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
Salomon Brothers Global High Income Fund Inc.
(Exact name of registrant as specified in charter)
125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Smith Barney Fund Management LLC
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-451-2010
Date of fiscal year end: May 31
Date of reporting period: August 31, 2004
| ITEM 1. | SCHEDULE OF INVESTMENTS |
SALOMON BROTHERS
GLOBAL HIGH INCOME FUND INC.
FORM N-Q
AUGUST 31, 2004
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) | August 31, 2004 |
| FACE AMOUNT |
SECURITY(a) |
VALUE | |||
| U.S. GOVERNMENT AGENCIES (b)(c) - 51.2% | |||||
| Federal Home Loan Mortgage Corporation (FHLMC): |
|||||
| $70,000,000 | 5.000%, 30 year |
$ | 69,431,250 | ||
| 30,000,000 | 5.500%, 30 year |
30,478,140 | |||
| 10,000,000 | 6.000%, 30 year |
10,309,380 | |||
| Federal National Mortgage Association (FNMA): |
|||||
| 40,000,000 | 4.500%, 30 year |
38,537,520 | |||
| 20,000,000 | 5.500%, 30 year |
20,312,500 | |||
| 60,000,000 | 6.000%, 30 year |
61,931,280 | |||
| TOTAL U.S. GOVERNMENT AGENCIES |
|||||
| (Cost - $224,700,000) |
231,000,070 | ||||
| CORPORATE BONDS - 35.5% | |||||
| Basic Industries - 7.7% | |||||
| 825,000 | AK Steel Corp., 7.875% due 2/15/09 |
800,250 | |||
| 650,000 | Anchor Glass Container Corp., Secured Notes, 11.000% due 2/15/13 |
744,250 | |||
| 375,000 | Appleton Papers Inc., Sr. Sub. Notes, 9.750% due 6/15/14(d) |
380,625 | |||
| 1,750,000 | Applied Extrusion Technologies, Inc., Series B, 10.750% due 7/1/11(e) |
1,067,500 | |||
| 600,000 | BCP Caylux Holdings Luxembourg SCA, Sr. Sub. Notes, 9.625% due 6/15/14(d) |
647,250 | |||
| 1,250,000 | Berry Plastics Corp., 10.750% due 7/15/12 |
1,406,250 | |||
| 300,000 | Borden US Finance Corp., Secured Notes, 9.000% due 7/15/14(d) |
310,500 | |||
| 800,000 | Bowater Inc., Debentures, 9.500% due 10/15/12 |
913,083 | |||
| 1,500,000 | Buckeye Technologies Inc., Sr. Sub. Notes, 8.000% due 10/15/10 |
1,488,750 | |||
| 750,000 | Equistar Chemicals L.P., Sr. Notes, 10.625% due 5/1/11 |
847,500 | |||
| 1,000,000 | Huntsman Advanced Materials LLC, Secured Notes, 11.000% due 7/15/10(d) |
1,145,000 | |||
| 1,250,000 | Huntsman International LLC, 10.125% due 7/1/09 |
1,293,750 | |||
| 1,400,000 | IMCO Recycling Inc., Secured Notes, 10.375% due 10/15/10 |
1,505,000 | |||
| 50,000 | ISP Holdings Inc., Secured Notes, Series B, 10.625% due 12/15/09 |
55,250 | |||
| 800,000 | Ispat Inland ULC, Secured Notes, 9.750% due 4/1/14(d) |
858,000 | |||
| 1,250,000 | JSG Funding PLC, Sr. Notes, 9.625% due 10/1/12 |
1,412,500 | |||
| 1,500,000 | Koppers Inc., 9.875% due 10/15/13 |
1,657,500 | |||
| 1,425,000 | Lyondell Chemical Co., Secured Notes, Series A, 9.625% due 5/1/07 |
1,530,094 | |||
| 1,000,000 | Millennium America Inc., 9.250% due 6/15/08 |
1,095,000 | |||
| 200,000 | Mueller Group, Inc., Sr. Sub. Notes, 10.000% due 5/1/12(d) |
216,500 | |||
| 450,000 | Mueller Holdings, Inc., Discount Notes, (zero coupon until 4/15/09, 14.750% thereafter), due 4/15/14(d) |
288,000 | |||
| 1,375,000 | New Market Corp., 8.875% due 5/1/10 |
1,481,562 | |||
| 1,450,000 | Plastipak Holdings Inc., 10.750% due 9/1/11 |
1,573,250 | |||
| 1,500,000 | Radnor Holdings Corp., Sr. Notes, 11.000% due 3/15/10 |
1,267,500 | |||
See Notes to Schedule of Investments.
