N-2 - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2025 |
Feb. 28, 2025 |
Nov. 30, 2024 |
Aug. 31, 2024 |
May 31, 2024 |
Feb. 29, 2024 |
Nov. 30, 2023 |
Aug. 31, 2023 |
May 31, 2025 |
May 31, 2024 |
[7] | May 31, 2023 |
[7] | May 31, 2022 |
[7] | May 31, 2021 |
[7] | May 31, 2020 |
[7] | May 31, 2019 |
[7] | May 31, 2018 |
May 31, 2017 |
May 31, 2016 |
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| Cover [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Central Index Key | 0001228509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amendment Flag | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Inv Company Type | N-2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Document Type | N-CSR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Registrant Name | Western Asset Global High Income Fund Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Document Period End Date | May 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fee Table [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholder Transaction Expenses [Table Text Block] |
Summary of Fund Expenses
(1)
Represents the estimated commission with respect to the Common Stock being sold in at-the-market offerings.
UBS Securities LLC will be entitled to compensation of up to 1.00% of the gross proceeds of the sale of any Common Stock under the Sales
Agreement, with the exact amount of such compensation to be mutually agreed upon in writing by the Fund and UBS Securities LLC from time
to time.
(2)
Costs incurred by the Fund in connection with the shelf offering are recorded as a prepaid expense.
These costs are amortized on a pro-rata basis as shares are sold and are presented as a reduction to the net proceeds from the sale of
shares. Any deferred charges remaining at the end of the life of the shelf offering period will be expensed.
(3)
Common Stockholders will pay brokerage charges if they direct the Plan Agent to sell shares of Common
Stock held in a dividend reinvestment account. There are no fees charged to stockholders for participating in the Fund’s dividend
reinvestment plan. However, stockholders participating in the Plan that elect to sell their shares obtained pursuant to the plan would
pay $5.00 per transaction to sell shares.
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| Sales Load [Percent] | [1] | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividend Reinvestment and Cash Purchase Fees | [2] | $ 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Transaction Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Transaction Expenses [Percent] | [3] | 0.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual Expenses [Table Text Block] |
Annual Operating Expenses
(4)
The Investment Manager receives an annual fee, payable monthly, in an amount equal to 0.85% of the Fund’s
average weekly “Managed Assets”. Managed Assets means net assets plus the amount of any borrowings (including loans from
certain financial institutions, the use of reverse repurchase agreements and/or the issuance of debt securities, collectively “Borrowings”).
For the purposes of this table, we have assumed that the Fund has utilized Borrowings in an aggregate amount of 32% of its Managed Assets,
which equals the average level of Borrowings for the Fund’s fiscal year ended May 31, 2025. If the Fund were to use Borrowings
in excess of 32%, the amount of management fees paid to the Investment Manager would be higher because the fees paid are calculated on
the Fund’s Managed Assets, which include assets purchased with Borrowings.
(5)
The Fund has utilized Borrowings in an aggregate amount of 32% of its Managed Assets, which equals the
average level of leverage for the Fund’s fiscal year ended May 31, 2025. The expenses and rates associated with leverage may vary.
(6)
“Other Expenses” are based on amounts incurred in the fiscal year ended May 31, 2025.
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| Management Fees [Percent] | [4] | 1.24% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expenses on Borrowings [Percent] | [5] | 2.61% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Annual Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Annual Expenses [Percent] | [6] | 0.29% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Annual Expenses [Percent] | 4.14% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expense Example [Table Text Block] |
Examples
An investor would pay the following
expenses on a $1,000 investment in the Fund, assuming a 5% annual return:
The above table
and example are intended to assist investors in understanding the various costs and expenses directly or indirectly associated with investing
in Shares of the Fund. The “Example” assumes that all dividends and other distributions are reinvested at net asset value
and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown. The
above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable
to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance
of the Fund’s Common Shares.
The example should
not be considered a representation of past or future expenses, and the Fund’s actual expenses may be greater than or less than
those shown. The Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
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| Expense Example, Year 01 | $ 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expense Example, Years 1 to 3 | 135 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expense Example, Years 1 to 5 | 220 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expense Example, Years 1 to 10 | $ 438 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purpose of Fee Table , Note [Text Block] |
The following additional information
is provided for the Fund as of the fiscal year ended May 31, 2025.
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| Basis of Transaction Fees, Note [Text Block] | as a percentage of offering price | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Transaction Fees, Note [Text Block] | Costs incurred by the Fund in connection with the shelf offering are recorded as a prepaid expense. These costs are amortized on a pro-rata basis as shares are sold and are presented as a reduction to the net proceeds from the sale of shares. Any deferred charges remaining at the end of the life of the shelf offering period will be expensed. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Expenses, Note [Text Block] | “Other Expenses” are based on amounts incurred in the fiscal year ended May 31, 2025. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Management Fee not based on Net Assets, Note [Text Block] | The Investment Manager receives an annual fee, payable monthly, in an amount equal to 0.85% of the Fund’s average weekly “Managed Assets”. Managed Assets means net assets plus the amount of any borrowings (including loans from certain financial institutions, the use of reverse repurchase agreements and/or the issuance of debt securities, collectively “Borrowings”). For the purposes of this table, we have assumed that the Fund has utilized Borrowings in an aggregate amount of 32% of its Managed Assets, which equals the average level of Borrowings for the Fund’s fiscal year ended May 31, 2025. If the Fund were to use Borrowings in excess of 32%, the amount of management fees paid to the Investment Manager would be higher because the fees paid are calculated on the Fund’s Managed Assets, which include assets purchased with Borrowings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Highlights [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Securities [Table Text Block] |
Senior Securities Table
The Fund engaged in senior securities
during the prior ten years as follows:
*
The Fund had open reverse repurchase agreements at May 31, 2025, 2024, 2023, 2022, 2021, 2020, and 2019.
(1)
Total amount of senior securities outstanding at the end of the period presented.
(2)
Asset coverage per $1,000 of indebtedness is the value of net assets plus the senior securities outstanding
at the end of the period divided by the senior securities outstanding at the end of the period.
(3)
Not applicable, as these senior securities were not registered for public trading.
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| Senior Securities, Note [Text Block] |
*
The Fund had open reverse repurchase agreements at May 31, 2025, 2024, 2023, 2022, 2021, 2020, and 2019.
(1)
Total amount of senior securities outstanding at the end of the period presented.
(2)
Asset coverage per $1,000 of indebtedness is the value of net assets plus the senior securities outstanding
at the end of the period divided by the senior securities outstanding at the end of the period.
(3)
Not applicable, as these senior securities were not registered for public trading.
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| Senior Securities Averaging Method, Note [Text Block] | Not applicable, as these senior securities were not registered for public trading. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Objectives and Practices [Text Block] |
Investment
Objectives
The Fund’s primary investment
objective is high current income and secondary investment objective is total return. Principal Investment
Policies and Strategies Under normal market conditions, the
Fund will invest at least 10% and up to 80% of its total assets in (i) below investment grade (high yield) fixed income (debt) securities
issued by corporate issuers. Under normal market conditions, the
Fund will invest at least 10% and up to 80% of its assets in emerging market fixed income securities. Under normal market conditions, the
Fund will invest at least 10% and up to 80% of its assets in investment grade fixed income securities. The Fund usually will attempt to maintain
a portfolio with a weighted average credit quality rated at least B3 by Moody’s or B- by S&P or an equivalent rating from any
nationally recognized statistical rating organization. If a security is rated by multiple nationally recognized statistical rating
organizations (“NRSROs”) and receives different ratings, the Fund will treat the security as being rated in the lowest rating
category received from an NRSRO. For temporary defensive purposes and
in order to keep the Fund’s cash fully invested, the Fund may deviate from its investment objectives and policies and invest some
or all of its assets in investments of non-corporate issuers, including high-quality, short-term debt securities. In addition, in anticipation
of or in response to adverse market conditions, for cash management purposes, or for defensive purposes, the Fund may invest up to 100%
of its assets in U.S. government securities, certificates of deposit, repurchase agreements, or short term commercial paper. The
Fund may also invest in money market funds, including funds affiliated with the Fund’s manager and subadvisers. As a temporary defensive strategy, the
Fund may employ alternative strategies, including investment of all of the Fund’s assets in securities rated investment grade by
any nationally recognized statistical rating organization, or in unrated securities of comparable quality. The Fund may invest up to 20% of its
managed assets in all types of equity securities, including common stocks traded on an exchange or in the over the counter market, preferred
stocks, warrants, rights, convertible securities, depositary receipts, trust certificates, limited partnership interests, shares of other
investment companies and REITs. The Fund has no specific policy with
regard to turnover. The Fund may invest up to 15% of its
managed assets in illiquid securities. The Fund may invest
up to 10% of its total assets in any combination of publicly or privately traded mortgage REITs and hybrid REITs.
The Fund may invest in zero coupon securities,
pay-in-kind bonds and deferred payment securities. The Fund may invest in certain bank
obligations, including certificates of deposit, bankers’ acceptances, and fixed time deposits. The Fund may invest in collateralized
debt obligations, collateralized bond obligations and collateralized loan obligations. The average portfolio duration of the
Fund will normally be within one to seven years based on the Investment Manager’s forecast for interest rates. Duration is a measure
of the expected life of a debt security that is used to determine the sensitivity of a security’s price to changes in interest
rates. The Fund may not purchase or sell commodities
or commodities contracts or oil, gas or mineral programs, but may purchase, sell, or enter into futures contracts, options on futures
contracts, forward contracts, or interest rate, securities-related or other hedging instruments, including swap agreements and other derivative
instruments. |
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| Risk Factors [Table Text Block] |
Principal Risk Factors
There is no assurance that the Fund
will meet its investment objectives. You may lose money on your investment in the Fund. The value of the Fund’s shares may go up
or down, sometimes rapidly and unpredictably. Market conditions, financial conditions of issuers represented in the Fund’s portfolio,
investment strategies, portfolio management, and other factors affect the volatility of the Fund’s shares. An investment in the
Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.
The following section includes a summary
of the principal risks of investing in the Fund.
Fixed Income Securities
Risk. In addition to the risks described elsewhere in this
section with respect to valuations and liquidity, fixed income securities, including high-yield securities, are also subject to certain
risks, including:
• Issuer
Risk. The value of fixed income securities may decline for
a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the
issuer’s goods and services.
• Interest
Rate Risk. The market price of the Fund’s investments
will change in response to changes in interest rates and other factors. During periods of declining interest rates, the market price of
fixed income securities generally rises. Conversely, during periods of rising interest rates, the market price of such securities generally
declines. The
magnitude
of these fluctuations in the market price of fixed income securities is generally greater for securities with longer maturities. Fluctuations
in the market price of the Fund’s securities will not affect interest income derived from securities already owned by the Fund,
but will be reflected in the Fund’s net asset value. The Fund may utilize certain strategies, including investments in structured
notes or interest rate swap or cap transactions, for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing
the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies will be successful.
• Prepayment
Risk. During periods of declining interest rates, the issuer
of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest the proceeds from such
prepayment in lower yielding securities, which may result in a decline in the Fund’s income and distributions to stockholders.
This is known as prepayment or “call” risk. Debt securities frequently have call features that allow the issuer to redeem
the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions
are met. An issuer may choose to redeem a debt security if, for example, the issuer can refinance the debt at a lower cost due to declining
interest rates or an improvement in the credit standing of the issuer.
