Edgar Filing: WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21337

Western Asset Global High Income Fund Inc.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: February 28, 2018

ITEM 1.

SCHEDULE OF INVESTMENTS.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.

FORM N-Q

FEBRUARY 28, 2018

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
CORPORATE BONDS & NOTES - 92.3%
CONSUMER DISCRETIONARY - 15.3%
Auto Components - 1.5%
Adient Global Holdings Ltd., Senior Notes		4.875	%		8/15/26		4,390,000		$	4,302,200	^(a)
IHO Verwaltungs GmbH, Senior Secured Bonds (4.750% Cash or 5.500% PIK)		4.750	%		9/15/26		1,240,000			1,199,700	^(a)(b)
ZF North America Capital Inc., Senior Notes		4.750	%		4/29/25		1,930,000			1,992,725	^(a)

Total Auto Components										7,494,625

Diversified Consumer Services - 1.2%
Co-operative Group Holdings 2011 Ltd., Senior Notes		6.875	%		7/8/20		100,000	^GBP		150,749	^(c)
Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes		9.250	%		5/15/23		2,846,000			3,105,697	^(a)
Service Corp. International, Senior Notes		7.500	%		4/1/27		770,000			899,938
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		1,910,000			1,867,025	^(a)

Total Diversified Consumer Services										6,023,409

Hotels, Restaurants & Leisure - 3.1%
Bossier Casino Venture Holdco Inc., Senior Secured Bonds (14.000% PIK)		14.000	%		2/9/23		1,005,722			1,005,722	^(a)(b)(d)(e)
Brinker International Inc., Senior Notes		5.000	%		10/1/24		1,650,000			1,631,437	^(a)
Carrols Restaurant Group Inc., Secured Notes		8.000	%		5/1/22		1,920,000			2,016,000
Downstream Development Authority of the Quapaw Tribe of Oklahoma, Senior Secured Notes		10.500	%		2/15/23		1,000,000			1,031,000	^(a)
EI Group PLC, Senior Secured Bonds		6.500	%		12/6/18		1,589,000	^GBP		2,248,694
GLP Capital LP/GLP Financing II Inc., Senior Notes		5.375	%		4/15/26		850,000			879,750
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.625	%		4/1/25		2,060,000			2,072,875
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.875	%		4/1/27		2,695,000			2,701,737
Silversea Cruise Finance Ltd., Senior Secured Notes		7.250	%		2/1/25		1,435,000			1,539,038	^(a)

Total Hotels, Restaurants & Leisure										15,126,253

Household Durables - 0.4%
Lennar Corp., Senior Notes		4.750	%		11/29/27		2,220,000			2,158,950	^(a)

Media - 7.3%
Altice Luxembourg SA, Senior Secured Notes		7.750	%		5/15/22		2,680,000			2,509,150	^(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		3,360,000			3,459,262
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		570,000			644,283
DISH DBS Corp., Senior Notes		7.875	%		9/1/19		350,000			370,125
DISH DBS Corp., Senior Notes		5.875	%		7/15/22		1,090,000			1,066,838
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		4,146,000			3,902,423
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		3,342,000			3,304,403

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Lions Gate Entertainment Corp., Senior Notes		5.875	%		11/1/24		670,000	$	703,232	^(a)
Meredith Corp., Senior Notes		6.875	%		2/1/26		1,400,000		1,447,250	^(a)
SFR Group SA, Senior Secured Bonds		6.000	%		5/15/22		280,000		272,300	^(a)
SFR Group SA, Senior Secured Bonds		6.250	%		5/15/24		770,000		719,950	^(a)
SFR Group SA, Senior Secured Notes		7.375	%		5/1/26		9,230,000		8,944,331	^(a)
Time Warner Cable LLC, Senior Notes		8.750	%		2/14/19		1,307,000		1,377,633
Time Warner Cable LLC, Senior Notes		8.250	%		4/1/19		491,000		518,430
UBM PLC, Notes		5.750	%		11/3/20		1,500,000		1,542,909	^(a)
UPC Holding BV, Senior Secured Notes		5.500	%		1/15/28		2,880,000		2,714,400	^(a)
Virgin Media Finance PLC, Senior Notes		6.375	%		4/15/23		2,070,000		2,132,100	^(a)
Virgin Media Finance PLC, Senior Notes		6.000	%		10/15/24		770,000		780,588	^(a)

Total Media									36,409,607

Specialty Retail - 1.3%
American Greetings Corp., Senior Notes		7.875	%		2/15/25		2,180,000		2,239,950	^(a)
Hertz Corp., Senior Notes		5.875	%		10/15/20		1,900,000		1,902,375
PetSmart Inc., Senior Secured Notes		5.875	%		6/1/25		500,000		392,500	^(a)
ServiceMaster Co., LLC, Senior Notes		5.125	%		11/15/24		1,830,000		1,807,125	^(a)

Total Specialty Retail									6,341,950

Textiles, Apparel & Luxury Goods- 0.5%
Hanesbrands Inc., Senior Notes		4.625	%		5/15/24		2,320,000		2,308,400	^(a)

TOTAL CONSUMER DISCRETIONARY									75,863,194

CONSUMER STAPLES - 1.0%
Beverages - 0.2%
Carolina Beverage Group LLC/Carolina Beverage Group Finance Inc., Secured Notes		10.625	%		8/1/18		890,000		894,450	^(a)

Food Products - 0.5%
Lamb Weston Holdings Inc., Senior Notes		4.625	%		11/1/24		800,000		808,000	^(a)
Lamb Weston Holdings Inc., Senior Notes		4.875	%		11/1/26		430,000		431,075	^(a)
Marfrig Holding Europe BV, Senior Notes		6.875	%		6/24/19		410,000		421,275	^(a)
Marfrig Holding Europe BV, Senior Notes		8.000	%		6/8/23		1,000,000		1,035,750	^(a)

Total Food Products									2,696,100

Household Products - 0.3%
Central Garden & Pet Co., Senior Notes		6.125	%		11/15/23		510,000		535,500
Spectrum Brands Inc., Senior Notes		6.625	%		11/15/22		350,000		362,687
Spectrum Brands Inc., Senior Notes		6.125	%		12/15/24		380,000		399,950

Total Household Products									1,298,137

TOTAL CONSUMER STAPLES									4,888,687

ENERGY - 20.2%
Energy Equipment & Services - 0.5%
KCA Deutag UK Finance PLC, Senior Secured Notes		9.875	%		4/1/22		1,130,000		1,194,975	^(a)
Transocean Inc., Senior Notes		9.000	%		7/15/23		770,000		834,487	^(a)
Transocean Inc., Senior Notes		6.800	%		3/15/38		280,000		226,800

