WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| CORPORATE BONDS & NOTES - 121.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMUNICATION SERVICES - 15.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services - 3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Altice Financing SA, Senior Secured Notes |
|
|
5.000 |
% |
|
|
1/15/28 |
|
|
|
700,000 |
|
|
$ |
543,985 |
(a) |
| Altice Financing SA, Senior Secured Notes |
|
|
5.750 |
% |
|
|
8/15/29 |
|
|
|
650,000 |
|
|
|
488,114 |
(a) |
| Altice France Holding SA, Senior Notes |
|
|
6.000 |
% |
|
|
2/15/28 |
|
|
|
240,000 |
|
|
|
89,568 |
(a) |
| Altice France Holding SA, Senior Secured Notes |
|
|
8.000 |
% |
|
|
5/15/27 |
|
|
|
360,000 |
EUR |
|
|
156,349 |
(b) |
| Altice France Holding SA, Senior Secured Notes |
|
|
10.500 |
% |
|
|
5/15/27 |
|
|
|
810,000 |
|
|
|
343,730 |
(a) |
| Altice France SA, Senior Secured Notes |
|
|
5.500 |
% |
|
|
1/15/28 |
|
|
|
360,000 |
|
|
|
264,547 |
(a) |
| Altice France SA, Senior Secured Notes |
|
|
5.125 |
% |
|
|
7/15/29 |
|
|
|
200,000 |
|
|
|
140,255 |
(a) |
| Lumen Technologies Inc., Senior Notes |
|
|
7.600 |
% |
|
|
9/15/39 |
|
|
|
2,100,000 |
|
|
|
768,390 |
|
| Telecom Italia Capital SA, Senior Notes |
|
|
6.000 |
% |
|
|
9/30/34 |
|
|
|
430,000 |
|
|
|
348,211 |
|
| Telecom Italia Capital SA, Senior Notes |
|
|
7.200 |
% |
|
|
7/18/36 |
|
|
|
200,000 |
|
|
|
171,989 |
|
| Telecom Italia Capital SA, Senior Notes |
|
|
7.721 |
% |
|
|
6/4/38 |
|
|
|
200,000 |
|
|
|
177,948 |
|
| Telecom Italia SpA, Senior Notes |
|
|
5.303 |
% |
|
|
5/30/24 |
|
|
|
235,000 |
|
|
|
230,600 |
(a) |
| Telefonica Emisiones SA, Senior Notes |
|
|
7.045 |
% |
|
|
6/20/36 |
|
|
|
2,000,000 |
|
|
|
2,186,766 |
|
| Verizon Communications Inc., Senior Notes |
|
|
2.355 |
% |
|
|
3/15/32 |
|
|
|
1,500,000 |
|
|
|
1,198,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
7,108,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Entertainment - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Netflix Inc., Senior Notes |
|
|
6.375 |
% |
|
|
5/15/29 |
|
|
|
510,000 |
|
|
|
539,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interactive Media & Services - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Match Group Holdings II LLC, Senior Notes |
|
|
3.625 |
% |
|
|
10/1/31 |
|
|
|
860,000 |
|
|
|
708,726 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media - 5.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes |
|
|
4.250 |
% |
|
|
1/15/34 |
|
|
|
1,770,000 |
|
|
|
1,362,060 |
(a) |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
6.384 |
% |
|
|
10/23/35 |
|
|
|
720,000 |
|
|
|
707,642 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
6.484 |
% |
|
|
10/23/45 |
|
|
|
2,660,000 |
|
|
|
2,484,505 |
|
| DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured
Notes |
|
|
5.875 |
% |
|
|
8/15/27 |
|
|
|
1,960,000 |
|
|
|
1,771,103 |
(a) |
| DISH DBS Corp., Senior Notes |
|
|
5.875 |
% |
|
|
11/15/24 |
|
|
|
370,000 |
|
|
|
338,289 |
|
| DISH DBS Corp., Senior Notes |
|
|
7.375 |
% |
|
|
7/1/28 |
|
|
|
760,000 |
|
|
|
428,416 |
|
| DISH DBS Corp., Senior Notes |
|
|
5.125 |
% |
|
|
6/1/29 |
|
|
|
1,500,000 |
|
|
|
755,633 |
|
| Grupo Televisa SAB, Senior Notes |
|
|
6.625 |
% |
|
|
1/15/40 |
|
|
|
1,730,000 |
|
|
|
1,813,489 |
|
| UPC Holding BV, Senior Secured Notes |
|
|
5.500 |
% |
|
|
1/15/28 |
|
|
|
230,000 |
|
|
|
204,913 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,866,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
1 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Wireless Telecommunication Services - 6.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| America Movil SAB de CV, Senior Notes |
|
|
6.125 |
% |
|
|
3/30/40 |
|
|
|
650,000 |
|
|
$ |
687,078 |
|
| CSC Holdings LLC, Senior Notes |
|
|
11.250 |
% |
|
|
5/15/28 |
|
|
|
910,000 |
|
|
|
900,886 |
(a) |
| CSC Holdings LLC, Senior Notes |
|
|
5.750 |
% |
|
|
1/15/30 |
|
|
|
1,250,000 |
|
|
|
648,596 |
(a) |
| CSC Holdings LLC, Senior Notes |
|
|
4.625 |
% |
|
|
12/1/30 |
|
|
|
2,560,000 |
|
|
|
1,288,692 |
(a) |
| CSC Holdings LLC, Senior Notes |
|
|
5.000 |
% |
|
|
11/15/31 |
|
|
|
410,000 |
|
|
|
207,578 |
(a) |
| Millicom International Cellular SA, Senior Notes |
|
|
4.500 |
% |
|
|
4/27/31 |
|
|
|
1,000,000 |
|
|
|
796,630 |
(a) |
| Sprint Capital Corp., Senior Notes |
|
|
8.750 |
% |
|
|
3/15/32 |
|
|
|
90,000 |
|
|
|
108,520 |
|
| Sprint LLC, Senior Notes |
|
|
7.875 |
% |
|
|
9/15/23 |
|
|
|
3,410,000 |
|
|
|
3,415,899 |
|
| T-Mobile USA Inc., Senior Notes |
|
|
3.500 |
% |
|
|
4/15/31 |
|
|
|
2,860,000 |
|
|
|
2,516,613 |
|
| Vmed O2 UK Financing I PLC, Senior Secured Notes |
|
|
4.500 |
% |
|
|
7/15/31 |
|
|
|
800,000 |
GBP |
|
|
816,250 |
(a) |
| Vmed O2 UK Financing I PLC, Senior Secured Notes |
|
|
4.750 |
% |
|
|
7/15/31 |
|
|
|
400,000 |
|
|
|
338,008 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,724,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,948,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER DISCRETIONARY - 17.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automobile Components - 3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adient Global Holdings Ltd., Senior Notes |
|
|
4.875 |
% |
|
|
8/15/26 |
|
|
|
850,000 |
|
|
|
816,942 |
(a) |
| American Axle & Manufacturing Inc., Senior Notes |
|
|
6.500 |
% |
|
|
4/1/27 |
|
|
|
1,521,000 |
|
|
|
1,482,009 |
|
| American Axle & Manufacturing Inc., Senior Notes |
|
|
5.000 |
% |
|
|
10/1/29 |
|
|
|
650,000 |
|
|
|
555,123 |
|
| JB Poindexter & Co. Inc., Senior Notes |
|
|
7.125 |
% |
|
|
4/15/26 |
|
|
|
2,140,000 |
|
|
|
2,114,598 |
(a) |
| ZF North America Capital Inc., Senior Notes |
|
|
6.875 |
% |
|
|
4/14/28 |
|
|
|
400,000 |
|
|
|
406,615 |
(a) |
| ZF North America Capital Inc., Senior Notes |
|
|
7.125 |
% |
|
|
4/14/30 |
|
|
|
430,000 |
|
|
|
443,322 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,818,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automobiles - 2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ford Motor Credit Co. LLC, Senior Notes |
|
|
7.350 |
% |
|
|
3/6/30 |
|
|
|
750,000 |
|
|
|
777,087 |
|
| Ford Motor Credit Co. LLC, Senior Notes |
|
|
3.625 |
% |
|
|
6/17/31 |
|
|
|
1,700,000 |
|
|
|
1,406,779 |
|
| General Motors Co., Senior Notes |
|
|
6.125 |
% |
|
|
10/1/25 |
|
|
|
220,000 |
|
|
|
222,471 |
|
| General Motors Co., Senior Notes |
|
|
6.600 |
% |
|
|
4/1/36 |
|
|
|
720,000 |
|
|
|
746,498 |
|
| Nissan Motor Acceptance Co. LLC, Senior Notes |
|
|
2.750 |
% |
|
|
3/9/28 |
|
|
|
1,520,000 |
|
|
|
1,296,598 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,449,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Broadline Retail - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marks & Spencer PLC, Senior Notes |
|
|
7.125 |
% |
|
|
12/1/37 |
|
|
|
1,000,000 |
|
|
|
945,187 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributors - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ritchie Bros Holdings Inc., Senior Notes |
|
|
7.750 |
% |
|
|
3/15/31 |
|
|
|
930,000 |
|
|
|
970,412 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
2 |
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Diversified Consumer Services - 2.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| APCOA Parking Holdings GmbH, Senior Secured Notes |