• Reinvestment
Risk. Reinvestment risk is the risk that income from the Fund’s
portfolio will decline if and when the Fund invests the proceeds from matured, traded or called fixed income securities at market interest
rates that are below the portfolio’s current earnings rate. A decline in income could affect the market price of Common Shares
or overall returns.
Below Investment Grade
(High-Yield or Junk Bond) Securities Risk. The Fund may invest
in high-yield debt securities. Debt securities rated below investment grade are commonly referred to as “high-yield” securities
or “junk bonds” and are regarded as having predominantly speculative characteristics with respect to the issuer’s
capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse
conditions. Debt securities rated C or lower by Moody’s, CCC or lower by S&P or CC or lower by Fitch or comparably rated by
another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by Western Asset to be
of comparable quality are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current
identifiable vulnerability to default, to be unlikely to have the capacity to pay interest and repay principal when due in the event of
adverse business, financial or economic conditions and/or to be in default or not current in the payment of interest or principal. Ratings
may not accurately reflect the actual credit risk associated with a corporate security.
Debt securities
rated below investment grade generally offer a higher current yield than that available from higher grade issues, but typically involve
greater risk. These securities are especially sensitive to adverse changes in general economic conditions, to changes in the financial
condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising
interest rates, issuers of below investment grade instruments may experience financial stress that could adversely affect their ability
to make payments of principal and interest and increase the possibility of default. The secondary market for high-yield securities may
not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund’s
ability to dispose of a particular security. There are fewer dealers in the market for high-yield securities than for investment grade
obligations. The prices quoted by different dealers may vary significantly, and the spread between the bid and asked price is generally
much larger for high-yield securities than for higher quality instruments. Under continuing adverse market or economic conditions, the
secondary market for high-yield securities could contract further, independent of any specific adverse changes in the condition of a particular
issuer, and these securities may become illiquid. In addition, adverse publicity and investor perceptions, whether or not based on fundamental
analysis, may also decrease the values and liquidity of below investment grade securities, especially in a market characterized by a low
volume of trading.
Default, or the market’s perception
that an issuer is likely to default, could reduce the value and liquidity of securities held by the Fund, thereby reducing the value of
your investment in the Fund’s common stock. In addition, default may cause the Fund to incur expenses in seeking recovery of principal
or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose
its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the risks
inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial
condition of such issuer. Western Asset’s judgment about the credit quality of an issuer and the relative value of its securities
may prove to be wrong. Investments in below investment grade securities may present special tax issues for the Fund to the extent that
the issuers of these securities default on their obligations pertaining thereto, and the U.S. federal income tax consequences to the Fund
as a holder of such distressed securities may not be clear.
Foreign Securities
and Emerging Markets Risk. The Fund’s investments in
securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investment
in U.S. securities or issuers with predominantly domestic exposure, such as less liquid, less regulated, less transparent and more volatile
markets. The markets for some foreign securities are relatively new, and the rules and policies relating to these markets are not fully
developed and may change. The value of the Fund’s investments may decline because of factors affecting the particular issuer as
well as
foreign markets
and issuers generally, such as unfavorable or unsuccessful government actions, tariffs and tax disputes, reduction of government or central
bank support, inadequate accounting standards, lack of information and political, economic, financial or social instability. Foreign investments
may also be adversely affected by U.S. government or international economic sanctions, which could eliminate the value of an investment.
To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic,
political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a
more geographically diversified fund.
The risks of foreign investment are
greater for investments in emerging markets. “Emerging market country” is defined as any country which is, at the time of
investment, it is (i) represented in the J.P. Morgan Emerging Markets Bond Index Global Diversified or the J.P. Morgan Corporate Emerging
Market Bond Index Broad or (ii) categorized by the World Bank in its annual categorization as middle- or low-income. Emerging market countries
typically have economic and political systems that are less fully developed, and that can be expected to be less stable, than those of
more advanced countries. Low trading volumes may result in a lack of liquidity and in price volatility. Emerging market countries may
have policies that restrict investment by foreigners, that require governmental approval prior to investments by foreign persons, or that
prevent foreign investors from withdrawing their money at will. An investment in emerging market securities should be considered speculative.
Non-U.S. Government,
or Sovereign, Debt Securities Risk. The Fund invests in non-U.S.
government, or sovereign, debt securities. The ability of a government issuer, especially in an emerging market country, to make timely
and complete payments on its debt obligations will be strongly influenced by the government issuer’s balance of payments, including
export performance, its access to international credits and investments, fluctuations of interest rates and the extent of its foreign
reserves. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be
vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for
its exports in currencies other than U.S. dollars, its ability to make debt payments denominated in U.S. dollars could be adversely affected.
If a government issuer cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing
loans and aid from foreign governments, commercial banks, and multinational organizations. There are no bankruptcy proceedings similar
to those in the United States by which defaulted non-U.S. government debt may be collected. Additional factors that may influence a government
issuer’s ability or willingness to service debt include, but are not limited to, a country’s cash flow situation, the availability
of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole, and
the issuer’s policy towards the
International Monetary
Fund, the International Bank for Reconstruction and Development and other international agencies to which a government debtor may be subject.
Foreign Currency Risk.
The value of investments denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and
the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses.
Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and
foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to
hedge its foreign currency exposure.
Liquidity Risk.
The Fund may invest in illiquid securities. Illiquid securities are securities that cannot be disposed of within seven days in the ordinary
course of business at approximately the value at which the Fund has valued the securities. Liquidity risk exists when particular investments
are difficult to sell. Securities may become illiquid after purchase by the Fund, particularly during periods of market turmoil. When
the Fund holds illiquid investments, the portfolio may be harder to value, especially in changing markets, and if the Fund is forced to
sell these investments in order to segregate assets or for other cash needs, the Fund may suffer a loss.
Common Stock Risk.
An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. In addition,
the prices of common stocks are sensitive to general movements in the stock market, and a drop in the stock market may depress the prices
of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons including changes in investors’
perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic
events affecting an issuer occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost
of capital rises and borrowing costs increase. The value of the common stocks in which the Fund may invest will be affected by changes
in the stock markets generally, which may be the result of domestic or international political or economic news, changes in interest rates
or changing investor sentiment. At times, stock markets can be volatile and stock prices can change substantially. The common stocks of
smaller companies are more sensitive to these changes than those of larger companies. Common stock risk will affect the Fund’s
net asset value per share, which will fluctuate as the value of the securities held by the Fund change.
Preferred Stock Risk.
Generally, the Fund has a greater flexibility to invest in
equity securities. Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred
stocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities,
preferred stock provides equity ownership of a company, and the income is paid in the form of dividends. Preferred stocks typically have
a yield advantage over common
stocks as well as
comparably-rated fixed income investments. Preferred stocks are typically subordinated to bonds and other debt instruments in a company’s
capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments.
Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.
Preferred stocks also may be subject to optional or mandatory redemption provisions.
Convertible Securities
Risk. A convertible security is a bond, debenture, note, preferred
stock or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the
same or a different issuer within a particular period of time at a specified price or formula. Before conversion, convertible securities
have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally
higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities.
Similar to traditional fixed income securities, the market values of convertible securities tend to decline as interest rates increase
and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security
exceeds the conversion price, the convertible security tends to reflect the market price of the underlying common stock. As the market
price of the underlying common stock declines, the convertible security tends to trade increasingly on a yield basis and thus may not
decline in price to the same extent as the underlying common stock. The credit standing of the issuer and other factors also may have
an effect on the convertible security’s investment value. Convertible securities rank senior to common stock in a corporation’s
capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption
at the option of the issuer at a price established in the convertible security’s governing instrument.
Risks of Warrants
and Rights. Warrants and rights are subject to the same market
risks as stocks, but may be more volatile in price. Warrants and rights do not carry the right to dividends or voting rights with respect
to their underlying securities, and they do not represent any rights in the assets of the issuer. An investment in warrants or rights
may be considered speculative. In addition, the value of a warrant or right does not necessarily change with the value of the underlying
security and a warrant or right ceases to have value if it is not exercised prior to its expiration date. The purchase of warrants or
rights involves the risk that the Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares
is not exercised prior to the warrants’ or rights’ expiration. Also, the purchase of warrants and rights involves the risk
that the effective price paid for the warrant or right added to the subscription price of the related security may exceed the value of
the subscribed security’s market price such as when there is no movement in the price of the underlying security.
REITs
Risk. Investing in REITs involves certain unique risks in
addition to those risks associated with investing in the real estate industry in general. An equity or hybrid REIT may be affected by
changes in the value of the underlying properties owned by the REIT. A mortgage or hybrid REIT may be affected by changes in interest
rates and the ability of the issuers of its portfolio mortgages to repay their obligations. Mortgage and hybrid REITs are subject to the
risks of accelerated prepayments of mortgage pools or pass-through securities, reliance on short-term financing and more highly leveraged
capital structures. REITs are dependent upon the skills of their managers and are not diversified.
REITs are generally dependent upon maintaining
cash flows to repay borrowings and to make distributions to stockholders and are subject to the risk of default by lessees and borrowers.
REITs whose underlying assets are concentrated in properties used by a particular industry, such as healthcare, are also subject to industry
related risks. Certain “special purpose” REITs may invest their assets in specific real estate sectors, such as hotels,
nursing homes or warehouses, and are therefore subject to the risks associated with adverse developments in any such sectors.
REITs (especially mortgage REITs) are
also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment in fixed rate obligations can
be expected to rise, but mortgages are often refinanced, which may reduce the yield on investments in mortgage REITs. Rising interest
rates may cause REIT investors todemand a higher annual yield, which may, in turn, cause a decline in the market price of the equity securities
issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of a REIT’s
investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans (the interest rates
on which are reset periodically), yields on a REIT’s investments in such loans will gradually align themselves to reflect changes
in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations
than would investments in fixed rate obligations.
REITs may have limited financial resources,
may trade less frequently and in a limited volume and maybe subject to more abrupt or erratic price movements than larger company securities.
In addition to these risks, REITs may be affected by changes in the value of the underlying property owned by the trusts or by the quality
of any credit they extend. Further, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject
to heavy cash flow dependency, defaults by borrowers and self-liquidation.
REITs are subject to management fees
and other expenses. Therefore, investments in REITs will cause CRO to bear its proportionate share of the costs of the REITs’ operations.
At the same time, CRO will continue to pay its own management fees and expenses with respect to all of its assets, including any portion
invested in REITs.
Mortgage-Backed
and Asset-Backed Securities Risks. Mortgage-backed securities
include, among other things, participation interests in pools of residential mortgage loans purchased from individual lenders by a federal
agency or originated and issued by private lenders and involve, among others, the following risks:
• Credit
and Market Risks of Mortgage-Backed Securities. Investments
by the Fund in fixed rate and floating rate mortgage-backed securities will entail credit risks (i.e., the risk of non-payment of interest
and principal) and market risks (i.e., the risk that interest rates and other factors could cause the value of the instrument to decline).
Many issuers or servicers of mortgage-backed securities may guarantee timely payment of interest and principal on the securities, whether
or not payments are made when due on the underlying mortgages. This kind of guarantee generally increases the quality of a security, but
does not mean that the security’s market value and yield will not change. The value of all mortgage-backed securities also may
change because of changes in the market’s perception of the creditworthiness of the organization that issues or guarantees them.
In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s
ability to make payments of principal or interest to the Fund as a holder of such securities, reducing the values of those securities
or in some cases rendering them worthless. The Fund also may purchase securities that are not guaranteed or subject to any credit support.
