior Secured Notes |
|
10.250% |
|
8/1/15 |
|
190,000 |
|
201,875 |
(a) |
||
Kac Acquisition Co., Subordinated Notes |
|
8.000% |
|
4/26/26 |
|
6,632 |
|
0 |
(b)(c)(g) |
||
TransDigm Inc., Senior Subordinated Notes |
|
7.750% |
|
7/15/14 |
|
80,000 |
|
82,400 |
(a) |
||
Wyle Services Corp., Senior Subordinated Notes |
|
10.500% |
|
4/1/18 |
|
175,000 |
|
175,875 |
(a) |
||
Total Aerospace & Defense |
|
|
|
|
|
|
|
460,150 |
|
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
Airlines 3.1% |
|
|
|
|
|
|
|
|
|
|
|
American Airlines Inc., Senior Secured Notes |
|
10.500% |
|
10/15/12 |
|
|
40,000 |
|
$ |
42,800 |
(a) |
Continental Airlines Inc., Pass-Through Certificates |
|
8.312% |
|
4/2/11 |
|
47,573 |
|
46,146 |
|
||
Continental Airlines Inc., Pass-Through Certificates |
|
7.339% |
|
4/19/14 |
|
65,000 |
|
63,294 |
|
||
Continental Airlines Inc., Pass-Through Certificates |
|
9.250% |
|
5/10/17 |
|
15,000 |
|
15,750 |
(g) |
||
DAE Aviation Holdings Inc., Senior Notes |
|
11.250% |
|
8/1/15 |
|
500,000 |
|
470,000 |
(a) |
||
Delta Air Lines Inc., Pass-Through Certificates |
|
7.711% |
|
9/18/11 |
|
90,000 |
|
89,550 |
|
||
Delta Air Lines Inc., Pass-Through Certificates |
|
8.954% |
|
8/10/14 |
|
85,883 |
|
80,838 |
|
||
Delta Air Lines Inc., Pass-Through Certificates |
|
6.821% |
|
8/10/22 |
|
337,079 |
|
337,079 |
|
||
Delta Air Lines Inc., Pass-Through Certificates, Subordinated Notes |
|
9.750% |
|
12/17/16 |
|
60,000 |
|
61,800 |
|
||
Delta Air Lines Inc., Senior Secured Notes |
|
9.500% |
|
9/15/14 |
|
65,000 |
|
68,656 |
(a) |
||
United Air Lines Inc., Senior Secured Notes |
|
9.875% |
|
8/1/13 |
|
180,000 |
|
189,900 |
(a) |
||
Total Airlines |
|
|
|
|
|
|
|
1,465,813 |
|
||
Building Products 1.1% |
|
|
|
|
|
|
|
|
|
||
GTL Trade Finance Inc., Senior Notes |
|
7.250% |
|
10/20/17 |
|
139,000 |
|
149,772 |
(a) |
||
GTL Trade Finance Inc., Senior Notes |
|
7.250% |
|
10/20/17 |
|
130,000 |
|
140,075 |
(a) |
||
Nortek Inc., Senior Secured Notes |
|
11.000% |
|
12/1/13 |
|
120,444 |
|
129,779 |
|
||
Rearden G Holdings EINS GmbH, Senior Notes |
|
7.875% |
|
3/30/20 |
|
100,000 |
|
101,750 |
(a) |
||
USG Corp., Senior Notes |
|
9.750% |
|
8/1/14 |
|
20,000 |
|
21,300 |
(a) |
||
Total Building Products |
|
|
|
|
|
|
|
542,676 |
|
||
Commercial Services & Supplies 1.9% |
|
|
|
|
|
|
|
|
|
||
ACCO Brands Corp., Senior Secured Notes |
|
10.625% |
|
3/15/15 |
|
160,000 |
|
175,600 |
(a) |
||
Altegrity Inc., Senior Subordinated Notes |
|
11.750% |
|
5/1/16 |
|
260,000 |
|
232,700 |
(a) |
||
Garda World Security Corp., Senior Notes |
|
9.750% |
|
3/15/17 |
|
70,000 |
|
72,012 |
(a) |
||
Geo Group Inc., Senior Notes |
|
7.750% |
|
10/15/17 |
|
155,000 |
|
158,875 |
(a) |
||
RSC Equipment Rental Inc., Senior Notes |
|
9.500% |
|
12/1/14 |
|
150,000 |
|
149,250 |
|
||
RSC Equipment Rental Inc., Senior Secured Notes |
|
10.000% |
|
7/15/17 |
|
115,000 |
|
122,475 |
(a) |
||
Total Commercial Services & Supplies |
|
|
|
|
|
|
|
910,912 |
|
||
Construction & Engineering 0.2% |
|
|
|
|
|
|
|
|
|
||
Odebrecht Finance Ltd., Senior Notes |
|
7.500% |
|
10/18/17 |
|
100,000 |
|
107,250 |
(a) |
||
Machinery 0.1% |
|
|
|
|
|
|
|
|
|
||
American Railcar Industries Inc., Senior Notes |
|
7.500% |
|
3/1/14 |
|
60,000 |
|
57,600 |
|
||
Marine 0.5% |
|
|
|
|
|
|
|
|
|
||
Trico Shipping AS, Senior Secured Notes |
|
11.875% |
|
11/1/14 |
|
240,000 |
|
230,400 |
(a) |
||
Road & Rail 1.5% |
|
|
|
|
|
|
|
|
|
||
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Senior Notes |
|
9.625% |
|
3/15/18 |
|
70,000 |
|
73,500 |
(a) |
||
Kansas City Southern de Mexico, Senior Notes |
|
7.375% |
|
6/1/14 |
|
25,000 |
|
25,313 |
|
||
Kansas City Southern de Mexico, Senior Notes |
|
12.500% |
|
4/1/16 |
|
170,000 |
|
201,875 |
|
||
Kansas City Southern de Mexico, Senior Notes |
|
8.000% |
|
2/1/18 |
|
140,000 |
|
144,200 |
(a) |
||
Kansas City Southern Railway, Senior Notes |
|
13.000% |
|
12/15/13 |
|
30,000 |
|
35,850 |
|
||
RailAmerica Inc., Senior Secured Notes |
|
9.250% |
|
7/1/17 |
|
228,000 |
|
244,245 |
|
||
Total Road & Rail |
|
|
|
|
|
|
|
724,983 |
|
||
Trading Companies & Distributors 0.7% |
|
|
|
|
|
|
|
|
|
||
Ashtead Capital Inc., Notes |
|
