WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
CORPORATE BONDS & NOTES - 121.3% | | | | | | | | | | | | | | | | |
COMMUNICATION SERVICES - 14.4% | | | | | | | | | | | | | | | | |
Diversified Telecommunication Services - 4.4% | | | | | | | | | | | | | | | | |
Altice Financing SA, Senior Secured Notes | | | 5.000 | % | | | 1/15/28 | | | | 700,000 | | | $ | 629,498 | (a) |
Altice Financing SA, Senior Secured Notes | | | 5.750 | % | | | 8/15/29 | | | | 650,000 | | | | 567,155 | (a) |
Altice France Holding SA, Senior Notes | | | 6.000 | % | | | 2/15/28 | | | | 240,000 | | | | 107,334 | (a) |
Altice France Holding SA, Senior Secured Notes | | | 8.000 | % | | | 5/15/27 | | | | 360,000 | EUR | | | 207,300 | (b) |
Altice France Holding SA, Senior Secured Notes | | | 10.500 | % | | | 5/15/27 | | | | 610,000 | | | | 351,217 | (a) |
Altice France SA, Senior Secured Notes | | | 5.500 | % | | | 1/15/28 | | | | 360,000 | | | | 281,359 | (a) |
Altice France SA, Senior Secured Notes | | | 5.125 | % | | | 7/15/29 | | | | 200,000 | | | | 146,396 | (a) |
Lumen Technologies Inc., Senior Notes | | | 7.600 | % | | | 9/15/39 | | | | 2,100,000 | | | | 542,251 | (c) |
Orange SA, Junior Subordinated Notes (2.375% to 4/15/25 then EUR 5 year Swap Rate + 2.359%) | | | 2.375 | % | | | 1/15/25 | | | | 1,200,000 | EUR | | | 1,268,413 | (b)(d)(e) |
Telecom Italia Capital SA, Senior Notes | | | 6.000 | % | | | 9/30/34 | | | | 430,000 | | | | 403,557 | |
Telecom Italia Capital SA, Senior Notes | | | 7.200 | % | | | 7/18/36 | | | | 200,000 | | | | 200,950 | |
Telecom Italia Capital SA, Senior Notes | | | 7.721 | % | | | 6/4/38 | | | | 200,000 | | | | 206,559 | |
Telecom Italia SpA, Senior Notes | | | 5.303 | % | | | 5/30/24 | | | | 235,000 | | | | 233,827 | (a) |
Telefonica Emisiones SA, Senior Notes | | | 7.045 | % | | | 6/20/36 | | | | 2,000,000 | | | | 2,259,535 | |
Verizon Communications Inc., Senior Notes | | | 2.355 | % | | | 3/15/32 | | | | 1,500,000 | | | | 1,246,167 | |
| | | | | | | | | | | | | | | | |
Total Diversified Telecommunication Services | | | | | | | | | | | | | | | 8,651,518 | |
| | | | | | | | | | | | | | | | |
Entertainment - 1.1% | | | | | | | | | | | | | | | | |
Banijay Entertainment SASU, Senior Secured Notes | | | 8.125 | % | | | 5/1/29 | | | | 490,000 | | | | 506,980 | (a) |
Netflix Inc., Senior Notes | | | 6.375 | % | | | 5/15/29 | | | | 510,000 | | | | 550,367 | (c) |
Walt Disney Co., Senior Notes | | | 2.650 | % | | | 1/13/31 | | | | 1,120,000 | | | | 993,586 | |
| | | | | | | | | | | | | | | | |
Total Entertainment | | | | | | | | | | | | | | | 2,050,933 | |
| | | | | | | | | | | | | | | | |
Interactive Media & Services - 0.4% | | | | | | | | | | | | | | | | |
Match Group Holdings II LLC, Senior Notes | | | 3.625 | % | | | 10/1/31 | | | | 860,000 | | | | 735,911 | (a) |
| | | | | | | | | | | | | | | | |
Media - 4.4% | | | | | | | | | | | | | | | | |
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes | | | 6.484 | % | | | 10/23/45 | | | | 1,410,000 | | | | 1,357,060 | (c) |
Comcast Corp., Senior Notes | | | 4.200 | % | | | 8/15/34 | | | | 2,830,000 | | | | 2,695,906 | |
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured Notes | | | 5.875 | % | | | 8/15/27 | | | | 810,000 | | | | 770,659 | (a)(c) |
DISH DBS Corp., Senior Notes | | | 5.875 | % | | | 11/15/24 | | | | 370,000 | | | | 343,800 | |
DISH DBS Corp., Senior Notes | | | 7.375 | % | | | 7/1/28 | | | | 760,000 | | | | 334,974 | |
DISH DBS Corp., Senior Notes | | | 5.125 | % | | | 6/1/29 | | | | 1,500,000 | | | | 576,058 | |
See Notes to Schedule of Investments.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 1 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Media - (continued) | | | | | | | | | | | | | | | | |
Grupo Televisa SAB, Senior Notes | | | 6.625 | % | | | 1/15/40 | | | | 1,730,000 | | | $ | 1,813,112 | |
iHeartCommunications Inc., Senior Secured Notes | | | 6.375 | % | | | 5/1/26 | | | | 550,000 | | | | 473,057 | |
Sunrise HoldCo IV BV, Senior Secured Notes | | | 5.500 | % | | | 1/15/28 | | | | 230,000 | | | | 220,147 | (a) |
| | | | | | | | | | | | | | | | |
Total Media | | | | | | | | | | | | | | | 8,584,773 | |
| | | | | | | | | | | | | | | | |
Wireless Telecommunication Services - 4.1% | | | | | | | | | | | | | | | | |
America Movil SAB de CV, Senior Notes | | | 6.125 | % | | | 3/30/40 | | | | 650,000 | | | | 706,220 | |
CSC Holdings LLC, Senior Notes | | | 11.250 | % | | | 5/15/28 | | | | 350,000 | | | | 354,904 | (a) |
CSC Holdings LLC, Senior Notes | | | 5.750 | % | | | 1/15/30 | | | | 500,000 | | | | 265,180 | (a) |
CSC Holdings LLC, Senior Notes | | | 4.625 | % | | | 12/1/30 | | | | 2,560,000 | | | | 1,310,363 | (a)(c) |
CSC Holdings LLC, Senior Notes | | | 4.500 | % | | | 11/15/31 | | | | 400,000 | | | | 287,423 | (a) |
CSC Holdings LLC, Senior Notes | | | 5.000 | % | | | 11/15/31 | | | | 410,000 | | | | 206,647 | (a)(c) |
Millicom International Cellular SA, Senior Notes | | | 4.500 | % | | | 4/27/31 | | | | 1,000,000 | | | | 843,235 | (a) |
Sprint Capital Corp., Senior Notes | | | 8.750 | % | | | 3/15/32 | | | | 90,000 | | | | 110,380 | (c) |
T-Mobile USA Inc., Senior Notes | | | 3.500 | % | | | 4/15/31 | | | | 2,860,000 | | | | 2,607,263 | (c) |
Vmed O2 UK Financing I PLC, Senior Secured Notes | | | 4.500 | % | | | 7/15/31 | | | | 800,000 | GBP | | | 875,770 | (a) |
Vmed O2 UK Financing I PLC, Senior Secured Notes | | | 4.750 | % | | | 7/15/31 | | | | 400,000 | | | | 358,746 | (a) |
| | | | | | | | | | | | | | | | |
Total Wireless Telecommunication Services | | | | | | | | | | | | | | | 7,926,131 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMUNICATION SERVICES | | | | | | | | | | | | | | | 27,949,266 | |
| | | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY - 16.4% | | | | | | | | | | | | | | | | |
Automobile Components - 2.9% | | | | | | | | | | | | | | | | |
Adient Global Holdings Ltd., Senior Notes | | | 4.875 | % | | | 8/15/26 | | | | 850,000 | | | | 829,667 | (a) |
American Axle & Manufacturing Inc., Senior Notes | | | 6.500 | % | | | 4/1/27 | | | | 1,211,000 | | | | 1,207,905 | (c) |
American Axle & Manufacturing Inc., Senior Notes | | | 5.000 | % | | | 10/1/29 | | | | 650,000 | | | | 569,772 | |
JB Poindexter & Co. Inc., Senior Notes | | | 8.750 | % | | | 12/15/31 | | | | 2,050,000 | | | | 2,101,250 | (a) |
ZF North America Capital Inc., Senior Notes | | | 6.875 | % | | | 4/14/28 | | | | 400,000 | | | | 412,349 | (a) |
ZF North America Capital Inc., Senior Notes | | | 7.125 | % | | | 4/14/30 | | | | 430,000 | | | | 453,981 | (a) |
| | | | | | | | | | | | | | | | |
Total Automobile Components | | | | | | | | | | | | | | | 5,574,924 | |
| | | | | | | | | | | | | | | | |
Automobiles - 2.4% | | | | | | | | | | | | | | | | |
Ford Motor Credit Co. LLC, Senior Notes | | | 7.350 | % | | | 3/6/30 | | | | 750,000 | | | | 803,451 | (c) |
Ford Motor Credit Co. LLC, Senior Notes | | | 3.625 | % | | | 6/17/31 | | | | 1,700,000 | | | | 1,463,606 | (c) |
General Motors Co., Senior Notes | | | 6.125 | % | | | 10/1/25 | | | | 220,000 | | | | 223,273 | (c) |
See Notes to Schedule of Investments.