Like bond investments, the value of
fixed rate mortgage-backed securities will tend to rise when interest rates fall, and fall when rates rise. Floating rate mortgage-backed
securities will generally tend to have more moderate changes in price when interest rates rise or fall, but their current yield will be
affected.
In addition, the mortgage-backed securities
market in general may be adversely affected by changes in governmental legislation or regulation. Factors that could affect the value
of a mortgage-backed security include, among other things, the types and amounts of insurance which an individual mortgage or specific
mortgage-backed security carries, the default and delinquency rate of the mortgage pool, the amount of time the mortgage loan has been
outstanding, the loan-to-value ratio of each mortgage and the amount of overcollateralization or undercollateralization of the mortgage
pool.
Asset-backed securities represent participation
in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables, and other
categories of receivables. Certain debt instruments may only pay principal at maturity or may only represent the right to receive payments
of principal or payments of interest on underlying pools or mortgages, assets, or government securities, but not both. The value of these
types of instruments may change more drastically than debt securities that pay both principal and interest. The Fund may obtain a below
market yield or incur a loss on such instruments during periods of declining interest rates. Principal only and interest only
instruments are
subject to extension risk. For mortgage derivatives and structured securities that have imbedded leverage features, small changes in interest
or prepayment rates may cause large and sudden price movements. Mortgage derivatives can also become illiquid and hard to value in declining
markets.
• Prepayment,
Extension and Redemption Risks of Mortgage-Backed Securities.
Mortgage-backed securities may reflect an interest in monthly payments made by the borrowers who receive the underlying mortgage loans.
Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and historically
have, paid them off sooner. When a prepayment happens, a portion of the mortgage-backed security which represents an interest in the underlying
mortgage loan will be prepaid. A borrower is more likely to prepay a mortgage which bears a relatively high rate of interest. This means
that in times of declining interest rates, a portion of the Fund’s higher yielding securities are likely to be redeemed and the
Fund will probably be unable to replace them with securities having as great a yield. Prepayments can result in lower yields to stockholders.
The increased likelihood of prepayment when interest rates decline also limits market price appreciation of mortgage-backed securities.
This is known as prepayment risk. Mortgage-backed securities also are subject to extension risk. Extension risk is the possibility that
rising interest rates may cause prepayments to occur at a slower than expected rate. This particular risk may effectively change a security
which was considered short or intermediate term into a long-term security. The values of long-term securities generally fluctuate more
widely in response to changes in interest rates than short or intermediate-term securities. In addition, a mortgage-backed security may
be subject to redemption at the option of the issuer. If a mortgage-backed security held by the Fund is called for redemption, the Fund
will be required to permit the issuer to redeem or “pay-off” the security, which could have an adverse effect on the Fund’s
ability to achieve its investment objective.
• Liquidity
Risk of Mortgage-Backed Securities. The liquidity of mortgage-backed
securities varies by type of security; at certain times the Fund may encounter difficulty in disposing of such investments. Because mortgage-backed
securities have the potential to be less liquid than other securities, the Fund may be more susceptible to liquidity risks than funds
that invest in other securities. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity
when disfavored by the market.
• Collateralized
Mortgage Obligations. There are certain risks associated specifically
with collateralized mortgage obligations (“CMOs”). CMOs are debt obligations collateralized by mortgage loans or mortgage
pass-through securities. The average life of CMOs is determined using mathematical models that incorporate prepayment assumptions and
other factors that involve estimates of future economic and market conditions. These estimates may vary from actual future results, particularly
during periods of extreme
market
volatility. Further, under certain market conditions, such as those that occurred in 1994, 2007, 2008 and 2009, the average weighted life
of certain CMOs may not accurately reflect the price volatility of such securities. For example, in periods of supply and demand imbalances
in the market for such securities and/or in periods of sharp interest rate movements, the prices of CMOs may fluctuate to a greater extent
than would be expected from interest rate movements alone. CMOs issued by private entities are not obligations issued or guaranteed by
the United States Government, its agencies or instrumentalities or by any government agency, although the securities underlying a CMO
may be subject to a guarantee. Therefore, if the collateral securing the CMO, as well as any third party credit support or guarantees,
is insufficient to make payments when due, the holder could sustain a loss.
• Adjustable
Rate Mortgages. Adjustable Rate Mortgages (“ARMs”)
contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In addition,
many ARMs provide for additional limitations on the maximum amount by which the mortgage interest rate may adjust for any single adjustment
period. Alternatively, certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly payment
is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan,
which is repaid through future monthly payments. If the monthly payment for such an instrument exceeds the sum of the interest accrued
at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance
over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM.
In addition, certain ARMs may provide
for an initial fixed, below-market or “teaser” interest rate. During this initial fixed-rate period, the payment due from
the related mortgagor may be less than that of a traditional loan. However, after the “teaser” rate expires, the monthly
payment required to be made by the mortgagor may increase dramatically when the interest rate on the mortgage loan adjusts. This increased
burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and in turn, losses on the mortgage-backed
security into which that loan has been bundled.
• Interest
and Principal Only Securities Risk. One type of stripped mortgage-backed
security pays to one class all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other
class will receive all of the principal (the principal-only, or “PO” class). The yield to maturity on an IO class is extremely
sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments
may have a material adverse effect on the Fund’s yield to maturity from these securities. If the assets underlying the IO class
experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial
investment
in these securities. Conversely, PO class securities tend to decline in value if prepayments are slower than anticipated.
Derivatives Risk.
The Fund may utilize a variety of derivative instruments for
investment or risk management purposes, such as options, futures contracts, swap agreements and credit default swaps. Generally derivatives
are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index, and may
relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates and related indexes. Derivatives
are subject to a number of risks, such as liquidity risk, interest rate risk, credit risk and management risk. Derivatives are also subject
to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Changes in
the credit quality of the companies that serve as the Fund’s counterparties with respect to its derivative transactions will affect
the value of those instruments. By using derivatives that expose the Fund to counterparties, the Fund assumes the risk that its counterparties
could experience financial hardships that could call into question their continued ability to perform their obligations. In addition,
in the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated
at its fair market value. If the Fund is owed this fair market value in the termination of the derivative transaction and its claim is
unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying
security. As a result, concentrations of such derivatives in any one counterparty would subject the Fund to an additional degree of risk
with respect to defaults by such counterparty. Derivatives also involve the risk of mispricing or improper valuation and the risk that
changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. Suitable derivative
transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to
reduce exposure to other risks when that would be beneficial. If the Fund invests in a derivative instrument, it could lose more than
the principal amount invested. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially
large impact on the Fund’s performance.
Effective August 19, 2022, the Fund
began operating under Rule 18f-4 under the 1940 Act which, among other things, governs the use of derivative investments and certain financing
transactions (e.g. reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that
invest in derivative instruments beyond a specified limited amount to apply a value at risk (VaR) based limit to their use of certain
derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative
instruments in a limited amount is not subject to the full requirements of Rule 18f-4. Compliance with Rule 18f-4 by the Fund could, among
other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance. Rule
18f-4 may limit the Fund’s ability to use
derivatives as part
of its investment strategy and may not work as intended to limit losses from derivatives.
Risks of Futures and
Options on Futures. The use by the Fund of futures contracts
and options on futures contracts to hedge interest rate risks involves special considerations and risks, as described below.
• Successful
use of hedging transactions depends upon Western Asset’s ability to correctly predict the direction of changes in interest rates.
There can be no assurance that any particular hedging strategy will succeed.
• There
might be imperfect correlation, or even no correlation, between the price movements of a futures or option contract and the movements
of the interest rates being hedged. Such a lack of correlation might occur due to factors unrelated to the interest rates being hedged,
such as market liquidity and speculative or other pressures on the markets in which the hedging instrument is traded.
• Hedging
strategies, if successful, can reduce risk of loss by wholly or partially offsetting the negative effect of unfavorable movements in the
interest rates being hedged. However, hedging strategies can also reduce opportunity for gain by offsetting the positive effect of favorable
movements in the hedged interest rates.
• There
is no assurance that a liquid secondary market will exist for any particular futures contract or option thereon at any particular time.
If the Fund were unable to liquidate a futures contract or an option on a futures contract position due to the absence of a liquid secondary
market or the imposition of price limits, it could incur substantial losses. The Fund would continue to be subject to market risk with
respect to the position.
• There
is no assurance that the Fund will use hedging transactions. For example, if the Fund determines that the cost of hedging will exceed
the potential benefit to the Fund, the Fund will not enter into such transactions.
Credit Default Swap
Risk. The Fund may invest in credit default swap transactions
for hedging or investment purposes. Credit default swap agreements, a type of derivatives transaction, involve greater risks than if the
Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to
illiquidity risk, counterparty risk and credit risk. The “buyer” in a credit default contract is obligated to pay the “seller”
a periodic stream of payments over the term of the contract, provided that no event of default on an underlying reference obligation has
occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or “par value,” of the reference
obligation through either physical settlement or cash settlement. The Fund may be either the buyer or seller in a credit default swap
transaction. If the Fund is a buyer and no event of default occurs, the Fund will have made a series of periodic payments and
recover nothing
of monetary value. However, if an event of default occurs, the Fund (if the buyer) will receive the full notional value of the reference
obligation either through a cash payment in exchange for the asset or a cash payment in addition to owning the reference assets. As a
seller, the Fund receives a fixed rate of income throughout the term of the contract, which typically is between six months and five years,
provided that there is no event of default. Market developments related to credit default swaps have prompted increased scrutiny with
respect to these instruments. As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, credit default swaps may in
the future be subject to increased regulation. Such regulation may limit the Fund’s ability to use credit default swaps. Although
the Fund will seek to realize gains by writing credit default swaps that increase in value, to realize gains on writing credit default
swaps, an active secondary market for such instruments must exist or the Fund must otherwise be able to close out these transactions at
advantageous times. If no such secondary market exists or the Fund is otherwise unable to close out these transactions at advantageous
times, writing credit default swaps may not be profitable for the Fund.
The market for credit default swaps
has become more volatile in recent years as the creditworthiness of certain counterparties has been questioned and/or downgraded. If a
counterparty’s credit becomes significantly impaired, multiple requests for collateral posting in a short period of time could
increase the risk that the Fund may not receive adequate collateral. The Fund may exit its obligations under a credit default swap only
by terminating the contract and paying applicable breakage fees, or by entering into an offsetting credit default swap position, which
may cause the Fund to incur more losses.
Repurchase Agreements
Risk. Subject to its investment objective and policies, the
Fund may invest in repurchase agreements for leverage or investment purposes. Repurchase agreements typically involve the acquisition
by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The
agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear
the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event
of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying
securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks
to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of
enforcing its rights. While repurchase agreements involve certain risks not associated with direct investments in debt securities, the
Fund follows procedures approved by the Fund’s Board of Directors that are designed to minimize such risks. These procedures include
effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose financial condition
will be continually monitored by Western Asset. In addition, as described above, the value
of the collateral
underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase
agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such
collateral. However, the exercise of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to
the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could
suffer a loss.
Reverse Repurchase
Agreements Risk. The Fund’s use of reverse repurchase
agreements involves many of the same risks involved in the Fund’s use of leverage, as the proceeds from reverse repurchase agreements
generally will be invested in additional securities. There is a risk that the market value of the securities acquired in the reverse repurchase
agreement may decline below the price of the securities that the Fund has sold but remains obligated to repurchase. In addition, there
is a risk that the market value of the securities retained by the Fund may decline. If the buyer of securities under a reverse repurchase
agreement were to file for bankruptcy or experience insolvency, the Fund may be adversely affected. Also, in entering into reverse repurchase
agreements, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the
value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements transactions,
the Fund’s net asset value will decline, and, in some cases, the Fund may be worse off than if it had not used such instruments.