|
|
4.625 |
% |
|
|
1/15/27 |
|
|
|
210,000 |
EUR |
|
$ |
204,796 |
(b) |
| APCOA Parking Holdings GmbH, Senior Secured Notes |
|
|
4.625 |
% |
|
|
1/15/27 |
|
|
|
1,830,000 |
EUR |
|
|
1,784,655 |
(a) |
| Carriage Services Inc., Senior Notes |
|
|
4.250 |
% |
|
|
5/15/29 |
|
|
|
470,000 |
|
|
|
407,589 |
(a) |
| StoneMor Inc., Senior Secured Notes |
|
|
8.500 |
% |
|
|
5/15/29 |
|
|
|
1,400,000 |
|
|
|
1,184,554 |
(a) |
| WW International Inc., Senior Secured Notes |
|
|
4.500 |
% |
|
|
4/15/29 |
|
|
|
750,000 |
|
|
|
533,190 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,114,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure - 9.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1011778 BC ULC/New Red Finance Inc., Senior Secured Notes |
|
|
5.750 |
% |
|
|
4/15/25 |
|
|
|
400,000 |
|
|
|
397,900 |
(a) |
| Carnival Corp., Senior Notes |
|
|
7.625 |
% |
|
|
3/1/26 |
|
|
|
460,000 |
|
|
|
454,211 |
(a) |
| Carnival Holdings Bermuda Ltd., Senior Notes |
|
|
10.375 |
% |
|
|
5/1/28 |
|
|
|
40,000 |
|
|
|
43,684 |
(a) |
| Carnival PLC, Senior Notes |
|
|
1.000 |
% |
|
|
10/28/29 |
|
|
|
1,150,000 |
EUR |
|
|
843,521 |
|
| Carrols Restaurant Group Inc., Senior Notes |
|
|
5.875 |
% |
|
|
7/1/29 |
|
|
|
100,000 |
|
|
|
84,454 |
(a) |
| IRB Holding Corp., Senior Secured Notes |
|
|
7.000 |
% |
|
|
6/15/25 |
|
|
|
690,000 |
|
|
|
694,071 |
(a) |
| Las Vegas Sands Corp., Senior Notes |
|
|
3.900 |
% |
|
|
8/8/29 |
|
|
|
4,630,000 |
|
|
|
4,155,618 |
|
| Marston’s Issuer PLC, Secured Notes (SONIA + 2.669%) |
|
|
7.630 |
% |
|
|
7/16/35 |
|
|
|
1,768,000 |
GBP |
|
|
1,690,045 |
(b)(c) |
| Mitchells & Butlers Finance PLC, Secured Notes |
|
|
5.965 |
% |
|
|
12/15/23 |
|
|
|
25,950 |
GBP |
|
|
33,060 |
(b) |
| NCL Corp. Ltd., Senior Notes |
|
|
3.625 |
% |
|
|
12/15/24 |
|
|
|
1,122,000 |
|
|
|
1,078,544 |
(a) |
| NCL Corp. Ltd., Senior Notes |
|
|
5.875 |
% |
|
|
3/15/26 |
|
|
|
500,000 |
|
|
|
473,579 |
(a) |
| NCL Corp. Ltd., Senior Notes |
|
|
7.750 |
% |
|
|
2/15/29 |
|
|
|
490,000 |
|
|
|
469,692 |
(a) |
| NCL Finance Ltd., Senior Notes |
|
|
6.125 |
% |
|
|
3/15/28 |
|
|
|
960,000 |
|
|
|
874,464 |
(a) |
| Royal Caribbean Cruises Ltd., Senior Notes |
|
|
5.375 |
% |
|
|
7/15/27 |
|
|
|
1,030,000 |
|
|
|
980,276 |
(a) |
| Royal Caribbean Cruises Ltd., Senior Notes |
|
|
5.500 |
% |
|
|
4/1/28 |
|
|
|
610,000 |
|
|
|
575,484 |
(a) |
| Saga PLC, Senior Notes |
|
|
3.375 |
% |
|
|
5/12/24 |
|
|
|
210,000 |
GBP |
|
|
253,782 |
(b) |
| Saga PLC, Senior Notes |
|
|
5.500 |
% |
|
|
7/15/26 |
|
|
|
430,000 |
GBP |
|
|
417,329 |
(b) |
| Sands China Ltd., Senior Notes |
|
|
3.350 |
% |
|
|
3/8/29 |
|
|
|
2,380,000 |
|
|
|
2,050,362 |
|
| Sands China Ltd., Senior Notes |
|
|
4.875 |
% |
|
|
6/18/30 |
|
|
|
390,000 |
|
|
|
355,658 |
|
| Sands China Ltd., Senior Notes |
|
|
3.750 |
% |
|
|
8/8/31 |
|
|
|
500,000 |
|
|
|
419,805 |
|
| Wheel Bidco Ltd., Senior Secured Notes |
|
|
6.750 |
% |
|
|
7/15/26 |
|
|
|
400,000 |
GBP |
|
|
417,073 |
(a) |
| Wynn Macau Ltd., Senior Notes |
|
|
5.500 |
% |
|
|
1/15/26 |
|
|
|
230,000 |
|
|
|
216,740 |
(a) |
| Wynn Macau Ltd., Senior Notes |
|
|
5.625 |
% |
|
|
8/26/28 |
|
|
|
520,000 |
|
|
|
462,200 |
(a) |
| Wynn Macau Ltd., Senior Notes |
|
|
5.125 |
% |
|
|
12/15/29 |
|
|
|
590,000 |
|
|
|
501,223 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,942,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
3 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Household Durables - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lennar Corp., Senior Notes |
|
|
5.000 |
% |
|
|
6/15/27 |
|
|
|
738,000 |
|
|
$ |
728,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Specialty Retail - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Michaels Cos. Inc., Senior Notes |
|
|
7.875 |
% |
|
|
5/1/29 |
|
|
|
120,000 |
|
|
|
85,649 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,055,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER STAPLES - 4.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beverages - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes |
|
|
4.700 |
% |
|
|
2/1/36 |
|
|
|
2,630,000 |
|
|
|
2,552,208 |
|
| Anheuser-Busch InBev Worldwide Inc., Senior Notes |
|
|
4.750 |
% |
|
|
1/23/29 |
|
|
|
60,000 |
|
|
|
59,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Beverages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,611,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Food Products - 2.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bellis Acquisition Co. PLC, Senior Secured Notes |
|
|
3.250 |
% |
|
|
2/16/26 |
|
|
|
660,000 |
GBP |
|
|
729,812 |
(b) |
| FAGE International SA/FAGE USA Dairy Industry Inc., Senior Notes |
|
|
5.625 |
% |
|
|
8/15/26 |
|
|
|
500,000 |
|
|
|
471,611 |
(a) |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., Senior Notes |
|
|
3.750 |
% |
|
|
12/1/31 |
|
|
|
1,000,000 |
|
|
|
851,260 |
(a) |
| Kraft Heinz Foods Co., Senior Notes |
|
|
4.250 |
% |
|
|
3/1/31 |
|
|
|
180,000 |
|
|
|
170,453 |
|
| Kraft Heinz Foods Co., Senior Notes |
|
|
5.200 |
% |
|
|
7/15/45 |
|
|
|
400,000 |
|
|
|
378,689 |
|
| Kraft Heinz Foods Co., Senior Notes |
|
|
5.500 |
% |
|
|
6/1/50 |
|
|
|
550,000 |
|
|
|
546,036 |
|
| Pilgrim’s Pride Corp., Senior Notes |
|
|
5.875 |
% |
|
|
9/30/27 |
|
|
|
1,520,000 |
|
|
|
1,504,805 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,652,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tobacco - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Altria Group Inc., Senior Notes |
|
|
2.450 |
% |
|
|
2/4/32 |
|
|
|
550,000 |
|
|
|
433,347 |
|
| Reynolds American Inc., Senior Notes |
|
|
5.850 |
% |
|
|
8/15/45 |
|
|
|
540,000 |
|
|
|
484,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
917,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER STAPLES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,182,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY - 17.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noble Finance II LLC, Senior Notes |
|
|
8.000 |
% |
|
|
4/15/30 |
|
|
|
430,000 |
|
|
|
442,750 |
(a) |
| Sunnova Energy Corp., Senior Notes |
|
|
5.875 |
% |
|
|
9/1/26 |
|
|
|
100,000 |
|
|
|
89,888 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Energy Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
532,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels - 17.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cheniere Energy Partners LP, Senior Notes |
|
|
4.000 |
% |
|
|
3/1/31 |
|
|
|
750,000 |
|
|
|
668,077 |
|
| Continental Resources Inc., Senior Notes |
|
|
3.800 |
% |
|
|
6/1/24 |
|
|
|
1,060,000 |
|
|
|
1,039,889 |
|
| Continental Resources Inc., Senior Notes |
|
|
4.375 |
% |
|
|
1/15/28 |
|
|
|
640,000 |
|
|
|
606,361 |
|
| Diamondback Energy Inc., Senior Notes |
|
|
3.500 |
% |
|
|
12/1/29 |
|
|
|
1,120,000 |
|
|
|
1,021,588 |
|
| Ecopetrol SA, Senior Notes |
|
|
4.625 |
% |
|
|
11/2/31 |
|
|
|
1,250,000 |
|
|
|
996,501 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
4 |
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Oil, Gas & Consumable Fuels - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ecopetrol SA, Senior Notes |
|
|
5.875 |
% |
|
|
5/28/45 |
|
|