Total Energy Equipment & Services									2,256,262

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - 19.7%
Anadarko Petroleum Corp., Senior Notes		6.450	%		9/15/36		50,000	$	59,733
Andeavor Logistics LP/Tesoro Logistics Finance Corp., Senior Notes		6.375	%		5/1/24		610,000		656,513
Andeavor Logistics LP/Tesoro Logistics Finance Corp., Senior Notes		5.250	%		1/15/25		1,400,000		1,438,570
Berry Petroleum Co. Escrow		—			—		1,384,000		0	*^(d)(e)(f)
Berry Petroleum Co. Escrow		—			—		580,000		0	*^(d)(e)(f)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.125	%		11/15/22		1,600,000		1,648,000	^(a)
Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Secured Notes		11.500	%		1/15/21		1,640,000		1,842,950	^(a)
Cheniere Corpus Christi Holdings LLC, Senior Secured Notes		5.875	%		3/31/25		1,960,000		2,080,050
Chesapeake Energy Corp., Senior Notes		6.875	%		11/15/20		2,720,000		2,842,400
Chesapeake Energy Corp., Senior Notes		5.375	%		6/15/21		110,000		107,800
Chesapeake Energy Corp., Senior Notes		4.875	%		4/15/22		2,000,000		1,885,000
Chesapeake Energy Corp., Senior Notes		5.750	%		3/15/23		560,000		515,200
Chesapeake Energy Corp., Senior Notes		8.000	%		6/15/27		680,000		653,650	^(a)
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		1,000,000		1,012,500
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		2,100,000		2,047,500
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		1,440,000		1,393,200
Devon Energy Corp., Debentures		7.950	%		4/15/32		230,000		309,203
Ecopetrol SA, Senior Bonds		4.125	%		1/16/25		30,000		29,430
Ecopetrol SA, Senior Notes		7.625	%		7/23/19		1,260,000		1,335,600
Ecopetrol SA, Senior Notes		5.875	%		9/18/23		262,000		284,598
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		1,820,000		1,832,285
El Paso Natural Gas Co., Bonds		8.375	%		6/15/32		70,000		89,806
Energy Transfer Equity LP, Senior Notes		7.500	%		10/15/20		130,000		141,375
Frontera Energy Corp., Senior Secured Notes (10.000% Cash or 14.000% PIK)		10.000	%		11/2/21		1,410,000		1,588,012	^(b)
Gazprom OAO Via Gaz Capital SA, Loan Participation Notes, Senior Notes		6.510	%		3/7/22		1,920,000		2,089,791	^(a)
Genesis Energy LP/Genesis Energy Finance Corp., Senior Bonds		5.625	%		6/15/24		1,110,000		1,071,150
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes		6.750	%		8/1/22		610,000		629,825
KazMunayGas National Co. JSC, Senior Notes		4.750	%		4/19/27		2,000,000		2,020,000	^(a)
Kerr-McGee Corp., Notes		6.950	%		7/1/24		920,000		1,068,523
Kinder Morgan Inc., Medium-Term Notes		7.750	%		1/15/32		1,390,000		1,773,664
LUKOIL International Finance BV, Bonds		6.656	%		6/7/22		496,000		551,582	^(c)
LUKOIL International Finance BV, Senior Notes		4.563	%		4/24/23		740,000		758,581	^(a)
Magnum Hunter Resources Corp. Escrow		—			—		3,390,000		0	*^(d)(e)(f)
MEG Energy Corp., Senior Notes		7.000	%		3/31/24		3,210,000		2,752,575	^(a)
NGL Energy Partners LP/NGL Energy Finance Corp., Senior Notes		7.500	%		11/1/23		1,500,000		1,511,250
NGPL PipeCo LLC, Senior Bonds		4.875	%		8/15/27		1,390,000		1,407,375	^(a)
NGPL PipeCo LLC, Senior Secured Notes		7.768	%		12/15/37		1,430,000		1,758,900	^(a)
Oasis Petroleum Inc., Senior Notes		7.250	%		2/1/19		1,350,000		1,353,375
Oasis Petroleum Inc., Senior Notes		6.500	%		11/1/21		1,930,000		1,973,425
Oasis Petroleum Inc., Senior Notes		6.875	%		1/15/23		790,000		808,763

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Petrobras Global Finance BV, Senior Notes		4.875	%		3/17/20		1,400,000	$	1,431,500
Petrobras Global Finance BV, Senior Notes		4.375	%		5/20/23		1,632,000		1,592,016
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		2,100,000		2,280,600
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		610,000		601,613	^(a)
Petrobras Global Finance BV, Senior Notes		6.875	%		1/20/40		2,190,000		2,142,915
Petrobras Global Finance BV, Senior Notes		6.750	%		1/27/41		4,610,000		4,464,785
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		970,000		919,075
Petroleos de Venezuela SA, Senior Bonds		6.000	%		5/16/24		1,235,000		318,865	*^(c)(g)
Petroleos Mexicanos, Senior Notes		5.500	%		1/21/21		1,170,000		1,225,868
Petroleos Mexicanos, Senior Notes		6.875	%		8/4/26		2,535,000		2,788,246
Petroleos Mexicanos, Senior Notes		6.500	%		6/2/41		1,097,000		1,099,468
Petronas Capital Ltd., Senior Notes		5.250	%		8/12/19		1,285,000		1,330,447	^(a)
PT Pertamina Persero, Senior Notes		5.250	%		5/23/21		1,610,000		1,690,630	^(a)
PT Pertamina Persero, Senior Notes		4.300	%		5/20/23		940,000		954,512	^(a)
Rockies Express Pipeline LLC, Senior Notes		7.500	%		7/15/38		1,020,000		1,249,500	^(a)
Rockies Express Pipeline LLC, Senior Notes		6.875	%		4/15/40		1,070,000		1,259,925	^(a)
Rosneft Finance SA, Senior Notes		7.875	%		3/13/18		1,070,000		1,072,199	^(a)
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		740,000		800,128
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.000	%		3/15/27		290,000		301,413
Sanchez Energy Corp., Senior Notes		7.750	%		6/15/21		1,710,000		1,641,600
Sanchez Energy Corp., Senior Notes		6.125	%		1/15/23		3,880,000		2,929,400
Shelf Drilling Holdings Ltd., Senior Notes		8.250	%		2/15/25		1,250,000		1,260,937	^(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Bonds		5.250	%		5/1/23		40,000		40,675
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Bonds		5.125	%		2/1/25		1,765,000		1,767,189
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Bonds		5.375	%		2/1/27		1,550,000		1,555,812
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.250	%		11/15/23		850,000		831,938
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.000	%		1/15/28		1,910,000		1,862,250	^(a)
Transcontinental Gas Pipe Line Co., LLC, Senior Notes		7.850	%		2/1/26		1,500,000		1,866,400
Transportadora de Gas del Peru SA, Senior Notes		4.250	%		4/30/28		2,000,000		2,010,000	^(a)
Whiting Petroleum Corp., Senior Notes		6.250	%		4/1/23		290,000		293,988
Williams Cos. Inc., Debentures		7.500	%		1/15/31		340,000		413,100
Williams Cos. Inc., Senior Notes		3.700	%		1/15/23		1,670,000		1,630,337
Williams Cos. Inc., Senior Notes		4.550	%		6/24/24		680,000		688,500
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		486,000		641,520
Williams Cos. Inc., Senior Notes		5.750	%		6/24/44		1,510,000		1,611,925
WPX Energy Inc., Senior Notes		7.500	%		8/1/20		430,000		462,250
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		230,000		261,625
YPF Sociedad Anonima, Senior Notes		8.500	%		3/23/21		820,000		900,360	^(a)
YPF Sociedad Anonima, Senior Notes		8.750	%		4/4/24		950,000		1,064,000	^(a)
YPF Sociedad Anonima, Senior Notes		8.500	%		7/28/25		920,000		1,023,776	^(a)

Total Oil, Gas & Consumable Fuels									97,603,441

TOTAL ENERGY									99,859,703

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
FINANCIALS - 16.8%
Banks - 8.6%
Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes		4.875	%		4/21/25		540,000		$	552,150	^(a)
Banco Nacional de Costa Rica, Senior Notes		5.875	%		4/25/21		450,000			462,881	^(a)
Bank of America Corp., Junior Subordinated Notes (6.500% to 10/23/24 then 3 mo. USD LIBOR + 4.174%)		6.500	%		10/23/24		1,200,000			1,317,240	^(h)(i)
Bank of America Corp., Notes		6.875	%		4/25/18		390,000			392,657
Bank of America Corp., Senior Notes		5.650	%		5/1/18		490,000			492,849
Bank of America Corp., Senior Notes		7.625	%		6/1/19		1,480,000			1,568,470
Barclays Bank PLC, Subordinated Notes		10.179	%		6/12/21		2,520,000			3,003,933	^(a)
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		3,430,000			3,824,450
Barclays PLC, Junior Subordinated Bonds (8.250% to 12/15/18 then USD 5 year Swap Rate + 6.705%)		8.250	%		12/15/18		420,000			436,675	^(h)(i)
Barclays PLC, Subordinated Notes		4.836	%		5/9/28		350,000			345,098
BBVA Banco Continental SA, Subordinated Notes (5.250% to 9/22/24 then 5 year Treasury Constant Maturity Rate + 2.750%)		5.250	%		9/22/29		240,000			253,500	^(a)(h)
BNP Paribas SA, Junior Subordinated Notes (7.375% to 8/19/25 then USD 5 year Swap Rate + 5.150%)		7.375	%		8/19/25		1,360,000			1,514,700	^(a)(h)(i)
CIT Group Inc., Senior Notes		5.000	%		8/15/22		470,000			485,863
CIT Group Inc., Senior Notes		5.000	%		8/1/23		2,070,000			2,132,100
Citigroup Inc., Junior Subordinated Bonds (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%)		6.300	%		5/15/24		660,000			695,607	^(h)(i)
Credit Agricole SA, Junior Subordinated Notes (8.375% to 10/13/19 then 3 mo. USD LIBOR + 6.982%)		8.375	%		10/13/19		1,260,000			1,362,375	^(a)(h)(i)
Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year Swap Rate + 6.185%)		8.125	%		12/23/25		2,160,000			2,532,600	^(a)(h)(i)
Hunt Cos. Inc., Senior Secured Notes		6.250	%		2/15/26		1,090,000			1,069,563	^(a)
Intesa Sanpaolo SpA, Senior Notes		3.875	%		7/14/27		5,340,000			5,106,225	^(a)
JPMorgan Chase & Co., Junior Subordinated Bonds (6.000% to 8/1/23 then 3 mo. USD LIBOR + 3.300%)		6.000	%		8/1/23		2,130,000			2,232,240	^(h)(i)
Lloyds Banking Group PLC, Subordinated Notes		4.500	%		11/4/24		1,000,000			1,016,560
Royal Bank of Scotland Group PLC, Junior Subordinated Bonds (7.648% to 9/30/31 then 3 mo. USD LIBOR + 2.500%)		7.648	%		9/30/31		660,000			849,750	^(h)(i)
Royal Bank of Scotland Group PLC, Junior Subordinated Notes (8.625% to 8/15/21 then USD 5 year Swap Rate + 7.598%)		8.625	%		8/15/21		760,000			841,700	^(h)(i)
Royal Bank of Scotland Group PLC, Subordinated Notes		5.125	%		5/28/24		760,000			779,554
Royal Bank of Scotland NV, Subordinated Bonds		7.750	%		5/15/23		490,000			574,822
Santander UK Group Holdings PLC, Junior Subordinated Bonds (7.375% to 6/24/22 then GBP 5 year Swap Rate + 5.543%)		7.375	%		6/24/22		1,240,000	^GBP		1,928,772	^(c)(h)(i)
Sberbank of Russia Via SB Capital SA, Subordinated Notes (5.500% to 2/26/19 then 5 year Treasury Constant Maturity Rate + 4.023%)		5.500	%		2/26/24		2,700,000			2,745,338	^(c)(h)
TC Ziraat Bankasi AS, Senior Notes		5.125	%		5/3/22		1,000,000			995,668	^(a)
UBS Group Funding Switzerland AG, Senior Notes		4.253	%		3/23/28		3,250,000			3,309,652	^(a)