Senior Loans Risk.
The Fund may invest in first lien senior secured loans (“Senior
Loans”) issued by banks, other financial institutions, and other investors to corporations, partnerships, limited liability companies
and other entities to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, debt refinancings and, to
a lesser extent, for general operating and other purposes. An investment in Senior Loans involves risk that the borrowers under Senior
Loans may default on their obligations to pay principal or interest when due. In the event a borrower fails to pay scheduled interest
or principal payments on a Senior Loan held by the Fund, the Fund will experience a reduction in its income and a decline in the market
value of the Senior Loan, which will likely reduce dividends and lead to a decline in the net asset value of the Fund. If the Fund acquires
a Senior Loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risk with respect
to that lender.
The Fund will generally invest in Senior
Loans that are secured with specific collateral. However, there can be no assurance that liquidation of collateral would satisfy the borrower’s
obligation in the event of non-payment or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower,
the Fund could experience delays and limitations on its ability to realize the benefits of the collateral securing the Senior Loan. Senior
Loans are typically structured as floating rate instruments in which the interest
rate payable on
the obligation fluctuates with interest rate changes. As a result, the yield on Senior Loans will generally decline in a falling interest
rate environment causing the Fund to experience a reduction in the income it receives from a Senior Loan. Senior Loans are generally of
below investment grade quality and may be unrated at the time of investment; are generally not registered with the SEC or state securities
commissions; and are generally not listed on any securities exchange. In addition, the amount of public information available on Senior
Loans is generally less extensive than that available for other types of assets.
Second Lien Loans
Risk. Second senior secured lien loans (“Second Lien
Loans”) generally are subject to similar risks as those associated with investments in Senior Loans. Because Second Lien Loans
are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the
cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving
effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which
are not backed by a security interest in any specific collateral. Second Lien Loans generally have greater price volatility than Senior
Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans,
which would create greater credit risk exposure for the holders of such loans. Second Lien Loans share the same risks as other below investment
grade securities.
Loan Participations
and Assignments Risk. The Fund may invest in participations
in loans or assignments of all or a portion of loans from third parties. 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 directly benefit from any collateral supporting the loan in which it has purchased
the participation. As a result, the Fund may be subject to 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 a 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. Certain participations may be structured in a manner designed to
avoid purchasers of participations being subject to the credit risk of the lender with respect to the participation, but even under such
a structure, in the event of the lender’s insolvency, the lender’s servicing of the participation may be delayed and the
assignability of the participation impaired. The Fund will acquire participations only if the lender interpositioned between the Fund
and the borrower is determined by Western Asset to be creditworthy.
Smaller Company Risk.
The general risks associated with income-producing securities are particularly pronounced for securities issued by companies with smaller
market capitalizations. These companies may have limited product lines, markets or financial
resources or they
may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of
smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more
sharply than other securities. Companies with medium-sized market capitalizations may have risks similar to those of smaller companies.
Management Risk.
The Fund is subject to management risk because it is an actively managed investment portfolio. Western Asset, Western Asset Management
Company Pte. Ltd. in Singapore (“Western Singapore”) and Western Asset Management Company Limited in London (“Western
Asset London”, together with Western Singapore, the “Non-U.S. Subadvisers” and individually, each a “Non-U.S.
Subadviser”) and each individual investment professional may not be successful in selecting the best performing securities or investment
techniques, and the Fund’s performance may lag behind that of similar funds.
Potential Conflicts
of Interest Risk. FTFA, Western Asset, the Non-U.S. Subadvisers
(together with FTFA and Western Asset, the “Managers”) and the Fund’s investment professionals have interests which
may conflict with the interests of the Fund. In particular, FTFA also manages, and Western Asset serves as subadviser to, another closed-end
investment company listed on the NYSE that has an investment objective and investment strategies that are substantially similar to the
Fund. Further, the Managers may at some time in the future manage and/or advise other investment funds or accounts with the same investment
objective and strategies as the Fund. As a result, the Managers and the Fund’s investment professionals may devote unequal time
and attention to the management of the Fund and those other funds and accounts, and may not be able to formulate as complete a strategy
or identify equally attractive investment opportunities as might be the case if they were to devote substantially more attention to the
management of the Fund. The Managers and the Fund’s investment professionals may identify a limited investment opportunity that
may be suitable for multiple funds and accounts, and the opportunity may be allocated among these several funds and accounts, which may
limit the Fund’s ability to take full advantage of the investment opportunity. Additionally, transaction orders may be aggregated
for multiple accounts for purpose of execution, which may cause the price or brokerage costs to be less favorable to the Fund than if
similar transactions were not being executed concurrently for other accounts. At times, an investment professional may determine that
an investment opportunity may be appropriate for only some accounts for which he or she exercises investment responsibility, or may decide
that certain accounts should take differing positions with respect to a particular security. In these cases, the investment professional
may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of
the transaction, or both, to the detriment or benefit of one or more other funds and accounts. For example, an investment professional
may determine that it would be in the interest of another account
to sell a security
that the Fund holds, potentially resulting in a decrease in the market value of the security held by the Fund.
Rating Agency Risk.
Credit ratings are issued by rating agencies which are private
services that provide ratings of the credit quality of debt obligations, including convertible securities. Ratings assigned by a rating
agency are not absolute standards of credit quality and do not evaluate market risks or the liquidity of securities. Rating agencies may
fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating
indicates. In addition, in recent years there have been instances in which the initial rating assigned by a rating agency to a security
failed to take account of adverse economic developments which subsequently occurred, leading to losses that were not anticipated based
on the initial rating. To the extent that the issuer of a security pays a rating agency for the analysis of its security, an inherent
conflict of interest may exist that could affect the reliability of the rating. The ratings of a debt security may change over time. As
a result, debt instruments held by the Fund could receive a higher rating or a lower rating during the period in which they are held.
The Fund will not necessarily sell a security when its rating is reduced below its rating at the time of purchase.
Investments in mortgage-related securities
may involve particularly high levels of risk under current market conditions.
Inflation/Deflation
Risk. Inflation risk is the risk that the value of certain
assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation
increases, the real value of the Common Stock and distributions on the Common Stock can decline. In addition, during any periods of rising
inflation, the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would
tend to further reduce returns to stockholders. Deflation risk is the risk that prices throughout the economy decline over time—the
opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer defaults more likely,
which may result in a decline in the value of the Fund’s portfolio.
Counterparty Risk.
If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults or its credit
is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your
investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Fund could be delayed
or hindered in its enforcement of rights against an issuer, guarantor or counterparty. Subordinated securities are more likely to suffer
a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived
decline in creditworthiness.
When-Issued and Delayed-Delivery
Transactions Risk. The Fund may purchase fixed income securities
on a when-issued basis, and may purchase or sell those securities for delayed
delivery. When-issued
and delayed-delivery transactions occur when securities are purchased or sold by the Fund with payment and delivery taking place in the
future to secure an advantageous yield or price. Securities purchased on a when-issued or delayed-delivery basis may expose the Fund to
counterparty risk of default as well as the risk that securities may experience fluctuations in value prior to their actual delivery.
The Fund will not accrue income with respect to a when-issued or delayed-delivery security prior to its stated delivery date. Purchasing
securities on a when-issued or delayed-delivery basis can involve the additional risk that the price or yield available in the market
when the delivery takes place may not be as favorable as that obtained in the transaction itself.
Leverage Risk. The
Fund may use leverage through borrowings, including loans from certain financial institutions and/or the issuance of debt securities,
and through the issuance of preferred stock. The Fund may use leverage through borrowings in an aggregate amount of up to approximately
33 1/3% of the Fund’s total assets less all liabilities and indebtedness not represented by senior securities (for these purposes,
“total net assets”) immediately after such borrowings. Furthermore, the Fund may use leverage through the issuance of preferred
stock in an aggregate amount of liquidation preference attributable to the preferred stock combined with the aggregate amount of any borrowings
of up to approximately 50% of the Fund’s total net assets immediately after such issuance. The value of your investment may be
more volatile if the Fund borrows or uses instruments, such as derivatives, that have a leveraging effect on the Fund’s portfolio.
The Fund may also have to sell assets at inopportune times to satisfy its obligations created by the use of leverage or derivatives. The
use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly
all, of the Fund’s assets. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment
on a redemption, and losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed
to be received by the Fund and the time the Fund liquidates assets to meet redemption requests.
Portfolio Turnover
Risk. The Fund’s annual portfolio turnover rate may
vary greatly from year to year. Changes to the investments of the Fund may be made regardless of the length of time particular investments
have been held. A high portfolio turnover rate may result in increased transaction costs for the Fund in the form of increased dealer
spreads and other transactional costs, which may have an adverse impact on the Fund’s performance. In addition, high portfolio
turnover may result in the realization of net short-term capital gains by the Fund which, when distributed to stockholders, will be taxable
as ordinary income. A high portfolio turnover may increase the Fund’s current and accumulated earnings and profits, resulting in
a greater portion of the Fund’s distributions being treated as a dividend to the Fund’s stockholders. The portfolio turnover
rate of the Fund will vary from year to year, as well as within a given year.
Temporary
Defensive Strategies Risk. When Western Asset anticipates
unusual market or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure and
invest all or a portion of its assets in obligations of the U.S. government, its agencies or instrumentalities; other investment grade
debt securities; investment grade commercial paper; certificates of deposit and bankers’ acceptances; repurchase agreements with
respect to any of the foregoing investments or any other fixed income securities that Western Asset considers consistent with this strategy.
To the extent that the Fund invests defensively, it may not achieve its investment objectives.
Market Price Discount
from Net Asset Value Risk. Shares of closed-end investment
companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Fund’s
net asset value could decrease as a result of its investment activities and may be a greater risk to investors expecting to sell their
Common Shares in a relatively short period. Whether investors will realize gains or losses upon the sale of Common Shares will depend
not upon the Fund’s net asset value but upon whether the market price of Common Shares at the time of sale is above or below the
investor’s purchase price for Common Shares. Because the market price of Common Shares will be determined by factors such as relative
supply of and demand for Common Shares in the market, general market and economic conditions and other factors beyond the control of the
Fund, the Fund cannot predict whether Common Shares will trade at, above or below net asset value. The Common Shares are designed primarily
for long-term investors and you should not view the Fund as a vehicle for trading purposes.
Anti-Takeover Provisions
Risk. The Fund’s Charter and Bylaws include provisions
that are designed to limit the ability of other entities or persons to acquire control of the Fund for short-term objectives, including
by converting the Fund to open-end status or changing the composition of the Board, that may be detrimental to the Fund’s ability
to achieve its primary investment objective of seeking to maximize current income. The Bylaws provide that the Fund shall be subject to
the provisions of the MCSAA (as defined below). There can be no assurance, however, that the provisions of the MCSAA will be sufficient
to deter professional arbitrageurs that seek to cause the Fund to take actions that may not be consistent with its investment objective
or aligned with the interests of long-term stockholders, such as liquidating debt investments prior to maturity, triggering taxable events
for stockholders and decreasing the size of the Fund. See “Certain Provisions in the Charter and Bylaws” and “Certain
Provisions in the Charter and Bylaws—Maryland Control Share Acquisition Act” (“MCSAA”). Such provisions may
limit the ability of stockholders to sell their shares at a premium over prevailing market prices by discouraging an investor from seeking
to obtain control of the Fund.