|
3,000,000 |
|
|
$ |
2,162,571 |
(d) |
| Ecopetrol SA, Senior Notes |
|
|
5.875 |
% |
|
|
11/2/51 |
|
|
|
1,760,000 |
|
|
|
1,223,234 |
|
| Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%) |
|
|
6.625 |
% |
|
|
2/15/28 |
|
|
|
1,210,000 |
|
|
|
963,463 |
(c)(e) |
| EQM Midstream Partners LP, Senior Notes |
|
|
4.500 |
% |
|
|
1/15/29 |
|
|
|
410,000 |
|
|
|
375,050 |
(a) |
| EQM Midstream Partners LP, Senior Notes |
|
|
7.500 |
% |
|
|
6/1/30 |
|
|
|
420,000 |
|
|
|
433,490 |
(a) |
| EQT Corp., Senior Notes |
|
|
3.900 |
% |
|
|
10/1/27 |
|
|
|
1,300,000 |
|
|
|
1,219,865 |
|
| EQT Corp., Senior Notes |
|
|
5.000 |
% |
|
|
1/15/29 |
|
|
|
2,720,000 |
|
|
|
2,574,570 |
|
| KazMunayGas National Co. JSC, Senior Notes |
|
|
3.500 |
% |
|
|
4/14/33 |
|
|
|
2,130,000 |
|
|
|
1,689,623 |
(a) |
| NGPL PipeCo LLC, Senior Notes |
|
|
7.768 |
% |
|
|
12/15/37 |
|
|
|
800,000 |
|
|
|
847,936 |
(a) |
| Occidental Petroleum Corp., Senior Notes |
|
|
4.400 |
% |
|
|
8/15/49 |
|
|
|
1,060,000 |
|
|
|
783,589 |
|
| Petrobras Global Finance BV, Senior Notes |
|
|
6.750 |
% |
|
|
1/27/41 |
|
|
|
160,000 |
|
|
|
153,888 |
|
| Petroleos del Peru SA, Senior Notes |
|
|
4.750 |
% |
|
|
6/19/32 |
|
|
|
2,230,000 |
|
|
|
1,706,353 |
(a) |
| Petroleos Mexicanos, Senior Notes |
|
|
6.500 |
% |
|
|
6/2/41 |
|
|
|
750,000 |
|
|
|
486,797 |
|
| Petroleos Mexicanos, Senior Notes |
|
|
5.500 |
% |
|
|
6/27/44 |
|
|
|
540,000 |
|
|
|
322,367 |
|
| Range Resources Corp., Senior Notes |
|
|
4.875 |
% |
|
|
5/15/25 |
|
|
|
290,000 |
|
|
|
284,861 |
|
| Range Resources Corp., Senior Notes |
|
|
8.250 |
% |
|
|
1/15/29 |
|
|
|
480,000 |
|
|
|
499,884 |
|
| Rockies Express Pipeline LLC, Senior Notes |
|
|
7.500 |
% |
|
|
7/15/38 |
|
|
|
330,000 |
|
|
|
305,444 |
(a) |
| Sabine Pass Liquefaction LLC, Senior Secured Notes |
|
|
5.750 |
% |
|
|
5/15/24 |
|
|
|
138,000 |
|
|
|
137,768 |
|
| Sabine Pass Liquefaction LLC, Senior Secured Notes |
|
|
5.000 |
% |
|
|
3/15/27 |
|
|
|
1,940,000 |
|
|
|
1,922,727 |
|
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes |
|
|
9.000 |
% |
|
|
10/15/26 |
|
|
|
440,000 |
|
|
|
432,816 |
(a) |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes |
|
|
6.500 |
% |
|
|
7/15/27 |
|
|
|
430,000 |
|
|
|
432,359 |
|
| Transcontinental Gas Pipe Line Co. LLC, Senior Notes |
|
|
7.850 |
% |
|
|
2/1/26 |
|
|
|
1,000,000 |
|
|
|
1,048,935 |
|
| Transportadora de Gas del Peru SA, Senior Notes |
|
|
4.250 |
% |
|
|
4/30/28 |
|
|
|
1,500,000 |
|
|
|
1,452,000 |
(a) |
| Venture Global LNG Inc., Senior Secured Notes |
|
|
8.375 |
% |
|
|
6/1/31 |
|
|
|
390,000 |
|
|
|
396,096 |
(a) |
| Western Midstream Operating LP, Senior Notes |
|
|
4.050 |
% |
|
|
2/1/30 |
|
|
|
3,655,000 |
|
|
|
3,325,132 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
5.300 |
% |
|
|
3/1/48 |
|
|
|
250,000 |
|
|
|
214,557 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
5 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Oil, Gas & Consumable Fuels - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Western Midstream Operating LP, Senior Notes |
|
|
5.250 |
% |
|
|
2/1/50 |
|
|
|
2,770,000 |
|
|
$ |
2,352,159 |
|
| Williams Cos. Inc., Senior Notes |
|
|
4.550 |
% |
|
|
6/24/24 |
|
|
|
540,000 |
|
|
|
534,004 |
|
| Williams Cos. Inc., Senior Notes |
|
|
7.500 |
% |
|
|
1/15/31 |
|
|
|
340,000 |
|
|
|
373,880 |
|
| Williams Cos. Inc., Senior Notes |
|
|
5.750 |
% |
|
|
6/24/44 |
|
|
|
450,000 |
|
|
|
441,269 |
|
| YPF SA, Senior Notes |
|
|
8.500 |
% |
|
|
7/28/25 |
|
|
|
120,000 |
|
|
|
112,806 |
(a) |
| YPF SA, Senior Notes |
|
|
6.950 |
% |
|
|
7/21/27 |
|
|
|
400,000 |
|
|
|
340,478 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,882,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ENERGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,415,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIALS - 34.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks - 23.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to 1/24/32 then 10 year Treasury Constant Maturity Rate
+ 5.034%) |
|
|
6.625 |
% |
|
|
1/24/32 |
|
|
|
1,810,000 |
|
|
|
1,452,525 |
(a)(c)(e) |
| Bank of America Corp., Junior Subordinated Notes (5.875% to 3/15/28 then 3 mo. Term SOFR + 3.193%) |
|
|
5.875 |
% |
|
|
3/15/28 |
|
|
|
3,910,000 |
|
|
|
3,651,158 |
(c)(e) |
| Bank of America Corp., Subordinated Notes |
|
|
4.250 |
% |
|
|
10/22/26 |
|
|
|
500,000 |
|
|
|
483,201 |
|
| Barclays PLC, Junior Subordinated Notes (8.000% to 6/15/24 then 5 year Treasury Constant Maturity Rate +
5.672%) |
|
|
8.000 |
% |
|
|
6/15/24 |
|
|
|
1,390,000 |
|
|
|
1,372,180 |
(c)(e) |
| Barclays PLC, Subordinated Notes |
|
|
5.200 |
% |
|
|
5/12/26 |
|
|
|
3,000,000 |
|
|
|
2,923,055 |
|
| Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + 3.054%) |
|
|
5.088 |
% |
|
|
6/20/30 |
|
|
|
680,000 |
|
|
|
630,449 |
(c) |
| BBVA Bancomer SA, Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury Constant Maturity Rate +
2.650%) |
|
|
5.125 |
% |
|
|
1/18/33 |
|
|
|
540,000 |
|
|
|
470,205 |
(a)(c) |
| Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. Term SOFR + 4.167%) |
|
|
5.950 |
% |
|
|
5/15/25 |
|
|
|
2,100,000 |
|
|
|
2,040,707 |
(c)(e) |
| Citigroup Inc., Subordinated Notes |
|
|
4.125 |
% |
|
|
7/25/28 |
|
|
|
2,000,000 |
|
|
|
1,883,970 |
|
| Comerica Bank, Senior Notes |
|
|
2.500 |
% |
|
|
7/23/24 |
|
|
|
720,000 |
|
|
|
687,425 |
|
| Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year ICE Swap Rate + 6.185%) |
|
|
8.125 |
% |
|
|
12/23/25 |
|
|
|
560,000 |
|
|
|
563,632 |
(a)(c)(e) |
| Credit Agricole SA, Subordinated Notes (4.000% to 1/10/28 then USD 5 year ICE Swap Rate + 1.644%) |
|
|
4.000 |
% |
|
|
1/10/33 |
|
|
|
2,000,000 |
|
|
|
1,804,831 |
(a)(c) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
6 |
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Banks - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%) |
|
|
6.500 |
% |
|
|
3/23/28 |
|
|
|
2,820,000 |
|
|
$ |
2,624,530 |
(c)(e) |
| HSBC Holdings PLC, Senior Notes (3.973% to 5/22/29 then 3 mo. Term SOFR + 1.872%) |
|
|
3.973 |
% |
|
|
5/22/30 |
|
|
|
2,870,000 |
|
|
|
2,594,492 |
(c) |
| Intesa Sanpaolo SpA, Subordinated Notes |
|
|
5.017 |
% |
|
|
6/26/24 |
|
|
|
2,180,000 |
|
|
|
2,130,478 |
(a) |
| Intesa Sanpaolo SpA, Subordinated Notes |
|
|
5.710 |
% |
|
|
1/15/26 |
|
|
|
1,940,000 |
|
|
|
1,873,995 |
(a) |
| Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year Treasury Constant Maturity Rate +
2.600%) |
|
|
4.198 |
% |
|
|
6/1/32 |
|
|
|
2,360,000 |
|
|
|
1,819,098 |
(a)(c) |
| JPMorgan Chase & Co., Junior Subordinated Notes (6.100% to 10/1/24 then 3 mo. Term SOFR +
3.592%) |
|
|
6.100 |
% |
|
|
10/1/24 |
|
|
|
750,000 |
|
|
|
746,415 |
(c)(e) |
| JPMorgan Chase & Co., Junior Subordinated Notes (8.934% to 8/1/23 then 3 mo. Term SOFR + 3.562%) |
|
|
8.934 |
% |
|
|
11/1/23 |
|
|
|
4,890,000 |
|
|
|
4,913,961 |
(c)(e) |
| Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 9/27/25 then USD 5 year ICE Swap Rate +
4.496%) |
|
|
7.500 |
% |
|
|
9/27/25 |
|
|
|
500,000 |
|
|
|
473,875 |
(c)(e) |
| Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 then 5 year Treasury Constant Maturity Rate
+ 3.913%) |
|
|
8.000 |
% |
|
|
9/27/29 |
|
|
|
1,150,000 |
|
|
|
1,079,275 |
(c)(e) |