9.000% |
|
8/15/16 |
|
100,000 |
|
101,750 |
(a) |
||
Ashtead Holdings PLC, Senior Secured Notes |
|
8.625% |
|
8/1/15 |
|
90,000 |
|
90,450 |
(a) |
||
H&E Equipment Services Inc., Senior Notes |
|
8.375% |
|
7/15/16 |
|
110,000 |
|
106,975 |
|
||
Penhall International Corp., Senior Secured Notes |
|
12.000% |
|
8/1/14 |
|
40,000 |
|
30,300 |
(a)(c) |
||
Total Trading Companies & Distributors |
|
|
|
|
|
|
|
329,475 |
|
||
TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
4,829,259 |
|
||
INFORMATION TECHNOLOGY 3.1% |
|
|
|
|
|
|
|
|
|
||
Communications Equipment 0.4% |
|
|
|
|
|
|
|
|
|
||
Lucent Technologies Inc., Debentures |
|
6.450% |
|
3/15/29 |
|
285,000 |
|
202,350 |
|
||
Electronic Equipment, Instruments & Components 1.0% |
|
|
|
|
|
||||||
Jabil Circuit Inc., Senior Notes |
|
7.750% |
|
7/15/16 |
|
200,000 |
|
211,500 |
|
||
Jabil Circuit Inc., Senior Notes |
|
8.250% |
|
3/15/18 |
|
10,000 |
|
10,850 |
|
||
NXP BV/NXP Funding LLC, Senior Secured Notes |
|
7.875% |
|
10/15/14 |
|
275,000 |
|
269,500 |
|
||
Total Electronic Equipment, Instruments & Components |
|
|
|
491,850 |
|
||||||
IT Services 1.2% |
|
|
|
|
|
|
|
|
|
||
Ceridian Corp., Senior Notes |
|
12.250% |
|
11/15/15 |
|
143,775 |
|
138,743 |
(e) |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
IT Services continued |
|
|
|
|
|
|
|
|
|
||
First Data Corp., Senior Notes |
|
9.875% |
|
9/24/15 |
|
|
150,000 |
|
$ |
130,125 |
|
First Data Corp., Senior Notes |
|
10.550% |
|
9/24/15 |
|
305,298 |
|
259,503 |
(e) |
||
GXS Worldwide Inc., Senior Secured Notes |
|
9.750% |
|
6/15/15 |
|
70,000 |
|
67,725 |
(a) |
||
Total IT Services |
|
|
|
|
|
|
|
596,096 |
|
||
Semiconductors & Semiconductor Equipment 0.5% |
|
|
|
|
|
||||||
Freescale Semiconductor Inc., Senior Notes |
|
8.875% |
|
12/15/14 |
|
100,000 |
|
96,000 |
|
||
Freescale Semiconductor Inc., Senior Notes |
|
9.125% |
|
12/15/14 |
|
55,058 |
|
53,131 |
(e) |
||
Freescale Semiconductor Inc., Senior Subordinated Notes |
|
10.125% |
|
12/15/16 |
|
80,000 |
|
71,200 |
|
||
Total Semiconductors & Semiconductor Equipment |
|
|
|
|
|
220,331 |
|
||||
TOTAL INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
1,510,627 |
|
||
MATERIALS 8.8% |
|
|
|
|
|
|
|
|
|
||
Chemicals 1.9% |
|
|
|
|
|
|
|
|
|
||
Ashland Inc., Senior Notes |
|
9.125% |
|
6/1/17 |
|
265,000 |
|
297,463 |
(a) |
||
Georgia Gulf Corp., Senior Secured Notes |
|
9.000% |
|
1/15/17 |
|
160,000 |
|
168,200 |
(a) |
||
Hexion Finance Escrow LLC/Hexion Escrow Corp., Senior Secured Notes |
|
8.875% |
|
2/1/18 |
|
70,000 |
|
69,300 |
(a) |
||
Kerling PLC, Senior Secured Notes |
|
10.625% |
|
1/28/17 |
|
93,000 |
EUR |
132,048 |
(a) |
||
Solutia Inc., Senior Notes |
|
8.750% |
|
11/1/17 |
|
95,000 |
|
100,700 |
|
||
Solutia Inc., Senior Notes |
|
7.875% |
|
3/15/20 |
|
120,000 |
|
122,100 |
|
||
Total Chemicals |
|
|
|
|
|
|
|
889,811 |
|
||
Construction Materials 0.0% |
|
|
|
|
|
|
|
|
|
||
Headwaters Inc., Senior Secured Notes |
|
11.375% |
|
11/1/14 |
|
5,000 |
|
5,244 |
(a) |
||
Containers & Packaging 0.9% |
|
|
|
|
|
|
|
|
|
||
Berry Plastics Holding Corp., Second Priority Senior Secured Notes |
|
8.875% |
|
9/15/14 |
|
75,000 |
|
73,594 |
|
||
BWAY Corp., Senior Subordinated Notes |
|
10.000% |
|
4/15/14 |
|
40,000 |
|
43,200 |
(a) |
||
Radnor Holdings Inc., Senior Notes |
|
11.000% |
|
3/15/11 |
|
100,000 |
|
0 |
(b)(c)(g) |
||
Solo Cup Co., Senior Secured Notes |
|
10.500% |
|
11/1/13 |
|
155,000 |
|
164,300 |
|
||
Viskase Cos. Inc., Senior Secured Notes |
|
9.875% |
|
1/15/18 |
|
150,000 |
|
152,625 |
(a) |
||
Total Containers & Packaging |
|
|
|
|
|
|
|
433,719 |
|
||
Metals & Mining 2.7% |
|
|
|
|
|
|
|
|
|
||
Evraz Group SA, Notes |
|
8.875% |
|
4/24/13 |
|
100,000 |
|
105,375 |
(a) |
||
Evraz Group SA, Notes |
|
9.500% |
|
4/24/18 |
|
100,000 |
|
107,875 |
(a) |
||
Metals USA Inc., Senior Secured Notes |
|
11.125% |
|
12/1/15 |
|
370,000 |
|
390,350 |
|
||
Novelis Inc., Senior Notes |
|
7.250% |
|
2/15/15 |
|
95,000 |
|
92,150 |
|
||
Novelis Inc., Senior Notes |
|
11.500% |
|
2/15/15 |
|
25,000 |
|
27,031 |
|
||
Ryerson Holding Corp., Senior Discount Notes, zero coupon bond |
|
0.000% |
|
2/1/15 |
|
280,000 |
|
128,800 |
(a) |
||