| | | | |
2 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Automobiles - (continued) | | | | | | | | | | | | | | | | |
General Motors Co., Senior Notes | | | 6.600 | % | | | 4/1/36 | | | | 720,000 | | | $ | 776,495 | (c) |
Nissan Motor Acceptance Co. LLC, Senior Notes | | | 2.750 | % | | | 3/9/28 | | | | 1,520,000 | | | | 1,348,050 | (a)(c) |
| | | | | | | | | | | | | | | | |
Total Automobiles | | | | | | | | | | | | | | | 4,614,875 | |
| | | | | | | | | | | | | | | | |
Broadline Retail - 1.2% | | | | | | | | | | | | | | | | |
Amazon.com Inc., Senior Notes | | | 2.100 | % | | | 5/12/31 | | | | 1,550,000 | | | | 1,326,377 | |
Marks & Spencer PLC, Senior Notes | | | 7.125 | % | | | 12/1/37 | | | | 1,000,000 | | | | 1,019,622 | (a) |
| | | | | | | | | | | | | | | | |
Total Broadline Retail | | | | | | | | | | | | | | | 2,345,999 | |
| | | | | | | | | | | | | | | | |
Distributors - 0.5% | | | | | | | | | | | | | | | | |
Ritchie Bros Holdings Inc., Senior Notes | | | 7.750 | % | | | 3/15/31 | | | | 930,000 | | | | 981,215 | (a) |
| | | | | | | | | | | | | | | | |
Diversified Consumer Services - 1.6% | | | | | | | | | | | | | | | | |
APCOA Parking Holdings GmbH, Senior Secured Notes | | | 4.625 | % | | | 1/15/27 | | | | 210,000 | EUR | | | 218,136 | (b) |
APCOA Parking Holdings GmbH, Senior Secured Notes | | | 4.625 | % | | | 1/15/27 | | | | 1,830,000 | EUR | | | 1,900,898 | (a) |
Carriage Services Inc., Senior Notes | | | 4.250 | % | | | 5/15/29 | | | | 420,000 | | | | 364,667 | (a) |
StoneMor Inc., Senior Secured Notes | | | 8.500 | % | | | 5/15/29 | | | | 300,000 | | | | 233,515 | (a) |
WW International Inc., Senior Secured Notes | | | 4.500 | % | | | 4/15/29 | | | | 750,000 | | | | 353,032 | (a) |
| | | | | | | | | | | | | | | | |
Total Diversified Consumer Services | | | | | | | | | | | | | | | 3,070,248 | |
| | | | | | | | | | | | | | | | |
Hotels, Restaurants & Leisure - 7.2% | | | | | | | | | | | | | | | | |
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes | | | 5.750 | % | | | 4/15/25 | | | | 400,000 | | | | 399,551 | (a) |
Caesars Entertainment Inc., Senior Secured Notes | | | 6.500 | % | | | 2/15/32 | | | | 470,000 | | | | 475,504 | (a)(f) |
Carnival Corp., Senior Notes | | | 7.625 | % | | | 3/1/26 | | | | 460,000 | | | | 467,546 | (a) |
Carnival Holdings Bermuda Ltd., Senior Notes | | | 10.375 | % | | | 5/1/28 | | | | 40,000 | | | | 43,783 | (a) |
Carnival PLC, Senior Notes | | | 1.000 | % | | | 10/28/29 | | | | 1,150,000 | EUR | | | 947,502 | |
Carrols Restaurant Group Inc., Senior Notes | | | 5.875 | % | | | 7/1/29 | | | | 100,000 | | | | 102,509 | (a) |
IRB Holding Corp., Senior Secured Notes | | | 7.000 | % | | | 6/15/25 | | | | 690,000 | | | | 686,409 | (a) |
Las Vegas Sands Corp., Senior Notes | | | 3.900 | % | | | 8/8/29 | | | | 1,530,000 | | | | 1,413,299 | (c) |
Marston’s Issuer PLC, Secured Notes (SONIA + 2.669%) | | | 7.890 | % | | | 7/16/35 | | | | 1,768,000 | GBP | | | 1,678,410 | (b)(e) |
NCL Corp. Ltd., Senior Notes | | | 3.625 | % | | | 12/15/24 | | | | 762,000 | | | | 747,291 | (a)(c) |
NCL Corp. Ltd., Senior Notes | | | 5.875 | % | | | 3/15/26 | | | | 320,000 | | | | 312,222 | (a)(c) |
NCL Corp. Ltd., Senior Notes | | | 7.750 | % | | | 2/15/29 | | | | 460,000 | | | | 464,855 | (a)(c) |
NCL Corp. Ltd., Senior Secured Notes | | | 8.125 | % | | | 1/15/29 | | | | 180,000 | | | | 189,069 | (a) |
NCL Finance Ltd., Senior Notes | | | 6.125 | % | | | 3/15/28 | | | | 960,000 | | | | 918,733 | (a) |
Royal Caribbean Cruises Ltd., Senior Notes | | | 5.375 | % | | | 7/15/27 | | | | 1,030,000 | | | | 1,014,243 | (a)(c) |
Royal Caribbean Cruises Ltd., Senior Notes | | | 5.500 | % | | | 4/1/28 | | | | 610,000 | | | | 602,619 | (a)(c) |
See Notes to Schedule of Investments.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 3 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Hotels, Restaurants & Leisure - (continued) | | | | | | | | | | | | | | | | |
Saga PLC, Senior Notes | | | 3.375 | % | | | 5/12/24 | | | | 210,000 | GBP | | $ | 262,913 | (b) |
Saga PLC, Senior Notes | | | 5.500 | % | | | 7/15/26 | | | | 430,000 | GBP | | | 469,560 | (b) |
Sands China Ltd., Senior Notes | | | 3.100 | % | | | 3/8/29 | | | | 1,070,000 | | | | 925,160 | |
Sands China Ltd., Senior Notes | | | 3.500 | % | | | 8/8/31 | | | | 500,000 | | | | 415,983 | |
Wheel Bidco Ltd., Senior Secured Notes | | | 6.750 | % | | | 7/15/26 | | | | 400,000 | GBP | | | 431,036 | (a) |
Wynn Macau Ltd., Senior Notes | | | 5.625 | % | | | 8/26/28 | | | | 520,000 | | | | 484,290 | (a) |
Wynn Macau Ltd., Senior Notes | | | 5.125 | % | | | 12/15/29 | | | | 590,000 | | | | 525,352 | (a) |
| | | | | | | | | | | | | | | | |
Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | 13,977,839 | |
| | | | | | | | | | | | | | | | |
Household Durables - 0.4% | | | | | | | | | | | | | | | | |
Lennar Corp., Senior Notes | | | 5.000 | % | | | 6/15/27 | | | | 738,000 | | | | 739,891 | (c) |
| | | | | | | | | | | | | | | | |
Specialty Retail - 0.2% | | | | | | | | | | | | | | | | |
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | | | 8.750 | % | | | 1/15/32 | | | | 420,000 | | | | 393,835 | (a) |
Michaels Cos. Inc., Senior Secured Notes | | | 5.250 | % | | | 5/1/28 | | | | 120,000 | | | | 94,371 | (a) |
| | | | | | | | | | | | | | | | |
Total Specialty Retail | | | | | | | | | | | | | | | 488,206 | |
| | | | | | | | | | | | | | | | |
TOTAL CONSUMER DISCRETIONARY | | | | | | | | | | | | | | | 31,793,197 | |
| | | | | | | | | | | | | | | | |
CONSUMER STAPLES - 3.1% | | | | | | | | | | | | | | | | |
Beverages - 1.4% | | | | | | | | | | | | | | | | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes | | | 4.700 | % | | | 2/1/36 | | | | 2,630,000 | | | | 2,600,606 | (c) |
Anheuser-Busch InBev Worldwide Inc., Senior Notes | | | 4.750 | % | | | 1/23/29 | | | | 60,000 | | | | 60,633 | |
| | | | | | | | | | | | | | | | |
Total Beverages | | | | | | | | | | | | | | | 2,661,239 | |
| | | | | | | | | | | | | | | | |
Food Products - 1.2% | | | | | | | | | | | | | | | | |
Bellis Acquisition Co. PLC, Senior Secured Notes | | | 3.250 | % | | | 2/16/26 | | | | 660,000 | GBP | | | 793,575 | (b) |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., Senior Notes | | | 3.750 | % | | | 12/1/31 | | | | 1,000,000 | | | | 857,852 | |
Kraft Heinz Foods Co., Senior Notes | | | 4.250 | % | | | 3/1/31 | | | | 180,000 | | | | 174,307 | |
Kraft Heinz Foods Co., Senior Notes | | | 5.500 | % | | | 6/1/50 | | | | 550,000 | | | | 557,805 | (c) |
| | | | | | | | | | | | | | | | |
Total Food Products | | | | | | | | | | | | | | | 2,383,539 | |
| | | | | | | | | | | | | | | | |
Tobacco - 0.5% | | | | | | | | | | | | | | | | |
Altria Group Inc., Senior Notes | | | 2.450 | % | | | 2/4/32 | | | | 550,000 | | | | 450,051 | |
Reynolds American Inc., Senior Notes | | | 5.850 | % | | | 8/15/45 | | | | 540,000 | | | | 500,406 | |
| | | | | | | | | | | | | | | | |
Total Tobacco | | | | | | | | | | | | | | | 950,457 | |
| | | | | | | | | | | | | | | | |
TOTAL CONSUMER STAPLES | | | | | | | | | | | | | | | 5,995,235 | |
| | | | | | | | | | | | | | | | |
See Notes to Schedule of Investments.