| Lloyds Banking Group PLC, Subordinated Notes |
|
|
4.650 |
% |
|
|
3/24/26 |
|
|
|
2,700,000 |
|
|
|
2,604,407 |
|
| NatWest Group PLC, Subordinated Notes |
|
|
6.000 |
% |
|
|
12/19/23 |
|
|
|
1,000,000 |
|
|
|
998,978 |
|
| PNC Financial Services Group Inc., Senior Notes |
|
|
2.550 |
% |
|
|
1/22/30 |
|
|
|
750,000 |
|
|
|
633,683 |
|
| PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR + 1.322%) |
|
|
5.812 |
% |
|
|
6/12/26 |
|
|
|
1,250,000 |
|
|
|
1,251,286 |
(c) |
| Santander UK PLC, Subordinated Notes |
|
|
5.000 |
% |
|
|
11/7/23 |
|
|
|
394,000 |
|
|
|
392,160 |
(a) |
| UniCredit SpA, Subordinated Notes (2.000% to 9/23/24 then EUR 5 year Swap Rate + 2.400%) |
|
|
2.000 |
% |
|
|
9/23/29 |
|
|
|
600,000 |
EUR |
|
|
630,683 |
(b)(c) |
| UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%) |
|
|
7.296 |
% |
|
|
4/2/34 |
|
|
|
1,420,000 |
|
|
|
1,378,970 |
(a)(c) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
7 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Banks - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wells Fargo & Co., Junior Subordinated Notes |
|
|
5.900 |
% |
|
|
6/15/24 |
|
|
|
1,830,000 |
|
|
$ |
1,815,726 |
(c)(e) |
| Wells Fargo & Co., Junior Subordinated Notes |
|
|
5.875 |
% |
|
|
6/15/25 |
|
|
|
110,000 |
|
|
|
107,800 |
(c)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,033,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Markets - 4.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then 10 year Treasury Constant Maturity Rate +
3.079%) |
|
|
4.000 |
% |
|
|
12/1/30 |
|
|
|
2,000,000 |
|
|
|
1,568,977 |
(c)(e) |
| Credit Suisse AG, Senior Notes |
|
|
7.500 |
% |
|
|
2/15/28 |
|
|
|
1,300,000 |
|
|
|
1,378,643 |
|
| Credit Suisse Group AG, Junior Subordinated Notes (5.250% to 8/11/27 then 5 year Treasury Constant Maturity Rate +
4.889%) |
|
|
5.250 |
% |
|
|
2/11/27 |
|
|
|
2,450,000 |
|
|
|
147,000 |
*(a)(c)(e)(f) |
| Credit Suisse Group AG, Junior Subordinated Notes (6.375% to 8/21/26 then 5 year Treasury Constant Maturity Rate +
4.822%) |
|
|
6.375 |
% |
|
|
8/21/26 |
|
|
|
510,000 |
|
|
|
30,600 |
*(a)(c)(e)(f) |
| Credit Suisse Group AG, Junior Subordinated Notes (9.750% to 12/23/27 then 5 year Treasury Constant Maturity Rate
+ 6.383%) |
|
|
9.750 |
% |
|
|
6/23/27 |
|
|
|
940,000 |
|
|
|
56,400 |
*(a)(c)(e)(f) |
| Goldman Sachs Group Inc., Senior Notes (2.640% to 2/24/27 then SOFR + 1.114%) |
|
|
2.640 |
% |
|
|
2/24/28 |
|
|
|
2,500,000 |
|
|
|
2,265,062 |
(c) |
| UBS Group AG, Junior Subordinated Notes (6.875% to 8/7/25 then USD 5 year ICE Swap Rate + 4.590%) |
|
|
6.875 |
% |
|
|
8/7/25 |
|
|
|
860,000 |
|
|
|
801,584 |
(b)(c)(e) |
| UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%) |
|
|
7.000 |
% |
|
|
1/31/24 |
|
|
|
1,040,000 |
|
|
|
1,020,604 |
(a)(c)(e) |
| UBS Group AG, Senior Notes |
|
|
4.875 |
% |
|
|
5/15/45 |
|
|
|
470,000 |
|
|
|
423,449 |
|
| UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%) |
|
|
6.537 |
% |
|
|
8/12/33 |
|
|
|
1,290,000 |
|
|
|
1,347,473 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,039,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Services - 5.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes |
|
|
3.400 |
% |
|
|
10/29/33 |
|
|
|
3,500,000 |
|
|
|
2,801,540 |
|
| GE Capital International Funding Co. Unlimited Co., Senior Notes |
|
|
3.373 |
% |
|
|
11/15/25 |
|
|
|
1,250,000 |
|
|
|
1,186,350 |
|
| Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK) |
|
|
6.500 |
% |
|
|
9/15/24 |
|
|
|
4,599,560 |
|
|
|
4,340,628 |
(a)(g) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
8 |
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Financial Services - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Huarong Finance 2019 Co. Ltd., Senior Notes |
|
|
2.125 |
% |
|
|
9/30/23 |
|
|
|
660,000 |
|
|
$ |
655,148 |
(b) |
| Huarong Finance II Co. Ltd., Senior Notes |
|
|
4.625 |
% |
|
|
6/3/26 |
|
|
|
300,000 |
|
|
|
271,011 |
(b) |
| Huarong Finance II Co. Ltd., Senior Notes |
|
|
4.875 |
% |
|
|
11/22/26 |
|
|
|
400,000 |
|
|
|
358,000 |
(b) |
| Park Aerospace Holdings Ltd., Senior Notes |
|
|
5.500 |
% |
|
|
2/15/24 |
|
|
|
600,000 |
|
|
|
595,183 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,207,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Farmers Insurance Exchange, Subordinated Notes |
|
|
8.625 |
% |
|
|
5/1/24 |
|
|
|
1,295,000 |
|
|
|
1,303,554 |
(a) |
| MetLife Capital Trust IV, Junior Subordinated Notes |
|
|
7.875 |
% |
|
|
12/15/37 |
|
|
|
300,000 |
|
|
|
314,558 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,618,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL FINANCIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,898,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HEALTH CARE - 6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services - 4.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Centene Corp., Senior Notes |
|
|
3.375 |
% |
|
|
2/15/30 |
|
|
|
3,360,000 |
|
|
|
2,894,496 |
|
| CVS Health Corp., Senior Notes |
|
|
3.750 |
% |
|
|
4/1/30 |
|
|
|
2,000,000 |
|
|
|
1,829,411 |
|
| HCA Inc., Senior Notes |
|
|
3.500 |
% |
|
|
9/1/30 |
|
|
|
750,000 |
|
|
|
659,669 |
|
| HCA Inc., Senior Secured Notes |
|
|
4.500 |
% |
|
|
2/15/27 |
|
|
|
1,000,000 |
|
|
|
972,408 |
|
| Legacy LifePoint Health LLC, Senior Secured Notes |
|
|
4.375 |
% |
|
|
2/15/27 |
|
|
|
580,000 |
|
|
|
500,987 |
(a) |
| Tenet Healthcare Corp., Secured Notes |
|
|
6.250 |
% |
|
|
2/1/27 |
|
|
|
480,000 |
|
|
|
471,670 |
|
| Tenet Healthcare Corp., Senior Notes |
|
|
6.125 |
% |
|
|
10/1/28 |
|
|
|
440,000 |
|
|
|
419,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,748,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals - 2.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bausch Health Cos. Inc., Senior Notes |
|
|
5.250 |
% |
|
|
1/30/30 |
|
|
|
150,000 |
|
|
|
67,035 |
(a) |
| Par Pharmaceutical Inc., Senior Secured Notes |
|
|
7.500 |
% |
|
|
4/1/27 |
|
|
|
500,000 |
|
|
|
367,972 |
*(a)(f) |
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
6.000 |
% |
|
|
4/15/24 |
|
|
|
1,380,000 |
|
|
|
1,375,116 |
|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
3.150 |
% |
|
|
10/1/26 |
|
|
|
1,690,000 |
|
|
|
1,530,474 |
|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
5.125 |
% |
|
|
5/9/29 |
|
|
|
2,230,000 |
|
|
|
2,045,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,385,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL HEALTH CARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,134,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
9 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| INDUSTRIALS - 15.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense - 4.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Avolon Holdings Funding Ltd., Senior Notes |
|
|
3.250 |
% |
|
|
2/15/27 |
|
|
|
1,250,000 |
|
|
$ |
1,122,922 |
(a) |
| Avolon Holdings Funding Ltd., Senior Notes |
|
|
2.750 |
% |
|
|
2/21/28 |
|
|
|
1,000,000 |
|
|
|
857,870 |
(a) |
| Boeing Co., Senior Notes |
|
|
3.625 |
% |
|
|
2/1/31 |
|
|
|
7,450,000 |
|
|
|
6,749,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,730,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Building Products - 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GTL Trade Finance Inc., Senior Notes |