Total Banks										42,822,992

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Capital Markets - 2.1%
Credit Suisse Group Funding Guernsey Ltd., Senior Notes		4.875	%		5/15/45		840,000		$	891,593
Donnelley Financial Solutions Inc., Senior Notes		8.250	%		10/15/24		1,580,000			1,666,900
Goldman Sachs Group Inc., Senior Notes		6.150	%		4/1/18		330,000			331,016
Goldman Sachs Group Inc., Senior Notes		7.500	%		2/15/19		1,430,000			1,493,493
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		2,800,000			3,544,219
Magyar Export-Import Bank Zrt., Senior Bonds		4.000	%		1/30/20		1,830,000			1,855,946	^(a)
Morgan Stanley, Medium-Term Notes		6.625	%		4/1/18		470,000			471,679

Total Capital Markets										10,254,846

Consumer Finance - 0.9%
Ally Financial Inc., Senior Notes		8.000	%		3/15/20		129,000			140,288
American Express Co., Notes		7.000	%		3/19/18		260,000			260,603
FirstCash Inc., Senior Notes		5.375	%		6/1/24		1,120,000			1,163,400	^(a)
Navient Corp., Medium-Term Notes, Senior Notes		8.450	%		6/15/18		840,000			852,600
Navient Corp., Medium-Term Notes, Senior Notes		8.000	%		3/25/20		240,000			257,700
TMX Finance LLC/TitleMax Finance Corp., Senior Secured Notes		8.500	%		9/15/18		1,760,000			1,694,000	^(a)

Total Consumer Finance										4,368,591

Diversified Financial Services - 4.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Bonds		4.250	%		7/1/20		580,000			592,511
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Bonds		4.625	%		7/1/22		640,000			664,654
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		10/30/20		180,000			186,077
ASP AMC Merger Subordinated Inc., Senior Notes		8.000	%		5/15/25		1,430,000			1,365,650	^(a)
Banco Nacional de Comercio Exterior SNC, Senior Notes		4.375	%		10/14/25		1,340,000			1,358,425	^(a)
DAE Funding LLC, Senior Notes		5.000	%		8/1/24		7,570,000			7,418,600	^(a)
International Lease Finance Corp., Senior Notes		6.250	%		5/15/19		230,000			238,640
International Lease Finance Corp., Senior Notes		8.250	%		12/15/20		2,620,000			2,955,040
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		580,000			633,976
Nationwide Building Society, Junior Subordinated Notes (6.875% to 6/20/19 then GBP 5 year Swap Rate + 4.880%)		6.875	%		6/20/19		1,080,000	^GBP		1,562,887	^(c)(h)(i)
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		620,000			599,850	^(a)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		6,250,000			6,296,875	^(a)

Total Diversified Financial Services										23,873,185

Insurance - 0.4%
Fidelity & Guaranty Life Holdings Inc., Senior Notes		6.375	%		4/1/21		650,000			660,562	^(a)
Galaxy Bidco Ltd., Senior Secured Notes		6.375	%		11/15/20		410,000	^GBP		565,943	^(c)
Genworth Holdings Inc., Senior Notes		4.900	%		8/15/23		680,000			588,200

Total Insurance										1,814,705

TOTAL FINANCIALS										83,134,319

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
HEALTH CARE - 6.3%
Health Care Providers & Services - 3.5%
Air Medical Group Holdings Inc., Senior Notes		6.375	%		5/15/23		770,000	$	735,350	^(a)
BioScrip Inc., First Lien Notes (1 mo. USD LIBOR + 7.000%)		8.224	%		6/30/22		3,465,000		3,612,262	^(d)(e)(h)(j)
Centene Corp., Senior Notes		5.625	%		2/15/21		830,000		851,788
Centene Corp., Senior Notes		4.750	%		5/15/22		920,000		940,125
Centene Corp., Senior Notes		6.125	%		2/15/24		630,000		663,075
Centene Corp., Senior Notes		4.750	%		1/15/25		3,470,000		3,459,156
CHS/Community Health Systems Inc., Senior Notes		8.000	%		11/15/19		3,740,000		3,524,520
DaVita Inc., Senior Notes		5.750	%		8/15/22		650,000		669,500
DaVita Inc., Senior Notes		5.000	%		5/1/25		2,010,000		1,977,338
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		820,000		842,550

Total Health Care Providers & Services									17,275,664

Pharmaceuticals - 2.8%
Endo Finance LLC/Endo Finco Inc., Senior Notes		7.250	%		1/15/22		1,940,000		1,629,600	^(a)
Valeant Pharmaceuticals International Inc., Senior Notes		7.000	%		10/1/20		1,760,000		1,784,200	^(a)
Valeant Pharmaceuticals International Inc., Senior Notes		6.375	%		10/15/20		510,000		514,462	^(a)
Valeant Pharmaceuticals International Inc., Senior Notes		7.500	%		7/15/21		940,000		948,225	^(a)
Valeant Pharmaceuticals International Inc., Senior Notes		6.750	%		8/15/21		310,000		303,413	^(a)
Valeant Pharmaceuticals International Inc., Senior Notes		7.250	%		7/15/22		4,820,000		4,717,575	^(a)
Valeant Pharmaceuticals International Inc., Senior Notes		5.875	%		5/15/23		750,000		669,375	^(a)
Valeant Pharmaceuticals International Inc., Senior Notes		6.125	%		4/15/25		2,630,000		2,317,687	^(a)
Valeant Pharmaceuticals International Inc., Senior Secured Notes		7.000	%		3/15/24		1,200,000		1,267,500	^(a)

Total Pharmaceuticals									14,152,037

TOTAL HEALTH CARE									31,427,701

INDUSTRIALS - 6.1%
Air Freight & Logistics - 0.3%
XPO Logistics Inc., Senior Notes		6.125	%		9/1/23		1,330,000		1,384,863	^(a)

Airlines - 0.0%
Delta Air Lines Inc., Pass-Through Certificates, Secured Notes		8.021	%		8/10/22		200,212		225,294

Building Products - 1.1%
Jeld-Wen Inc., Senior Notes		4.875	%		12/15/27		2,220,000		2,158,950	^(a)
Standard Industries Inc., Senior Notes		5.500	%		2/15/23		980,000		1,009,400	^(a)
Standard Industries Inc., Senior Notes		4.750	%		1/15/28		2,560,000		2,470,400	^(a)