1
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| FACE AMOUNT |
SECURITY(a) |
VALUE | |||
| Basic Industries - 7.7% (continued) | |||||
| $1,500,000 | Resolution Performance Products Inc., Sr. Sub. Notes, 13.500% due 11/15/10 | $ | 1,462,500 | ||
| 1,575,000 | Rhodia SA, Sr. Sub. Notes, 8.875% due 6/1/11 | 1,338,750 | |||
| Stone Container Corp., Sr. Notes: | |||||
| 950,000 | 9.750% due 2/1/11 |
1,068,750 | |||
| 1,000,000 | 8.375% due 7/1/12 |
1,105,000 | |||
| 25,000 | Stone Container Finance, 7.375% due 7/15/14 (d) | 25,938 | |||
| 1,400,000 | Tekni-Plex, Inc., Series B, 12.750% due 6/15/10 | 1,358,000 | |||
| Tembec Industries, Inc.: | |||||
| 400,000 | 8.625% due 6/30/09 |
419,000 | |||
| 1,150,000 | 8.500% due 2/1/11 |
1,216,125 | |||
| 1,375,000 | Westlake Chemical Corp., 8.750% due 7/15/11 | 1,536,562 | |||
| 1,150,000 | Wolverine Tube, Inc., 10.500% due 4/1/09 | 1,265,000 | |||
| 34,780,489 | |||||
| Consumer Cyclicals - 3.3% | |||||
| 2,000,000 | Buffets, Inc., Sr. Sub. Notes, 11.250% due 7/15/10 | 2,110,000 | |||
| 1,000,000 | Carrols Corp., 9.500% due 12/1/08 | 1,032,500 | |||
| 575,000 | Cinemark Inc., Sr. Discount Notes, (zero coupon until 3/15/09, 9.750% thereafter), due 3/15/14 | 398,906 | |||
| 1,725,000 | Cole National Group, Inc., Sr. Sub. Notes, 8.875% due 5/15/12 | 1,888,875 | |||
| 1,000,000 | Courtyard By Marriott II L.P., Sr. Notes, Series B, 10.750% due 2/1/08 | 1,015,000 | |||
| Eye Care Centers of America, Inc.: | |||||
| 2,000,000 | 5.350% due 5/1/08 (f) |
1,850,000 | |||
| 325,000 | 9.125% due 5/1/08 |
328,250 | |||
| 223,000 | FelCor Lodging L.P., 10.000% due 9/15/08 | 235,544 | |||
| 1,000,000 | John Q. Hammons Hotels L.P., 1st Mortgage, Series B, 8.875% due 5/15/12 | 1,117,500 | |||
| 75,000 | LCE Acquisition Corp., 9.000% due 8/1/14 (d) | 76,500 | |||
| 1,200,000 | Leslie’s Poolmart, Sr. Notes, Series B, 10.375% due 7/15/08 | 1,230,000 | |||
| Levi Strauss & Co., Sr. Notes: | |||||
| 750,000 | 11.625% due 1/15/08 |
780,000 | |||
| 625,000 | 12.250% due 12/15/12 |
651,563 | |||
| 1,000,000 | MeriStar Hospitality Operating Partnership, L.P., 10.500% due 6/15/09 | 1,086,250 | |||
| 500,000 | Prime Hospitality Corp., Sr. Sub. Notes, Series B, 8.375% due 5/1/12 | 577,500 | |||
| Six Flags, Inc., Sr. Notes: | |||||
| 250,000 | 9.750% due 4/15/13 |
233,750 | |||
| 200,000 | 9.625% due 6/1/14 |
186,500 | |||
| 14,798,638 | |||||
| Consumer Non-Cyclicals - 8.0% | |||||
| 925,000 | aaiPharma Inc., 11.500% due 4/1/10 | 645,187 | |||
| 874,800 | Ahold Lease U.S.A., Inc., Series A-1, 7.820% due 1/2/20 | 901,591 | |||
See Notes to Schedule of Investments.
2
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| FACE AMOUNT |
SECURITY(a) |
VALUE | |||
| Consumer Non-Cyclicals - 8.0% (continued) | |||||
| $2,800,000 | AKI, Inc., Sr. Notes, 10.500% due 7/1/08 |
$ | 2,894,500 | ||
| 1,100,000 | AmeriPath, Inc., 10.500% due 4/1/13 |
1,133,000 | |||
| 337,000 | Applica Inc., Sr. Sub. Notes, 10.000% due 7/31/08 |
333,630 | |||
| 725,000 | Athena Neurosciences Finance LLC, 7.250% due 2/21/08 |
725,000 | |||
| 650,000 | Caesars Entertainment Inc., Sr. Sub. Notes, 8.875% due 9/15/08 |
737,750 | |||
| 1,500,000 | Doane Pet Care Co., Sr. Sub. Notes, 9.750% due 5/15/07 |
1,406,250 | |||
| 1,400,000 | Elan Pharmaceutical Investments III, Series B, Secured Notes, 7.720% due 3/15/05 |
1,414,000 | |||
| 585,000 | Elizabeth Arden, Inc., Secured Notes, Series B, 11.750% due 2/1/11 |
687,375 | |||
| 750,000 | Extendicare Health Services, Inc., 9.500% due 7/1/10 |
841,875 | |||
| 700,000 | Genesis HealthCare Corp., Sr. Sub. Notes, 8.000% due 10/15/13 |
750,750 | |||
| 1,400,000 | Hines Nurseries, Inc., 10.250% due 10/1/11 |
1,477,000 | |||
| 2,500,000 | Home Interiors & Gifts, Inc., 10.125% due 6/1/08 |
2,162,500 | |||
| 275,000 | IASIS Healthcare Corp., Sr. Sub. Notes, 8.750% due 6/15/14(d) |
290,125 | |||
| 1,625,000 | Icon Health & Fitness, Inc., 11.250% due 4/1/12 |
1,779,375 | |||
| 1,375,000 | Inn of the Mountain Gods Resort & Casino, Sr. Notes, 12.000% due 11/15/10 |
1,560,625 | |||