|
|
7.250 |
% |
|
|
4/16/44 |
|
|
|
1,220,000 |
|
|
|
1,317,657 |
(a) |
| Standard Industries Inc., Senior Notes |
|
|
5.000 |
% |
|
|
2/15/27 |
|
|
|
1,575,000 |
|
|
|
1,509,817 |
(a) |
| Standard Industries Inc., Senior Notes |
|
|
4.375 |
% |
|
|
7/15/30 |
|
|
|
1,200,000 |
|
|
|
1,043,016 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,870,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial Services & Supplies - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CoreCivic Inc., Senior Notes |
|
|
8.250 |
% |
|
|
4/15/26 |
|
|
|
460,000 |
|
|
|
463,899 |
|
| CoreCivic Inc., Senior Notes |
|
|
4.750 |
% |
|
|
10/15/27 |
|
|
|
430,000 |
|
|
|
379,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
843,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Industrial Conglomerates - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General Electric Co., Junior Subordinated Notes (3 mo. USD LIBOR + 3.330%) |
|
|
8.882 |
% |
|
|
9/15/23 |
|
|
|
161,000 |
|
|
|
161,700 |
(c)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cellnex Finance Co. SA, Senior Notes |
|
|
2.000 |
% |
|
|
2/15/33 |
|
|
|
2,000,000 |
EUR |
|
|
1,750,789 |
(b) |
| Titan International Inc., Senior Secured Notes |
|
|
7.000 |
% |
|
|
4/30/28 |
|
|
|
200,000 |
|
|
|
192,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,943,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger Airlines - 6.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| American Airlines Group Inc., Senior Notes |
|
|
3.750 |
% |
|
|
3/1/25 |
|
|
|
2,410,000 |
|
|
|
2,294,805 |
(a) |
| American Airlines Inc., Senior Secured Notes |
|
|
7.250 |
% |
|
|
2/15/28 |
|
|
|
560,000 |
|
|
|
556,478 |
(a) |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes |
|
|
5.500 |
% |
|
|
4/20/26 |
|
|
|
394,167 |
|
|
|
388,643 |
(a) |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes |
|
|
5.750 |
% |
|
|
4/20/29 |
|
|
|
1,050,000 |
|
|
|
1,017,564 |
(a) |
| Delta Air Lines Inc., Senior Notes |
|
|
2.900 |
% |
|
|
10/28/24 |
|
|
|
500,000 |
|
|
|
480,784 |
|
| Delta Air Lines Inc., Senior Notes |
|
|
7.375 |
% |
|
|
1/15/26 |
|
|
|
410,000 |
|
|
|
426,000 |
|
| Delta Air Lines Inc., Senior Secured Notes |
|
|
7.000 |
% |
|
|
5/1/25 |
|
|
|
2,490,000 |
|
|
|
2,548,852 |
(a)(d) |
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes |
|
|
4.750 |
% |
|
|
10/20/28 |
|
|
|
450,000 |
|
|
|
435,902 |
(a) |
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes |
|
|
5.750 |
% |
|
|
1/20/26 |
|
|
|
290,000 |
|
|
|
274,006 |
(a) |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes |
|
|
6.500 |
% |
|
|
6/20/27 |
|
|
|
1,184,000 |
|
|
|
1,185,000 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
10 |
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Passenger Airlines - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes |
|
|
8.000 |
% |
|
|
9/20/25 |
|
|
|
1,889,999 |
|
|
$ |
1,908,181 |
(a) |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes |
|
|
8.000 |
% |
|
|
9/20/25 |
|
|
|
330,000 |
|
|
|
333,183 |
(a) |
| United Airlines Holdings Inc., Senior Notes |
|
|
5.000 |
% |
|
|
2/1/24 |
|
|
|
780,000 |
|
|
|
775,207 |
|
| United Airlines Pass-Through Trust |
|
|
4.875 |
% |
|
|
1/15/26 |
|
|
|
982,680 |
|
|
|
949,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Passenger Airlines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,573,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading Companies & Distributors - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ashtead Capital Inc., Senior Notes |
|
|
2.450 |
% |
|
|
8/12/31 |
|
|
|
610,000 |
|
|
|
481,986 |
(a) |
| H&E Equipment Services Inc., Senior Notes |
|
|
3.875 |
% |
|
|
12/15/28 |
|
|
|
940,000 |
|
|
|
827,054 |
(a) |
| United Rentals North America Inc., Senior Notes |
|
|
5.500 |
% |
|
|
5/15/27 |
|
|
|
147,000 |
|
|
|
144,666 |
|
| United Rentals North America Inc., Senior Notes |
|
|
4.875 |
% |
|
|
1/15/28 |
|
|
|
140,000 |
|
|
|
133,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,587,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,710,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INFORMATION TECHNOLOGY - 1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Communications Equipment - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CommScope Inc., Senior Notes |
|
|
7.125 |
% |
|
|
7/1/28 |
|
|
|
20,000 |
|
|
|
13,222 |
(a) |
| CommScope Inc., Senior Secured Notes |
|
|
4.750 |
% |
|
|
9/1/29 |
|
|
|
40,000 |
|
|
|
30,865 |
(a) |
| CommScope Technologies LLC, Senior Notes |
|
|
5.000 |
% |
|
|
3/15/27 |
|
|
|
220,000 |
|
|
|
146,997 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Communications Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
191,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Seagate HDD Cayman, Senior Notes |
|
|
4.750 |
% |
|
|
1/1/25 |
|
|
|
2,330,000 |
|
|
|
2,292,163 |
|
| Seagate HDD Cayman, Senior Notes |
|
|
4.875 |
% |
|
|
6/1/27 |
|
|
|
520,000 |
|
|
|
501,539 |
|
| Western Digital Corp., Senior Notes |
|
|
4.750 |
% |
|
|
2/15/26 |
|
|
|
670,000 |
|
|
|
640,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
3,433,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,625,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MATERIALS - 6.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals - 2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Braskem Netherlands Finance BV, Senior Notes |
|
|
4.500 |
% |
|
|
1/10/28 |
|
|
|
820,000 |
|
|
|
753,501 |
(a) |
| Celanese US Holdings LLC, Senior Notes |
|
|
5.900 |
% |
|
|
7/5/24 |
|
|
|
3,100,000 |
|
|
|
3,095,212 |
|
| Sasol Financing USA LLC, Senior Notes |
|
|
8.750 |
% |
|
|
5/3/29 |
|
|
|
1,070,000 |
|
|
|
1,071,203 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,919,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
11 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Metals & Mining - 2.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ArcelorMittal SA, Senior Notes |
|
|
7.000 |
% |
|
|
10/15/39 |
|
|
|
750,000 |
|
|
$ |
774,994 |
|
| Arsenal AIC Parent LLC, Senior Secured Notes |
|
|
8.000 |
% |
|
|
10/1/30 |
|
|
|
150,000 |
|
|
|
153,188 |
(a)(h) |
| First Quantum Minerals Ltd., Senior Notes |
|
|
8.625 |
% |
|
|
6/1/31 |
|
|
|
580,000 |
|
|
|
594,500 |
(a) |
| Freeport-McMoRan Inc., Senior Notes |
|
|
5.400 |
% |
|
|
11/14/34 |
|
|
|
120,000 |
|
|
|
116,825 |
|
| Freeport-McMoRan Inc., Senior Notes |
|
|
5.450 |
% |
|
|
3/15/43 |
|
|
|
60,000 |
|
|
|
55,937 |
|
| Southern Copper Corp., Senior Notes |
|
|
5.250 |
% |
|
|
11/8/42 |
|
|
|
1,850,000 |
|
|
|
1,763,040 |
|
| Teck Resources Ltd., Senior Notes |
|
|
6.000 |
% |
|
|
8/15/40 |
|
|
|
600,000 |
|
|
|
583,245 |
|
| Vale Overseas Ltd., Senior Notes |
|
|
6.875 |
% |
|
|
11/21/36 |
|
|
|
340,000 |
|
|
|
362,473 |
|
| Vale Overseas Ltd., Senior Notes |
|
|
6.875 |
% |
|
|
11/10/39 |
|
|
|
750,000 |
|
|
|
801,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Metals & Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,205,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paper & Forest Products - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Suzano Austria GmbH, Senior Notes |
|
|
5.750 |
% |
|
|
7/14/26 |
|
|
|
400,000 |
|
|
|
400,753 |