Teck Resources Ltd., Senior Secured Notes |
|
9.750% |
|
5/15/14 |
|
65,000 |
|
77,350 |
|
||
Teck Resources Ltd., Senior Secured Notes |
|
10.250% |
|
5/15/16 |
|
50,000 |
|
59,750 |
|
||
Vale Overseas Ltd., Notes |
|
8.250% |
|
1/17/34 |
|
62,000 |
|
73,013 |
|
||
Vale Overseas Ltd., Notes |
|
6.875% |
|
11/21/36 |
|
100,000 |
|
103,705 |
|
||
Vedanta Resources PLC, Senior Notes |
|
8.750% |
|
1/15/14 |
|
100,000 |
|
110,250 |
(a) |
||
Total Metals & Mining |
|
|
|
|
|
|
|
1,275,649 |
|
||
Paper & Forest Products 3.3% |
|
|
|
|
|
|
|
|
|
||
Abitibi-Consolidated Co. of Canada, Senior Secured Notes |
|
13.750% |
|
4/1/11 |
|
149,143 |
|
157,532 |
(a)(b) |
||
Appleton Papers Inc., Senior Secured Notes |
|
10.500% |
|
6/15/15 |
|
90,000 |
|
90,000 |
(a) |
||
Appleton Papers Inc., Senior Secured Notes |
|
11.250% |
|
12/15/15 |
|
346,000 |
|
320,050 |
(a) |
||
Boise Paper Holdings LLC/Boise Co-Issuer Co., Senior Notes |
|
8.000% |
|
4/1/20 |
|
25,000 |
|
25,125 |
(a) |
||
Georgia-Pacific LLC, Senior Notes |
|
8.250% |
|
5/1/16 |
|
170,000 |
|
186,150 |
(a) |
||
NewPage Corp., Senior Secured Notes |
|
11.375% |
|
12/31/14 |
|
220,000 |
|
220,000 |
|
||
Smurfit Capital Funding PLC, Debentures |
|
7.500% |
|
11/20/25 |
|
200,000 |
|
176,000 |
|
||
Verso Paper Holdings LLC, Senior Secured Notes |
|
11.500% |
|
7/1/14 |
|
225,000 |
|
244,125 |
(a) |
||
Verso Paper Holdings LLC, Senior Secured Notes |
|
9.125% |
|
8/1/14 |
|
190,000 |
|
185,250 |
|
||
Total Paper & Forest Products |
|
|
|
|
|
|
|
1,604,232 |
|
||
TOTAL MATERIALS |
|
|
|
|
|
|
|
4,208,655 |
|
||
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
TELECOMMUNICATION SERVICES 9.7% |
|
|
|
|
|
|
|
|
|
||
Diversified Telecommunication Services 5.4% |
|
|
|
|
|
||||||
Axtel SAB de CV, Senior Notes |
|
7.625% |
|
2/1/17 |
|
|
250,000 |
|
$ |
250,625 |
(a) |
Axtel SAB de CV, Senior Notes |
|
7.625% |
|
2/1/17 |
|
10,000 |
|
10,050 |
(a) |
||
CC Holdings GS V LLC, Senior Secured Notes |
|
7.750% |
|
5/1/17 |
|
90,000 |
|
98,550 |
(a) |
||
Cincinnati Bell Telephone Co., Senior Debentures |
|
6.300% |
|
12/1/28 |
|
25,000 |
|
19,875 |
|
||
Hawaiian Telcom Communications Inc., Senior Subordinated Notes |
|
12.500% |
|
5/1/15 |
|
110,000 |
|
11 |
(b)(c) |
||
Inmarsat Finance PLC, Senior Notes |
|
7.375% |
|
12/1/17 |
|
100,000 |
|
104,500 |
(a) |
||
Intelsat Intermediate Holding Co., Ltd., Senior Discount Notes |
|
9.500% |
|
2/1/15 |
|
40,000 |
|
41,600 |
|
||
Intelsat Jackson Holdings Ltd., Senior Notes |
|
9.500% |
|
6/15/16 |
|
415,000 |
|
444,050 |
|
||
Intelsat Jackson Holdings Ltd., Senior Notes |
|
11.500% |
|
6/15/16 |
|
450,000 |
|
486,000 |
|
||
Level 3 Financing Inc., Senior Notes |
|
9.250% |
|
11/1/14 |
|
80,000 |
|
78,400 |
|
||
Level 3 Financing Inc., Senior Notes |
|
10.000% |
|
2/1/18 |
|
100,000 |
|
96,000 |
(a) |
||
Qwest Communications International Inc., Senior Notes |
|
8.000% |
|
10/1/15 |
|
90,000 |
|
96,300 |
(a) |
||
Qwest Corp., Debentures |
|
6.875% |
|
9/15/33 |
|
100,000 |
|
97,000 |
|
||
tw telecom holdings Inc., Senior Notes |
|
8.000% |
|
3/1/18 |
|
140,000 |
|
143,850 |
(a) |
||
UBS Luxembourg SA for OJSC Vimpel Communications, Loan Participation Notes |
|
8.250% |
|
5/23/16 |
|
130,000 |
|
141,863 |
(a) |
||
Vimpel Communications, Loan Participation Notes |
|
8.375% |
|
4/30/13 |
|
100,000 |
|
108,750 |
(a) |
||
Wind Acquisition Holdings Finance SpA, Senior Notes |
|
12.250% |
|
7/15/17 |
|
140,000 |
|
139,300 |
(a)(e) |
||
Windstream Corp., Senior Notes |
|
8.625% |
|
8/1/16 |
|
230,000 |
|
236,325 |
|
||
Total Diversified Telecommunication Services |
|
|
|
|
|
|
|
2,593,049 |
|
||
Wireless Telecommunication Services 4.3% |
|
|
|
|
|
|
|
|
|
||
ALLTEL Communications Inc., Senior Notes |
|
10.375% |
|
12/1/17 |
|
130,000 |
|
151,271 |
(a)(c)(e) |
||
Cricket Communications Inc., Senior Secured Notes |
|
7.750% |
|
5/15/16 |
|
200,000 |
|
208,500 |
|
||
Sprint Capital Corp., Senior Notes |
|
8.375% |
|
3/15/12 |
|
385,000 |
|
402,325 |
|
||
Sprint Capital Corp., Senior Notes |
|
6.875% |
|
11/15/28 |
|
150,000 |
|
121,500 |
|
||
Sprint Capital Corp., Senior Notes |
|
8.750% |
|
3/15/32 |
|
610,000 |
|
568,825 |
|
||
True Move Co., Ltd., Notes |