| 425,000 | InSight Health Services Corp., Series B, 9.875% due 11/1/11 |
432,438 | |||
| 1,520,000 | Jafra Cosmetics International Inc., 10.750% due 5/15/11 |
1,744,200 | |||
| 500,000 | Jean Coutu Group Inc., Sr. Sub. Notes, 8.500% due 8/1/14(d) |
506,250 | |||
| 300,000 | Medical Device Manufacturing Inc., 10.000% due 7/15/12(d) |
318,000 | |||
| 1,600,000 | MGM MIRAGE, Sr. Notes, 6.750% due 9/1/12(d) |
1,640,000 | |||
| Pinnacle Entertainment, Inc.: |
|||||
| 800,000 | 8.750% due 10/1/13 |
828,000 | |||
| 1,000,000 | Sr. Sub. Notes, 8.250% due 3/15/12 |
1,010,000 | |||
| 1,000,000 | Psychiatric Solutions, Inc., Sr. Sub. Notes, 10.625% due 6/15/13 |
1,130,000 | |||
| 1,000,000 | Rite Aid Corp., Notes, 6.125% due 12/15/08 (d) |
970,000 | |||
| 525,000 | Sealy Mattress Co., Sr. Sub. Notes, 8.250% due 6/15/14(d) |
544,687 | |||
| 250,000 | Swift & Co., 10.125% due 10/1/09 |
276,875 | |||
| 536,000 | Tempur-Pedic Inc. & Tempur Production U.S.A. Inc., Sr. Sub. Notes, 10.250% due 8/15/10 |
605,680 | |||
| Tenet Healthcare Corp.: |
|||||
| 125,000 | Notes, 7.375% due 2/1/13 |
116,250 | |||
| Sr. Notes.: |
|||||
| 1,250,000 | 6.500% due 6/1/12 |
1,112,500 | |||
| 200,000 | 9.875% due 7/1/14(d) |
209,500 | |||
| 2,000,000 | Turning Stone Casino Resort Enterprise, Sr. Notes, 9.125% due 12/15/10(d) |
2,142,500 | |||
| 1,500,000 | United Industries Corp., Series D, 9.875% due 4/1/09 |
1,578,750 | |||
| 725,000 | Vanguard Health Systems, Inc., 9.750% due 8/1/11 |
844,625 | |||
| 475,000 | Venetian Casino Resort, LLC, 11.000% due 6/15/10 |
543,281 | |||
| 36,294,069 | |||||
See Notes to Schedule of Investments.
3
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| FACE AMOUNT |
SECURITY(a) |
VALUE | |||
| Energy - 3.4% | |||||
| $3,000,000 | Dynegy Holdings Inc., Secured Notes, 8.020% due 7/15/08 (d)(f) |
$ | 3,225,000 | ||
| El Paso Corp.: |
|||||
| 125,000 | Notes, 7.875% due 6/15/12 |
120,938 | |||
| Sr. Notes: |
|||||
| 2,050,000 | 7.375% due 12/15/12 |
1,927,000 | |||
| 100,000 | 7.750% due 1/15/32 |
85,375 | |||
| 812,000 | Magnum Hunter Resources, Inc., 9.600% due 3/15/12 |
919,590 | |||
| Petroleos Mexicanos: |
|||||
| 800,000 | 9.500% due 9/15/27 |
976,000 | |||
| 5,000,000 | Debentures, 8.625% due 12/1/23 |
5,650,000 | |||
| 275,000 | Swift Energy Co., Sr. Sub. Notes, 9.375% due 5/1/12 |
303,875 | |||
| The Williams Cos., Inc.: |
|||||
| 1,000,000 | Notes, 7.625% due 7/15/19 |
1,085,000 | |||
| 850,000 | Sr. Notes, 8.625% due 6/1/10 |
990,250 | |||
| 15,283,028 | |||||
| Housing Related - 0.4% | |||||
| 1,400,000 | Norcraft Cos. L.P., Sr. Sub. Notes, 9.000% due 11/1/11 (d) |
1,512,000 | |||
| 450,000 | THL Buildco Inc., Sr. Sub. Notes, 8.500% due 9/1/14 (d) |
471,375 | |||
| 1,983,375 | |||||
| Manufacturing - 2.3% | |||||
| 1,500,000 | Blount Inc., 13.000% due 8/1/09 |
1,606,875 | |||
| 550,000 | Case New Holland Inc., Sr. Notes, 9.250% due 8/1/11 (d) |
610,500 | |||
| 1,350,000 | Eagle-Picher Industries, Inc., Sr. Notes, 9.750% due 9/1/13 |
1,461,375 | |||
| 200,000 | General Binding Corp., 9.375% due 6/1/08 |
205,500 | |||
| 750,000 | Keystone Automotive Operations Inc., Sr. Sub. Notes, 9.750% due 11/1/13 |
811,875 | |||
| 1,500,000 | Kinetek, Inc., Sr. Notes, Series D, 10.750% due 11/15/06 |
1,387,500 | |||
| 1,250,000 | Sequa Corp., Sr. Notes, Series B, 8.875% due 4/1/08 |
1,353,125 | |||
| 892,000 | TRW Automotive Inc., Sr. Notes, 9.375% due 2/15/13 |
1,032,490 | |||
| Wesco Distribution Inc.: |
|||||
| 1,000,000 | 9.125% due 6/1/08 |
1,035,000 | |||
| 990,000 | Series B, 9.125% due 6/1/08 |
1,024,650 | |||
| 10,528,890 | |||||
| Media & Cable - 4.1% | |||||
| 1,825,000 | Cablevision Systems Corp., Sr. Notes, 5.670% due 4/1/09 (d)(f) |
1,879,750 | |||
| Charter Communications Holdings, LLC: |
|||||
| 2,500,000 | Sr. Discount Notes, (zero coupon until 5/15/06, 11.750% thereafter), due 5/15/11 |
1,600,000 | |||
| Sr. Notes: |
|||||
| 650,000 | 8.250% due 4/1/07 |
594,750 | |||
| 1,500,000 | 10.000% due 5/15/11 |
1,192,500 | |||
| 1,367,000 | Dex Media West LLC, Sr. Sub. Notes, Series B, 9.875% due 8/15/13 |
1,578,885 | |||
See Notes to Schedule of Investments.