Total Building Products									5,638,750

Commercial Services & Supplies - 0.9%
Brink’s Co., Senior Notes		4.625	%		10/15/27		1,560,000		1,482,000	^(a)
GFL Environmental Inc., Senior Notes		9.875	%		2/1/21		1,730,000		1,829,475	^(a)
GFL Environmental Inc., Senior Notes		5.375	%		3/1/23		340,000		341,275	^(a)
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		790,000		772,225

Total Commercial Services & Supplies									4,424,975

Construction & Engineering - 0.2%
Brundage-Bone Concrete Pumping Inc., Senior Secured Notes		10.375	%		9/1/23		910,000		969,150	^(a)

Industrial Conglomerates - 0.6%
Alfa SAB de CV, Senior Notes		6.875	%		3/25/44		400,000		420,500	^(a)
General Electric Co., Senior Notes		6.875	%		1/10/39		2,000,000		2,605,717

Total Industrial Conglomerates									3,026,217

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Machinery - 0.9%
Allison Transmission Inc., Senior Bonds		5.000	%		10/1/24		3,420,000	$	3,475,575	^(a)
Park-Ohio Industries Inc., Senior Notes		6.625	%		4/15/27		847,000		889,350

Total Machinery									4,364,925

Marine - 0.2%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Senior Secured Notes		8.125	%		11/15/21		1,430,000		1,176,175	^(a)

Road & Rail- 0.7%
Flexi-Van Leasing Inc., Senior Notes		7.875	%		8/15/18		3,437,000		3,449,201	^(a)

Trading Companies & Distributors - 0.8%
Ashtead Capital Inc., Secured Notes		4.375	%		8/15/27		3,310,000		3,202,425	^(a)
Beacon Escrow Corp., Senior Notes		4.875	%		11/1/25		920,000		901,876	^(a)

Total Trading Companies & Distributors									4,104,301

Transportation - 0.1%
Neovia Logistics Services LLC/Logistics Intermediate Finance Corp., Senior Notes (10.000% Cash or 10.750% PIK)		10.000	%		4/1/20		1,055,150		458,990	^(a)(b)

Transportation Infrastructure - 0.3%
PT Pelabuhan Indonesia II, Senior Bonds		4.250	%		5/5/25		1,240,000		1,230,700	^(a)

TOTAL INDUSTRIALS									30,453,541

INFORMATION TECHNOLOGY - 3.6%
Internet Software & Services- 0.9%
Match Group Inc., Senior Notes		6.375	%		6/1/24		880,000		954,800
Match Group Inc., Senior Notes		5.000	%		12/15/27		3,520,000		3,556,080	^(a)

Total Internet Software & Services									4,510,880

IT Services - 0.2%
Vantiv LLC/Vanity Issuer Corp., Senior Notes		4.375	%		11/15/25		884,000		859,690	^(a)

Semiconductors & Semiconductor Equipment - 0.9%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.125	%		1/15/25		4,750,000		4,471,039

Software - 0.7%
j2 Cloud Services LLC/j2 Global Co.-Obligor Inc., Senior Notes		6.000	%		7/15/25		1,520,000		1,580,800	^(a)
Microsoft Corp., Senior Notes		3.300	%		2/6/27		2,000,000		1,984,268

Total Software									3,565,068

Technology Hardware, Storage & Peripherals - 0.9%
Dell International LLC/EMC Corp., Senior Notes		5.875	%		6/15/21		970,000		994,250	^(a)
Dell International LLC/EMC Corp., Senior Notes		7.125	%		6/15/24		940,000		1,011,985	^(a)
Seagate HDD Cayman, Senior Bonds		4.750	%		6/1/23		410,000		414,510
Seagate HDD Cayman, Senior Bonds		4.750	%		1/1/25		1,330,000		1,290,862
Seagate HDD Cayman, Senior Bonds		4.875	%		6/1/27		630,000		603,227

Total Technology Hardware, Storage & Peripherals									4,314,834

TOTAL INFORMATION TECHNOLOGY									17,721,511

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MATERIALS - 10.7%
Chemicals - 1.7%
Braskem America Finance Co., Senior Notes		7.125	%		7/22/41		1,060,000	$	1,260,234	^(c)
Braskem Netherlands Finance BV, Senior Notes		4.500	%		1/10/28		430,000		419,143	^(a)
Mexichem SAB de CV, Senior Notes		4.875	%		9/19/22		549,000		572,332	^(c)
Mexichem SAB de CV, Senior Notes		4.875	%		9/19/22		510,000		531,675	^(a)
OCP SA, Senior Notes		5.625	%		4/25/24		1,250,000		1,319,691	^(a)
OCP SA, Senior Notes		4.500	%		10/22/25		1,070,000		1,054,771	^(a)
Olin Corp., Senior Notes		5.000	%		2/1/30		410,000		396,163
Valvoline Inc., Senior Notes		5.500	%		7/15/24		1,650,000		1,705,687
Venator Finance Sarl/Venator Materials Corp., Senior Notes		5.750	%		7/15/25		1,220,000		1,247,450	^(a)

Total Chemicals									8,507,146

Construction Materials - 0.2%
Cementos Pacasmayo SAA, Senior Notes		4.500	%		2/8/23		580,000		586,960	^(a)
Cementos Pacasmayo SAA, Senior Notes		4.500	%		2/8/23		240,000		242,880	^(c)

Total Construction Materials									829,840

Containers & Packaging - 2.0%
ARD Securities Finance Sarl, Senior Secured Notes (8.750% PIK)		8.750	%		1/31/23		1,380,000		1,438,650	^(a)(b)
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc., Senior Notes		7.250	%		5/15/24		800,000		860,000	^(a)
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc., Senior Notes		6.000	%		2/15/25		1,950,000		2,003,625	^(a)
Pactiv LLC, Senior Bonds		8.375	%		4/15/27		510,000		581,400
Pactiv LLC, Senior Notes		7.950	%		12/15/25		2,220,000		2,505,825
Suzano Austria GmbH, Senior Notes		5.750	%		7/14/26		2,405,000		2,567,338	^(a)
Suzano Trading Ltd., Senior Notes		5.875	%		1/23/21		160,000		171,800	^(c)

Total Containers & Packaging									10,128,638

Metals & Mining - 6.3%
Alcoa Nederland Holding BV, Senior Notes		6.750	%		9/30/24		890,000		958,975	^(a)
Alcoa Nederland Holding BV, Senior Notes		7.000	%		9/30/26		1,870,000		2,028,950	^(a)
Anglo American Capital PLC, Senior Notes		3.625	%		5/14/20		1,240,000		1,247,253	^(a)
Anglo American Capital PLC, Senior Notes		4.125	%		4/15/21		520,000		530,236	^(a)
Anglo American Capital PLC, Senior Notes		4.875	%		5/14/25		1,470,000		1,525,811	^(a)
ArcelorMittal SA, Senior Notes		7.250	%		10/15/39		1,140,000		1,413,258
First Quantum Minerals Ltd., Senior Notes		7.500	%		4/1/25		490,000		506,538	^(a)
Freeport-McMoRan Inc., Senior Notes		4.000	%		11/14/21		830,000		830,000
Freeport-McMoRan Inc., Senior Notes		6.875	%		2/15/23		2,380,000		2,576,350
Freeport-McMoRan Inc., Senior Notes		3.875	%		3/15/23		680,000		661,300
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		3,490,000		3,385,300
HudBay Minerals Inc., Senior Notes		7.250	%		1/15/23		880,000		939,400	^(a)
Midwest Vanadium Pty Ltd., Senior Secured Notes		11.500	%		2/15/18		1,062,811		12,647	*^(a)(k)
Mirabela Nickel Ltd., Subordinated Notes (1.000% PIK)		1.000	%		9/10/44		13,946		0	^{(a)(b)(d)(e)(f)}
Northwest Acquisitions ULC/Dominion Finco Inc., Secured Notes		7.125	%		11/1/22		660,000		683,034	^(a)

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Metals & Mining - (continued)
Southern Copper Corp., Senior Notes		6.750	%		4/16/40		730,000		$	913,278
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		2,380,000			2,547,129
Teck Resources Ltd., Senior Notes		8.500	%		6/1/24		1,520,000			1,694,800	^(a)
Teck Resources Ltd., Senior Notes		6.250	%		7/15/41		460,000			511,750
Vale Overseas Ltd., Senior Notes		4.375	%		1/11/22		4,660,000			4,785,820
Vale SA, Senior Notes		5.625	%		9/11/42		3,280,000			3,545,680