|
10.750% |
|
12/16/13 |
|
595,000 |
|
624,006 |
(a) |
||
Total Wireless Telecommunication Services |
|
|
|
|
|
|
|
2,076,427 |
|
||
TOTAL TELECOMMUNICATION SERVICES |
|
|
|
|
|
|
|
4,669,476 |
|
||
UTILITIES 5.8% |
|
|
|
|
|
|
|
|
|
||
Electric Utilities 2.4% |
|
|
|
|
|
|
|
|
|
||
EEB International Ltd., Senior Bonds |
|
8.750% |
|
10/31/14 |
|
100,000 |
|
111,500 |
(a) |
||
Reliant Energy Mid-Atlantic Power Holdings LLC, Senior Notes |
|
9.681% |
|
7/2/26 |
|
230,000 |
|
244,662 |
|
||
Texas Competitive Electric Holdings Co. LLC, Senior Notes |
|
10.250% |
|
11/1/15 |
|
1,155,000 |
|
808,500 |
|
||
Total Electric Utilities |
|
|
|
|
|
|
|
1,164,662 |
|
||
Gas Utilities 0.3% |
|
|
|
|
|
|
|
|
|
||
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes |
|
7.375% |
|
3/15/20 |
|
120,000 |
|
122,550 |
|
||
Independent Power Producers & Energy Traders 3.1% |
|
|
|
|
|
||||||
AES Corp., Senior Notes |
|
9.375% |
|
9/15/10 |
|
100,000 |
|
103,250 |
|
||
Colbun SA, Senior Notes |
|
6.000% |
|
1/21/20 |
|
100,000 |
|
100,925 |
(a) |
||
Dynegy Holdings Inc., Senior Debentures |
|
7.625% |
|
10/15/26 |
|
180,000 |
|
116,100 |
|
||
Dynegy Inc., Bonds |
|
7.670% |
|
11/8/16 |
|
160,000 |
|
155,501 |
|
||
Edison Mission Energy, Senior Notes |
|
7.750% |
|
6/15/16 |
|
150,000 |
|
110,250 |
|
||
Edison Mission Energy, Senior Notes |
|
7.200% |
|
5/15/19 |
|
120,000 |
|
83,400 |
|
||
Edison Mission Energy, Senior Notes |
|
7.625% |
|
5/15/27 |
|
155,000 |
|
99,975 |
|
||
Energy Future Holdings Corp., Senior Notes |
|
10.875% |
|
11/1/17 |
|
330,000 |
|
246,675 |
|
||
Energy Future Holdings Corp., Senior Notes |
|
11.250% |
|
11/1/17 |
|
187,908 |
|
128,717 |
(e) |
||
Mirant Americas Generation LLC, Senior Notes |
|
9.125% |
|
5/1/31 |
|
30,000 |
|
27,075 |
|
||
Mirant Mid Atlantic LLC, Pass-Through Certificates |
9.125% |
|
6/30/17 |
|
49,199 |
|
52,274 |
|
|||
Mirant Mid Atlantic LLC, Pass-Through Certificates |
10.060% |
|
12/30/28 |
|
48,715 |
|
52,368 |
|
|||
NRG Energy Inc., Senior Notes |
|
7.250% |
|
2/1/14 |
|
190,000 |
|
191,900 |
|
||
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
Independent Power Producers & Energy Traders continued |
|
|
|
|
|
||||||
NRG Energy Inc., Senior Notes |
|
7.375% |
|
1/15/17 |
|
|
30,000 |
|
$ |
29,775 |
|
Total Independent Power Producers & Energy Traders |
|
|
|
1,498,185 |
|
||||||
TOTAL UTILITIES |
|
|
|
|
|
|
|
2,785,397 |
|
||
TOTAL CORPORATE BONDS & NOTES (Cost $40,225,353) |
|
|
|
41,829,002 |
|
||||||
COLLATERALIZED SENIOR LOANS 1.3% |
|
|
|
|
|
|
|
|
|
||
CONSUMER DISCRETIONARY 0.4% |
|
|
|
|
|
|
|
|
|
||
Auto Components 0.4% |
|
|
|
|
|
|
|
|
|
||
Allison Transmission Inc., Term Loan B |
|
2.980 - 3.010% |
|
6/11/10 |
|
218,661 |
|
208,509 |
(h)(i) |
||
ENERGY 0.7% |
|
|
|
|
|
|
|
|
|
||
Energy Equipment & Services 0.5% |
|
|
|
|
|
|
|
|
|
||
Turbo Beta Ltd., Term Loan |
|
14.500% |
|
5/13/10 |
|
249,815 |
|
221,086 |
(c)(h)(i) |
||
Oil, Gas & Consumable Fuels 0.2% |
|
|
|
|
|
|
|
|
|
||
Ashmore Energy International, Synthetic Revolving Credit Facility |
|
3.246% |
|
4/30/10 |
|
16,243 |
|
15,085 |
(h)(i) |
||
Ashmore Energy International, Term Loan |
|
3.290% |
|
6/30/10 |
|
109,191 |
|
101,411 |
(h)(i) |
||
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
116,496 |
|
||
TOTAL ENERGY |
|
|
|
|
|
|
|
337,582 |
|
||
INDUSTRIALS 0.0% |
|
|
|
|
|
|
|
|
|
||
Trading Companies & Distributors 0.0% |
|
|
|
|
|
|
|
|
|
||
Penhall International Corp., Term Loan |
|
0.000% |
|
4/1/12 |
|
40,006 |
|
5,001 |
|
||
UTILITIES 0.2% |
|
|
|
|
|
|
|
|
|
||
Independent Power Producers & Energy Traders 0.2% |
|
|
|
|
|
||||||
Energy Future Holdings, Term Loan B3 |
|
3.729 - 3.790% |
|
6/30/10 |
|
99,744 |
|
81,243 |
(h)(i) |
||
TOTAL COLLATERALIZED SENIOR LOANS (Cost $671,055) |
|
|
|
632,335 |
|
||||||
CONVERTIBLE BONDS & NOTES 0.7% |
|
|
|
|
|
|
|
|
|
||
FINANCIALS 0.1% |
|
|
|
|
|
|
|
|
|
||
Real Estate Investment Trusts (REITs) 0.1% |
|
|
|
|
|
|
|
||||
Annaly Capital Management Inc., Senior Notes |
|
4.000% |
|
2/15/15 |
|
30,000 |
|
30,563 |
|
||
INDUSTRIALS 0.6% |
|
|
|
|
|
|
|
|
|
||
Marine 0.6% |
|
|
|
|
|
|
|
|
|
||
Horizon Lines Inc., Senior Notes |
|
4.250% |
|
8/15/12 |
|
330,000 |