| | | | |
4 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
ENERGY - 18.4% | | | | | | | | | | | | | | | | |
Energy Equipment & Services - 0.5% | | | | | | | | | | | | | | | | |
Noble Finance II LLC, Senior Notes | | | 8.000 | % | | | 4/15/30 | | | | 430,000 | | | $ | 446,845 | (a) |
Sunnova Energy Corp., Senior Notes | | | 5.875 | % | | | 9/1/26 | | | | 700,000 | | | | 581,994 | (a) |
| | | | | | | | | | | | | | | | |
Total Energy Equipment & Services | | | | | | | | | | | | | | | 1,028,839 | |
| | | | | | | | | | | | | | | | |
Oil, Gas & Consumable Fuels - 17.9% | | | | | | | | | | | | | | | | |
Cheniere Energy Partners LP, Senior Notes | | | 4.000 | % | | | 3/1/31 | | | | 750,000 | | | | 681,027 | |
Continental Resources Inc., Senior Notes | | | 3.800 | % | | | 6/1/24 | | | | 1,060,000 | | | | 1,052,322 | (c) |
Continental Resources Inc., Senior Notes | | | 4.375 | % | | | 1/15/28 | | | | 640,000 | | | | 621,427 | (c) |
Diamondback Energy Inc., Senior Notes | | | 3.500 | % | | | 12/1/29 | | | | 1,120,000 | | | | 1,041,056 | (c) |
Ecopetrol SA, Senior Notes | | | 5.875 | % | | | 5/28/45 | | | | 3,000,000 | | | | 2,233,405 | (g) |
Ecopetrol SA, Senior Notes | | | 5.875 | % | | | 11/2/51 | | | | 1,760,000 | | | | 1,263,152 | |
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%) | | | 6.625 | % | | | 2/15/28 | | | | 740,000 | | | | 670,032 | (d)(e) |
EQM Midstream Partners LP, Senior Notes | | | 4.500 | % | | | 1/15/29 | | | | 410,000 | | | | 386,064 | (a) |
EQM Midstream Partners LP, Senior Notes | | | 7.500 | % | | | 6/1/30 | | | | 420,000 | | | | 450,766 | (a) |
EQT Corp., Senior Notes | | | 3.900 | % | | | 10/1/27 | | | | 1,300,000 | | | | 1,243,540 | (c) |
EQT Corp., Senior Notes | | | 5.000 | % | | | 1/15/29 | | | | 2,720,000 | | | | 2,687,663 | (c) |
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | | | 8.375 | % | | | 11/1/33 | | | | 400,000 | | | | 430,188 | (a) |
KazMunayGas National Co. JSC, Senior Notes | | | 3.500 | % | | | 4/14/33 | | | | 2,130,000 | | | | 1,751,179 | (a) |
NGPL PipeCo LLC, Senior Notes | | | 7.768 | % | | | 12/15/37 | | | | 800,000 | | | | 901,784 | (a) |
Occidental Petroleum Corp., Senior Notes | | | 4.400 | % | | | 8/15/49 | | | | 1,060,000 | | | | 790,797 | (c) |
Petrobras Global Finance BV, Senior Notes | | | 6.750 | % | | | 1/27/41 | | | | 160,000 | | | | 158,333 | |
Petroleos del Peru SA, Senior Notes | | | 4.750 | % | | | 6/19/32 | | | | 2,230,000 | | | | 1,646,496 | (a) |
Petroleos Mexicanos, Senior Notes | | | 6.500 | % | | | 6/2/41 | | | | 750,000 | | | | 505,792 | |
Petroleos Mexicanos, Senior Notes | | | 5.500 | % | | | 6/27/44 | | | | 540,000 | | | | 324,185 | |
Range Resources Corp., Senior Notes | | | 4.875 | % | | | 5/15/25 | | | | 290,000 | | | | 286,591 | (c) |
Range Resources Corp., Senior Notes | | | 8.250 | % | | | 1/15/29 | | | | 480,000 | | | | 498,022 | (c) |
Rockies Express Pipeline LLC, Senior Notes | | | 7.500 | % | | | 7/15/38 | | | | 330,000 | | | | 332,769 | (a) |
Sabine Pass Liquefaction LLC, Senior Secured Notes | | | 5.750 | % | | | 5/15/24 | | | | 138,000 | | | | 137,942 | |
Sabine Pass Liquefaction LLC, Senior Secured Notes | | | 5.000 | % | | | 3/15/27 | | | | 1,940,000 | | | | 1,945,633 | |
Southern Natural Gas Co. LLC, Senior Notes | | | 4.800 | % | | | 3/15/47 | | | | 1,200,000 | | | | 1,004,335 | (a) |
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes | | | 9.000 | % | | | 10/15/26 | | | | 440,000 | | | | 440,361 | (a) |
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | | | 6.500 | % | | | 7/15/27 | | | | 430,000 | | | | 437,966 | |
See Notes to Schedule of Investments.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 5 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Oil, Gas & Consumable Fuels - (continued) | | | | | | | | | | | | | | | | |
Transcontinental Gas Pipe Line Co. LLC, Senior Notes | | | 7.850 | % | | | 2/1/26 | | | | 1,000,000 | | | $ | 1,049,115 | |
Transportadora de Gas del Peru SA, Senior Notes | | | 4.250 | % | | | 4/30/28 | | | | 1,500,000 | | | | 1,467,627 | (a)(c) |
Venture Global LNG Inc., Senior Secured Notes | | | 9.875 | % | | | 2/1/32 | | | | 350,000 | | | | 368,288 | (a) |
Western Midstream Operating LP, Senior Notes | | | 4.050 | % | | | 2/1/30 | | | | 3,655,000 | | | | 3,419,417 | (c) |
Western Midstream Operating LP, Senior Notes | | | 5.300 | % | | | 3/1/48 | | | | 250,000 | | | | 219,383 | |
Western Midstream Operating LP, Senior Notes | | | 5.250 | % | | | 2/1/50 | | | | 2,770,000 | | | | 2,477,920 | (c) |
Williams Cos. Inc., Senior Notes | | | 4.550 | % | | | 6/24/24 | | | | 540,000 | | | | 537,592 | |
Williams Cos. Inc., Senior Notes | | | 7.500 | % | | | 1/15/31 | | | | 340,000 | | | | 383,421 | |
Williams Cos. Inc., Senior Notes | | | 5.750 | % | | | 6/24/44 | | | | 450,000 | | | | 457,321 | |
YPF SA, Senior Notes | | | 8.500 | % | | | 7/28/25 | | | | 120,000 | | | | 115,814 | (a) |
YPF SA, Senior Notes | | | 6.950 | % | | | 7/21/27 | | | | 400,000 | | | | 356,612 | (a) |
| | | | | | | | | | | | | | | | |
Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | 34,775,337 | |
| | | | | | | | | | | | | | | | |
TOTAL ENERGY | | | | | | | | | | | | | | | 35,804,176 | |
| | | | | | | | | | | | | | | | |
FINANCIALS - 35.1% | | | | | | | | | | | | | | | | |
Banks - 23.8% | | | | | | | | | | | | | | | | |
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 | | | | 1,610,000 | | | | 1,364,078 | (a)(d)(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 | | | | 3,797,587 | (c)(d)(e) |
Bank of America Corp., Subordinated Notes | | | 4.250 | % | | | 10/22/26 | | | | 500,000 | | | | 493,467 | (c) |
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 | | | | 1,387,418 | (c)(d)(e) |
Barclays PLC, Subordinated Notes | | | 5.200 | % | | | 5/12/26 | | | | 3,000,000 | | | | 2,985,865 | (c) |
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + 3.054%) | | | 5.088 | % | | | 6/20/30 | | | | 680,000 | | | | 654,675 | (c)(e) |
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 | | | | 493,997 | (a)(e) |
BNP Paribas SA, Subordinated Notes (4.375% to 3/1/28 then USD 5 year ICE Swap Rate + 1.483%) | | | 4.375 | % | | | 3/1/33 | | | | 1,000,000 | | | | 949,229 | (a)(e) |
See Notes to Schedule of Investments.