4
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| FACE AMOUNT |
SECURITY(a) |
VALUE | |||
| Media & Cable - 4.1% (continued) | |||||
| $2,812,645 | Hollinger Participation Trust, Sr. Notes, Payment-in-Kind, 12.125% due 11/15/10(d) |
$ | 3,185,320 | ||
| 1,300,000 | Houghton Mifflin Co., Sr. Discount Notes, (zero coupon until 10/15/08, 11.500% thereafter), due 10/15/13 |
775,125 | |||
| 1,000,000 | Insight Midwest, L.P., Sr. Notes, 10.500% due 11/1/10 |
1,087,500 | |||
| 500,000 | Interep National Radio Sales, Inc., Series B, 10.000% due 7/1/08 |
393,125 | |||
| 1,000,000 | LodgeNet Entertainment Corp., Sr. Sub. Debentures, 9.500% due 6/15/13 |
1,097,500 | |||
| 525,000 | Mediacom Broadband LLC, 11.000% due 7/15/13 |
570,937 | |||
| 275,000 | Mediacom LLC, Sr. Notes, 9.500% due 1/15/13 |
270,875 | |||
| 850,000 | NextMedia Operating, Inc., 10.750% due 7/1/11 |
956,250 | |||
| 175,000 | NTL Cable PLC, Sr. Notes, 8.750% due 4/15/14(d) |
182,875 | |||
| 375,000 | PanAmSat Corp., 9.000% due 8/15/14(d) |
392,813 | |||
| 1,000,000 | R.H.Donnelley Finance Corp. I, 10.875% due 12/15/12 |
1,187,500 | |||
| 1,400,000 | Von Hoffmann Corp., 10.250% due 3/15/09 |
1,564,500 | |||
| 18,510,205 | |||||
| Services & Other - 0.9% | |||||
| 990,000 | Advanstar Communications Inc., Secured Notes, 9.220% due 8/15/08(f) |
1,028,362 | |||
| 225,000 | Allied Security Escrow Corp., Sr. Sub. Notes, 11.375% due 7/15/11(d) |
238,500 | |||
| 900,000 | Allied Waste North America, Inc., Sr. Notes, Series B, 7.375% due 4/15/14 |
878,625 | |||
| 700,000 | Cenveo Corp., Sr. Sub. Notes, 7.875 due 12/1/13 |
670,250 | |||
| 1,375,000 | Muzak LLC, Sr. Notes, 10.000% due 2/15/09 |
1,230,625 | |||
| 4,046,362 | |||||
| Technology - 0.4% | |||||
| 400,000 | Amkor Technology, Inc., Sr. Sub. Notes, 10.500% due 5/1/09 |
364,000 | |||
| 2,025,000 | Lucent Technologies Inc., Debentures, 6.450% due 3/15/29 |
1,599,750 | |||
| 1,963,750 | |||||
| Telecommunications - 2.5% | |||||
| Alamosa (Delaware), Inc.: |
|||||
| 679,000 | Zero coupon until 7/31/05, (12.000% thereafter), due 7/31/09 |
679,000 | |||
| 487,000 | 11.000% due 7/31/10 |
535,700 | |||
| 1,450,000 | American Tower Corp., Sr. Notes, 9.375% due 2/1/09 |
1,555,125 | |||
| Crown Castle International Corp., Sr. Notes: |
|||||
| 675,000 | 7.500% due 12/1/13 |
678,375 | |||
| 1,000,000 | Series B, 7.500% due 12/1/13 |
1,005,000 | |||
| 175,000 | Nextel Communications, Inc., Sr. Notes, 7.375% due 8/1/15 |
183,750 | |||
| Qwest Services Corp., Notes: |
|||||
| 1,000,000 | 14.000% due 12/15/10(d) |
1,167,500 | |||
| 1,750,000 | 14.500% due 12/15/14(d) |
2,086,875 | |||
| SBA Communications Corp.: |
|||||
| 275,000 | Sr. Discount Notes, (zero coupon until 12/15/07, 9.750% thereafter), due 12/15/11 |
215,875 | |||
See Notes to Schedule of Investments.