|
290,812 |
|
||
TOTAL CONVERTIBLE BONDS & NOTES (Cost $313,274) |
|
|
|
321,375 |
|
||||||
SOVEREIGN BONDS 4.3% |
|
|
|
|
|
|
|
|
|
||
Argentina 0.8% |
|
|
|
|
|
|
|
|
|
||
Republic of Argentina, Bonds |
|
7.000% |
|
9/12/13 |
|
409,000 |
|
364,555 |
|
||
Republic of Argentina, GDP Linked Securities |
|
1.330% |
|
12/15/35 |
|
65,000 |
EUR |
5,005 |
(d) |
||
Total Argentina |
|
|
|
|
|
|
|
369,560 |
|
||
Brazil 0.6% |
|
|
|
|
|
|
|
|
|
||
Brazil Nota do Tesouro Nacional, Notes |
|
10.000% |
|
1/1/12 |
|
512,000 |
BRL |
280,508 |
|
||
Brazil Nota do Tesouro Nacional, Notes |
|
10.000% |
|
1/1/17 |
|
45,000 |
BRL |
22,759 |
|
||
Total Brazil |
|
|
|
|
|
|
|
303,267 |
|
||
Colombia 0.2% |
|
|
|
|
|
|
|
|
|
||
Republic of Colombia, Senior Notes |
|
7.375% |
|
3/18/19 |
|
100,000 |
|
115,500 |
|
||
Indonesia 0.4% |
|
|
|
|
|
|
|
|
|
||
Republic of Indonesia |
|
10.250% |
|
7/15/22 |
|
539,000,000 |
IDR |
63,675 |
|
||
Republic of Indonesia |
|
11.000% |
|
9/15/25 |
|
297,000,000 |
IDR |
36,146 |
|
||
Republic of Indonesia |
|
10.250% |
|
7/15/27 |
|
378,000,000 |
IDR |
42,792 |
|
||
Republic of Indonesia, Bonds |
|
9.750% |
|
5/15/37 |
|
408,000,000 |
IDR |
42,622 |
|
||
Total Indonesia |
|
|
|
|
|
|
|
185,235 |
|
||
Panama 0.6% |
|
|
|
|
|
|
|
|
|
||
Republic of Panama |
|
7.250% |
|
3/15/15 |
|
28,000 |
|
32,130 |
|
||
Republic of Panama |
|
9.375% |
|
4/1/29 |
|
78,000 |
|
106,275 |
|
||
Republic of Panama |
|
6.700% |
|
1/26/36 |
|
130,000 |
|
138,775 |
|
||
Total Panama |
|
|
|
|
|
|
|
277,180 |
|
||
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY
|
|
FACE
|
|
VALUE |
|
||
Turkey 0.9% |
|
|
|
|
|
|
|
|
|
||
Republic of Turkey, Senior Notes |
|
7.000% |
|
6/5/20 |
|
|
12,000 |
|
$ |
13,260 |
|
Republic of Turkey, Senior Notes |
|
6.875% |
|
3/17/36 |
|
417,000 |
|
423,255 |
|
||
Total Turkey |
|
|
|
|
|
|
|
436,515 |
|
||
Venezuela 0.8% |
|
|
|
|
|
|
|
|
|
||
Bolivarian Republic of Venezuela |
|
8.500% |
|
10/8/14 |
|
12,000 |
|
10,500 |
|
||
Bolivarian Republic of Venezuela |
|
5.750% |
|
2/26/16 |
|
386,000 |
|
281,780 |
(a) |
||
Bolivarian Republic of Venezuela |
|
7.650% |
|
4/21/25 |
|
16,000 |
|
10,480 |
|
||
Bolivarian Republic of Venezuela, Collective Action Securities |
|
9.375% |
|
1/13/34 |
|
53,000 |
|
39,088 |
|
||
Bolivarian Republic of Venezuela, Collective Action Securities, Notes |
|
10.750% |
|
9/19/13 |
|
28,000 |
|
27,510 |
|
||
Total Venezuela |
|
|
|
|
|
|
|
369,358 |
|
||
TOTAL SOVEREIGN BONDS (Cost $2,169,621) |
|
|
|
2,056,615 |
|
||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
SHARES |
|
|
|
||
COMMON STOCKS 1.6% |
|
|
|
|
|
|
|
|
|
||
CONSUMER DISCRETIONARY 1.1% |
|
|
|
|
|
|
|
|
|
||
Media 1.1% |
|
|
|
|
|
|
|
|
|
||
Charter Communications Inc. |
|
|
|
|
|
10,703 |
|
369,253 |
*(g) |
||
Charter Communications Inc., Class A Shares |
|
|
|
|
|
3,836 |
|
132,342 |
* |
||
SuperMedia Inc. |
|
|
|
|
|
237 |
|
9,681 |
* |
||
TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
511,276 |
|
||
ENERGY 0.1% |
|
|
|
|
|
|
|
|
|
||
Oil, Gas & Consumable Fuels 0.1% |
|
|
|
|
|
|
|
|
|
||
SemGroup Corp., Class A Shares |
|
|
|
|
|
867 |
|
25,008 |
* |
||
FINANCIALS 0.2% |
|
|
|
|
|
|
|
|
|
||
Diversified Financial Services 0.2% |
|
|
|
|
|
|
|
|
|
||
CIT Group Inc. |
|
|
|
|
|
2,568 |
|
100,049 |
* |
||
INDUSTRIALS 0.0% |
|
|
|
|
|
|
|
|
|
||
Building Products 0.0% |
|
|
|
|
|
|
|
|
|
||
Nortek Inc. |
|
|
|
|
|
229 |
|
9,281 |
* |
||
MATERIALS 0.2% |
|
|
|
|
|
|
|
|
|
||
Chemicals 0.2% |
|
|
|
|
|
|
|
|
|
||
Applied Extrusion Technologies Inc., Class B Shares |
|
|
|
|
|
1,091 |
|
2,455 |
*(c)(g) |
||
Georgia Gulf Corp. |
|
|
|
|
|
6,715 |
|
124,160 |
* |
||
TOTAL MATERIALS |
|
|
|
|
|
|
|
126,615 |
|
||
TOTAL COMMON STOCKS (Cost $973,410) |
|
|
|
|
|
|
|
772,229 |
|
||
CONVERTIBLE PREFERRED STOCKS 1.1% |
|
|
|
|
|
|
|
|
|
||
FINANCIALS 1.1% |
|
|
|
|
|
|
|
|
|
||
Diversified Financial Services 1.1% |
|
|
|
|
|
|
|
|
|
||
Bank of America Corp. |
|
7.250% |
|
|
|
290 |
|
282,750 |
|
||
Citigroup Inc. |
|
7.500% |
|
12/5/12 |
|
1,800 |
|
219,384 |
|
||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $466,835) |
|
|
|
502,134 |
|
||||||
PREFERRED STOCKS 2.3% |
|
|
|
|
|
|
|
|
|
||
FINANCIALS 2.3% |