| | | | |
6 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Banks - (continued) | | | | | | | | | | | | | | | | |
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 | | | $ | 2,074,925 | (c)(d)(e) |
Citigroup Inc., Subordinated Notes | | | 4.125 | % | | | 7/25/28 | | | | 2,000,000 | | | | 1,938,088 | (c) |
Comerica Bank, Senior Notes | | | 2.500 | % | | | 7/23/24 | | | | 720,000 | | | | 705,280 | |
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 | | | | 575,750 | (a)(d)(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 | | | | 1,869,616 | (a)(e) |
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 | | | | 2,728,938 | (c)(d)(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 | | | | 2,688,990 | (c)(e) |
Intesa Sanpaolo SpA, Subordinated Notes | | | 5.017 | % | | | 6/26/24 | | | | 2,180,000 | | | | 2,166,525 | (a) |
Intesa Sanpaolo SpA, Subordinated Notes | | | 5.710 | % | | | 1/15/26 | | | | 1,940,000 | | | | 1,934,710 | (a) |
JPMorgan Chase & Co., Junior Subordinated Notes (3 mo. Term SOFR + 3.562%) | | | 8.868 | % | | | 5/1/24 | | | | 4,890,000 | | | | 4,916,562 | (c)(d)(e) |
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 | | | | 751,361 | (c)(d)(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 | | | | 489,250 | (d)(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 | | | | 1,130,344 | (d)(e) |
Lloyds Banking Group PLC, Subordinated Notes | | | 4.650 | % | | | 3/24/26 | | | | 2,700,000 | | | | 2,657,825 | (c) |
PNC Financial Services Group Inc., Senior Notes | | | 2.550 | % | | | 1/22/30 | | | | 750,000 | | | | 657,753 | |
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 | | | | 1,257,465 | (c)(e) |
Truist Financial Corp., Senior Notes (5.711% to 1/24/34 then SOFR + 1.922%) | | | 5.711 | % | | | 1/24/35 | | | | 1,400,000 | | | | 1,424,183 | (e) |
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 | | | 637,615 | (b)(e) |
See Notes to Schedule of Investments.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 7 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Banks - (continued) | | | | | | | | | | | | | | | | |
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 | | | $ | 1,469,438 | (a)(e) |
Wells Fargo & Co., Junior Subordinated Notes | | | 5.900 | % | | | 6/15/24 | | | | 1,830,000 | | | | 1,831,759 | (c)(d)(e) |
Wells Fargo & Co., Junior Subordinated Notes | | | 5.875 | % | | | 6/15/25 | | | | 110,000 | | | | 109,587 | (d)(e) |
| | | | | | | | | | | | | | | | |
Total Banks | | | | | | | | | | | | | | | 46,142,280 | |
| | | | | | | | | | | | | | | | |
Capital Markets - 5.5% | | | | | | | | | | | | | | | | |
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 | | | | 1,662,805 | (c)(d)(e) |
Credit Suisse AG AT1 Claim | | | — | | | | — | | | | 3,900,000 | | | | 448,500 | *(h) |
Credit Suisse AG, Senior Notes | | | 7.500 | % | | | 2/15/28 | | | | 1,300,000 | | | | 1,421,573 | (c) |
Daimler Truck Finance North America LLC, Senior Notes | | | 5.200 | % | | | 1/17/25 | | | | 900,000 | | | | 900,040 | (a) |
Goldman Sachs Group Inc., Senior Notes (2.640% to 2/24/27 then SOFR + 1.114%) | | | 2.640 | % | | | 2/24/28 | | | | 2,500,000 | | | | 2,330,166 | (c)(e) |
Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%) | | | 2.699 | % | | | 1/22/31 | | | | 1,000,000 | | | | 879,203 | (e) |
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 | | | | 852,230 | (b)(d)(e) |
UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year Treasury Constant Maturity Rate + 4.745%) | | | 9.250 | % | | | 11/13/28 | | | | 360,000 | | | | 385,988 | (a)(d)(e) |
UBS Group AG, Senior Notes | | | 4.875 | % | | | 5/15/45 | | | | 470,000 | | | | 452,627 | |
UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%) | | | 6.537 | % | | | 8/12/33 | | | | 1,290,000 | | | | 1,374,224 | (a)(e) |
| | | | | | | | | | | | | | | | |
Total Capital Markets | | | | | | | | | | | | | | | 10,707,356 | |
| | | | | | | | | | | | | | | | |
Financial Services - 5.0% | | | | | | | | | | | | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | | | 3.400 | % | | | 10/29/33 | | | | 3,500,000 | | | | 2,958,494 | (c) |
GE Capital International Funding Co. Unlimited Co., Senior Notes | | | 3.373 | % | | | 11/15/25 | | | | 1,250,000 | | | | 1,215,429 | (c) |
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK) | | | 6.500 | % | | | 9/15/24 | | | | 4,199,560 | | | | 4,051,525 | (a)(i) |
GTCR W-2 Merger Sub LLC, Senior Secured Notes | | | 7.500 | % | | | 1/15/31 | | | | 340,000 | | | | 353,444 | (a) |
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV, Senior Secured Notes | | | 8.500 | % | | | 1/15/31 | | | | 100,000 | GBP | | | 136,428 | (a) |
See Notes to Schedule of Investments.
| | | | |
8 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Financial Services - (continued) | | | | | | | | | | | | | | | | |
Park Aerospace Holdings Ltd., Senior Notes | | | 5.500 | % | | | 2/15/24 | | | | 600,000 | | | $ | 600,020 | (a) |
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes | | | 6.375 | % | | | 2/1/30 | | | | 610,000 | | | | 442,207 | (a) |
| | | | | | | | | | | | | | | | |
Total Financial Services | | | | | | | | | | | | | | | 9,757,547 | |
| | | | | | | | | | | | | | | | |
Insurance - 0.8% | | | | | | | | | | | | | | | | |
Farmers Insurance Exchange, Subordinated Notes | | | 8.625 | % | | | 5/1/24 | | | | 1,295,000 | | | | 1,303,052 | (a)(c) |
MetLife Capital Trust IV, Junior Subordinated Notes | | | 7.875 | % | | | 12/15/37 | | | | 300,000 | | | | 324,764 | (a) |
| | | | | | | | | | | | | | | | |
Total Insurance | | | | | | | | | | | | | | | 1,627,816 | |
| | | | | | | | | | | | | | | | |
TOTAL FINANCIALS | | | | | | | | | | | | | | | 68,234,999 | |
| | | | | | | | | | | | | | | | |
HEALTH CARE - 9.2% | | | | | | | | | | | | | | | | |
Biotechnology - 0.5% | | | | | | | | | | | | | | | | |