(a) |
| Suzano Austria GmbH, Senior Notes |
|
|
3.750 |
% |
|
|
1/15/31 |
|
|
|
1,600,000 |
|
|
|
1,373,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Paper & Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,774,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MATERIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,899,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care REITs - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Healthcare Trust, Senior Notes |
|
|
4.375 |
% |
|
|
3/1/31 |
|
|
|
120,000 |
|
|
|
87,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotel & Resort REITs - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Properties Trust, Senior Notes |
|
|
5.500 |
% |
|
|
12/15/27 |
|
|
|
500,000 |
|
|
|
439,360 |
|
| Service Properties Trust, Senior Notes |
|
|
4.375 |
% |
|
|
2/15/30 |
|
|
|
400,000 |
|
|
|
297,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hotel & Resort REITs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
737,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| China Aoyuan Group Ltd., Senior Secured Notes |
|
|
— |
|
|
|
2/19/23 |
|
|
|
300,000 |
|
|
|
16,225 |
*(b)(i) |
| China Aoyuan Group Ltd., Senior Secured Notes |
|
|
7.950 |
% |
|
|
6/21/24 |
|
|
|
500,000 |
|
|
|
25,000 |
*(b)(f) |
| Country Garden Holdings Co. Ltd., Senior Secured Notes |
|
|
8.000 |
% |
|
|
1/27/24 |
|
|
|
750,000 |
|
|
|
268,527 |
(b) |
| Heimstaden AB, Senior Notes |
|
|
4.250 |
% |
|
|
3/9/26 |
|
|
|
400,000 |
EUR |
|
|
236,716 |
(b) |
| Samhallsbyggnadsbolaget i Norden AB, Senior Notes |
|
|
1.125 |
% |
|
|
9/4/26 |
|
|
|
1,100,000 |
EUR |
|
|
818,732 |
(b) |
| Times China Holdings Ltd., Senior Secured Notes |
|
|
6.750 |
% |
|
|
7/8/25 |
|
|
|
200,000 |
|
|
|
10,474 |
*(b)(f) |
| Yuzhou Group Holdings Co. Ltd., Senior Secured Notes |
|
|
8.500 |
% |
|
|
2/26/24 |
|
|
|
350,000 |
|
|
|
14,720 |
*(b)(f) |
| Yuzhou Group Holdings Co. Ltd., Senior Secured Notes |
|
|
8.375 |
% |
|
|
10/30/24 |
|
|
|
750,000 |
|
|
|
29,549 |
*(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
1,419,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL REAL ESTATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,244,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
12 |
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| UTILITIES - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric Utilities - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FirstEnergy Corp., Senior Notes |
|
|
7.375 |
% |
|
|
11/15/31 |
|
|
|
1,330,000 |
|
|
$ |
1,490,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas Utilities - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes |
|
|
5.875 |
% |
|
|
3/1/27 |
|
|
|
860,000 |
|
|
|
843,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Independent Power and Renewable Electricity Producers - 0.3% |
|
|
|
|
|
|
|
|
|
| Minejesa Capital BV, Senior Secured Notes |
|
|
4.625 |
% |
|
|
8/10/30 |
|
|
|
650,000 |
|
|
|
597,188 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UTILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,931,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS & NOTES
(Cost - $240,335,793) |
|
|
|
|
|
|
|
|
|
|
|
239,045,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SOVEREIGN BONDS - 13.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Angola - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Angolan Government International Bond, Senior Notes |
|
|
8.000 |
% |
|
|
11/26/29 |
|
|
|
1,400,000 |
|
|
|
1,243,075 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentina - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentine Republic Government International Bond, Senior Notes, Step bond (3.625% to 7/9/24 then 4.125%) |
|
|
3.625 |
% |
|
|
7/9/35 |
|
|
|
52,555 |
|
|
|
16,429 |
|
| Provincia de Cordoba, Senior Notes |
|
|
6.875 |
% |
|
|
12/10/25 |
|
|
|
500,004 |
|
|
|
422,503 |
(b) |
| Provincia de Cordoba, Senior Notes |
|
|
6.990 |
% |
|
|
6/1/27 |
|
|
|
680,000 |
|
|
|
530,400 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Argentina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
969,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colombia - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colombia Government International Bond, Senior Notes |
|
|
3.250 |
% |
|
|
4/22/32 |
|
|
|
1,500,000 |
|
|
|
1,152,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dominican Republic - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dominican Republic International Bond, Senior Notes |
|
|
4.875 |
% |
|
|
9/23/32 |
|
|
|
610,000 |
|
|
|
530,593 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indonesia - 1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indonesia Government International Bond, Senior Notes |
|
|
3.850 |
% |
|
|
7/18/27 |
|
|
|
600,000 |
|
|
|
579,276 |
(a) |
| Indonesia Government International Bond, Senior Notes |
|
|
3.500 |
% |
|
|
1/11/28 |
|
|
|
3,110,000 |
|
|
|
2,938,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Indonesia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,518,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jordan - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jordan Government International Bond, Senior Notes |
|
|
7.750 |
% |
|
|
1/15/28 |
|
|
|
250,000 |
|
|
|
258,437 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
13 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Mexico - 3.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexican Bonos, Bonds |
|
|
7.750 |
% |
|
|
5/29/31 |
|
|
|
101,520,000 |
MXN |
|
$ |
5,695,366 |
|
| Mexico Government International Bond, Senior Notes |
|
|
3.750 |
% |
|
|
1/11/28 |
|
|
|
600,000 |
|
|
|
569,563 |
|
| Mexico Government International Bond, Senior Notes |
|
|
2.659 |
% |
|
|
5/24/31 |
|
|
|
1,530,000 |
|
|
|
1,275,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,540,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Panama - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Panama Government International Bond, Senior Notes |
|
|
4.500 |
% |
|
|
5/15/47 |
|
|
|
4,060,000 |
|
|
|
3,238,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Peru - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Peruvian Government International Bond, Senior Notes |
|
|
2.783 |
% |
|
|
1/23/31 |
|
|
|
2,460,000 |
|
|
|
2,094,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Poland - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Republic of Poland Government Bond |
|
|
1.250 |
% |
|
|
10/25/30 |
|
|
|
11,800,000 |
PLN |
|
|
2,252,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Romania - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Romanian Government International Bond, Senior Notes |
|
|
3.875 |
% |
|
|
10/29/35 |
|
|
|
1,500,000 |
EUR |
|
|
1,352,758 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Russia - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Russian Federal Bond - OFZ |
|
|
7.750 |
% |
|
|
9/16/26 |
|
|
|
103,070,000 |
RUB |
|
|
560,004 |
*(f) |
| Russian Federal Bond - OFZ |
|
|
7.050 |
% |
|
|
1/19/28 |
|
|
|
105,660,000 |
RUB |
|
|
574,077 |
*(f) |
| Russian Federal Bond - OFZ |
|
|
6.900 |
% |
|
|
5/23/29 |
|
|
|
158,539,000 |
RUB |
|
|
861,381 |