Total Metals & Mining										31,297,509

Paper & Forest Products - 0.5%
Celulosa Arauco y Constitucion SA, Senior Notes		7.250	%		7/29/19		264,000			279,084
Fibria Overseas Finance Ltd., Senior Notes		5.250	%		5/12/24		200,000			209,500
Inversiones CMPC SA, Notes		4.375	%		5/15/23		460,000			472,054	^(a)
Inversiones CMPC SA, Senior Notes		4.500	%		4/25/22		500,000			516,062	^(a)
Mercer International Inc., Senior Notes		6.500	%		2/1/24		750,000			787,500

Total Paper & Forest Products										2,264,200

TOTAL MATERIALS										53,027,333

REAL ESTATE - 1.5%
Equity Real Estate Investment Trusts (REITs) - 1.5%
CoreCivic Inc., Senior Notes		4.125	%		4/1/20		110,000			110,550
CoreCivic Inc., Senior Notes		5.000	%		10/15/22		570,000			585,675
CoreCivic Inc., Senior Notes		4.625	%		5/1/23		600,000			600,000
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		1,650,000			1,579,875
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		6.375	%		3/1/24		780,000			824,850
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		3,600,000			3,526,200

TOTAL REAL ESTATE										7,227,150

TELECOMMUNICATION SERVICES - 8.7%
Diversified Telecommunication Services - 4.1%
British Telecommunications PLC, Bonds		9.125	%		12/15/30		240,000			350,163
CenturyLink Inc., Senior Notes		7.650	%		3/15/42		755,000			660,625
Cogent Communications Group Inc., Senior Secured Notes		5.375	%		3/1/22		1,410,000			1,475,212	^(a)
Intelsat Jackson Holdings SA, Senior Secured Notes		8.000	%		2/15/24		740,000			778,850	^(a)
Koninklijke KPN NV, Senior Notes		8.375	%		10/1/30		190,000			252,653
Telecom Italia Capital SA, Senior Notes		7.200	%		7/18/36		780,000			916,500
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		5,940,000			6,177,600	^(a)
Telefonica Emisiones SAU, Senior Notes		5.134	%		4/27/20		3,000,000			3,127,770
Wind Tre SpA, Senior Secured Notes		3.125	%		1/20/25		440,000	^EUR		480,764	^(c)
Windstream Services LLC/Windstream Finance Corp., Senior Notes		7.750	%		10/15/20		6,770,000			5,856,050

Total Diversified Telecommunication Services										20,076,187

Wireless Telecommunication Services - 4.6%
CSC Holdings LLC, Senior Notes		10.125	%		1/15/23		380,000			425,600	^(a)
CSC Holdings LLC, Senior Notes		6.625	%		10/15/25		1,210,000			1,273,525	^(a)
CSC Holdings LLC, Senior Notes		10.875	%		10/15/25		2,017,000			2,385,102	^(a)
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		560,000			536,200
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		1,160,000			1,261,500
Sprint Communications Inc., Senior Notes		9.000	%		11/15/18		2,410,000			2,503,387	^(a)
Sprint Communications Inc., Senior Notes		7.000	%		8/15/20		1,650,000			1,730,438
Sprint Communications Inc., Senior Notes		11.500	%		11/15/21		3,455,000			4,094,175

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Wireless Telecommunication Services - (continued)
Sprint Corp., Senior Notes		7.250	%		9/15/21		1,440,000	$	1,508,400
Sprint Corp., Senior Notes		7.875	%		9/15/23		2,960,000		3,071,000
Sprint Corp., Senior Notes		7.625	%		3/1/26		1,490,000		1,488,287
VEON Holdings BV, Senior Notes		7.504	%		3/1/22		450,000		500,801	^(a)
VEON Holdings BV, Senior Notes		7.504	%		3/1/22		1,050,000		1,168,535	^(c)
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, Senior Notes		7.748	%		2/2/21		820,000		906,398	^(a)

Total Wireless Telecommunication Services									22,853,348

TOTAL TELECOMMUNICATION SERVICES									42,929,535

UTILITIES - 2.1%
Electric Utilities - 0.8%
FirstEnergy Corp., Notes		7.375	%		11/15/31		330,000		436,084
Majapahit Holding BV, Senior Notes		7.750	%		1/20/20		650,000		704,080	^(c)
NRG REMA LLC, Pass-Through Certificates, Senior Secured Bonds		9.681	%		7/2/26		1,410,000		868,031
Pampa Energia SA, Senior Notes		7.500	%		1/24/27		2,000,000		2,100,000	^(a)

Total Electric Utilities									4,108,195

Gas Utilities - 0.6%
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes		5.875	%		3/1/27		2,190,000		2,118,825
Transportadora de Gas Internacional SA ESP, Senior Notes		5.700	%		3/20/22		950,000		966,625	^(a)

Total Gas Utilities									3,085,450

Independent Power and Renewable Electricity Producers - 0.7%
Mirant Mid Atlantic LLC, Pass-Through Certificates, Secured Bonds		10.060	%		12/30/28		3,312,601		3,329,164

TOTAL UTILITIES									10,522,809

TOTAL CORPORATE BONDS & NOTES (Cost - $428,919,874)									457,055,483

CONVERTIBLE BONDS & NOTES - 1.2%
CONSUMER DISCRETIONARY- 0.4%
DISH Network Corp., Senior Bonds		3.375	%		8/15/26		1,030,000		1,038,822
DISH Network Corp., Senior Notes		2.375	%		3/15/24		1,150,000		1,039,154	^(a)

TOTAL CONSUMER DISCRETIONARY									2,077,976

FINANCIALS - 0.0%
Banks - 0.0%
JPMorgan Chase Financial Co., LLC, Senior Notes		0.250	%		5/1/23		180,000		187,416

HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Jazz Investments I Ltd., Senior Notes		1.500	%		8/15/24		400,000		381,519	^(a)

INFORMATION TECHNOLOGY - 0.7%
Internet Software & Services - 0.4%
Nutanix Inc., Senior Notes		0.000	%		1/15/23		660,000		681,624	^(a)
Twitter Inc., Senior Bonds		1.000	%		9/15/21		1,430,000		1,360,073

Total Internet Software & Services									2,041,697

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018

SECURITY‡

RATE

MATURITY
DATE

FACE
AMOUNT†

VALUE

Software - 0.3%

Workday Inc., Senior Notes

0.250

10/1/22

1,350,000

1,463,570

^(a)

TOTAL INFORMATION TECHNOLOGY

3,505,267

TOTAL CONVERTIBLE BONDS & NOTES
(Cost - $6,140,174)

6,152,178

SENIOR LOANS - 8.3%

CONSUMER DISCRETIONARY - 4.5%

Auto Components- 0.8%

American Axle & Manufacturing Inc., Term Loan B (1 mo. LIBOR + 2.250%)

3.880

4/6/24

4,150,715

4,169,393

^(h)(l)(m)

Diversified Consumer Services- 0.3%

Weight Watchers International Inc., 2017 Term Loan B

6.330 - 6.450

11/29/24

1,650,000

1,665,961

^(h)(l)(m)

Media - 1.5%

Charter Communications Operating LLC, 2017 Term Loan B (1 mo. LIBOR + 2.000%)

3.650

4/30/25

5,962,418

5,984,777

^(h)(l)(m)(n)

Lamar Media Corp., 2018 Term Loan B

—

2/16/25

1,500,000

1,509,609

⁽ⁿ⁾

Total Media

7,494,386

Specialty Retail - 1.8%

PetSmart Inc., Term Loan B2 (1 mo. LIBOR + 3.000%)

4.570

3/11/22

8,603,600

7,053,162

^(h)(l)(m)

Sally Holdings LLC, Term Loan B1 (1 mo. LIBOR + 2.500%)

4.188

7/5/24

1,097,250

1,104,794

^(d)(h)(l)(m)

Spencer Gifts LLC, Second Lien Term Loan (1 mo. LIBOR + 8.250%)

9.840

6/29/22

790,000

485,850

^(d)(h)(l)(m)

Total Specialty Retail

8,643,806

Textiles, Apparel & Luxury Goods - 0.1%

TOMS Shoes LLC, Term Loan B (3 mo. LIBOR + 5.500%)

7.480

10/28/20

593,225

358,901

^(d)(h)(l)(m)

TOTAL CONSUMER DISCRETIONARY

22,332,447

ENERGY - 0.2%

Energy Equipment & Services - 0.1%

Hercules Offshore Inc. (wind-down lender claim)

