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
|
|
|
|
|
Western
Asset High Income Fund Inc.
|
|
(Exact name of registrant as specified in charter)
|
|
|
|
55 Water Street, New York, NY
|
|
10041
|
|
(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:
|
(888) 777-0102
|
|
|
|
|
Date of
fiscal year end:
|
December 31
|
|
|
|
|
|
|
Date of
reporting period:
|
March 31,
2010
|
|
|
|
|
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|
|
|
|
ITEM 1.
SCHEDULE
OF INVESTMENTS
WESTERN
ASSET HIGH INCOME FUND INC.
FORM N-Q
MARCH 31, 2010
Schedule
of investments
(unaudited)
March 31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT
†
|
|
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
|
|
|
Sotheby’s, 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
|
|
|
Harrah’s Operating Co. Inc., Senior Bonds
|
|
5.625%
|
|
6/1/15
|
|
130,000
|
|
86,125
|
|
|
Harrah’s Operating Co. Inc., Senior Notes
|
|
10.750%
|
|
2/1/16
|
|
229,000
|
|
191,787
|
|
|
Harrah’s Operating Co. Inc., Senior Secured Notes
|
|
10.000%
|
|
12/15/15
|
|
86,000
|
|
76,755
|
|
|
Harrah’s 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)
|
|
Landry’s 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.
1
Schedule
of investments
(unaudited)
(cont’d)
March 31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT
†
|
|
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.
2
Schedule
of investments
(unaudited)
(cont’d)
March 31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT
†
|
|
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.
3
Schedule
of investments
(unaudited)
(cont’d)
March 31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT
†
|
|
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.
4
Schedule
of investments
(unaudited)
(cont’d)
March 31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT
†
|
|
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.
5
Schedule
of investments (unaudited) (cont’d)
March
31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT †
|
|
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.
6
Schedule
of investments (unaudited) (cont’d)
March
31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT †
|
|
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.
7
Schedule
of investments (unaudited) (cont’d)
March
31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT †
|
|
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.
8
Schedule
of investments (unaudited) (cont’d)
March
31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT †
|
|
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.
9
Schedule
of investments (unaudited) (cont’d)
March
31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
RATE
|
|
MATURITY
DATE
|
|
FACE
AMOUNT †
|
|
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.
10
Schedule
of investments (unaudited) (cont’d)
March
31, 2010
WESTERN
ASSET HIGH INCOME FUND INC.
|
SECURITY
|
|
|
|
EXPIRATION
DATE
|
|
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
DATE
|
|
FACE
AMOUNT
|
|
|
|
|
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.
11
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 Fund’s 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 Fund’s investments, and requires additional disclosure
about fair value. The hierarchy of inputs is summarized 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 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 Fund’s assets carried
at fair value:
|
DESCRIPTION
|
|
QUOTED
PRICES
(LEVEL 1)
|
|
OTHER
SIGNIFICANT
OBSERVABLE
INPUTS
(LEVEL 2)
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)
|
|
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.
12
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 fund’s holding period. When
entering into repurchase agreements, it is the Fund’s policy that its custodian
or a third party custodian, acting on the Fund’s 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.
(c) Loan
Participations.
The Fund may invest in loans
arranged through private negotiation between one or more financial
institutions. The Fund’s investment in any such loan may be in the form of a
participation in or an assignment of the loan. In connection with purchasing
participations, the Fund generally will have no right to enforce compliance by
the borrower with the terms of the loan agreement related to the loan, or any
rights of off-set against the borrower and the Fund may not benefit directly
from any collateral supporting the loan in which it has purchased the
participation.
13
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.
(f) Foreign Currency
Translation.
Investment securities and other
assets and liabilities denominated in foreign currencies are translated into
U.S. dollar amounts based upon prevailing exchange rates on the date of
valuation. Purchases and sales of
investment securities and income and expense items denominated in foreign
currencies are translated into U.S. dollar amounts based upon prevailing
exchange rates on the respective dates of such transactions.
Foreign security and currency transactions may involve
certain considerations and risks not typically associated with those of U.S.
dollar denominated transactions as a result of, among other factors, the
possibility of lower levels of governmental supervision and regulation of
foreign securities markets and the possibility of political or economic
instability.
(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 Fund’s investment in
securities rated below investment grade typically involve risks not associated
with higher rated securities including, among others, greater risk related to
timely and ultimate payment of interest and principal, greater market price
volatility and less liquid secondary market trading. The consequences of
political, social, economic or diplomatic changes may have disruptive effects
on the market prices of investments held by the Fund. The Fund’s investment in
non-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
|
|
14
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
Currency
|
|
Market
Value
|
|
Settlement
Date
|
|
Unrealized
Gain
|
|
|
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 entity’s derivative and hedging activities.
The
following is a summary of the Fund’s derivative instruments categorized by risk
exposure at March 31, 2010.
|
|
|
|
Futures
Contracts
|
|
|
Forward
Foreign Currency
Contracts
|
|
|
|
|
|
Primary
Underlying
Risk Disclosure
|
|
|
Unrealized
Appreciation
|
|
|
Unrealized
Depreciation
|
|
|
Unrealized
Appreciation
|
|
|
Unrealized
Depreciation
|
|
|
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 Fund’s net assets and or percentage decrease in the Fund’s Net
Asset Value or NAV. The contingent features are established within the Fund’s
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.
15
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 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
|
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