Market Events Risk.
The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events,
governmental actions
or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor
strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major
cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that
may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly
interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural
disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether
or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected,
the value and liquidity of the Fund’s investments may be negatively affected. The United States and other countries are periodically
involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected
companies and securities. For example, the United States has recently enacted and proposed to enact significant new tariffs and President
Trump has directed various federal agencies to further evaluate key aspects of U.S trade policy, which could potentially lead to significant
changes to current policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between
the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any
of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and
may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S.
Raising the ceiling on U.S. government
debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could
lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere.
Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity
of the fund’s investments, impair the fund’s ability to satisfy redemption requests, and negatively impact the fund’s
performance.
The United States and other countries
are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts
on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports,
has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes
may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected
and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated
as related to the Chinese military. These and possible future restrictions could limit the fund’s
opportunities for
investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding
dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve
or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get
worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the fund’s
assets may go down.
Valuation Risk.
The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment,
particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences
may increase significantly and affect Fund investments more broadly during periods of market volatility. The Fund’s ability to
value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers.
The valuation of the Fund’s investments involves subjective judgment.
Tax Risks.
To qualify for the favorable U.S. federal income tax treatment generally accorded to regulated investment companies, among other things,
the Fund must derive in each taxable year at least 90% of its gross income from certain prescribed sources and satisfy certain distribution
and asset diversification requirements. If for any taxable year the Fund does not qualify as a regulated investment company, all of its
taxable income (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions
to stockholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund’s current or accumulated
earnings and profits.
Operational Risk.
The valuation of the Fund’s investments may be negatively impacted because of the operational risks arising from factors such as
processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in
personnel, and errors caused by third party service providers or trading counterparties. It is not possible to identify all of the operational
risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures.
The Fund and its stockholders could be negatively impacted as a result.
Cybersecurity Risk.
Like other funds and business enterprises, the Fund, the Manager, Western Asset, the relevant listing exchange and their service providers
are subject to the risk of cybersecurity incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused
by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private
stockholder information) or proprietary information, cause the Fund, the Manager, Western Asset, the relevant listing exchange and/or
their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries)
to suffer data
breaches,
data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving
distributions or receiving timely information regarding the fund or their investment in the fund. The Fund, Western Asset, and the subadvisers
have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service
providers may have limited indemnification obligations to the Fund or the Manager. Cybersecurity incidents may result in financial losses
to the Fund and its stockholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents. Issuers
of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the
issuers experience cybersecurity incidents.
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| Share Price [Table Text Block] |
Market Price and Net
Asset Valuation (NAV) Information
The Fund’s Common Stock is traded
on the NYSE under the symbol “EHI”. The below table details for the period indicated the high and low closing market
prices, the NAV, and premium to or discount from NAV, on the date of each of the high and low market prices.
Source of market prices: NYSE.
The NAV per Common Share on May 31,
2025 was $6.68
and the market price per Common Stock at the close of business on May 31, 2025 was $6.41,
representing a 4.04%
discount from such net asset value. As of May 31, 2025, the Fund has 30,299,742
outstanding shares of Common Stock.
Shares of a closed-end investment company
may frequently trade at prices lower than NAV. The Fund’s Common Stock has traded in the market below, at and above net asset value
since the commencement of the Fund’s operations. The Fund cannot determine the reasons why the Fund’s Common Stock trades
at a premium to or discount from NAV, nor can the
Fund predict whether
its Stock will trade in the future at a premium to or discount from NAV, or the level of any premium or discount. The Board regularly
monitors the relationship between the market price and NAV of the Common Stock. If the Common Stock were to trade at a substantial discount
to NAV for an extended period of time, the Board may consider the repurchase of the Fund’s Common Stock on the open market, the
making of a tender offer for such shares or other programs intended to reduce the discount. The Fund cannot assure you that its Board
will decide to take or propose any of these actions, or that share repurchases or tender offers will actually reduce market discount.
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| Fixed Income Securities Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Fixed Income Securities
Risk. In addition to the risks described elsewhere in this
section with respect to valuations and liquidity, fixed income securities, including high-yield securities, are also subject to certain
risks, including:
• Issuer
Risk. The value of fixed income securities may decline for
a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the
issuer’s goods and services.
• Interest
Rate Risk. The market price of the Fund’s investments
will change in response to changes in interest rates and other factors. During periods of declining interest rates, the market price of
fixed income securities generally rises. Conversely, during periods of rising interest rates, the market price of such securities generally
declines. The
magnitude
of these fluctuations in the market price of fixed income securities is generally greater for securities with longer maturities. Fluctuations
in the market price of the Fund’s securities will not affect interest income derived from securities already owned by the Fund,
but will be reflected in the Fund’s net asset value. The Fund may utilize certain strategies, including investments in structured
notes or interest rate swap or cap transactions, for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing
the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies will be successful.
• Prepayment
Risk. During periods of declining interest rates, the issuer
of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest the proceeds from such
prepayment in lower yielding securities, which may result in a decline in the Fund’s income and distributions to stockholders.
This is known as prepayment or “call” risk. Debt securities frequently have call features that allow the issuer to redeem
the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions
are met. An issuer may choose to redeem a debt security if, for example, the issuer can refinance the debt at a lower cost due to declining
interest rates or an improvement in the credit standing of the issuer.
• Reinvestment
Risk. Reinvestment risk is the risk that income from the Fund’s
portfolio will decline if and when the Fund invests the proceeds from matured, traded or called fixed income securities at market interest
rates that are below the portfolio’s current earnings rate. A decline in income could affect the market price of Common Shares
or overall returns.
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| Below Investment Grade (High-Yield or Junk Bond) Securities Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Below Investment Grade
(High-Yield or Junk Bond) Securities Risk. The Fund may invest
in high-yield debt securities. Debt securities rated below investment grade are commonly referred to as “high-yield” securities
or “junk bonds” and are regarded as having predominantly speculative characteristics with respect to the issuer’s
capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse
conditions. Debt securities rated C or lower by Moody’s, CCC or lower by S&P or CC or lower by Fitch or comparably rated by
another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by Western Asset to be
of comparable quality are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current
identifiable vulnerability to default, to be unlikely to have the capacity to pay interest and repay principal when due in the event of
adverse business, financial or economic conditions and/or to be in default or not current in the payment of interest or principal. Ratings
may not accurately reflect the actual credit risk associated with a corporate security.
Debt securities
rated below investment grade generally offer a higher current yield than that available from higher grade issues, but typically involve
greater risk. These securities are especially sensitive to adverse changes in general economic conditions, to changes in the financial
condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising
interest rates, issuers of below investment grade instruments may experience financial stress that could adversely affect their ability
to make payments of principal and interest and increase the possibility of default. The secondary market for high-yield securities may
not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund’s
ability to dispose of a particular security. There are fewer dealers in the market for high-yield securities than for investment grade
obligations. The prices quoted by different dealers may vary significantly, and the spread between the bid and asked price is generally
much larger for high-yield securities than for higher quality instruments. Under continuing adverse market or economic conditions, the
secondary market for high-yield securities could contract further, independent of any specific adverse changes in the condition of a particular
issuer, and these securities may become illiquid. In addition, adverse publicity and investor perceptions, whether or not based on fundamental
analysis, may also decrease the values and liquidity of below investment grade securities, especially in a market characterized by a low
volume of trading.
Default, or the market’s perception
that an issuer is likely to default, could reduce the value and liquidity of securities held by the Fund, thereby reducing the value of
your investment in the Fund’s common stock. In addition, default may cause the Fund to incur expenses in seeking recovery of principal
or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose
its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the risks
inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial
condition of such issuer. Western Asset’s judgment about the credit quality of an issuer and the relative value of its securities
may prove to be wrong. Investments in below investment grade securities may present special tax issues for the Fund to the extent that
the issuers of these securities default on their obligations pertaining thereto, and the U.S. federal income tax consequences to the Fund
as a holder of such distressed securities may not be clear.
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| Foreign Securities and Emerging Markets Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Foreign Securities
and Emerging Markets Risk. The Fund’s investments in
securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investment
in U.S. securities or issuers with predominantly domestic exposure, such as less liquid, less regulated, less transparent and more volatile
markets. The markets for some foreign securities are relatively new, and the rules and policies relating to these markets are not fully
developed and may change. The value of the Fund’s investments may decline because of factors affecting the particular issuer as
well as
foreign markets
and issuers generally, such as unfavorable or unsuccessful government actions, tariffs and tax disputes, reduction of government or central
bank support, inadequate accounting standards, lack of information and political, economic, financial or social instability. Foreign investments
may also be adversely affected by U.S. government or international economic sanctions, which could eliminate the value of an investment.
To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic,
political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a
more geographically diversified fund.
The risks of foreign investment are
greater for investments in emerging markets. “Emerging market country” is defined as any country which is, at the time of
investment, it is (i) represented in the J.P. Morgan Emerging Markets Bond Index Global Diversified or the J.P. Morgan Corporate Emerging
Market Bond Index Broad or (ii) categorized by the World Bank in its annual categorization as middle- or low-income. Emerging market countries
typically have economic and political systems that are less fully developed, and that can be expected to be less stable, than those of
more advanced countries. Low trading volumes may result in a lack of liquidity and in price volatility. Emerging market countries may
have policies that restrict investment by foreigners, that require governmental approval prior to investments by foreign persons, or that
prevent foreign investors from withdrawing their money at will. An investment in emerging market securities should be considered speculative.
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| Non-U.S. Government, or Sovereign, Debt Securities Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Non-U.S. Government,
or Sovereign, Debt Securities Risk. The Fund invests in non-U.S.
government, or sovereign, debt securities. The ability of a government issuer, especially in an emerging market country, to make timely
and complete payments on its debt obligations will be strongly influenced by the government issuer’s balance of payments, including
export performance, its access to international credits and investments, fluctuations of interest rates and the extent of its foreign
reserves. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be
vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for
its exports in currencies other than U.S. dollars, its ability to make debt payments denominated in U.S. dollars could be adversely affected.
If a government issuer cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing
loans and aid from foreign governments, commercial banks, and multinational organizations. There are no bankruptcy proceedings similar
to those in the United States by which defaulted non-U.S. government debt may be collected. Additional factors that may influence a government
issuer’s ability or willingness to service debt include, but are not limited to, a country’s cash flow situation, the availability
of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole, and
the issuer’s policy towards the
International Monetary
Fund, the International Bank for Reconstruction and Development and other international agencies to which a government debtor may be subject.
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| Foreign Currency Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Foreign Currency Risk.
The value of investments denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and
the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses.
Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and
foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to
hedge its foreign currency exposure.
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| Liquidity Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Liquidity Risk.
The Fund may invest in illiquid securities. Illiquid securities are securities that cannot be disposed of within seven days in the ordinary
course of business at approximately the value at which the Fund has valued the securities. Liquidity risk exists when particular investments
are difficult to sell. Securities may become illiquid after purchase by the Fund, particularly during periods of market turmoil. When
the Fund holds illiquid investments, the portfolio may be harder to value, especially in changing markets, and if the Fund is forced to
sell these investments in order to segregate assets or for other cash needs, the Fund may suffer a loss.
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| Common Stock Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Common Stock Risk.