—

312,412

265,550

*^(d)

Oil, Gas & Consumable Fuels - 0.1%

Chesapeake Energy Corp., Term Loan (3 mo. LIBOR + 7.500%)

9.444

8/23/21

530,000

563,787

^(h)(l)(m)

TOTAL ENERGY

829,337

INDUSTRIALS - 2.1%

Air Freight & Logistics - 0.6%

Avolon TLB Borrower 1 (Luxembourg) SARL, Term Loan B2 (1 mo. LIBOR + 2.250%)

3.840

4/3/22

3,244,361

3,244,361

^(h)(l)(m)

Airlines- 0.5%

United Airlines Inc., 2017 Repriced Term Loan (3 mo. LIBOR + 2.000%)

3.772

4/1/24

2,494,975

2,510,880

^(h)(l)(m)

Professional Services- 0.5%

Trans Union LLC, Term Loan B3 (1 mo. LIBOR + 2.000%)

3.648

4/10/23

2,493,750

2,504,037

^(h)(l)(m)

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Trading Companies & Distributors - 0.5%
Beacon Roofing Supply Inc., 2017 Term Loan B (1 mo. LIBOR + 2.250%)		3.830	%		1/2/25		2,420,000		$	2,434,179	^(h)(l)(m)

TOTAL INDUSTRIALS										10,693,457

INFORMATION TECHNOLOGY - 0.8%
IT Services - 0.8%
First Data Corp., 2024 USD Term Loan (1 mo. LIBOR + 2.250%)		3.871	%		4/26/24		3,845,862			3,857,642	^(h)(l)(m)

TELECOMMUNICATION SERVICES - 0.6%
Diversified Telecommunication Services - 0.6%
CenturyLink Inc., 2017 Term Loan B (1 mo. LIBOR + 2.750%)		4.398	%		1/31/25		1,530,000			1,508,580	^(h)(l)(m)
Unitymedia Finance LLC, Term Loan B (1 mo. LIBOR + 2.250%)		3.838	%		9/30/25		1,320,000			1,320,471	^(h)(l)(m)

TOTAL TELECOMMUNICATION SERVICES										2,829,051

UTILITIES - 0.1%
Electric Utilities - 0.1%
Panda Temple Power LLC, Second Lien Term Loan		—			2/7/23		308,791			314,967	⁽ⁿ⁾

TOTAL SENIOR LOANS (Cost - $42,137,334)										40,856,901

SOVEREIGN BONDS - 26.3%
Argentina - 5.6%
City of Buenos Aires Argentina, Senior Notes		7.500	%		6/1/27		3,280,000			3,468,600	^(a)
Provincia de Buenos Aires, Senior Notes		9.950	%		6/9/21		960,000			1,070,400	^(c)
Provincia de Buenos Aires, Senior Notes		9.125	%		3/16/24		3,600,000			4,010,436	^(a)
Provincia de Cordoba, Senior Notes		7.125	%		6/10/21		730,000			765,266	^(a)
Republic of Argentina, Bonds		22.750	%		3/5/18		21,300,000	^ARS		1,057,953
Republic of Argentina, Bonds		21.200	%		9/19/18		390,000	^ARS		21,158
Republic of Argentina, Bonds (Argentina Central Bank 7 Day Repo Reference Rate)		27.278	%		6/21/20		24,870,000	^ARS		1,348,670	^(h)
Republic of Argentina, Bonds		18.200	%		10/3/21		21,555,000	^ARS		1,082,505
Republic of Argentina, Senior Bonds (Argentina BADLAR Private Deposit Rate + 2.500%)		24.226	%		3/11/19		7,120,000	^ARS		361,397	^(h)
Republic of Argentina, Senior Bonds		6.875	%		4/22/21		1,450,000			1,537,544
Republic of Argentina, Senior Bonds		5.625	%		1/26/22		620,000			633,020
Republic of Argentina, Senior Bonds		7.500	%		4/22/26		4,760,000			5,095,580
Republic of Argentina, Senior Bonds		7.125	%		7/6/36		760,000			739,100
Republic of Argentina, Senior Notes		6.875	%		1/26/27		5,870,000			5,972,784
Republic of Argentina, Senior Notes		5.875	%		1/11/28		800,000			749,100

Total Argentina										27,913,513

Armenia - 0.2%
Republic of Armenia, Senior Notes		6.000	%		9/30/20		820,000			851,012	^(c)

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Brazil - 1.2%
Federative Republic of Brazil, Notes		10.000	%		1/1/21		426,000	^BRL	$	136,431
Federative Republic of Brazil, Notes		10.000	%		1/1/23		12,677,000	^BRL		4,042,769
Federative Republic of Brazil, Notes		10.000	%		1/1/27		2,568,000	^BRL		811,199
Federative Republic of Brazil, Senior Notes		4.250	%		1/7/25		1,000,000			998,250

Total Brazil										5,988,649

Colombia - 1.5%
Republic of Colombia, Senior Bonds		11.750	%		2/25/20		544,000			636,752
Republic of Colombia, Senior Bonds		7.375	%		9/18/37		4,542,000			5,820,573
Republic of Colombia, Senior Notes		7.375	%		3/18/19		753,000			788,767

Total Colombia										7,246,092

Costa Rica - 0.3%
Republic of Costa Rica, Notes		7.000	%		4/4/44		1,480,000			1,541,213	^(a)

Croatia - 0.3%
Republic of Croatia, Senior Notes		6.625	%		7/14/20		630,000			676,049	^(a)
Republic of Croatia, Senior Notes		5.500	%		4/4/23		450,000			481,457	^(c)
Republic of Croatia, Senior Notes		5.500	%		4/4/23		410,000			438,660	^(a)

Total Croatia										1,596,166

Dominican Republic - 0.8%
Dominican Republic, Senior Notes		5.500	%		1/27/25		120,000			124,050	^(a)
Dominican Republic, Senior Notes		6.850	%		1/27/45		3,630,000			3,956,700	^(a)

Total Dominican Republic										4,080,750

Ecuador - 0.8%
Republic of Ecuador, Senior Bonds		10.500	%		3/24/20		1,650,000			1,787,775	^(a)
Republic of Ecuador, Senior Bonds		10.750	%		3/28/22		890,000			1,007,925	^(a)
Republic of Ecuador, Senior Bonds		7.950	%		6/20/24		630,000			648,112	^(c)
Republic of Ecuador, Senior Bonds		9.650	%		12/13/26		400,000			441,780	^(a)

Total Ecuador										3,885,592

Gabon - 0.0%
Gabonese Republic, Bonds		6.375	%		12/12/24		250,000			246,543	^(a)

Ghana - 0.4%
Republic of Ghana, Bonds		8.125	%		1/18/26		270,000			295,143	^(a)
Republic of Ghana, Bonds		10.750	%		10/14/30		920,000			1,236,968	^(a)
Republic of Ghana, Senior Notes		9.250	%		9/15/22		230,000			259,043	^(a)

Total Ghana										1,791,154

Guatemala - 0.4%
Republic of Guatemala, Senior Notes		4.375	%		6/5/27		1,970,000			1,920,750	^(a)

Honduras - 0.3%
Republic of Honduras, Senior Notes		7.500	%		3/15/24		400,000			440,000	^(c)
Republic of Honduras, Senior Notes		6.250	%		1/19/27		1,200,000			1,249,956	^(a)

Total Honduras										1,689,956

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Hungary - 0.3%
Republic of Hungary, Senior Notes		5.750	%		11/22/23		942,000		$	1,045,196
Republic of Hungary, Senior Notes		5.375	%		3/25/24		300,000			328,308

Total Hungary										1,373,504

Indonesia - 1.9%
Republic of Indonesia, Senior Bonds		8.375	%		3/15/34		209,000,000	^IDR		16,532
Republic of Indonesia, Senior Bonds		6.625	%		2/17/37		4,635,000			5,620,447	^(c)
Republic of Indonesia, Senior Notes		5.875	%		1/15/24		3,369,000			3,722,402	^(a)

Total Indonesia										9,359,381

Ivory Coast - 0.3%
Republic of Cote D’Ivoire, Senior Bonds		5.750	%		12/31/32		1,294,650			1,255,911	^(c)

Jamaica - 0.2%
Government of Jamaica, Senior Notes		8.000	%		3/15/39		750,000			910,050

Kenya - 0.1%
Republic of Kenya, Senior Notes		6.875	%		6/24/24		530,000			548,273	^(a)