Amgen Inc., Senior Notes | | | 2.450 | % | | | 2/21/30 | | | | 1,100,000 | | | | 974,639 | |
| | | | | | | | | | | | | | | | |
Health Care Providers & Services - 5.7% | | | | | | | | | | | | | | | | |
Centene Corp., Senior Notes | | | 3.375 | % | | | 2/15/30 | | | | 3,360,000 | | | | 3,011,852 | (c) |
CHS/Community Health Systems Inc., Senior Secured Notes | | | 10.875 | % | | | 1/15/32 | | | | 690,000 | | | | 722,663 | (a) |
CVS Health Corp., Senior Notes | | | 3.750 | % | | | 4/1/30 | | | | 2,000,000 | | | | 1,874,113 | (c) |
CVS Health Corp., Senior Notes | | | 5.250 | % | | | 2/21/33 | | | | 400,000 | | | | 405,063 | |
HCA Inc., Senior Notes | | | 4.500 | % | | | 2/15/27 | | | | 1,000,000 | | | | 986,655 | (c) |
HCA Inc., Senior Notes | | | 3.500 | % | | | 9/1/30 | | | | 750,000 | | | | 680,850 | |
Humana Inc., Senior Notes | | | 5.875 | % | | | 3/1/33 | | | | 600,000 | | | | 628,908 | |
Legacy LifePoint Health LLC, Senior Secured Notes | | | 4.375 | % | | | 2/15/27 | | | | 580,000 | | | | 540,699 | (a) |
Tenet Healthcare Corp., Secured Notes | | | 6.250 | % | | | 2/1/27 | | | | 480,000 | | | | 479,005 | (c) |
Tenet Healthcare Corp., Senior Notes | | | 6.125 | % | | | 10/1/28 | | | | 440,000 | | | | 438,753 | (c) |
UnitedHealth Group Inc., Senior Notes | | | 2.000 | % | | | 5/15/30 | | | | 1,500,000 | | | | 1,289,462 | |
| | | | | | | | | | | | | | | | |
Total Health Care Providers & Services | | | | | | | | | | | | | | | 11,058,023 | |
| | | | | | | | | | | | | | | | |
Pharmaceuticals - 3.0% | | | | | | | | | | | | | | | | |
Par Pharmaceutical Inc., Senior Secured Notes | | | 7.500 | % | | | 4/1/27 | | | | 500,000 | | | | 330,329 | *(a)(j) |
Pfizer Investment Enterprises Pte Ltd., Senior Notes | | | 4.750 | % | | | 5/19/33 | | | | 2,000,000 | | | | 1,998,264 | |
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | | | 6.000 | % | | | 4/15/24 | | | | 1,380,000 | | | | 1,378,346 | |
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | | | 3.150 | % | | | 10/1/26 | | | | 1,690,000 | | | | 1,573,587 | |
See Notes to Schedule of Investments.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 9 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Pharmaceuticals - (continued) | | | | | | | | | | | | | | | | |
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | | | 5.125 | % | | | 5/9/29 | | | | 450,000 | | | $ | 434,163 | |
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | | | 4.100 | % | | | 10/1/46 | | | | 200,000 | | | | 137,096 | |
| | | | | | | | | | | | | | | | |
Total Pharmaceuticals | | | | | | | | | | | | | | | 5,851,785 | |
| | | | | | | | | | | | | | | | |
TOTAL HEALTH CARE | | | | | | | | | | | | | | | 17,884,447 | |
| | | | | | | | | | | | | | | | |
INDUSTRIALS - 14.9% | | | | | | | | | | | | | | | | |
Aerospace & Defense - 3.9% | | | | | | | | | | | | | | | | |
Avolon Holdings Funding Ltd., Senior Notes | | | 3.250 | % | | | 2/15/27 | | | | 1,250,000 | | | | 1,161,585 | (a) |
Avolon Holdings Funding Ltd., Senior Notes | | | 2.750 | % | | | 2/21/28 | | | | 1,000,000 | | | | 895,852 | (a) |
Boeing Co., Senior Notes | | | 3.625 | % | | | 2/1/31 | | | | 4,440,000 | | | | 4,059,903 | (c) |
Bombardier Inc., Senior Notes | | | 7.500 | % | | | 2/1/29 | | | | 320,000 | | | | 326,575 | (a) |
TransDigm Inc., Senior Secured Notes | | | 7.125 | % | | | 12/1/31 | | | | 1,070,000 | | | | 1,116,573 | (a) |
| | | | | | | | | | | | | | | | |
Total Aerospace & Defense | | | | | | | | | | | | | | | 7,560,488 | |
| | | | | | | | | | | | | | | | |
Building Products - 1.5% | | | | | | | | | | | | | | | | |
GUSAP LP, Senior Notes | | | 7.250 | % | | | 4/16/44 | | | | 1,220,000 | | | | 1,325,879 | (a)(c) |
Standard Industries Inc., Senior Notes | | | 5.000 | % | | | 2/15/27 | | | | 1,575,000 | | | | 1,531,374 | (a)(c) |
| | | | | | | | | | | | | | | | |
Total Building Products | | | | | | | | | | | | | | | 2,857,253 | |
| | | | | | | | | | | | | | | | |
Commercial Services & Supplies - 0.6% | | | | | | | | | | | | | | | | |
CoreCivic Inc., Senior Notes | | | 8.250 | % | | | 4/15/26 | | | | 460,000 | | | | 471,797 | (c) |
CoreCivic Inc., Senior Notes | | | 4.750 | % | | | 10/15/27 | | | | 360,000 | | | | 338,646 | (c) |
GFL Environmental Inc., Senior Secured Notes | | | 6.750 | % | | | 1/15/31 | | | | 280,000 | | | | 286,728 | (a) |
| | | | | | | | | | | | | | | | |
Total Commercial Services & Supplies | | | | | | | | | | | | | | | 1,097,171 | |
| | | | | | | | | | | | | | | | |
Machinery - 1.1% | | | | | | | | | | | | | | | | |
Cellnex Finance Co. SA, Senior Notes | | | 2.000 | % | | | 2/15/33 | | | | 2,000,000 | EUR | | | 1,865,446 | (b) |
Titan International Inc., Senior Secured Notes | | | 7.000 | % | | | 4/30/28 | | | | 300,000 | | | | 299,316 | |
| | | | | | | | | | | | | | | | |
Total Machinery | | | | | | | | | | | | | | | 2,164,762 | |
| | | | | | | | | | | | | | | | |
Passenger Airlines - 6.7% | | | | | | | | | | | | | | | | |
American Airlines Group Inc., Senior Notes | | | 3.750 | % | | | 3/1/25 | | | | 2,410,000 | | | | 2,350,502 | (a)(c) |
American Airlines Inc., Senior Secured Notes | | | 8.500 | % | | | 5/15/29 | | | | 1,930,000 | | | | 2,047,031 | (a) |
Delta Air Lines Inc., Senior Notes | | | 2.900 | % | | | 10/28/24 | | | | 500,000 | | | | 489,166 | (c) |
Delta Air Lines Inc., Senior Notes | | | 7.375 | % | | | 1/15/26 | | | | 410,000 | | | | 424,844 | (c) |
Delta Air Lines Inc., Senior Secured Notes | | | 7.000 | % | | | 5/1/25 | | | | 2,490,000 | | | | 2,536,782 | (a)(g) |
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | | | 4.750 | % | | | 10/20/28 | | | | 450,000 | | | | 443,393 | (a)(c) |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes | | | 6.500 | % | | | 6/20/27 | | | | 1,036,000 | | | | 1,038,374 | (a)(c) |
See Notes to Schedule of Investments.