An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. In addition,
the prices of common stocks are sensitive to general movements in the stock market, and a drop in the stock market may depress the prices
of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons including changes in investors’
perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic
events affecting an issuer occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost
of capital rises and borrowing costs increase. The value of the common stocks in which the Fund may invest will be affected by changes
in the stock markets generally, which may be the result of domestic or international political or economic news, changes in interest rates
or changing investor sentiment. At times, stock markets can be volatile and stock prices can change substantially. The common stocks of
smaller companies are more sensitive to these changes than those of larger companies. Common stock risk will affect the Fund’s
net asset value per share, which will fluctuate as the value of the securities held by the Fund change.
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| Preferred Stock Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Preferred Stock Risk.
Generally, the Fund has a greater flexibility to invest in
equity securities. Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred
stocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities,
preferred stock provides equity ownership of a company, and the income is paid in the form of dividends. Preferred stocks typically have
a yield advantage over common
stocks as well as
comparably-rated fixed income investments. Preferred stocks are typically subordinated to bonds and other debt instruments in a company’s
capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments.
Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.
Preferred stocks also may be subject to optional or mandatory redemption provisions.
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| Convertible Securities Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Convertible Securities
Risk. A convertible security is a bond, debenture, note, preferred
stock or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the
same or a different issuer within a particular period of time at a specified price or formula. Before conversion, convertible securities
have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally
higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities.
Similar to traditional fixed income securities, the market values of convertible securities tend to decline as interest rates increase
and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security
exceeds the conversion price, the convertible security tends to reflect the market price of the underlying common stock. As the market
price of the underlying common stock declines, the convertible security tends to trade increasingly on a yield basis and thus may not
decline in price to the same extent as the underlying common stock. The credit standing of the issuer and other factors also may have
an effect on the convertible security’s investment value. Convertible securities rank senior to common stock in a corporation’s
capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption
at the option of the issuer at a price established in the convertible security’s governing instrument.
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| Risks of Warrants and Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Risks of Warrants
and Rights. Warrants and rights are subject to the same market
risks as stocks, but may be more volatile in price. Warrants and rights do not carry the right to dividends or voting rights with respect
to their underlying securities, and they do not represent any rights in the assets of the issuer. An investment in warrants or rights
may be considered speculative. In addition, the value of a warrant or right does not necessarily change with the value of the underlying
security and a warrant or right ceases to have value if it is not exercised prior to its expiration date. The purchase of warrants or
rights involves the risk that the Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares
is not exercised prior to the warrants’ or rights’ expiration. Also, the purchase of warrants and rights involves the risk
that the effective price paid for the warrant or right added to the subscription price of the related security may exceed the value of
the subscribed security’s market price such as when there is no movement in the price of the underlying security.
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| REITs Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
REITs
Risk. Investing in REITs involves certain unique risks in
addition to those risks associated with investing in the real estate industry in general. An equity or hybrid REIT may be affected by
changes in the value of the underlying properties owned by the REIT. A mortgage or hybrid REIT may be affected by changes in interest
rates and the ability of the issuers of its portfolio mortgages to repay their obligations. Mortgage and hybrid REITs are subject to the
risks of accelerated prepayments of mortgage pools or pass-through securities, reliance on short-term financing and more highly leveraged
capital structures. REITs are dependent upon the skills of their managers and are not diversified.
REITs are generally dependent upon maintaining
cash flows to repay borrowings and to make distributions to stockholders and are subject to the risk of default by lessees and borrowers.
REITs whose underlying assets are concentrated in properties used by a particular industry, such as healthcare, are also subject to industry
related risks. Certain “special purpose” REITs may invest their assets in specific real estate sectors, such as hotels,
nursing homes or warehouses, and are therefore subject to the risks associated with adverse developments in any such sectors.
REITs (especially mortgage REITs) are
also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment in fixed rate obligations can
be expected to rise, but mortgages are often refinanced, which may reduce the yield on investments in mortgage REITs. Rising interest
rates may cause REIT investors todemand a higher annual yield, which may, in turn, cause a decline in the market price of the equity securities
issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of a REIT’s
investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans (the interest rates
on which are reset periodically), yields on a REIT’s investments in such loans will gradually align themselves to reflect changes
in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations
than would investments in fixed rate obligations.
REITs may have limited financial resources,
may trade less frequently and in a limited volume and maybe subject to more abrupt or erratic price movements than larger company securities.
In addition to these risks, REITs may be affected by changes in the value of the underlying property owned by the trusts or by the quality
of any credit they extend. Further, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject
to heavy cash flow dependency, defaults by borrowers and self-liquidation.
REITs are subject to management fees
and other expenses. Therefore, investments in REITs will cause CRO to bear its proportionate share of the costs of the REITs’ operations.
At the same time, CRO will continue to pay its own management fees and expenses with respect to all of its assets, including any portion
invested in REITs.
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| Mortgage-Backed and Asset-Backed Securities Risks [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Mortgage-Backed
and Asset-Backed Securities Risks. Mortgage-backed securities
include, among other things, participation interests in pools of residential mortgage loans purchased from individual lenders by a federal
agency or originated and issued by private lenders and involve, among others, the following risks:
• Credit
and Market Risks of Mortgage-Backed Securities. Investments
by the Fund in fixed rate and floating rate mortgage-backed securities will entail credit risks (i.e., the risk of non-payment of interest
and principal) and market risks (i.e., the risk that interest rates and other factors could cause the value of the instrument to decline).
Many issuers or servicers of mortgage-backed securities may guarantee timely payment of interest and principal on the securities, whether
or not payments are made when due on the underlying mortgages. This kind of guarantee generally increases the quality of a security, but
does not mean that the security’s market value and yield will not change. The value of all mortgage-backed securities also may
change because of changes in the market’s perception of the creditworthiness of the organization that issues or guarantees them.
In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s
ability to make payments of principal or interest to the Fund as a holder of such securities, reducing the values of those securities
or in some cases rendering them worthless. The Fund also may purchase securities that are not guaranteed or subject to any credit support.
Like bond investments, the value of
fixed rate mortgage-backed securities will tend to rise when interest rates fall, and fall when rates rise. Floating rate mortgage-backed
securities will generally tend to have more moderate changes in price when interest rates rise or fall, but their current yield will be
affected.
In addition, the mortgage-backed securities
market in general may be adversely affected by changes in governmental legislation or regulation. Factors that could affect the value
of a mortgage-backed security include, among other things, the types and amounts of insurance which an individual mortgage or specific
mortgage-backed security carries, the default and delinquency rate of the mortgage pool, the amount of time the mortgage loan has been
outstanding, the loan-to-value ratio of each mortgage and the amount of overcollateralization or undercollateralization of the mortgage
pool.
Asset-backed securities represent participation
in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables, and other
categories of receivables. Certain debt instruments may only pay principal at maturity or may only represent the right to receive payments
of principal or payments of interest on underlying pools or mortgages, assets, or government securities, but not both. The value of these
types of instruments may change more drastically than debt securities that pay both principal and interest. The Fund may obtain a below
market yield or incur a loss on such instruments during periods of declining interest rates. Principal only and interest only
instruments are
subject to extension risk. For mortgage derivatives and structured securities that have imbedded leverage features, small changes in interest
or prepayment rates may cause large and sudden price movements. Mortgage derivatives can also become illiquid and hard to value in declining
markets.
• Prepayment,
Extension and Redemption Risks of Mortgage-Backed Securities.
Mortgage-backed securities may reflect an interest in monthly payments made by the borrowers who receive the underlying mortgage loans.
Although the underlying mortgage loans are for specified periods of time, such as 20 or 30 years, the borrowers can, and historically
have, paid them off sooner. When a prepayment happens, a portion of the mortgage-backed security which represents an interest in the underlying
mortgage loan will be prepaid. A borrower is more likely to prepay a mortgage which bears a relatively high rate of interest. This means
that in times of declining interest rates, a portion of the Fund’s higher yielding securities are likely to be redeemed and the
Fund will probably be unable to replace them with securities having as great a yield. Prepayments can result in lower yields to stockholders.
The increased likelihood of prepayment when interest rates decline also limits market price appreciation of mortgage-backed securities.
This is known as prepayment risk. Mortgage-backed securities also are subject to extension risk. Extension risk is the possibility that
rising interest rates may cause prepayments to occur at a slower than expected rate. This particular risk may effectively change a security
which was considered short or intermediate term into a long-term security. The values of long-term securities generally fluctuate more
widely in response to changes in interest rates than short or intermediate-term securities. In addition, a mortgage-backed security may
be subject to redemption at the option of the issuer. If a mortgage-backed security held by the Fund is called for redemption, the Fund
will be required to permit the issuer to redeem or “pay-off” the security, which could have an adverse effect on the Fund’s
ability to achieve its investment objective.
• Liquidity
Risk of Mortgage-Backed Securities. The liquidity of mortgage-backed
securities varies by type of security; at certain times the Fund may encounter difficulty in disposing of such investments. Because mortgage-backed
securities have the potential to be less liquid than other securities, the Fund may be more susceptible to liquidity risks than funds
that invest in other securities. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity
when disfavored by the market.
• Collateralized
Mortgage Obligations. There are certain risks associated specifically
with collateralized mortgage obligations (“CMOs”). CMOs are debt obligations collateralized by mortgage loans or mortgage
pass-through securities. The average life of CMOs is determined using mathematical models that incorporate prepayment assumptions and
other factors that involve estimates of future economic and market conditions. These estimates may vary from actual future results, particularly
during periods of extreme
market
volatility. Further, under certain market conditions, such as those that occurred in 1994, 2007, 2008 and 2009, the average weighted life
of certain CMOs may not accurately reflect the price volatility of such securities. For example, in periods of supply and demand imbalances
in the market for such securities and/or in periods of sharp interest rate movements, the prices of CMOs may fluctuate to a greater extent
than would be expected from interest rate movements alone. CMOs issued by private entities are not obligations issued or guaranteed by
the United States Government, its agencies or instrumentalities or by any government agency, although the securities underlying a CMO
may be subject to a guarantee. Therefore, if the collateral securing the CMO, as well as any third party credit support or guarantees,
is insufficient to make payments when due, the holder could sustain a loss.
• Adjustable
Rate Mortgages. Adjustable Rate Mortgages (“ARMs”)
contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In addition,
many ARMs provide for additional limitations on the maximum amount by which the mortgage interest rate may adjust for any single adjustment
period. Alternatively, certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly payment
is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan,
which is repaid through future monthly payments. If the monthly payment for such an instrument exceeds the sum of the interest accrued
at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance
over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM.
In addition, certain ARMs may provide
for an initial fixed, below-market or “teaser” interest rate. During this initial fixed-rate period, the payment due from
the related mortgagor may be less than that of a traditional loan. However, after the “teaser” rate expires, the monthly
payment required to be made by the mortgagor may increase dramatically when the interest rate on the mortgage loan adjusts. This increased
burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and in turn, losses on the mortgage-backed
security into which that loan has been bundled.
• Interest
and Principal Only Securities Risk. One type of stripped mortgage-backed
security pays to one class all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other
class will receive all of the principal (the principal-only, or “PO” class). The yield to maturity on an IO class is extremely
sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments
may have a material adverse effect on the Fund’s yield to maturity from these securities. If the assets underlying the IO class
experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial
investment
in these securities. Conversely, PO class securities tend to decline in value if prepayments are slower than anticipated.
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| Derivatives Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Derivatives Risk.