Lithuania - 0.5%
Republic of Lithuania, Senior Notes		6.125	%		3/9/21		2,160,000			2,349,406	^(a)

Mexico - 1.0%
United Mexican States, Medium-Term Notes		6.050	%		1/11/40		124,000			139,965
United Mexican States, Senior Notes		3.600	%		1/30/25		4,810,000			4,718,610

Total Mexico										4,858,575

Nigeria - 0.5%
Republic of Nigeria, Notes		7.875	%		2/16/32		1,800,000			1,945,044	^(a)
Republic of Nigeria, Senior Notes		7.625	%		11/28/47		400,000			411,806	^(a)

Total Nigeria										2,356,850

Panama - 0.1%
Republic of Panama, Senior Bonds		6.700	%		1/26/36		460,000			586,040

Paraguay - 0.2%
Republic of Paraguay, Senior Bonds		5.000	%		4/15/26		730,000			764,675	^(a)

Peru - 1.2%
Republic of Peru, Senior Bonds		7.350	%		7/21/25		1,750,000			2,185,750
Republic of Peru, Senior Bonds		8.750	%		11/21/33		2,604,000			3,938,550

Total Peru										6,124,300

Poland - 2.0%
Republic of Poland, Bonds		4.000	%		10/25/23		25,890,000	^PLN		8,068,643
Republic of Poland, Senior Notes		6.375	%		7/15/19		400,000			421,118
Republic of Poland, Senior Notes		5.125	%		4/21/21		1,390,000			1,479,923

Total Poland										9,969,684

Russia - 3.1%
Russian Federal Bond, Bonds		7.050	%		1/19/28		388,179,000	^RUB		6,960,558
Russian Foreign Bond - Eurobond, Senior Bonds		12.750	%		6/24/28		42,000			71,258	^(c)
Russian Foreign Bond - Eurobond, Senior Bonds		7.500	%		3/31/30		2,893,700			3,296,468	^(c)
Russian Foreign Bond - Eurobond, Senior Bonds		5.875	%		9/16/43		4,400,000			5,031,536	^(a)

Total Russia										15,359,820

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Senegal - 0.1%
Republic of Senegal, Bonds		6.250	%		7/30/24		450,000		$	471,443	^(c)

Sri Lanka- 0.6%
Republic of Sri Lanka, Senior Bonds		6.825	%		7/18/26		1,940,000			2,022,823	^(a)
Republic of Sri Lanka, Senior Notes		6.250	%		7/27/21		760,000			789,182	^(c)

Total Sri Lanka										2,812,005

Turkey - 1.0%
Republic of Turkey, Bonds		10.500	%		8/11/27		5,110,000	^TRY		1,261,067
Republic of Turkey, Senior Bonds		4.250	%		4/14/26		2,000,000			1,850,504
Republic of Turkey, Senior Bonds		11.875	%		1/15/30		575,000			869,495
Republic of Turkey, Senior Notes		4.875	%		10/9/26		1,250,000			1,195,909

Total Turkey										5,176,975

Ukraine - 0.6%
Republic of Ukraine, Senior Notes		7.750	%		9/1/21		550,000			583,143	^(c)
Republic of Ukraine, Senior Notes		7.750	%		9/1/26		2,300,000			2,367,643	^(a)

Total Ukraine										2,950,786

Uruguay - 0.5%
Republic of Uruguay, Senior Bonds		8.500	%		3/15/28		73,100,000	^UYU		2,442,397	^(c)

Venezuela- 0.3%
Bolivarian Republic of Venezuela, Senior Bonds		8.250	%		10/13/24		5,280,000			1,438,800	*^(c)(g)
Bolivarian Republic of Venezuela, Senior Notes		7.750	%		10/13/19		640,000			171,200	*^(c)(g)

Total Venezuela										1,610,000

Vietnam - 0.0%
Republic of Vietnam, Senior Bonds		6.750	%		1/29/20		200,000			212,206	^(c)

TOTAL SOVEREIGN BONDS (Cost - $122,873,060)										130,243,671

U.S. GOVERNMENT & AGENCY OBLIGATIONS - 2.9%
U.S. Government Obligations - 2.9%
U.S. Treasury Notes		2.000	%		1/31/20		2,000,000			1,990,781
U.S. Treasury Notes		1.625	%		7/31/20		2,500,000			2,457,762
U.S. Treasury Notes		1.125	%		2/28/21		2,150,000			2,068,661
U.S. Treasury Notes		1.875	%		1/31/22		1,300,000			1,266,637
U.S. Treasury Notes		2.000	%		10/31/22		2,500,000			2,430,078
U.S. Treasury Notes		1.625	%		5/31/23		1,500,000			1,422,891
U.S. Treasury Notes		2.125	%		11/30/23		2,000,000			1,937,188
U.S. Treasury Notes		2.125	%		3/31/24		1,000,000			964,961

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $14,625,640)										14,538,959


						SHARES
COMMON STOCKS - 1.1%
Consumer Discretionary - 0.3%
Hotels, Restaurants & Leisure - 0.3%
Bossier Casino Venture Holdco Inc.							65,403			1,226,306	*^(d)(e)

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡				SHARES		VALUE
ENERGY - 0.7%
Energy Equipment & Services - 0.1%
Hercules Offshore Inc. (Escrow)					37,071	$	10,454	*^(d)(e)
KCAD Holdings I Ltd.					77,972,021		428,846	*^(d)(e)

Total Energy Equipment & Services							439,300

Oil, Gas & Consumable Fuels - 0.6%
Berry Petroleum Co.					77,509		742,792	*
Blue Ridge Mountain Resources Inc.					175,718		1,581,462	*
Frontera Energy Corp.					27,594		926,118	*^(e)
MWO Holdings LLC					417		0	*^(d)(e)(f)

Total Oil, Gas & Consumable Fuels							3,250,372

TOTAL ENERGY							3,689,672

INDUSTRIALS - 0.0%
Marine - 0.0%
Tricer HoldCo, S.C.A.					43,516		171,453	^(d)(e)

Road & Rail - 0.0%
Jack Cooper Enterprises Inc.					724		0	*^(a)(d)(e)(f)

TOTAL INDUSTRIALS							171,453

UTILITIES - 0.1%
Electric Utilities - 0.1%
Panda Temple Power LLC					21,934		372,878	*^(d)

TOTAL COMMON STOCKS (Cost - $8,433,531)							5,460,309


	RATE
CONVERTIBLE PREFERRED STOCKS - 0.2%
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Berry Petroleum Co., (6.000% Cash or 6.000% PIK)		6.000	%		84,362		977,191	^(b)
Berry Petroleum Co., (6.000% Cash or 6.000% PIK)		6.000	%		1,264		14,641	^(b)(j)

TOTAL CONVERTIBLE PREFERRED STOCKS (Cost - $786,160)							991,832

PREFERRED STOCKS - 0.1%
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Citigroup Capital XIII (3 mo. USD LIBOR + 6.370%)		8.137	%		5,950		162,019	^(h)

INDUSTRIALS - 0.1%
Marine - 0.1%
Tricer Tracking Preferred Equity Certificates		8.000	%		20,886,844		208,868	^(d)(e)

TOTAL PREFERRED STOCKS (Cost - $1,744,881)							370,887

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $625,660,654)							655,670,220

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018


SECURITY‡	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost - $4,547,990)		1.320	%		4,547,990	$	4,547,990

TOTAL INVESTMENTS - 133.3% (Cost - $630,208,644)							660,218,210
Liabilities in Excess of Other Assets - (33.3)%							(164,765,206	)

TOTAL NET ASSETS - 100.0%						$	495,453,004

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

‡	Securities held by the Fund are subject to a lien, granted to the lenders, to the extent of the borrowing outstanding and any additional expenses.

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

(c)

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.

(d)	Security is valued using significant unobservable inputs (See Note 1).

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

(f)	Value is less than $1.

(g)	The coupon payment on these securities is currently in default as of February 28, 2018.

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

(j)	Restricted security (See Note 2).

(k)	The maturity principal is currently in default as of February 28, 2018.

(l)	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.

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

(n)	All or a portion of this loan is unfunded as of February 28, 2018. The interest rate for fully unfunded term loans is to be determined.

See Notes to Schedule of Investments.