*(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Russia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,995,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SOVEREIGN BONDS
(Cost - $27,139,312) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,146,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SENIOR LOANS - 3.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER DISCRETIONARY - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Consumer Services - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.500%) |
|
|
8.819 |
% |
|
|
4/13/28 |
|
|
|
1,250,000 |
|
|
|
944,269 |
(c)(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Scientific Games International Inc., Initial Term Loan B (1 mo. Term SOFR + 3.100%) |
|
|
8.302 |
% |
|
|
4/13/29 |
|
|
|
994,975 |
|
|
|
994,895 |
(c)(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,939,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIALS - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Services - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Citadel Securities LP, 2021 Term Loan (1 mo. Term SOFR + 2.614%) |
|
|
7.717 |
% |
|
|
2/2/28 |
|
|
|
2,238,550 |
|
|
|
2,229,383 |
(c)(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
14 |
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| INDUSTRIALS - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger Airlines - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Delta Air Lines Inc., Initial Term Loan (3 mo. Term SOFR + 3.750%) |
|
|
9.076 |
% |
|
|
10/20/27 |
|
|
|
892,500 |
|
|
$ |
929,164 |
(c)(j)(k) |
| Mileage Plus Holdings LLC, Initial Term Loan (3 mo. USD LIBOR + 5.250%) |
|
|
10.764 |
% |
|
|
6/21/27 |
|
|
|
1,400,000 |
|
|
|
1,462,125 |
(c)(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,391,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MATERIALS - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paper & Forest Products - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asplundh Tree Expert LLC, 2021 Refinancing Term Loan (1 mo. Term SOFR + 1.750%) |
|
|
7.169 |
% |
|
|
9/7/27 |
|
|
|
994,885 |
|
|
|
995,312 |
(c)(j)(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SENIOR LOANS
(Cost - $7,448,529) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,555,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONVERTIBLE BONDS & NOTES - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMUNICATION SERVICES - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISH Network Corp., Senior Notes |
|
|
2.375 |
% |
|
|
3/15/24 |
|
|
|
260,000 |
|
|
|
239,525 |
|
| DISH Network Corp., Senior Notes |
|
|
0.000 |
% |
|
|
12/15/25 |
|
|
|
2,610,000 |
|
|
|
1,603,666 |
|
| DISH Network Corp., Senior Notes |
|
|
3.375 |
% |
|
|
8/15/26 |
|
|
|
560,000 |
|
|
|
313,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,156,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INDUSTRIALS - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger Airlines - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Spirit Airlines Inc., Senior Notes |
|
|
1.000 |
% |
|
|
5/15/26 |
|
|
|
1,270,000 |
|
|
|
1,124,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONVERTIBLE BONDS & NOTES
(Cost - $3,700,230) |
|
|
|
|
|
|
|
|
|
|
|
3,280,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
SHARES |
|
|
|
|
| PREFERRED STOCKS - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIALS - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Markets - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State Street Corp., Non Voting Shares (5.900% to 3/15/24 then 9.008%) (Cost - $937,278) |
|
|
5.900 |
% |
|
|
|
|
|
|
37,454 |
|
|
|
938,972 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
|
|
| U.S. GOVERNMENT & AGENCY OBLIGATIONS - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government Obligations - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Notes (Cost - $694,955) |
|
|
2.750 |
% |
|
|
11/15/23 |
|
|
|
700,000 |
|
|
|
694,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COLLATERALIZED MORTGAGE OBLIGATIONS (l) - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
| JPMorgan Mortgage Trust, 2005-A5 1A2
(Cost - $31,721) |
|
|
4.239 |
% |
|
|
8/25/35 |
|
|
|
33,307 |
|
|
|
33,839 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $280,287,818) |
|
|
|
277,696,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
15 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY‡ |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| SHORT-TERM INVESTMENTS - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. TREASURY BILLS - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills (Cost - $1,000,000) |
|
|
0.000 |
% |
|
|
8/1/23 |
|
|
|
1,000,000 |
|
|
$ |
1,000,000 |
(m) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
SHARES |
|
|
|
|
| MONEY MARKET FUNDS - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $985,051) |
|
|
5.269 |
% |
|
|
|
|
|
|
985,051 |
|
|
|
985,051 |
(n)(o) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(Cost - $1,985,051) |
|
|
|
|
|
|
|
|
|
|
|
1,985,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 142.4%
(Cost - $282,272,869) |
|
|
|
|
|
|
|
|
|
|
|
279,681,096 |
|
| Liabilities in Excess of Other Assets - (42.4)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(83,279,988 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
196,401,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
16 |
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
| † |
Face amount denominated in U.S. dollars, unless otherwise noted. |
| ‡ |
Securities held by the Fund are subject to a lien, granted to the lender, to the extent of the borrowing
outstanding and any additional expenses. |
| †† |
Represents less than 0.1%. |
| * |
Non-income producing security. |
| (a) |
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold
in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
| (b) |
Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to
securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
| (c) |
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain
variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description
above. |
| (d) |
All or a portion of this security is held by the counterparty as collateral for open reverse repurchase
agreements. |
| (e) |
Security has no maturity date. The date shown represents the next call date. |
| (f) |
The coupon payment on this security is currently in default as of July 31, 2023. |
| (g) |
Payment-in-kind security for
which the issuer has the option at each interest payment date of making interest payments in cash or additional securities. |
| (h) |
Securities traded on a when-issued or delayed delivery basis. |
| (i) |
The maturity principal is currently in default as of July 31, 2023. |
| (j) |
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are
attributable to multiple contracts under the same loan. |
| (k) |
Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive
approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
| (l) |
Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through
certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or
other financial indicators and may be subject to an upper and/or lower limit. |
| (m) |
Rate shown represents
yield-to-maturity. |
| (n) |
Rate shown is one-day yield as of the end of the reporting period.