The Fund may utilize a variety of derivative instruments for
investment or risk management purposes, such as options, futures contracts, swap agreements and credit default swaps. Generally derivatives
are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index, and may
relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates and related indexes. Derivatives
are subject to a number of risks, such as liquidity risk, interest rate risk, credit risk and management risk. Derivatives are also subject
to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Changes in
the credit quality of the companies that serve as the Fund’s counterparties with respect to its derivative transactions will affect
the value of those instruments. By using derivatives that expose the Fund to counterparties, the Fund assumes the risk that its counterparties
could experience financial hardships that could call into question their continued ability to perform their obligations. In addition,
in the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated
at its fair market value. If the Fund is owed this fair market value in the termination of the derivative transaction and its claim is
unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying
security. As a result, concentrations of such derivatives in any one counterparty would subject the Fund to an additional degree of risk
with respect to defaults by such counterparty. Derivatives also involve the risk of mispricing or improper valuation and the risk that
changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. Suitable derivative
transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to
reduce exposure to other risks when that would be beneficial. If the Fund invests in a derivative instrument, it could lose more than
the principal amount invested. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially
large impact on the Fund’s performance.
Effective August 19, 2022, the Fund
began operating under Rule 18f-4 under the 1940 Act which, among other things, governs the use of derivative investments and certain financing
transactions (e.g. reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that
invest in derivative instruments beyond a specified limited amount to apply a value at risk (VaR) based limit to their use of certain
derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative
instruments in a limited amount is not subject to the full requirements of Rule 18f-4. Compliance with Rule 18f-4 by the Fund could, among
other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance. Rule
18f-4 may limit the Fund’s ability to use
derivatives as part
of its investment strategy and may not work as intended to limit losses from derivatives.
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| Risks of Futures and Options on Futures [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Risks of Futures and
Options on Futures. The use by the Fund of futures contracts
and options on futures contracts to hedge interest rate risks involves special considerations and risks, as described below.
• Successful
use of hedging transactions depends upon Western Asset’s ability to correctly predict the direction of changes in interest rates.
There can be no assurance that any particular hedging strategy will succeed.
• There
might be imperfect correlation, or even no correlation, between the price movements of a futures or option contract and the movements
of the interest rates being hedged. Such a lack of correlation might occur due to factors unrelated to the interest rates being hedged,
such as market liquidity and speculative or other pressures on the markets in which the hedging instrument is traded.
• Hedging
strategies, if successful, can reduce risk of loss by wholly or partially offsetting the negative effect of unfavorable movements in the
interest rates being hedged. However, hedging strategies can also reduce opportunity for gain by offsetting the positive effect of favorable
movements in the hedged interest rates.
• There
is no assurance that a liquid secondary market will exist for any particular futures contract or option thereon at any particular time.
If the Fund were unable to liquidate a futures contract or an option on a futures contract position due to the absence of a liquid secondary
market or the imposition of price limits, it could incur substantial losses. The Fund would continue to be subject to market risk with
respect to the position.
• There
is no assurance that the Fund will use hedging transactions. For example, if the Fund determines that the cost of hedging will exceed
the potential benefit to the Fund, the Fund will not enter into such transactions.
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| Credit Default Swap Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Credit Default Swap
Risk. The Fund may invest in credit default swap transactions
for hedging or investment purposes. Credit default swap agreements, a type of derivatives transaction, involve greater risks than if the
Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to
illiquidity risk, counterparty risk and credit risk. The “buyer” in a credit default contract is obligated to pay the “seller”
a periodic stream of payments over the term of the contract, provided that no event of default on an underlying reference obligation has
occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or “par value,” of the reference
obligation through either physical settlement or cash settlement. The Fund may be either the buyer or seller in a credit default swap
transaction. If the Fund is a buyer and no event of default occurs, the Fund will have made a series of periodic payments and
recover nothing
of monetary value. However, if an event of default occurs, the Fund (if the buyer) will receive the full notional value of the reference
obligation either through a cash payment in exchange for the asset or a cash payment in addition to owning the reference assets. As a
seller, the Fund receives a fixed rate of income throughout the term of the contract, which typically is between six months and five years,
provided that there is no event of default. Market developments related to credit default swaps have prompted increased scrutiny with
respect to these instruments. As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, credit default swaps may in
the future be subject to increased regulation. Such regulation may limit the Fund’s ability to use credit default swaps. Although
the Fund will seek to realize gains by writing credit default swaps that increase in value, to realize gains on writing credit default
swaps, an active secondary market for such instruments must exist or the Fund must otherwise be able to close out these transactions at
advantageous times. If no such secondary market exists or the Fund is otherwise unable to close out these transactions at advantageous
times, writing credit default swaps may not be profitable for the Fund.
The market for credit default swaps
has become more volatile in recent years as the creditworthiness of certain counterparties has been questioned and/or downgraded. If a
counterparty’s credit becomes significantly impaired, multiple requests for collateral posting in a short period of time could
increase the risk that the Fund may not receive adequate collateral. The Fund may exit its obligations under a credit default swap only
by terminating the contract and paying applicable breakage fees, or by entering into an offsetting credit default swap position, which
may cause the Fund to incur more losses.
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| Repurchase Agreements Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Repurchase Agreements
Risk. Subject to its investment objective and policies, the
Fund may invest in repurchase agreements for leverage or investment purposes. Repurchase agreements typically involve the acquisition
by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The
agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear
the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event
of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying
securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks
to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of
enforcing its rights. While repurchase agreements involve certain risks not associated with direct investments in debt securities, the
Fund follows procedures approved by the Fund’s Board of Directors that are designed to minimize such risks. These procedures include
effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose financial condition
will be continually monitored by Western Asset. In addition, as described above, the value
of the collateral
underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase
agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such
collateral. However, the exercise of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to
the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could
suffer a loss.
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| Reverse Repurchase Agreements Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Reverse Repurchase
Agreements Risk. The Fund’s use of reverse repurchase
agreements involves many of the same risks involved in the Fund’s use of leverage, as the proceeds from reverse repurchase agreements
generally will be invested in additional securities. There is a risk that the market value of the securities acquired in the reverse repurchase
agreement may decline below the price of the securities that the Fund has sold but remains obligated to repurchase. In addition, there
is a risk that the market value of the securities retained by the Fund may decline. If the buyer of securities under a reverse repurchase
agreement were to file for bankruptcy or experience insolvency, the Fund may be adversely affected. Also, in entering into reverse repurchase
agreements, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the
value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements transactions,
the Fund’s net asset value will decline, and, in some cases, the Fund may be worse off than if it had not used such instruments.
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| Senior Loans Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Senior Loans Risk.
The Fund may invest in first lien senior secured loans (“Senior
Loans”) issued by banks, other financial institutions, and other investors to corporations, partnerships, limited liability companies
and other entities to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, debt refinancings and, to
a lesser extent, for general operating and other purposes. An investment in Senior Loans involves risk that the borrowers under Senior
Loans may default on their obligations to pay principal or interest when due. In the event a borrower fails to pay scheduled interest
or principal payments on a Senior Loan held by the Fund, the Fund will experience a reduction in its income and a decline in the market
value of the Senior Loan, which will likely reduce dividends and lead to a decline in the net asset value of the Fund. If the Fund acquires
a Senior Loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risk with respect
to that lender.
The Fund will generally invest in Senior
Loans that are secured with specific collateral. However, there can be no assurance that liquidation of collateral would satisfy the borrower’s
obligation in the event of non-payment or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower,
the Fund could experience delays and limitations on its ability to realize the benefits of the collateral securing the Senior Loan. Senior
Loans are typically structured as floating rate instruments in which the interest
rate payable on
the obligation fluctuates with interest rate changes. As a result, the yield on Senior Loans will generally decline in a falling interest
rate environment causing the Fund to experience a reduction in the income it receives from a Senior Loan. Senior Loans are generally of
below investment grade quality and may be unrated at the time of investment; are generally not registered with the SEC or state securities
commissions; and are generally not listed on any securities exchange. In addition, the amount of public information available on Senior
Loans is generally less extensive than that available for other types of assets.
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| Second Lien Loans Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Second Lien Loans
Risk. Second senior secured lien loans (“Second Lien
Loans”) generally are subject to similar risks as those associated with investments in Senior Loans. Because Second Lien Loans
are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the
cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving
effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which
are not backed by a security interest in any specific collateral. Second Lien Loans generally have greater price volatility than Senior
Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans,
which would create greater credit risk exposure for the holders of such loans. Second Lien Loans share the same risks as other below investment
grade securities.
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| Loan Participations and Assignments Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Loan Participations
and Assignments Risk. The Fund may invest in participations
in loans or assignments of all or a portion of loans from third parties. 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 directly benefit from any collateral supporting the loan in which it has purchased
the participation. As a result, the Fund may be subject to 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 a 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. Certain participations may be structured in a manner designed to
avoid purchasers of participations being subject to the credit risk of the lender with respect to the participation, but even under such
a structure, in the event of the lender’s insolvency, the lender’s servicing of the participation may be delayed and the
assignability of the participation impaired. The Fund will acquire participations only if the lender interpositioned between the Fund
and the borrower is determined by Western Asset to be creditworthy.
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| Smaller Company Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Smaller Company Risk.
The general risks associated with income-producing securities are particularly pronounced for securities issued by companies with smaller
market capitalizations. These companies may have limited product lines, markets or financial
resources or they
may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of
smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more
sharply than other securities. Companies with medium-sized market capitalizations may have risks similar to those of smaller companies.
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| Management Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Management Risk.
The Fund is subject to management risk because it is an actively managed investment portfolio. Western Asset, Western Asset Management
Company Pte. Ltd. in Singapore (“Western Singapore”) and Western Asset Management Company Limited in London (“Western
Asset London”, together with Western Singapore, the “Non-U.S. Subadvisers” and individually, each a “Non-U.S.
Subadviser”) and each individual investment professional may not be successful in selecting the best performing securities or investment
techniques, and the Fund’s performance may lag behind that of similar funds.
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| Potential Conflicts of Interest Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Potential Conflicts
of Interest Risk. FTFA, Western Asset, the Non-U.S. Subadvisers
(together with FTFA and Western Asset, the “Managers”) and the Fund’s investment professionals have interests which
may conflict with the interests of the Fund. In particular, FTFA also manages, and Western Asset serves as subadviser to, another closed-end
investment company listed on the NYSE that has an investment objective and investment strategies that are substantially similar to the
Fund. Further, the Managers may at some time in the future manage and/or advise other investment funds or accounts with the same investment
objective and strategies as the Fund. As a result, the Managers and the Fund’s investment professionals may devote unequal time
and attention to the management of the Fund and those other funds and accounts, and may not be able to formulate as complete a strategy
or identify equally attractive investment opportunities as might be the case if they were to devote substantially more attention to the
management of the Fund. The Managers and the Fund’s investment professionals may identify a limited investment opportunity that
may be suitable for multiple funds and accounts, and the opportunity may be allocated among these several funds and accounts, which may
limit the Fund’s ability to take full advantage of the investment opportunity. Additionally, transaction orders may be aggregated
for multiple accounts for purpose of execution, which may cause the price or brokerage costs to be less favorable to the Fund than if
similar transactions were not being executed concurrently for other accounts. At times, an investment professional may determine that
an investment opportunity may be appropriate for only some accounts for which he or she exercises investment responsibility, or may decide
that certain accounts should take differing positions with respect to a particular security. In these cases, the investment professional
may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of
the transaction, or both, to the detriment or benefit of one or more other funds and accounts. For example, an investment professional
may determine that it would be in the interest of another account
to sell a security
that the Fund holds, potentially resulting in a decrease in the market value of the security held by the Fund.