5
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| FACE AMOUNT |
SECURITY(a) |
VALUE | |||
| Telecommunications - 2.5% (continued) | |||||
| $1,500,000 | Sr. Notes, 10.250% due 2/1/09 |
$ | 1,586,250 | ||
| 1,125,000 | UbiquiTel Operating Co., (zero coupon until 4/15/05, 14.000% thereafter), due 4/15/10 |
1,158,750 | |||
| 300,000 | Western Wireless Corp., Sr. Notes, 9.250% due 7/15/13 |
309,750 | |||
| 11,161,950 | |||||
| Transportation - 0.3% | |||||
| Continental Airlines, Inc., Pass-Through Certificates: |
|||||
| 596,097 | Series 974C, 6.800% due 7/2/07 |
508,160 | |||
| 771,494 | Series 981C, 6.541% due 9/15/08 |
662,460 | |||
| 1,170,620 | |||||
| Utilities - 2.2% | |||||
| The AES Corp., Sr. Notes: |
|||||
| 525,000 | 9.375% due 9/15/10 |
586,687 | |||
| 875,000 | 7.750% due 3/1/14 |
885,938 | |||
| 1,000,000 | Allegheny Energy Supply Statutory Trust 2001, Secured Notes, 10.250% due 11/15/07 (d) |
1,105,000 | |||
| 2,450,000 | Calpine Corp., Secured Notes, 8.500% due 7/15/10 (d) |
1,935,500 | |||
| Edison Mission Energy, Sr. Notes: |
|||||
| 1,525,000 | 10.000% due 8/15/08 |
1,776,625 | |||
| 175,000 | 9.875% due 4/15/11 |
201,687 | |||
| 1,525,000 | NRG Energy Inc., Secured Notes, 8.000% due 12/15/13 (d) |
1,608,875 | |||
| Reliant Energy, Inc., Secured Notes: |
|||||
| 25,000 | 9.250% due 7/15/10 |
27,500 | |||
| 1,425,000 | 9.500% due 7/15/13 |
1,581,750 | |||
| 9,709,562 | |||||
| TOTAL CORPORATE BONDS |
|||||
| (Cost - $153,695,190) |
160,230,938 | ||||
| FACE AMOUNT(g) |
|||||
| SOVEREIGN BONDS - 48.9% | |||||
| Argentina - 0.8% | |||||
| Republic of Argentina: |
|||||
| 1,100,000 | Discount Bond, Series L-GL, 2.4375% due 3/31/23 (e)(f) |
563,062 | |||
| 5,475,000 | Series L-GP, 6.000% due 3/31/23 (e) |
2,819,625 | |||
| 3,382,687 | |||||
| Brazil - 9.2% | |||||
| Federal Republic of Brazil: |
|||||
| 16,350,000 | 7.336% due 6/29/09 (f) |
17,576,250 | |||
| 1,150,000 | 11.000% due 8/17/40 |
1,231,075 | |||
See Notes to Schedule of Investments.
6
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| FACE AMOUNT(g) |
SECURITY(a) |
VALUE | ||||
| Brazil - 9.2% (continued) | ||||||
| $ 6,039,766 | C Bonds, 8.000% due 4/15/14 |
$ | 5,915,195 | |||
| DCB, Series L: |
||||||
| 9,129,341 | Bearer, 2.125% due 4/15/12 (f) |
8,250,642 | ||||
| 235,294 | Registered, 2.125% due 4/15/12 (f) |
212,794 | ||||
| 8,653,846 | FLIRB, Series L, 2.0625% due 4/15/09 (f) |
8,394,231 | ||||
| 41,580,187 | ||||||
| Bulgaria - 0.3% | ||||||
| 1,542,857 | Republic of Bulgaria, FLIRB, Series A, 2.750% due 7/28/12 (f) | 1,540,929 | ||||
| Colombia - 1.9% | ||||||
| Republic of Colombia: | ||||||
| 1,150,000 | 8.125% due 5/21/24 |
1,052,250 | ||||
| 6,800,000 | 10.375% due 1/28/33 |
7,446,000 | ||||
| 8,498,250 | ||||||
| Dominican Republic - 0.1% | ||||||
| 400,000 | Dominican Republic, 9.500% due 9/27/06 | 308,000 | ||||
| Ecuador - 2.0% | ||||||
| Republic of Ecuador: | ||||||
| 5,055,000 | 12.000% due 11/15/12 |
4,943,790 | ||||
| 5,380,000 | 8.000% due 8/15/30 (f) |
4,243,475 | ||||
| 9,187,265 | ||||||
| EL Salvador - 0.1% | ||||||
| 450,000 | Republic of El Salvador, 7.750% due 1/24/23 | 481,770 | ||||
| Finland - 2.3% | ||||||
| 7,500,000 | EUR | Republic of Finland, 5.750% due 2/23/11 | 10,256,548 | |||
| France - 2.4% | ||||||
| 8,900,000 | EUR | Republic of France, 3.500% due 1/12/08 | 11,042,401 | |||
| Germany - 7.8% | ||||||
| 2,100,000 | Aries Vermoegensverwaltungs GmbH, Russian Federation Sovereign Credit-Linked Notes, Series C, 9.600% due 10/25/14 (d) |
2,362,500 | ||||
| Republic of Germany: | ||||||
| 8,700,000 | EUR | 4.250% due 2/15/08 |
11,067,527 | |||
| 8,400,000 | EUR | 4.750% due 7/4/08 |
10,857,187 | |||
| 8,300,000 | EUR | 5.250% due 1/4/11 |
11,044,601 | |||
| 35,331,815 | ||||||
| Mexico - 4.7% | ||||||
| United Mexican States: | ||||||
| 12,690,000 | 6.375% due 1/16/13 |
13,356,225 | ||||
| 294,000 | 5.875% due 1/15/14 |
298,116 | ||||
| 1,100,000 | 6.625% due 3/3/15 |
1,161,050 | ||||
| 4,325,000 | 11.375% due 9/15/16 |
6,341,531 | ||||
| 21,156,922 | ||||||
See Notes to Schedule of Investments.