|
|
|
|
|
|
|
|
|
||
Commercial Banks 0.3% |
|
|
|
|
|
|
|
|
|
||
Santander Finance Preferred SA Unipersonal |
|
10.500% |
|
|
|
5,575 |
|
157,494 |
(c) |
||
Diversified Financial Services 2.0% |
|
|
|
|
|
|
|
|
|
||
Citigroup Capital XII |
|
8.500% |
|
|
|
14,100 |
|
364,397 |
(d) |
||
Preferred Plus, Trust, Series FRD-1 |
|
7.400% |
|
|
|
10,700 |
|
248,454 |
|
||
Saturns, Series F 2003-5 |
|
8.125% |
|
|
|
14,800 |
|
349,428 |
|
||
Total Diversified Financial Services |
|
|
|
|
|
|
|
962,279 |
|
||
TOTAL PREFERRED STOCKS (Cost $932,814) |
|
|
|
|
|
|
|
1,119,773 |
|
||
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
March 31, 2010
WESTERN ASSET HIGH INCOME FUND INC.
SECURITY |
|
|
|
EXPIRATION
|
|
WARRANTS |
|
VALUE |
|
||
WARRANTS 0.0% |
|
|
|
|
|
|
|
|
|
||
Buffets Restaurant Holdings |
|
|
|
4/28/14 |
|
169 |
|
$ |
2 |
*(c)(g) |
|
Charter Communications Inc. |
|
|
|
11/30/14 |
|
209 |
|
1,254 |
* |
||
Nortek Inc. |
|
|
|
12/7/14 |
|
340 |
|
850 |
*(g) |
||
SemGroup Corp. |
|
|
|
11/30/14 |
|
912 |
|
7,527 |
*(c) |
||
Turbo Beta Ltd. |
|
|
|
11/1/14 |
|
1 |
|
0 |
*(c)(g) |
||
TOTAL WARRANTS (Cost $4,751) |
|
|
|
|
|
|
|
9,633 |
|
||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost $45,757,113) |
|
47,243,096 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
RATE |
|
MATURITY
|
|
FACE
|
|
|
|
||
SHORT-TERM INVESTMENTS 1.2% |
|
|
|
|
|
|
|
|
|
||
U.S. Government Agency 0.1% |
|
|
|
|
|
|
|
|
|
||
Federal National Mortgage Association (FNMA), Discount Notes (Cost - $23,982) |
|
0.190% |
|
8/19/10 |
|
$ |
24,000 |
|
23,981 |
(j)(k) |
|
Repurchase Agreement 1.1% |
|
|
|
|
|
|
|
|
|
||
Morgan Stanley tri-party repurchase agreement dated 3/31/10; Proceeds at maturity - $547,000; (Fully collateralized by U.S. government agency obligation, 0.000% due 4/13/10; Market Value - $560,000) (Cost - $547,000) |
|
0.010% |
|
4/1/10 |
|
547,000 |
|
547,000 |
|
||
TOTAL SHORT-TERM INVESTMENTS (Cost $570,982) |
|
|
|
570,981 |
|
||||||
TOTAL INVESTMENTS 99.6% (Cost $46,328,095#) |
|
|
|
47,814,077 |
|
||||||
Other Assets in Excess of Liabilities 0.4% |
|
|
|
|
|
|
|
212,936 |
|
||
TOTAL NET ASSETS 100.0% |
|
|
|
|
|
|
|
$ |
48,027,013 |
|
|
|
Face amount denominated in U.S. dollars, unless otherwise noted. |
||
* |
Non-income producing security. |
||
(a) |
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors, unless otherwise noted. |
||
(b) |
The coupon payment on these securities is currently in default as of March 31, 2010. |
||
(c) |
Illiquid security. |
||
(d) |
Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2010. |
||
(e) |
Payment-in-kind security for which part of the income earned may be paid as additional principal. |
||
(f) |
Security has no maturity date. The date shown represents the next call date. |
||
(g) |
Security is valued in good faith at fair value by or under the direction of the Board of Directors (See Note 1). |
||
(h) |
Interest rates disclosed represent the effective rates on loans and debt securities. Ranges in interest rates are attributable to multiple contracts under the same loan. |
||
(i) |
The maturity date shown represents the last in range of maturity dates. |
||
(j) |
Rate shown represents yield-to-maturity. |
||
(k) |
All or a portion of this security is held at the broker as collateral for open futures contracts. |
||
# |
Aggregate cost for federal income tax purposes is substantially the same. |
||
|
|
||
|
Abbreviations used in this schedule: |
||
|
BRL |
- |
Brazilian Real |
|
EUR |
- |
Euro |
|
GDP |
- |
Gross Domestic Product |
|
IDR |
- |
Indonesian Rupiah |
|
OJSC |
- |
Open Joint Stock Company |
|
RUB |
- |
Russian Ruble |
See Notes to Schedule of Investments.
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
Western Asset 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 Fund seeks to maintain a high level of current income by investing at least 80% of its net assets, plus any borrowings for investment purposes, in high-yield debt securities issued by U.S. and foreign corporations and foreign governments. As a secondary objective, the Fund seeks capital appreciation.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (GAAP).