WESTERN ASSET GLOBAL HIGH INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		February 28, 2018

Abbreviations used in this schedule:


ARS		— Argentine Peso
BRL		— Brazilian Real
EUR		— Euro
GBP		— British Pound
IDR		— Indonesian Rupiah
JSC		— Joint Stock Company
LIBOR		— London Interbank Offered Rate
OJSC		— Open Joint Stock Company
PLN		— Polish Zloty
RUB		— Russian Ruble
TRY		— Turkish Lira
UYU		— Uruguayan Peso

At February 28, 2018, the Fund had the following open futures contracts:


	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Sell:
Euro		68		3/18	$	10,114,878	$	10,384,450	$	(269,572	)

At February 28, 2018, the Fund had the following open forward foreign currency contracts:


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	22,452		PLN	77,000	Bank of America N.A.		4/19/18	$	(65	)
EUR	9,044,518		USD	11,059,501	Barclays Bank PLC		4/19/18		15,260
EUR	41,000		USD	50,888	Barclays Bank PLC		4/19/18		(685	)
GBP	190,000		USD	264,771	Barclays Bank PLC		4/19/18		(2,617	)
USD	5,637,646		GBP	4,103,434	Barclays Bank PLC		4/19/18		(24,094	)
CAD	21,000		USD	16,840	Citibank N.A.		4/19/18		(459	)

Total								$	(12,660	)

Abbreviations used in this table:


CAD		— Canadian Dollar
EUR		— Euro
GBP		— British Pound
PLN		— Polish Zloty
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.

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

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

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

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Prior to December 1, 2017, short-term fixed income securities that would mature in 60 days or less were valued at amortized cost, unless it was determined that using this method would not reflect an investment’s fair value. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

Notes to Schedule of Investments (unaudited) (continued)

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

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

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


ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Consumer Discretionary		—	$	74,857,472	$	1,005,722		$	75,863,194
Energy		—		99,859,703		0	*		99,859,703
Health Care		—		27,815,439		3,612,262			31,427,701
Materials		—		53,027,333		0	*		53,027,333
Other Corporate Bonds & Notes		—		196,877,552		—			196,877,552
Convertible Bonds & Notes		—		6,152,178		—			6,152,178
Senior Loans:
Consumer Discretionary		—		20,382,902		1,949,545			22,332,447
Energy		—		563,787		265,550			829,337
Other Senior Loans		—		17,695,117		—			17,695,117
Sovereign Bonds		—		130,243,671		—			130,243,671
U.S. Government & Agency Obligations		—		14,538,959		—			14,538,959
Common Stocks:
Consumer Discretionary		—		—		1,226,306			1,226,306
Energy	$	1,581,462		1,668,910		439,300			3,689,672
Industrials		—		—		171,453			171,453
Utilities		—		—		372,878			372,878
Convertible Preferred Stocks		—		991,832		—			991,832
Preferred Stocks:
Financials		162,019		—		—			162,019
Industrials		—		—		208,868			208,868

Total Long-Term Investments		1,743,481		644,674,855		9,251,884			655,670,220

Short-Term Investments†		4,547,990		—		—			4,547,990

Total Investments	$	6,291,471	$	644,674,855	$	9,251,884		$	660,218,210

Other Financial Instruments:
Forward Foreign Currency Contracts		—		15,260		—			15,260

Total	$	6,291,471	$	644,690,115	$	9,251,884		$	660,233,470

Notes to Schedule of Investments (unaudited) (continued)


LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts	$	269,572		—		—	$	269,572
Forward Foreign Currency Contracts		—	$	27,920		—		27,920

Total	$	269,572	$	27,920		—	$	297,492

†	See Schedule of Investments for additional detailed categorizations.

*	Amount represents less than $1.

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


	CORPORATE BONDS & NOTES
INVESTMENTS IN SECURITIES	CONSUMER DISCRETIONARY			ENERGY			HEALTH CARE		MATERIALS
Balance as of May 31, 2017	$	1,153,174		$	157,487			—	$	0	*
Accrued premiums/discounts		22,589			—		$	3,799		—
Realized gain (loss)		—			(790,988	)		—		—
Change in unrealized appreciation (depreciation)¹		(22,589	)		874,263			178,113		—
Purchases		109,087			—			3,430,350		—
Sales		(256,539	)		(240,762	)		—		—
Transfers into Level 3		—			—			—		—
Transfers out Level 3		—			—			—		—

Balance as of February 28, 2018	$	1,005,722		$	0	*	$	3,612,262	$	0	*

Net change in unrealized appreciation (depreciation) for investments in securities still held at February 28, 2018¹	$	(22,589	)		—		$	178,113		—


	SENIOR LOANS
INVESTMENTS IN SECURITIES (cont’d)	CONSUMER DISCRETIONARY			ENERGY			HEALTH CARE
Balance as of May 31, 2017	$	918,301		$	334,385		$	933,240
Accrued premiums/discounts		7,903			1,215			285
Realized gain (loss)		(2,756	)		5,041			5,387
Change in unrealized appreciation (depreciation)¹		(72,654	)		(4,576	)		(14,912	)
Purchases		1,707,576			7,057			—
Sales		(608,825	)		(343,122	)		(924,000	)
Transfers into Level 3²		—			265,550			—
Transfers out Level 3		—			—			—

Balance as of February 28, 2018	$	1,949,545		$	265,550			—

Net change in unrealized appreciation (depreciation) for investments in securities still held at February 28, 2018¹	$	(72,654	)		—			—


	COMMON STOCKS
INVESTMENTS IN SECURITIES (cont’d)	CONSUMER DISCRETIONARY		ENERGY			HEALTH CARE			INDUSTRIALS		MATERIALS
Balance as of May 31, 2017	$	481,366	$	1,322,951		$	153,000		$	128,807	$	0	*
Accrued premiums/discounts		—		—			—			—		—
Realized gain (loss)		—		—			55,795			—		(230,080	)
Change in unrealized appreciation (depreciation)¹		744,940		(140,859	)		(55,439	)		42,646		230,080
Purchases		—		—			—			—		—
Sales		—					(153,356	)		—		—
Transfers into Level 3		—		—			—			—		—
Transfers out Level 3³		—		(742,792	)		—			—		—

Balance as of February 28, 2018	$	1,226,306	$	439,300			—		$	171,453		—

Net change in unrealized appreciation (depreciation) for investments in securities still held at February 28, 2018¹	$	744,940	$	(69,806	)		—		$	42,646		—

Notes to Schedule of Investments (unaudited) (continued)


	COMMON STOCK			CONVERTIBLE PREFERRED STOCKS			PREFERRED STOCKS
INVESTMENTS IN SECURITIES (cont’d)	UTILITIES			ENERGY			INDUSTRIALS		TOTAL
Balance as of May 31, 2017		—		$	1,134,544		$	193,409	$	6,910,664
Accrued premiums/discounts		—			—			—		35,791
Realized gain (loss)		—			—			—		(957,601	)
Change in unrealized appreciation (depreciation)¹	$	(109,579	)		(142,712	)		—		1,506,722
Purchases		482,457			—			15,459		5,751,986
Sales		—			—			—		(2,526,604	)
Transfers into Level 3²		—			—			—		265,550
Transfers out Level 3³		—			(991,832	)		—		(1,734,624	)

Balance as of February 28, 2018	$	372,878			—		$	208,868	$	9,251,884

Net change in unrealized appreciation (depreciation) for investments in securities still held at February 28, 2018¹	$	(109,579	)		—			—	$	691,071

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

*	Amount represents less than $1.

¹	Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

²	Transferred into Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.

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

2. Restricted securities

The following Fund investments are restricted as to resale.


Security	Number of Shares/ Face Amount		Acquisition Date		Cost		Value at 2/28/2018			Value per Share/Unit		Percent of Net Assets
Berry Petroleum Co., Convertible Preferred Stock		1,264		2/17	$	12,640	$	14,641		$	11.58		0.00	%
BioScrip Inc., First Lien Notes, 8.224%, due 6/30/22	$	3,465,000		6/17		3,434,150		3,612,262	^(a)		104.25		0.73	%

					$	3,446,790	$	3,626,903					0.73	%

^(a)	Security is valued in good faith in accordance with procedures approved by the Board of Directors.

ITEM 2.

CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 3.

EXHIBITS.

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

SIGNATURES

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

Western Asset Global High Income Fund Inc.


By		/s/ JANE TRUST
		Jane Trust
		Chief Executive Officer

Date:		April 24, 2018

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



By		/s/ JANE TRUST
		Jane Trust
		Chief Executive Officer

Date:		April 24, 2018

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

Date:		April 24, 2018