7
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| FACE AMOUNT(g) |
SECURITY(a) |
VALUE | ||||
| The Netherlands - 2.4% | ||||||
| 8,100,000 | EUR | Republic of Netherlands, 5.000% due 7/15/11 |
$ | 10,634,977 | ||
| Panama - 1.4% | ||||||
| 6,377,599 | Republic of Panama, IRB, 2.750% due 7/17/14 (f) |
6,154,383 | ||||
| Peru - 1.2% | ||||||
| 6,100,000 | Republic of Peru, FLIRB, 4.500% due 3/7/17 (f) |
5,307,000 | ||||
| The Philippines - 1.6% | ||||||
| Republic of The Philippines: |
||||||
| 1,475,000 | 9.000% due 2/15/13 |
1,525,666 | ||||
| 3,500,000 | 9.375% due 1/18/17 |
3,703,350 | ||||
| 2,000,000 | 10.625% due 3/16/25 |
2,212,500 | ||||
| 7,441,516 | ||||||
| Russia - 7.1% | ||||||
| Russian Federation: |
||||||
| 225,000 | 11.000% due 7/24/18 |
294,750 | ||||
| 9,750,000 | 12.750% due 6/24/28 |
14,820,000 | ||||
| 17,825,000 | 5.000% due 3/31/30 (f) |
17,089,719 | ||||
| 32,204,469 | ||||||
| South Africa - 0.6% | ||||||
| Republic of South Africa: |
||||||
| 575,000 | 9.125% due 5/19/09 |
686,047 | ||||
| 1,700,000 | 6.500% due 6/2/14 |
1,797,750 | ||||
| 2,483,797 | ||||||
| Turkey - 1.8% | ||||||
| Republic of Turkey: |
||||||
| 475,000 | 11.750% 6/15/10 |
586,625 | ||||
| 4,725,000 | 11.500% due 1/23/12 |
5,835,375 | ||||
| 1,170,000 | 11.875% due 1/15/30 |
1,591,200 | ||||
| 8,013,200 | ||||||
| Venezuela - 1.2% | ||||||
| Republic of Venezuela: |
||||||
| 4,270,000 | 5.375% due 8/7/10 |
3,743,723 | ||||
| 1,650,000 | 9.250% due 9/15/27 |
1,540,688 | ||||
| 350,000 | 9.375% due 1/13/34 |
322,700 | ||||
| 5,607,111 | ||||||
| TOTAL SOVEREIGN BONDS |
||||||
| (Cost - $214,140,646) |
220,613,227 | |||||
| LOAN PARTICIPATIONS (f)(h) - 0.9% | ||||||
| 4,238,410 | Kingdom of Morocco, Tranche A, 2.78125% due 1/5/09 (UBS Financial Services, Inc.) (Cost - $4,126,150) |
4,174,834 | ||||
See Notes to Schedule of Investments.
8
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| FACE AMOUNT |
SECURITY(a) |
VALUE | |||
| ASSET-BACKED SECURITIES - 2.8% | |||||
| $ 1,407,123 | AQ Finance Net Interest Margin Trust, Series 2004 - RN5, Class A, 5.193% due 6/25/34 (d) |
$ | 1,409,237 | ||
| Bear Stearns, Asset Backed Securities, Net Interest Margin Trust: |
|||||
| Series 2004 - HE5N: |
|||||
| 1,748,002 | Class A1, 5.000% due 6/25/34 (d) |
1,740,660 | |||
| 158,000 | Class A2, 5.000% due 7/25/34 (d) |
156,847 | |||
| 942,574 | Series 2004 - HE6N, Class A1, 5.250% due 7/25/34 (d) |
940,501 | |||
| 1,885,485 | Countrywide Asset-Backed Certificates, Series 2004 - 5N, 5.500% due 10/25/35 (d) |
1,886,239 | |||
| 1,323,120 | Finance America Net Interest Margin Trust, Series 2004 - 1, Class N1, 5.250% due 6/27/34 (d) |
1,323,533 | |||
| 1,187,398 | First Consumers Master Trust, Series 2001-A, Class A, 1.910% due 9/15/08 (f) |
1,152,683 | |||
| 1,721,318 | Novastar Net Interest Margin Trust, Series 2004 - N2, 4.458% due 6/26/34 (d) |
1,721,318 | |||
| Sail Net Interest Margin Notes, Class A: |
|||||
| 398,674 | Series 2003-6A, 7.000% due 7/27/33 (d) |
398,837 | |||
| 425,283 | Series 2003-7A, 7.000% due 7/27/33 (d) |
425,431 | |||
| 1,500,000 | Structured Asset Investment Loan Trust, Series 2003 - BC10, Class M2, 3.465% due 10/25/33 (f) |
1,525,580 | |||
| TOTAL ASSET-BACKED SECURITIES |
|||||
| (Cost - $12,683,324) |
12,680,866 | ||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 1.7% | |||||
| Fannie Mae Strip: |
|||||
| 15,011,243 | Series 329, Class 2, 5.500% due 1/1/33 - Interest Only |
3,370,182 | |||
| 18,358,038 | Series 338, Class 2, 5.500% due 6/1/33 - Interest Only |
4,260,941 | |||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS |
|||||
| (Cost - $8,018,051) |
7,631,123 | ||||
| SHARES | |||||
| PREFERRED STOCK - 0.2% | |||||
| 1,394 | Alamosa Holdings, Inc., Series B, 7.500% due 7/31/13 (Cost - $431,471) |
875,084 | |||
| WARRANTS | |||||
| WARRANTS (i) - 0.0% | |||||
| 450 | Mueller Holdings, Inc., (Exercise price of $0.01 per share expiring on 4/15/14, each warrant exercisable for 109.820 shares of common stock.) (Cost - $0) |
27,000 | |||
See Notes to Schedule of Investments.