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| Rating Agency Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Rating Agency Risk.
Credit ratings are issued by rating agencies which are private
services that provide ratings of the credit quality of debt obligations, including convertible securities. Ratings assigned by a rating
agency are not absolute standards of credit quality and do not evaluate market risks or the liquidity of securities. Rating agencies may
fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating
indicates. In addition, in recent years there have been instances in which the initial rating assigned by a rating agency to a security
failed to take account of adverse economic developments which subsequently occurred, leading to losses that were not anticipated based
on the initial rating. To the extent that the issuer of a security pays a rating agency for the analysis of its security, an inherent
conflict of interest may exist that could affect the reliability of the rating. The ratings of a debt security may change over time. As
a result, debt instruments held by the Fund could receive a higher rating or a lower rating during the period in which they are held.
The Fund will not necessarily sell a security when its rating is reduced below its rating at the time of purchase.
Investments in mortgage-related securities
may involve particularly high levels of risk under current market conditions.
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| Inflation/Deflation Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Inflation/Deflation
Risk. Inflation risk is the risk that the value of certain
assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation
increases, the real value of the Common Stock and distributions on the Common Stock can decline. In addition, during any periods of rising
inflation, the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would
tend to further reduce returns to stockholders. Deflation risk is the risk that prices throughout the economy decline over time—the
opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer defaults more likely,
which may result in a decline in the value of the Fund’s portfolio.
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| Counterparty Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Counterparty Risk.
If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults or its credit
is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your
investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Fund could be delayed
or hindered in its enforcement of rights against an issuer, guarantor or counterparty. Subordinated securities are more likely to suffer
a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived
decline in creditworthiness.
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| When-Issued and Delayed-Delivery Transactions Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
When-Issued and Delayed-Delivery
Transactions Risk. The Fund may purchase fixed income securities
on a when-issued basis, and may purchase or sell those securities for delayed
delivery. When-issued
and delayed-delivery transactions occur when securities are purchased or sold by the Fund with payment and delivery taking place in the
future to secure an advantageous yield or price. Securities purchased on a when-issued or delayed-delivery basis may expose the Fund to
counterparty risk of default as well as the risk that securities may experience fluctuations in value prior to their actual delivery.
The Fund will not accrue income with respect to a when-issued or delayed-delivery security prior to its stated delivery date. Purchasing
securities on a when-issued or delayed-delivery basis can involve the additional risk that the price or yield available in the market
when the delivery takes place may not be as favorable as that obtained in the transaction itself.
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| Leverage Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Leverage Risk. The
Fund may use leverage through borrowings, including loans from certain financial institutions and/or the issuance of debt securities,
and through the issuance of preferred stock. The Fund may use leverage through borrowings in an aggregate amount of up to approximately
33 1/3% of the Fund’s total assets less all liabilities and indebtedness not represented by senior securities (for these purposes,
“total net assets”) immediately after such borrowings. Furthermore, the Fund may use leverage through the issuance of preferred
stock in an aggregate amount of liquidation preference attributable to the preferred stock combined with the aggregate amount of any borrowings
of up to approximately 50% of the Fund’s total net assets immediately after such issuance. The value of your investment may be
more volatile if the Fund borrows or uses instruments, such as derivatives, that have a leveraging effect on the Fund’s portfolio.
The Fund may also have to sell assets at inopportune times to satisfy its obligations created by the use of leverage or derivatives. The
use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly
all, of the Fund’s assets. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment
on a redemption, and losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed
to be received by the Fund and the time the Fund liquidates assets to meet redemption requests.
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| Portfolio Turnover Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Portfolio Turnover
Risk. The Fund’s annual portfolio turnover rate may
vary greatly from year to year. Changes to the investments of the Fund may be made regardless of the length of time particular investments
have been held. A high portfolio turnover rate may result in increased transaction costs for the Fund in the form of increased dealer
spreads and other transactional costs, which may have an adverse impact on the Fund’s performance. In addition, high portfolio
turnover may result in the realization of net short-term capital gains by the Fund which, when distributed to stockholders, will be taxable
as ordinary income. A high portfolio turnover may increase the Fund’s current and accumulated earnings and profits, resulting in
a greater portion of the Fund’s distributions being treated as a dividend to the Fund’s stockholders. The portfolio turnover
rate of the Fund will vary from year to year, as well as within a given year.
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| Temporary Defensive Strategies Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Temporary
Defensive Strategies Risk. When Western Asset anticipates
unusual market or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure and
invest all or a portion of its assets in obligations of the U.S. government, its agencies or instrumentalities; other investment grade
debt securities; investment grade commercial paper; certificates of deposit and bankers’ acceptances; repurchase agreements with
respect to any of the foregoing investments or any other fixed income securities that Western Asset considers consistent with this strategy.
To the extent that the Fund invests defensively, it may not achieve its investment objectives.
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| Market Price Discount from Net Asset Value Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Market Price Discount
from Net Asset Value Risk. Shares of closed-end investment
companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Fund’s
net asset value could decrease as a result of its investment activities and may be a greater risk to investors expecting to sell their
Common Shares in a relatively short period. Whether investors will realize gains or losses upon the sale of Common Shares will depend
not upon the Fund’s net asset value but upon whether the market price of Common Shares at the time of sale is above or below the
investor’s purchase price for Common Shares. Because the market price of Common Shares will be determined by factors such as relative
supply of and demand for Common Shares in the market, general market and economic conditions and other factors beyond the control of the
Fund, the Fund cannot predict whether Common Shares will trade at, above or below net asset value. The Common Shares are designed primarily
for long-term investors and you should not view the Fund as a vehicle for trading purposes.
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| Anti-Takeover Provisions Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Anti-Takeover Provisions
Risk. The Fund’s Charter and Bylaws include provisions
that are designed to limit the ability of other entities or persons to acquire control of the Fund for short-term objectives, including
by converting the Fund to open-end status or changing the composition of the Board, that may be detrimental to the Fund’s ability
to achieve its primary investment objective of seeking to maximize current income. The Bylaws provide that the Fund shall be subject to
the provisions of the MCSAA (as defined below). There can be no assurance, however, that the provisions of the MCSAA will be sufficient
to deter professional arbitrageurs that seek to cause the Fund to take actions that may not be consistent with its investment objective
or aligned with the interests of long-term stockholders, such as liquidating debt investments prior to maturity, triggering taxable events
for stockholders and decreasing the size of the Fund. See “Certain Provisions in the Charter and Bylaws” and “Certain
Provisions in the Charter and Bylaws—Maryland Control Share Acquisition Act” (“MCSAA”). Such provisions may
limit the ability of stockholders to sell their shares at a premium over prevailing market prices by discouraging an investor from seeking
to obtain control of the Fund.
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| Market Events Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Market Events Risk.
The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events,
governmental actions
or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor
strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major
cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that
may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly
interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural
disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether
or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected,
the value and liquidity of the Fund’s investments may be negatively affected. The United States and other countries are periodically
involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected
companies and securities. For example, the United States has recently enacted and proposed to enact significant new tariffs and President
Trump has directed various federal agencies to further evaluate key aspects of U.S trade policy, which could potentially lead to significant
changes to current policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between
the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any
of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and
may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S.
Raising the ceiling on U.S. government
debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could
lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere.
Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity
of the fund’s investments, impair the fund’s ability to satisfy redemption requests, and negatively impact the fund’s
performance.
The United States and other countries
are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts
on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports,
has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes
may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected
and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated
as related to the Chinese military. These and possible future restrictions could limit the fund’s
opportunities for
investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding
dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve
or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get
worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the fund’s
assets may go down.
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| Valuation Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Valuation Risk.
The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment,
particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences
may increase significantly and affect Fund investments more broadly during periods of market volatility. The Fund’s ability to
value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers.
The valuation of the Fund’s investments involves subjective judgment.
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| Tax Risks [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Tax Risks.
To qualify for the favorable U.S. federal income tax treatment generally accorded to regulated investment companies, among other things,
the Fund must derive in each taxable year at least 90% of its gross income from certain prescribed sources and satisfy certain distribution
and asset diversification requirements. If for any taxable year the Fund does not qualify as a regulated investment company, all of its
taxable income (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions
to stockholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund’s current or accumulated
earnings and profits.
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| Operational Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Operational Risk.
The valuation of the Fund’s investments may be negatively impacted because of the operational risks arising from factors such as
processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in
personnel, and errors caused by third party service providers or trading counterparties. It is not possible to identify all of the operational
risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures.
The Fund and its stockholders could be negatively impacted as a result.
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| Cybersecurity Risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk [Text Block] |
Cybersecurity Risk.
Like other funds and business enterprises, the Fund, the Manager, Western Asset, the relevant listing exchange and their service providers
are subject to the risk of cybersecurity incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused
by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private
stockholder information) or proprietary information, cause the Fund, the Manager, Western Asset, the relevant listing exchange and/or
their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries)
to suffer data
breaches,
data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving
distributions or receiving timely information regarding the fund or their investment in the fund. The Fund, Western Asset, and the subadvisers
have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service
providers may have limited indemnification obligations to the Fund or the Manager. Cybersecurity incidents may result in financial losses
to the Fund and its stockholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents. Issuers
of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the
issuers experience cybersecurity incidents.
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| Revolving Credit Facilities [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Highlights [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Securities Amount | [8] | $ 75,000,000 | [7] | $ 70,000,000 | [7] | $ 75,000,000 | [7] | $ 70,000,000 | $ 70,000,000 | $ 77,000,000 | $ 85,500,000 | $ 158,000,000 | $ 180,000,000 | $ 168,000,000 | $ 171,000,000 | $ 120,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Securities Coverage per Unit | [9] | $ 3,697 | [7] | $ 3,328 | [7] | $ 3,697 | [7] | $ 3,328 | $ 3,315 | $ 3,505 | $ 3,829 | $ 3,706 | $ 3,583 | $ 3,829 | $ 3,992 | $ 3,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Securities Average Market Value per Unit | [10] | [7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Shares [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Annual Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Transaction Fees, Note [Text Block] | Percentage
of Net Assets Attributable
to
Common Shares
|
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| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lowest Price or Bid | 6.16 | $ 6.56 | $ 6.59 | $ 6.94 | 6.74 | $ 6.85 | $ 6.86 | $ 6.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Highest Price or Bid | 6.79 | 6.89 | 7.07 | 7.25 | 7.15 | 7.37 | 7.72 | 7.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lowest Price or Bid, NAV | 6.51 | 6.9 | 7.03 | 7.2 | 7.15 | 7.21 | 7.16 | 6.81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Highest Price or Bid, NAV | $ 6.96 | $ 6.96 | $ 7.47 | $ 7.23 | $ 7.46 | $ 7.47 | $ 7.44 | $ 7.29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Highest Price or Bid, Premium (Discount) to NAV [Percent] | (2.44%) | (1.01%) | (5.35%) | 0.28% | (4.16%) | (1.34%) | 3.76% | 0.82% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lowest Price or Bid, Premium (Discount) to NAV [Percent] | (5.38%) | (4.93%) | (6.26%) | (3.61%) | (5.73%) | (4.99%) | (4.19%) | (11.16%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Price | $ 6.41 | $ 6.41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NAV Per Share | $ 6.68 | $ 6.68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Latest Premium (Discount) to NAV [Percent] | 4.04% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Outstanding Security, Held [Shares] | 30,299,742 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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