| | | | |
10 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(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 | | | | 1,979,999 | | | $ | 1,294,227 | (a) |
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes | | | 8.000 | % | | | 9/20/25 | | | | 1,300,000 | | | | 849,745 | (a) |
United Airlines Holdings Inc., Senior Notes | | | 5.000 | % | | | 2/1/24 | | | | 780,000 | | | | 780,000 | (c) |
United Airlines Pass-Through Trust | | | 4.875 | % | | | 1/15/26 | | | | 845,120 | | | | 826,089 | (c) |
| | | | | | | | | | | | | | | | |
Total Passenger Airlines | | | | | | | | | | | | | | | 13,080,153 | |
| | | | | | | | | | | | | | | | |
Trading Companies & Distributors - 1.1% | | | | | | | | | | | | | | | | |
Ashtead Capital Inc., Senior Notes | | | 2.450 | % | | | 8/12/31 | | | | 610,000 | | | | 496,820 | (a) |
H&E Equipment Services Inc., Senior Notes | | | 3.875 | % | | | 12/15/28 | | | | 940,000 | | | | 854,303 | (a) |
United Rentals North America Inc., Senior Notes | | | 5.500 | % | | | 5/15/27 | | | | 647,000 | | | | 645,925 | |
United Rentals North America Inc., Senior Notes | | | 4.875 | % | | | 1/15/28 | | | | 140,000 | | | | 136,745 | |
| | | | | | | | | | | | | | | | |
Total Trading Companies & Distributors | | | | | | | | | | | | | | | 2,133,793 | |
| | | | | | | | | | | | | | | | |
TOTAL INDUSTRIALS | | | | | | | | | | | | | | | 28,893,620 | |
| | | | | | | | | | | | | | | | |
INFORMATION TECHNOLOGY - 1.7% | | | | | | | | | | | | | | | | |
Communications Equipment - 0.2% | | | | | | | | | | | | | | | | |
CommScope Inc., Senior Notes | | | 7.125 | % | | | 7/1/28 | | | | 20,000 | | | | 8,617 | (a)(c) |
CommScope Inc., Senior Secured Notes | | | 4.750 | % | | | 9/1/29 | | | | 40,000 | | | | 26,475 | (a) |
CommScope Technologies LLC, Senior Notes | | | 5.000 | % | | | 3/15/27 | | | | 220,000 | | | | 81,290 | (a) |
Viasat Inc., Senior Notes | | | 7.500 | % | | | 5/30/31 | | | | 400,000 | | | | 297,000 | (a) |
| | | | | | | | | | | | | | | | |
Total Communications Equipment | | | | | | | | | | | | | | | 413,382 | |
| | | | | | | | | | | | | | | | |
Technology Hardware, Storage & Peripherals - 1.5% | | | | | | | | | | | | | |
Seagate HDD Cayman, Senior Notes | | | 4.750 | % | | | 1/1/25 | | | | 2,330,000 | | | | 2,298,536 | |
Western Digital Corp., Senior Notes | | | 4.750 | % | | | 2/15/26 | | | | 670,000 | | | | 652,221 | (c) |
| | | | | | | | | | | | | | | | |
Total Technology Hardware, Storage & Peripherals | | | | | | | | | | | | 2,950,757 | |
| | | | | | | | | | | | | | | | |
TOTAL INFORMATION TECHNOLOGY | | | | | | | | | | | | | | | 3,364,139 | |
| | | | | | | | | | | | | | | | |
MATERIALS - 4.5% | | | | | | | | | | | | | | | | |
Chemicals - 0.6% | | | | | | | | | | | | | | | | |
Sasol Financing USA LLC, Senior Notes | | | 8.750 | % | | | 5/3/29 | | | | 1,070,000 | | | | 1,089,940 | (a)(c) |
| | | | | | | | | | | | | | | | |
Construction Materials - 0.4% | | | | | | | | | | | | | | | | |
Smyrna Ready Mix Concrete LLC, Senior Secured Notes | | | 8.875 | % | | | 11/15/31 | | | | 620,000 | | | | 651,934 | (a) |
| | | | | | | | | | | | | | | | |
Metals & Mining - 2.6% | | | | | | | | | | | | | | | | |
ArcelorMittal SA, Senior Notes | | | 7.000 | % | | | 10/15/39 | | | | 750,000 | | | | 818,733 | |
First Quantum Minerals Ltd., Senior Notes | | | 6.875 | % | | | 3/1/26 | | | | 560,000 | | | | 534,037 | (a) |
Freeport-McMoRan Inc., Senior Notes | | | 5.400 | % | | | 11/14/34 | | | | 120,000 | | | | 119,976 | (c) |
Freeport-McMoRan Inc., Senior Notes | | | 5.450 | % | | | 3/15/43 | | | | 60,000 | | | | 57,782 | (c) |
See Notes to Schedule of Investments.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 11 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Metals & Mining - (continued) | | | | | | | | | | | | | | | | |
Southern Copper Corp., Senior Notes | | | 5.250 | % | | | 11/8/42 | | | | 1,850,000 | | | $ | 1,754,753 | (c) |
Teck Resources Ltd., Senior Notes | | | 6.000 | % | | | 8/15/40 | | | | 600,000 | | | | 611,178 | |
Vale Overseas Ltd., Senior Notes | | | 6.875 | % | | | 11/21/36 | | | | 340,000 | | | | 368,257 | |
Vale Overseas Ltd., Senior Notes | | | 6.875 | % | | | 11/10/39 | | | | 750,000 | | | | 816,706 | |
| | | | | | | | | | | | | | | | |
Total Metals & Mining | | | | | | | | | | | | | | | 5,081,422 | |
| | | | | | | | | | | | | | | | |
Paper & Forest Products - 0.9% | | | | | | | | | | | | | | | | |
Suzano Austria GmbH, Senior Notes | | | 5.750 | % | | | 7/14/26 | | | | 400,000 | | | | 402,509 | (a) |
Suzano Austria GmbH, Senior Notes | | | 3.750 | % | | | 1/15/31 | | | | 1,600,000 | | | | 1,396,277 | |
| | | | | | | | | | | | | | | | |
Total Paper & Forest Products | | | | | | | | | | | | | | | 1,798,786 | |
| | | | | | | | | | | | | | | | |
TOTAL MATERIALS | | | | | | | | | | | | | | | 8,622,082 | |
| | | | | | | | | | | | | | | | |
REAL ESTATE - 1.2% | | | | | | | | | | | | | | | | |
Health Care REITs - 0.0%†† | | | | | | | | | | | | | | | | |
Diversified Healthcare Trust, Senior Notes | | | 4.375 | % | | | 3/1/31 | | | | 120,000 | | | | 90,740 | |
| | | | | | | | | | | | | | | | |
Hotel & Resort REITs - 0.4% | | | | | | | | | | | | | | | | |
Service Properties Trust, Senior Notes | | | 5.500 | % | | | 12/15/27 | | | | 500,000 | | | | 470,693 | |
Service Properties Trust, Senior Notes | | | 4.375 | % | | | 2/15/30 | | | | 400,000 | | | | 310,201 | |
| | | | | | | | | | | | | | | | |
Total Hotel & Resort REITs | | | | | | | | | | | | | | | 780,894 | |
| | | | | | | | | | | | | | | | |
Real Estate Management & Development - 0.8% | | | | | | | | | | | | | | | | |
Country Garden Holdings Co. Ltd., Senior Secured Notes | | | — | | | | 1/27/24 | | | | 750,000 | | | | 60,938 | *(b)(k) |
Cushman & Wakefield US Borrower LLC, Senior Secured Notes | | | 8.875 | % | | | 9/1/31 | | | | 210,000 | | | | 219,333 | (a) |
Heimstaden AB, Senior Notes | | | 4.250 | % | | | 3/9/26 | | | | 400,000 | EUR | | | 252,059 | (b) |
Samhallsbyggnadsbolaget i Norden AB, Senior Notes | | | 2.375 | % | | | 9/4/26 | | | | 1,100,000 | EUR | | | 921,345 | (b) |
| | | | | | | | | | | | | | | | |
Total Real Estate Management & Development | | | | | | | | | | | | | | | 1,453,675 | |
| | | | | | | | | | | | | | | | |
TOTAL REAL ESTATE | | | | | | | | | | | | | | | 2,325,309 | |
| | | | | | | | | | | | | | | | |
UTILITIES - 2.4% | | | | | | | | | | | | | | | | |
Electric Utilities - 1.6% | | | | | | | | | | | | | | | | |
FirstEnergy Corp., Senior Notes | | | 7.375 | % | | | 11/15/31 | | | | 1,330,000 | | | | 1,571,641 | (c) |
Pacific Gas and Electric Co., First Mortgage Bonds | | | 6.950 | % | | | 3/15/34 | | | | 1,000,000 | | | | 1,102,317 | |
Vistra Operations Co. LLC, Senior Notes | | | 7.750 | % | | | 10/15/31 | | | | 460,000 | | | | 478,186 | (a) |
| | | | | | | | | | | | | | | | |
Total Electric Utilities | | | | | | | | | | | | | | | 3,152,144 | |
| | | | | | | | | | | | | | | | |
Gas Utilities - 0.5% | | | | | | | | | | | | | | | | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes | | | 5.875 | % | | | 3/1/27 | | | | 860,000 | | | | 856,246 | |
| | | | | | | | | | | | | | | | |
See Notes to Schedule of Investments.