9
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| FACE AMOUNT |
SECURITY(a) |
VALUE |
||||
| REPURCHASE AGREEMENTS - 30.0% | ||||||
| $25,000,000 | Deutsche Bank Securities Inc. dated 8/31/04, 1.570% due 9/1/04; Proceeds at maturity - $25,001,090; (Fully collateralized by various U.S. Government Agency Obligations, 0.000% to 6.750% due 9/9/04 to 3/15/31; Market value - $25,500,005) |
$ | 25,000,000 | |||
| 35,032,000 | Goldman Sachs Group Inc. dated 8/31/04, 1.570% due 9/1/04; Proceeds at maturity - $35,033,538; (Fully collateralized by various U.S. Government Agency Obligations, 0.000% to 12.750% due 10/21/04 to 2/15/25; Market Value - $35,732,642) |
35,032,000 | ||||
| 25,000,000 | Merrill Lynch Government Securities Inc. dated 8/31/04, 1.570% due 9/1/04; Proceeds at maturity - $25,001,090; (Fully collateralized by various U.S. Government Agency Obligations, 0.000% to 2.500% due 11/17/04 to 2/24/06; Market value - $25,500,011) |
25,000,000 | ||||
| 25,000,000 | Morgan Stanley dated 8/31/04, 1.570% due 9/1/04; Proceeds at maturity - $25,001,090; (Fully collateralized by various U.S. Government Agency Obligations, 0.000% to 6.450% due 5/4/05 to 8/14/23; Market value - $25,754,149) |
25,000,000 | ||||
| 25,000,000 | UBS Securities LLC dated 8/31/04, 1.580% due 9/1/04; Proceeds at maturity - $25,001,097; (Fully collateralized by various U.S. Government Agency Obligations, 0.000% to 9.800% due 10/22/04 to 3/1/26; Market Value - $25,500,074) |
25,000,000 | ||||
| TOTAL REPURCHASE AGREEMENTS |
||||||
| (Cost - $135,032,000) |
135,032,000 | |||||
| TOTAL INVESTMENTS - 171.2% (Cost - $752,826,832*) | 772,265,142 | |||||
| Liabilities in Excess of Other Assets - (71.2%) |
(321,165,980 | ) | ||||
| TOTAL NET ASSETS - 100.0% |
$ | 451,099,162 | ||||
| (a) | All securities segregated as collateral pursuant to revolving credit facility, forward foreign currency contracts or “to-be-announced” securities. |
| (b) | Security acquired under mortgage dollar roll agreement. |
| (c) | Security is traded on a “to-be-announced” basis. |
| (d) | 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. These securities have been deemed liquid pursuant to guidelines approved by the Board of Directors. |
| (e) | Security is currently in default. |
| (f) | Rate shown reflects current rate on instrument with variable rate or step coupon rates. |
| (g) | Face amount denominated in U.S. dollars unless otherwise indicated |
| (h) | Participation interests were acquired through the financial institutions indicated parenthetically. |
| (i) | Non-income producing security. |
| * | Aggregate cost for Federal income tax purposes is substantially the same. |
See Notes Schedule of Investments.
10
SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC.
| Schedule of Investments (unaudited) (continued) | August 31, 2004 |
| Abbreviations used in this schedule: | ||||
| C Bond |
- | Capitalization Bond. | ||
| DCB |
- | Debt Conversion Bond. | ||
| EUR |
- | Euro. | ||
| FLIRB |
- | Front Loaded Interest Reduction Bond. | ||
| IRB |
- | Interest Reduction Bond. | ||
| NMB |
- | New Money Bond. | ||
| PDI |
- | Past Due Interest. | ||
See Notes Schedule of Investments.
11
Notes to Schedule of Investments (unaudited)
Note 1. Organization and Significant Accounting Policies
Salomon Brothers Global High Income Fund Inc. (“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 following is a summary of significant accounting policies consistently followed by the Fund and is in conformity with U.S. generally accepted accounting principles (“GAAP”):
(a) Investment Valuation. In valuing the Fund’s assets, all securities for which market quotations are readily available are valued (i) at the last sale price prior to the time of determination if there were a sale on the date of determination, (ii) at the mean between the last current bid and asked prices if there were no sales on such date and bid and asked quotations are available, and (iii) at the bid price if there were no sales price on such date and only bid quotations are available. 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 current bid and asked price as of the close of business of that market. However, when the spread between bid and asked price exceeds five percent of the par value of the security, the security is valued at the bid price. Securities may also be valued by independent pricing services which use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately 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 (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the fund’s Board. Short-term investments having maturity of 60 days or less are valued at amortized cost which approximates market value. Securities for which reliable quotations are not readily available and all other securities and assets are valued at fair value as determined in good faith by, or under procedures established by, the Board of Directors.
(b) Repurchase Agreements. When entering into repurchase agreements, it is the Fund’s policy that the custodian take possession of the underlying collateral securities, the value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines 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) Reverse Repurchase Agreements. The Fund may enter into reverse repurchase agreements in which the Fund sells portfolio securities and agrees to repurchase them from the buyer at a particular date and price. Whenever the Fund enters into a reverse repurchase agreement, the custodian delivers liquid assets in an amount at least equal to the repurchase price marked-to-market daily (including accrued interest), and subsequently monitors the account to ensure that such equivalent value is maintained. The Fund pays interest on amounts obtained pursuant to reverse repurchase agreements. Reverse repurchase agreements are considered to be borrowings by the Fund. Reverse repurchase agreements involve leverage risk and the risk that the market value of securities retained by the Fund may decline below the repurchase price of the securities sold by the Fund which it is obligated to repurchase.