(a) Investment Valuation. Debt securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service, which are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market, and are valued at the mean between the last quoted bid and asked prices as of the close of business of that market. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities at fair value as determined in accordance with procedures approved by the Funds Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value.
The Fund has adopted Financial Accounting Standards Board Codification Topic 820 (ASC Topic 820). ASC Topic 820 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Funds investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below.
· Level 1quoted prices in active markets for identical investments
· Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
· Level 3significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
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 the 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 convert future amounts to a single present amount.
The following is a summary of the inputs used in valuing the Funds assets carried at fair value:
DESCRIPTION |
|
QUOTED
|
|
OTHER
|
|
SIGNIFICANT
|
|
TOTAL |
|
||||
Long-term investments: |
|
|
|
|
|
|
|
|
|
||||
Corporate bonds & notes |
|
|
|
$ |
41,829,002 |
|
|
|
|
$ |
41,829,002 |
|
|
Collateralized senior loans |
|
|
|
632,335 |
|
|
|
632,335 |
|
||||
Convertible bonds & notes |
|
|
|
321,375 |
|
|
|
321,375 |
|
||||
Sovereign bonds |
|
|
|
2,056,615 |
|
|
|
2,056,615 |
|
||||
Common stocks: |
|
|
|
|
|
|
|
|
|
||||
Consumer discretionary |
|
$ |
142,023 |
|
369,253 |
|
|
|
511,276 |
|
|||
Materials |
|
124,160 |
|
|
|
2,455 |
|
126,615 |
|
||||
Other common stocks |
|
134,338 |
|
|
|
|
|
134,338 |
|
||||
Convertible preferred stocks |
|
502,134 |
|
|
|
|
|
502,134 |
|
||||
Preferred stocks |
|
755,376 |
|
364,397 |
|
|
|
1,119,773 |
|
||||
Warrants |
|
|
|
8,781 |
|
852 |
|
9,633 |
|
||||
Total long-term investments |
|
$ |
1,658,031 |
|
$ |
45,581,758 |
|
$ |
3,307 |
|
$ |
47,243,096 |
|
Short-term investments |
|
|
|
570,981 |
|
|
|
570,981 |
|
||||
Total investments |
|
$ |
1,658,031 |
|
$ |
46,152,739 |
|
$ |
3,307 |
|
$ |
47,814,077 |
|
Other financial instruments: |
|
|
|
|
|
|
|
|
|
||||
Futures contracts |
|
$ |
6,111 |
|
|
|
|
|
6,111 |
|
|||
Forward foreign currency contracts |
|
|
|
673 |
|
|
|
673 |
|
||||
Total other financial instruments |
|
$ |
6,111 |
|
$ |
673 |
|
|
|
$ |
6,784 |
|
|
Total |
|
$ |
1,664,142 |
|
$ |
46,153,412 |
|
$ |
3,307 |
|
$ |
47,820,861 |
|
See Schedule of Investments for additional detailed categorizations.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
CORPORATE |
|
ASSET- |
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
BONDS & |
|
BACKED |
|
CONSUMER |
|
|
|
|
|
ESCROWED |
|
PREFERRED |
|
|
|
|
|
|||||||||
INVESTMENTS IN SECURITIES |
|
NOTES |
|
SECURITIES |
|
DISCRETIONARY |
|
ENERGY |
|
MATERIALS |
|
SHARES |
|
STOCKS |
|
WARRANTS |
|
TOTAL |
|
|||||||||
Balance as of December 31, 2009 |
|
$ |
273,880 |
|
$ |
0 |
|
$ |
0 |
|
$ |
20,804 |
|
$ |
2,455 |
|
$ |
0 |
|
$ |
0 |
|
$ |
4,333 |
|
$ |
301,472 |
|
Accrued premiums/discounts |
|
23,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,768 |
|
|||||||||
Realized gain/(loss) (1) |
|
|
|
(493,850 |
) |
(22,000 |
) |
|
|
|
|
|
|
(4,880 |
) |
|
|
(520,730 |
) |
|||||||||
Change in unrealized appreciation (depreciation) (2) |
|
(49,753 |
) |
493,850 |
|
22,000 |
|
4,204 |
|
|
|
(0 |
) |
4,880 |
|
4,046 |
|
479,227 |
|
|||||||||
Net purchases (sales) |
|
3,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,005 |
|
|||||||||
Transfers in Level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Transfers out of Level 3 |
|
(250,900 |
) |
|
|
|
|
(25,008 |
) |
|
|
|
|
|
|
(7,527 |
) |
(283,435 |
) |
|||||||||
Balance as of March 31, 2010 |
|
|
|
|
|
|
|
|
|
|
$ |
2,455 |
|
|
|
|
|
$ |
852 |
|
$ |
3,007 |
|
|||||
Net change in unrealized appreciation (depreciation) for investments in securities still held at March 31, 2010 (2) |
|
|
|
|
|
|
|
|
|
$ |
0 |
|
|
|
|
|
$ |
(3,481 |
) |
$ |
(3,481 |
) |
||||||
(1) This amount is included in net realized gain (loss) from investment transactions.