| | | | |
12 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Independent Power and Renewable Electricity Producers - 0.3% | | | | | | | | | | | | | | | | |
Minejesa Capital BV, Senior Secured Notes | | | 4.625 | % | | | 8/10/30 | | | | 650,000 | | | $ | 619,125 | (a) |
| | | | | | | | | | | | | | | | |
TOTAL UTILITIES | | | | | | | | | | | | | | | 4,627,515 | |
| | | | | | | | | | | | | | | | |
TOTAL CORPORATE BONDS & NOTES (Cost - $228,663,222) | | | | | | | | | | | | | | | 235,493,985 | |
| | | | | | | | | | | | | | | | |
SOVEREIGN BONDS - 12.5% | | | | | | | | | | | | | | | | |
Angola - 0.6% | | | | | | | | | | | | | | | | |
Angolan Government International Bond, Senior Notes | | | 8.000 | % | | | 11/26/29 | | | | 1,400,000 | | | | 1,220,495 | (a) |
| | | | | | | | | | | | | | | | |
Argentina - 0.3% | | | | | | | | | | | | | | | | |
Provincia de Cordoba, Senior Notes | | | 6.990 | % | | | 6/1/27 | | | | 680,000 | | | | 557,600 | (a) |
| | | | | | | | | | | | | | | | |
Colombia - 0.6% | | | | | | | | | | | | | | | | |
Colombia Government International Bond, Senior Notes | | | 3.250 | % | | | 4/22/32 | | | | 1,500,000 | | | | 1,178,977 | |
| | | | | | | | | | | | | | | | |
Dominican Republic - 0.3% | | | | | | | | | | | | | | | | |
Dominican Republic International Bond, Senior Notes | | | 4.875 | % | | | 9/23/32 | | | | 610,000 | | | | 545,993 | (a) |
| | | | | | | | | | | | | | | | |
Indonesia - 1.8% | | | | | | | | | | | | | | | | |
Indonesia Government International Bond, Senior Notes | | | 3.850 | % | | | 7/18/27 | | | | 600,000 | | | | 583,525 | (a) |
Indonesia Government International Bond, Senior Notes | | | 3.500 | % | | | 1/11/28 | | | | 3,110,000 | | | | 2,972,069 | (c) |
| | | | | | | | | | | | | | | | |
Total Indonesia | | | | | | | | | | | | | | | 3,555,594 | |
| | | | | | | | | | | | | | | | |
Jordan - 0.1% | | | | | | | | | | | | | | | | |
Jordan Government International Bond, Senior Notes | | | 7.750 | % | | | 1/15/28 | | | | 250,000 | | | | 250,784 | (a) |
| | | | | | | | | | | | | | | | |
Mexico - 4.7% | | | | | | | | | | | | | | | | |
Mexican Bonos, Bonds | | | 7.750 | % | | | 5/29/31 | | | | 101,520,000 | MXN | | | 5,458,068 | |
Mexico Government International Bond, Senior Notes | | | 3.750 | % | | | 1/11/28 | | | | 600,000 | | | | 577,337 | |
Mexico Government International Bond, Senior Notes | | | 2.659 | % | | | 5/24/31 | | | | 1,530,000 | | | | 1,286,743 | |
Mexico Government International Bond, Senior Notes | | | 4.350 | % | | | 1/15/47 | | | | 2,250,000 | | | | 1,776,181 | |
| | | | | | | | | | | | | | | | |
Total Mexico | | | | | | | | | | | | | | | 9,098,329 | |
| | | | | | | | | | | | | | | | |
Panama - 0.6% | | | | | | | | | | | | | | | | |
Panama Government International Bond, Senior Notes | | | 4.500 | % | | | 5/15/47 | | | | 1,810,000 | | | | 1,229,532 | |
| | | | | | | | | | | | | | | | |
Peru - 1.1% | | | | | | | | | | | | | | | | |
Peruvian Government International Bond, Senior Notes | | | 2.783 | % | | | 1/23/31 | | | | 2,460,000 | | | | 2,141,115 | (c) |
| | | | | | | | | | | | | | | | |
See Notes to Schedule of Investments.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 13 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
Philippines - 0.2% | | | | | | | | | | | | | | | | |
Philippine Government International Bond, Senior Notes | | | 2.650 | % | | | 12/10/45 | | | | 500,000 | | | $ | 335,267 | |
| | | | | | | | | | | | | | | | |
Poland - 1.2% | | | | | | | | | | | | | | | | |
Republic of Poland Government Bond | | | 1.250 | % | | | 10/25/30 | | | | 11,800,000 | PLN | | | 2,330,787 | |
| | | | | | | | | | | | | | | | |
Qatar - 0.3% | | | | | | | | | | | | | | | | |
Qatar Government International Bond, Senior Notes | | | 3.750 | % | | | 4/16/30 | | | | 500,000 | | | | 483,912 | (a) |
| | | | | | | | | | | | | | | | |
Romania - 0.7% | | | | | | | | | | | | | | | | |
Romanian Government International Bond, Senior Notes | | | 3.875 | % | | | 10/29/35 | | | | 1,500,000 | EUR | | | 1,386,730 | (b) |
| | | | | | | | | | | | | | | | |
TOTAL SOVEREIGN BONDS (Cost - $22,769,913) | | | | | | | | | | | | | | | 24,315,115 | |
| | | | | | | | | | | | | | | | |
SENIOR LOANS - 3.5% | | | | | | | | | | | | | | | | |
COMMUNICATION SERVICES - 0.3% | | | | | | | | | | | | | | | | |
Media - 0.3% | | | | | | | | | | | | | | | | |
iHeartCommunications Inc., New Term Loan | | | — | | | | 5/1/26 | | | | 600,000 | | | | 528,579 | (l) |
| | | | | | | | | | | | | | | | |
CONSUMER DISCRETIONARY - 1.2% | | | | | | | | | | | | | | | | |
Diversified Consumer Services - 0.4% | | | | | | | | | | | | | | | | |
WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%) | | | 8.947 | % | | | 4/13/28 | | | | 1,250,000 | | | | 740,625 | (e)(m)(n) |
| | | | | | | | | | | | | | | | |
Hotels, Restaurants & Leisure - 0.8% | | | | | | | | | | | | | | | | |
Caesars Entertainment Inc., Term Loan | | | — | | | | 1/24/31 | | | | 600,000 | | | | 599,625 | (l) |
Scientific Games International Inc., Term Loan B1 (1 mo. Term SOFR + 2.750%) | | | 8.083 | % | | | 4/14/29 | | | | 989,950 | | | | 992,321 | (e)(m)(n) |
| | | | | | | | | | | | | | | | |
Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | 1,591,946 | |
| | | | | | | | | | | | | | | | |
TOTAL CONSUMER DISCRETIONARY | | | | | | | | | | | | | | | 2,332,571 | |
| | | | | | | | | | | | | | | | |
FINANCIALS - 1.1% | | | | | | | | | | | | | | | | |
Financial Services - 1.1% | | | | | | | | | | | | | | | | |
Citadel Securities LP, Term Loan B (1 mo. Term SOFR + 2.250%) | | | 7.586 | % | | | 7/29/30 | | | | 2,227,495 | | | | 2,226,950 | (e)(m)(n) |
| | | | | | | | | | | | | | | | |
INDUSTRIALS - 0.4% | | | | | | | | | | | | | | | | |
Passenger Airlines - 0.4% | | | | | | | | | | | | | | | | |
Delta Air Lines Inc., Initial Term Loan (3 mo. Term SOFR + 3.750%) | | | 9.068 | % | | | 10/20/27 | | | | 787,500 | | | | 806,786 | (e)(m)(n) |
| | | | | | | | | | | | | | | | |
MATERIALS - 0.5% | | | | | | | | | | | | | | | | |
Paper & Forest Products - 0.5% | | | | | | | | | | | | | | | | |
Asplundh Tree Expert LLC, 2021 Refinancing Term Loan (1 mo. Term SOFR + 1.850%) | | | 7.183 | % | | | 9/7/27 | | | | 989,770 | | | | 990,185 | (e)(m)(n) |
| | | | | | | | | | | | | | | | |
TOTAL SENIOR LOANS (Cost - $7,066,890) | | | | | | | | | | | | | | | 6,885,071 | |
| | | | | | | | | | | | | | | | |
See Notes to Schedule of Investments.