(d) Futures Contracts. The Fund may from time to time enter into futures contracts. Securities or cash equal to the initial margin amount are either deposited with the broker or segregated by the custodian upon entering the futures contract. Additional securities are also segregated up to
12
Notes to Schedule of Investments (unaudited) (continued)
the current market value of the futures contracts. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are received or made and recognized as assets due from or liabilities due to broker, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. The Fund enters into such contracts typically to hedge a portion of their portfolios. The Fund bears the market risk that arises from changes in the value of the financial instruments and securities indices.
(e) Forward Foreign Currency Contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on 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 extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records 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 was extinguished or offset. The Fund bears the market risk that arises from changes in foreign currency exchange rates and the credit risk should a counterparty fail to meet the terms of such contracts.
(f) Mortgage Dollar Rolls. The Fund enters into dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by a fee paid by the counterparty. Dollar rolls are accounted for as financing arrangements; the fee is accrued into interest income ratably over the term of the dollar roll and any gain or loss on the roll is deferred and realized upon disposition of the rolled security. Dollar roll transactions involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price of the similar securities.
(g) Securities Traded on a To-Be-Announced Basis. The Fund may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, the Fund commits to purchasing or selling securities for which specific information is not yet known at the time of the trade, particularly the face amount and maturity date in Government National Mortgage Association (“GNMA”) transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.
(h) Loan Participations. The Fund invests in fixed and floating rate loans arranged through private negotiations between a foreign sovereign entity and 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 relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any
13
Notes to Schedule of Investments (unaudited) (continued)
collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. 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 set-off between the lender and the borrower.
(i) Foreign Currency Translation. The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation on investments and foreign currency translation arise from changes in the value of assets and liabilities, including investments in securities at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held. Differences between income and expense amounts recorded and collected or paid are adjusted when reported by the custodian bank.
Note 2. Investments
At August 31, 2004, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially as follows:
| Gross unrealized appreciation |
$ | 24,573,435 | ||
| Gross unrealized depreciation |
(5,135,125 | ) | ||
| Net unrealized appreciation |
$ | 19,438,310 | ||
At August 31, 2004, the Fund had the following open futures contracts:
| # of Contracts |
Expiration Date |
Basis Value |
Market Value |
Unrealized Loss |
||||||||||
| Contracts to Sell |
||||||||||||||
| U.S. Treasury 5 Year Note |
634 | 12/04 | $ | 69,866,483 | $ | 70,165,969 | $ | (299,486 | ) | |||||
| U.S. Treasury 10 Year Note |
1,333 | 12/04 | 148,072,719 | 149,712,562 | (1,639,843 | ) | ||||||||
| $ | (1,939,329 | ) | ||||||||||||
14
Notes to Schedule of Investments (unaudited) (continued)
At August 31, 2004, the Fund had open forward foreign currency contracts as described below. The unrealized loss on the contracts reflected in the accompanying financial statements were as follows:
| Foreign Currency |
Local Currency |
Market Value |
Settlement Date |
Unrealized Gain | ||||||
| Contracts to Buy: |
||||||||||
| Euro |
1,000,000 | $ | 1,217,378 | 11/24/04 | $ | 3,478 | ||||
| Contracts to Sell: |
||||||||||
| Euro |
54,162,531 | 65,936,290 | 11/24/04 | 429,051 | ||||||
| $ | 432,529 | |||||||||
The average monthly balance of mortgage dollar rolls outstanding during the three months ended August 31, 2004 was $220,515,749. At August 31, 2004, the Fund had outstanding mortgage dollar rolls with a total cost of $224,700,000. Counterparties with mortgage dollar rolls outstanding in excess of 10% of total net assets at August 31, 2004 included J.P. Morgan Chase & Co. ($66,360,226), Bear Stearns ($63,023,472) and Merrill Lynch Government Securities Inc. ($59,704,931).
At August 31, 2004, the Fund held TBA securities with a total coat of $224,700,000.
At August 31, 2004, the Fund held loan participations with a total cost of $4,126,150 and a total market value of $4,174,834.
Note 3. Credit Risk
The yields of emerging markets debt obligations and high-yield corporate debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, overall greater risk of 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.
Note 4. Foreign Securities
Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government.
15
Notes to Schedule of Investments (unaudited) (continued)
Note 5. Loan
At August 31, 2004, the Fund had outstanding a $100,000,000 loan pursuant to a revolving credit and security agreement with Three Pillars Funding Corp. and Citicorp North America Inc. (“CNA”), an affiliate of SBAM. In addition, CNA acts as administrative agent. The loans generally bear interest at a variable rate based on the weighted average interest rates of the underlying commercial paper or LIBOR, plus any applicable margin. 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.
16
| 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.
| Salomon Brothers Global High Income Fund Inc. | ||
| By |
/s/ R. Jay Gerken | |
| R. Jay Gerken | ||
| Chief Executive Officer | ||
Date October 28, 2004
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 October 28, 2004
| By |
/s/ Frances M. Guggino | |
| Frances M. Guggino Chief Financial Officer | ||
Date October 28, 2004