(2) 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) Repurchase Agreements. The Fund may enter into repurchase agreements with institutions that its investment adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, a fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and of the fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during a funds holding period. When entering into repurchase agreements, it is the Funds policy that its custodian or a third party custodian, acting on the Funds behalf, take possession of the underlying collateral securities, the market value of which, at all times, at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction maturity exceeds one business day, the value of the collateral is marked to market and measured against the value of the agreement to ensure the adequacy of the collateral. If the counterparty defaults, the Fund generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Fund seeks to assert its rights or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
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 off-set between the lender and the borrower.
(d) Futures Contracts. The Fund may use futures contracts to gain exposure to, or hedge against, changes in the value of interest rates. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the Fund is required to deposit cash or cash equivalents with a broker in an amount equal to a certain percentage of the contract amount. This is known as the initial margin and subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded.
Futures contracts involve, to varying degrees, risk of loss. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(e) Forward Foreign Currency Contracts. The Fund may enter 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.
When entering into a forward foreign currency contract, 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.
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.
(g) 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 Funds investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Funds investment in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.
(h) Security Transactions. Security transactions are accounted for on a trade date basis.
2. Investments
At March 31, 2010, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
3,835,660 |
|
Gross unrealized depreciation |
|
(2,349,678 |
) |
|
Net unrealized appreciation |
|
$ |
1,485,982 |
|
At March 31, 2010, the Fund had the following open futures contracts:
|
|
Number of |
|
Expiration |
|
Basis |
|
Market |
|
Unrealized |
|
|||
|
|
Contracts |
|
Date |
|
Value |
|
Value |
|
Gain |
|
|||
Contracts to Buy: |
|
|
|
|
|
|
|
|
|
|
|
|||
U.S. Treasury Bonds |
|
4 |
|
6/10 |
|
$ |
477,419 |
|
$ |
479,875 |
|
$ |
2,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Contracts to Sell: |
|
|
|
|
|
|
|
|
|
|
|
|||
U.S. Treasury 5-Year Notes |
|
17 |
|
6/10 |
|
$ |
1,955,999 |
|
$ |
1,952,344 |
|
|
3,655 |
|
Net Unrealized Gain on Open Futures Contracts |
|
|
|
|
|
|
|
|
|
$ |
6,111 |
|
At March 31, 2010, the Fund had the following open forward foreign currency contracts:
Foreign Currency |
|
Local
|
|
Market
|
|
Settlement
|
|
Unrealized
|
|
||
Contracts to Sell: |
|
|
|
|
|
|
|
|
|
||
Euro |
|
92,435 |
|
$ |
125,102 |
|
5/18/10 |
|
$ |
673 |
|
3. Derivative Instruments and Hedging Activities
Financial Accounting Standards Board Codification Topic 815 (ASC Topic 815) requires enhanced disclosure about an entitys derivative and hedging activities.
The following is a summary of the Funds derivative instruments categorized by risk exposure at March 31, 2010.
|
|
|
Futures Contracts |
|
|
Forward
Foreign Currency
|
|
|
|
|
|||||||||||
Primary
Underlying
|
|
|
Unrealized
|
|
|
Unrealized
|
|
|
Unrealized
|
|
|
Unrealized
|
|
|
Total |
|
|||||
Interest Rate Contracts |
|
|
$ |
6,111 |
|
|
|
|
|
|
|
|
|
|
|
$ |
6,111 |
|
|||
Foreign Exchange Contracts |
|
|
|
|
|
|
|
|
$ |
673 |
|
|
|
|
|
673 |
|
||||
Other Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
|
$ |
6,111 |
|
|
|
|
|
|
$ |
673 |
|
|
|
|
|
|
$ |
6,784 |
|
During the period ended March 31, 2010 the Fund had average market values of $243,031, $980,821 and $94,838, in futures contracts (to buy), futures contracts (to sell) and forward foreign currency contracts (to sell), respectively.
The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Funds net assets and or percentage decrease in the Funds Net Asset Value or NAV. The contingent features are established within the Funds International Swap and Derivatives Association, Inc. master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty.
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are likely to materially affect the registrants internal control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Western Asset High Income Fund Inc. |
|
|
|
|
|
|
|
|
By |
/s/ R. Jay Gerken |
|
|
R. Jay Gerken |
|
|
Chief Executive Officer |
|
|
|
|
Date: May 27, 2010 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By |
/s/ R. Jay Gerken |
|
|
R. Jay Gerken |
|
|
Chief Executive Officer |
|
|
|
|
Date: May 27, 2010 |
||
|
|
|
By |
/s/ Kaprel Ozsolak |
|
|
Kaprel Ozsolak |
|
|
Chief Financial Officer |
|
|
|
|
Date: May 27, 2010 |
1 Year Western Asset High Income Fund Inc. Chart |
1 Month Western Asset High Income Fund Inc. Chart |
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