| | | | |
14 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
(Percentages shown based on Fund net assets) | | |
| | | | | | | | | | | | | | | | |
SECURITY | | RATE | | | MATURITY DATE | | | FACE AMOUNT† | | | VALUE | |
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 2.3% | | | | | | | | | | | | | | | | |
U.S. Government Obligations - 2.3% | | | | | | | | | | | | | | | | |
U.S. Treasury Notes | | | 3.250 | % | | | 8/31/24 | | | | 4,000,000 | | | $ | 3,956,830 | |
U.S. Treasury Notes | | | 2.750 | % | | | 5/31/29 | | | | 500,000 | | | | 472,656 | |
| | | | | | | | | | | | | | | | |
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $4,409,521) | | | | | | | | 4,429,486 | |
| | | | | | | | | | | | | | | | |
CONVERTIBLE BONDS & NOTES - 1.1% | | | | | | | | | | | | | | | | |
COMMUNICATION SERVICES - 1.1% | | | | | | | | | | | | | | | | |
Media - 1.1% | | | | | | | | | | | | | | | | |
DISH Network Corp., Senior Notes | | | 2.375 | % | | | 3/15/24 | | | | 260,000 | | | | 254,969 | |
DISH Network Corp., Senior Notes | | | 0.000 | % | | | 12/15/25 | | | | 2,110,000 | | | | 1,511,815 | |
DISH Network Corp., Senior Notes | | | 3.375 | % | | | 8/15/26 | | | | 560,000 | | | | 327,600 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMUNICATION SERVICES | | | | | | | | | | | | | | | 2,094,384 | |
| | | | | | | | | | | | | | | | |
INDUSTRIALS - 0.0%†† | | | | | | | | | | | | | | | | |
Passenger Airlines - 0.0%†† | | | | | | | | | | | | | | | | |
Spirit Airlines Inc., Senior Notes | | | 1.000 | % | | | 5/15/26 | | | | 200,000 | | | | 76,000 | |
| | | | | | | | | | | | | | | | |
TOTAL CONVERTIBLE BONDS & NOTES (Cost - $2,488,541) | | | | | | | | | | | | | | | 2,170,384 | |
| | | | | | | | | | | | | | | | |
COLLATERALIZED MORTGAGE OBLIGATIONS(o) - 1.0% | | | | | | | | | | | | | | | | |
Citigroup Commercial Mortgage Trust, 2015-P1 D | | | 3.225 | % | | | 9/15/48 | | | | 630,000 | | | | 534,532 | (a) |
CSAIL Commercial Mortgage Trust, 2015-C3 C | | | 4.496 | % | | | 8/15/48 | | | | 600,000 | | | | 499,267 | (e) |
JPMorgan Mortgage Trust, 2005-A5 1A2 | | | 4.383 | % | | | 8/25/35 | | | | 32,485 | | | | 30,739 | (e) |
Morgan Stanley Capital Trust, 2016-BNK2 B | | | 3.485 | % | | | 11/15/49 | | | | 610,000 | | | | 490,904 | |
UBS Commercial Mortgage Trust, 2018-C15 C | | | 5.311 | % | | | 12/15/51 | | | | 405,000 | | | | 361,784 | (e) |
| | | | | | | | | | | | | | | | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $1,722,537) | | | | | | | | | | | | | | | 1,917,226 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $267,120,624) | | | | 275,211,267 | |
| | | | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 3.0% | | | | | | | | | | | | | | | | |
U.S. TREASURY BILLS - 0.7% | | | | | | | | | | | | | | | | |
U.S. Treasury Bills (Cost - $1,250,000) | | | 0.000 | % | | | 2/1/24 | | | | 1,250,000 | | | | 1,250,000 | (p) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | SHARES | | | | |
MONEY MARKET FUNDS - 2.3% | | | | | | | | | | | | | | | | |
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $4,526,192) | | | 5.275 | % | | | | | | | 4,526,192 | | | | 4,526,192 | (q)(r) |
| | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost - $5,776,192) | | | | | | | | | | | | | | | 5,776,192 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS - 144.7% (Cost - $272,896,816) | | | | | | | | | | | | | | | 280,987,459 | |
Liabilities in Excess of Other Assets - (44.7)% | | | | | | | | | | | | | | | (86,776,626 | ) |
| | | | | | | | | | | | | | | | |
TOTAL NET ASSETS - 100.0% | | | | | | | | | | | | | | $ | 194,210,833 | |
| | | | | | | | | | | | | | | | |
See Notes to Schedule of Investments.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 15 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
| | |
† | Face amount denominated in U.S. dollars, unless otherwise noted. |
†† | 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) | All or a portion of this security is pledged as collateral pursuant to the loan agreement. |
(d) | Security has no maturity date. The date shown represents the next call date. |
(e) | 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. |
(f) | Securities traded on a when-issued or delayed delivery basis. |
(g) | All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
(h) | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1). |
(i) | 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. |
(j) | The coupon payment on this security is currently in default as of January 31, 2024. |
(k) | The maturity principal is currently in default as of January 31, 2024. |
(l) | All or a portion of this loan has not settled as of January 31, 2024. Interest rates are not effective until settlement date. Interest rates shown, if any, are for the settled portion of the loan. |
(m) | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
(n) | 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. |
(o) | 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. |
(p) | Rate shown represents yield-to-maturity. |
(q) | Rate shown is one-day yield as of the end of the reporting period. |
(r) | 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 January 31, 2024, the total market value of investments in Affiliated Companies was $4,526,192 and the cost was $4,526,192 (Note 2). |
See Notes to Schedule of Investments.
| | | | |
16 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
| | |
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 |
PIK | | — Payment-In-Kind |
PLN | | — Polish Zloty |
SOFR | | — Secured Overnight Financing Rate |
SONIA | | — Sterling Overnight Index Average |
USD | | — United States Dollar |
At January 31, 2024, 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. | | 5.700% | | 1/5/2024 | | 2/6/2024 | | $ | 2,464,579 | | | Corporate Bonds & Notes | | $ | 2,580,357 | |
Goldman Sachs Group Inc. | | 6.000% | | 12/14/2023 | | TBD*** | | | 1,586,174 | | | Corporate Bonds & Notes | | | 2,262,707 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | $ | 4,050,753 | | | | | $ | 4,843,064 | |
| | | | | | | | | | | | | | | | |
* | 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 January 31, 2024. |
At January 31, 2024, the Fund had the following open futures contracts:
| | | | | | | | | | | | | | | | | | | | |
| | Number of Contracts | | | Expiration Date | | | Notional Amount | | | Market Value | | | Unrealized Appreciation | |
Contracts to Buy: | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Long-Term Bonds | | | 4 | | | | 3/24 | | | $ | 484,007 | | | $ | 489,375 | | | $ | 5,368 | |
At January 31, 2024, the Fund had the following open forward foreign currency contracts:
See Notes to Schedule of Investments.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 17 |
WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
| | |
Schedule of investments (unaudited) (cont’d) | | January 31, 2024 |
| | |
| | | | | | | | | | | | | | | | | | | | | | |
Currency Purchased | | | Currency Sold | | | Counterparty | | Settlement Date | | | Unrealized Depreciation | |
EUR | | | 19,936,671 | | | | USD | | | | 21,969,832 | | | Citibank N.A. | | | 4/19/24 | | | $ | (351,643 | ) |
CAD | | | 2,940,570 | | | | USD | | | | 2,196,287 | | | Morgan Stanley & Co. Inc. | | | 4/19/24 | | | | (6,849 | ) |
GBP | | | 1,554,343 | | | | USD | | | | 1,981,571 | | | Morgan Stanley & Co. Inc. | | | 4/19/24 | | | | (10,625 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Net unrealized depreciation on open forward foreign currency contracts | | | $ | (369,117 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Abbreviation(s) used in this table:
| | |
CAD | | — Canadian Dollar |
EUR | | — Euro |
GBP | | — British Pound |
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.
| | | | |
18 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 19 |
Notes to Schedule of Investments (unaudited) (continued)
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.
| | | | |
20 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |
Notes to Schedule of Investments (unaudited) (continued)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
| • | | Level 1 – 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 | | | — | | | $ | 235,493,985 | | | | — | | | $ | 235,493,985 | |
Sovereign Bonds | | | — | | | | 24,315,115 | | | | — | | | | 24,315,115 | |
Senior Loans | | | — | | | | 6,885,071 | | | | — | | | | 6,885,071 | |
U.S. Government & Agency Obligations | | | — | | | | 4,429,486 | | | | — | | | | 4,429,486 | |
Convertible Bonds & Notes | | | — | | | | 2,170,384 | | | | — | | | | 2,170,384 | |
Collateralized Mortgage Obligations | | | — | | | | 1,917,226 | | | | — | | | | 1,917,226 | |
| | | | | | | | | | | | | | | | |
Total Long-Term Investments | | | — | | | | 275,211,267 | | | | — | | | | 275,211,267 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments†: | | | | | | | | | | | | | | | | |
U.S. Treasury Bills | | | — | | | | 1,250,000 | | | | — | | | | 1,250,000 | |
Money Market Funds | | $ | 4,526,192 | | | | — | | | | — | | | | 4,526,192 | |
| | | | | | | | | | | | | | | | |
Total Short-Term Investments | | | 4,526,192 | | | | 1,250,000 | | | | — | | | | 5,776,192 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 4,526,192 | | | $ | 276,461,267 | | | | — | | | $ | 280,987,459 | |
| | | | | | | | | | | | | | | | |
Other Financial Instruments: | | | | | | | | | | | | | | | | |
Futures Contracts†† | | $ | 5,368 | | | | — | | | | — | | | $ | 5,368 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 4,531,560 | | | $ | 276,461,267 | | | | — | | | $ | 280,992,827 | |
| | | | | | | | | | | | | | | | |
|
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†† | | | — | | | $ | 369,117 | | | | — | | | $ | 369,117 | |
| | | | |
| | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | 21 |
Notes to Schedule of Investments (unaudited) (continued)
† | See Schedule of Investments for additional detailed categorizations. |
†† | Reflects the unrealized appreciation (depreciation) of the instruments. |
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 January 31, 2024. The following transactions were effected in such company for the period ended January 31, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Affiliate Value at October 31, 2023 | | | Purchased | | | Sold | | | Realized Gain (Loss) | | | Dividend Income | | | Net Increase (Decrease) in Unrealized Appreciation (Depreciation) | | | Affiliate Value at January 31, 2024 | |
| | Cost | | | Shares | | | Proceeds | | | Shares | |
Western Asset Premier Institutional Government Reserves, Premium Shares | | $ | 2,475,438 | | | $ | 18,218,255 | | | | 18,218,255 | | | $ | 16,167,501 | | | | 16,167,501 | | | | — | | | $ | 28,367 | | | | — | | | $ | 4,526,192 | |
| | | | |
22 | | Western Asset Global Corporate Defined Opportunity Fund Inc. 2024 Quarterly Report | | |