|
| (o) |
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company”
represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At July 31, 2023, the total market value of investments in Affiliated Companies
was $985,051 and the cost was $985,051 (Note 2). |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
17 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
Abbreviation(s) used in this schedule:
|
|
|
| EUR |
|
— Euro |
| GBP |
|
— British Pound |
| ICE |
|
— Intercontinental Exchange |
| JSC |
|
— Joint Stock Company |
| LIBOR |
|
— London Interbank Offered Rate |
| MXN |
|
— Mexican Peso |
| OFZ |
|
— Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation) |
| PIK |
|
— Payment-In-Kind |
| PLN |
|
— Polish Zloty |
| RUB |
|
— Russian Ruble |
| SOFR |
|
— Secured Overnight Financing Rate |
| SONIA |
|
— Sterling Overnight Index Average |
| USD |
|
— United States Dollar |
At July 31, 2023, the Fund had the following open reverse repurchase agreements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Counterparty |
|
Rate |
|
|
Effective
Date |
|
|
Maturity
Date |
|
|
Face
Amount of
Reverse
Repurchase
Agreements |
|
|
Asset Class of
Collateral* |
|
|
Collateral
Value** |
|
| Goldman Sachs Group Inc. |
|
|
5.750 |
% |
|
|
7/28/2023 |
|
|
|
8/28/2023 |
|
|
$ |
2,524,180 |
|
|
|
Corporate Bonds &
Notes |
|
|
$ |
2,592,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
104,797 |
|
| Goldman Sachs Group Inc. |
|
|
6.000 |
% |
|
|
7/28/2023 |
|
|
|
TBD |
*** |
|
|
2,220,840 |
|
|
|
Corporate Bonds &
Notes |
|
|
|
2,191,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
92,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,745,020 |
|
|
|
|
|
|
$ |
4,981,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse
repurchase agreements. |
| ** |
Including accrued interest. |
| *** |
TBD — To Be Determined; These reverse repurchase agreements have no maturity dates because they are
renewed daily and can be terminated by either the Fund or the counterparty in accordance with the terms of the agreements. The rates for these agreements are variable. The rate disclosed is the rate as of July 31, 2023. |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
18 |
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
|
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
July 31, 2023 |
At
July 31, 2023, the Fund had the following open forward foreign currency contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency
Purchased |
|
|
Currency
Sold |
|
|
Counterparty |
|
Settlement
Date |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| |
CAD |
|
|
|
2,940,570 |
|
|
|
USD |
|
|
|
2,218,796 |
|
|
BNP Paribas SA |
|
|
10/20/23 |
|
|
$ |
13,595 |
|
| |
MXN |
|
|
|
6,689,390 |
|
|
|
USD |
|
|
|
384,908 |
|
|
Goldman Sachs Group Inc. |
|
|
10/20/23 |
|
|
|
8,643 |
|
| |
EUR |
|
|
|
21,020,058 |
|
|
|
USD |
|
|
|
23,209,086 |
|
|
Morgan Stanley & Co. Inc. |
|
|
10/20/23 |
|
|
|
(6,011 |
) |
| |
GBP |
|
|
|
1,554,343 |
|
|
|
USD |
|
|
|
1,996,542 |
|
|
Morgan Stanley & Co. Inc. |
|
|
10/20/23 |
|
|
|
(1,340 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net unrealized appreciation on open forward foreign currency contracts |
|
|
|
|
|
$ |
14,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbreviation(s) used in this table:
|
|
|
| CAD |
|
— Canadian Dollar |
| EUR |
|
— Euro |
| GBP |
|
— British Pound |
| MXN |
|
— Mexican Peso |
| USD |
|
— United States Dollar |
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the
date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Global Corporate Defined Opportunity Fund Inc. 2023 Quarterly Report |
|
19 |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Global Corporate Defined Opportunity Fund Inc. (the “Fund”) was incorporated in Maryland on September 17, 2009 and is registered
as a non-diversified, limited-term, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The
Fund’s primary investment objective is to provide current income and then to liquidate and distribute substantially all of the Fund’s net assets to stockholders on or about December 2, 2024. As a secondary investment objective, the
Fund will seek capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its managed assets in a portfolio of U.S. and foreign corporate fixed-income securities of varying
maturities.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted
accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a)
Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain
derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing
services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in
open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities for which market quotations are available are valued at the last reported sales price
or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m.
(Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using
quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as
when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as
determined in accordance with procedures approved by the Fund’s Board of Directors.
Notes to Schedule of Investments (unaudited) (cont’d)
Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been
designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is
responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Directors. When determining the reliability of third party pricing
information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible
methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or
fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the
issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions;
information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable
companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the
policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are
reported to the Board of Directors quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach
and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income
approach uses valuation techniques to discount estimated future cash flows to present value.
Notes to Schedule of Investments (unaudited) (cont’d)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation
techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
| |
• |
|
Level 1 – unadjusted quoted prices in active markets for identical investments |
| |
• |
|
Level 2 – other significant observable inputs (including quoted prices for similar investments,
interest rates, prepayment speeds, credit risk, etc.) |
| |
• |
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the
fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk
associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at
fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
| DESCRIPTION |
|
QUOTED PRICES
(LEVEL 1) |
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3) |
|
|
TOTAL |
|
| Long-Term Investments†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds & Notes |
|
|
— |
|
|
$ |
239,045,647 |
|
|
|
— |
|
|
$ |
239,045,647 |
|
| Sovereign Bonds |
|
|
— |
|
|
|
26,146,980 |
|
|
|
— |
|
|
|
26,146,980 |
|
| Senior Loans |
|
|
— |
|
|
|
7,555,148 |
|
|
|
— |
|
|
|
7,555,148 |
|
| Convertible Bonds & Notes |
|
|
— |
|
|
|
3,280,699 |
|
|
|
— |
|
|
|
3,280,699 |
|
| Preferred Stocks |
|
$ |
938,972 |
|
|
|
— |
|
|
|
— |
|
|
|
938,972 |
|
| U.S. Government & Agency Obligations |
|
|
— |
|
|
|
694,760 |
|
|
|
— |
|
|
|
694,760 |
|
| Collateralized Mortgage Obligations |
|
|
— |
|
|
|
33,839 |
|
|
|
— |
|
|
|
33,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments |
|
|
938,972 |
|
|
|
276,757,073 |
|
|
|
— |
|
|
|
277,696,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Investments†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills |
|
|
— |
|
|
|
1,000,000 |
|
|
|
— |
|
|
|
1,000,000 |
|
| Money Market Funds |
|
|
985,051 |
|
|
|
— |
|
|
|
— |
|
|
|
985,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Investments |
|
|
985,051 |
|
|
|
1,000,000 |
|
|
|
— |
|
|
|
1,985,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments |
|
$ |
1,924,023 |
|
|
$ |
277,757,073 |
|
|
|
— |
|
|
$ |
279,681,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Contracts†† |
|
|
— |
|
|
$ |
22,238 |
|
|
|
— |
|
|
$ |
22,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
1,924,023 |
|
|
$ |
277,779,311 |
|
|
|
— |
|
|
$ |
279,703,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
| DESCRIPTION |
|
QUOTED PRICES
(LEVEL 1) |
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3) |
|
|
TOTAL |
|
| Other Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Contracts†† |
|
|
— |
|
|
$ |
7,351 |
|
|
|
— |
|
|
$ |
7,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| † |
See Schedule of Investments for additional detailed categorizations. |
| †† |
Reflects the unrealized appreciation (depreciation) of the instruments. |
Notes to Schedule of Investments (unaudited) (cont’d)
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under
common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended July 31, 2023. The following transactions were effected in such company for the period ended
July 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Affiliate
Value at
October 31,
2022 |
|
|
Purchased |
|
|
Sold |
|
|
Realized
Gain (Loss) |
|
|
Dividend
Income |
|
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation) |
|
|
Affiliate
Value at
July 31,
2023 |
|
| |
|
Cost |
|
|
Shares |
|
|
Proceeds |
|
|
Shares |
|
| Western Asset Premier Institutional Government Reserves, Premium Shares |
|
$ |
2,201,652 |
|
|
$ |
46,211,140 |
|
|
|
46,211,140 |
|
|
$ |
47,427,741 |
|
|
|
47,427,741 |
|
|
|
— |
|
|
$ |
49,258 |
|
|
|
— |
|
|
$ |
985,051 |
|
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