UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22294
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Exact name of registrant as specified in
charter)
620 Eighth Avenue, 47th Floor, New York, NY
10018
(Address of principal executive offices) (Zip
code)
George P. Hoyt
Franklin Templeton
100 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area
code: (888) 777-0102
Date of fiscal year end: November 30
Date of reporting period: November 30,
2021
| ITEM 1. |
REPORT TO STOCKHOLDERS.
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The Annual Report to Stockholders is filed herewith.
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Annual Report |
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November 30, 2021 |
WESTERN ASSET
INVESTMENT GRADE DEFINED OPPORTUNITY TRUST
INC. (IGI)
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INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY
LOSE VALUE |
Fund objectives
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. There can be no assurance the Fund will
achieve its investment objectives.
The Fund seeks to achieve its investment objectives by investing,
under normal market conditions, at least 80% of its net assets in
investment grade corporate fixed income securities of varying
maturities.
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| II |
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Western Asset Investment
Grade Defined Opportunity Trust Inc. |
Letter from the
chairman
Dear Shareholder,
We are pleased to provide the annual report of Western Asset
Investment Grade Defined Opportunity Trust Inc. for the
twelve-month reporting period ended November 30, 2021. Please
read on for a detailed look at prevailing economic and market
conditions during the Fund’s reporting period and to learn how
those conditions have affected Fund performance.
As always, we remain committed to providing you with excellent
service and a full spectrum of investment choices. We also remain
committed to supplementing the support you receive from your
financial advisor. One way we accomplish this is through our
website, www.franklintempleton.com. Here you can gain immediate
access to market and investment information, including:
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Fund prices and performance,
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Market insights and commentaries from our portfolio managers,
and
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A host of educational resources.
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We look forward to helping you meet your financial goals.
Sincerely,
Jane Trust, CFA
Chairman, President and Chief Executive
Officer
December 31, 2021
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| Western Asset Investment Grade Defined Opportunity
Trust Inc. |
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III |
Fund overview
Q. What is the Fund’s investment
strategy?
A. 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. There can be no assurance the
Fund will achieve its investment objectives.
The Fund seeks to achieve its investment objectives by investing,
under normal market conditions, at least 80% of its net assets in
investment grade corporate fixed income securities of varying
maturities. The Fund may invest up to 20% of its net assets in
corporate fixed income securities of below investment grade quality
(commonly known as “high yield” or “junk” bonds) at the time of
investment and other securities, including obligations of the U.S.
government, its agencies or instrumentalities, common stocks,
warrants and depositary receipts. While the Fund may invest up to
20% of its net assets in below investment grade securities, the
Fund will, under normal market conditions, maintain a portfolio
with an overall dollar-weighted average of investment grade credit
quality. The Fund may invest up to 20% of its net assets in
securities of foreign issuers located anywhere in the world,
including issuers located in emerging market countries.
Additionally, the Fund may invest up to 20% of its net assets in
non-U.S. dollar denominated securities.
The Fund may invest in derivative instruments, such as options
contracts, futures contracts, options on futures contracts, indexed
securities, credit default swaps and other swap agreements,
provided that the Fund’s exposure to derivative instruments, as
measured by the total notional amount of all such instruments, will
not exceed 20% of its net assets.
In purchasing securities and other investments for the Fund, we may
take full advantage of the entire range of maturities and durations
offered by corporate fixed income securities and may adjust the
average maturity or duration of the Fund’s portfolio from time to
time, depending on our assessment of the relative yields available
on securities of different maturities and durations and our
expectations of future changes in interest rates.
The Fund may take on leveraging risk by utilizing certain
management techniques, whereby it will segregate liquid assets,
enter into offsetting transactions or own positions covering its
obligations. To the extent the Fund covers its commitment under
such a portfolio management technique, such instrument will not be
considered a senior security for the purposes of the Investment
Company Act of 1940. However, as a fundamental policy, the Fund
will not leverage its capital structure by issuing senior
securities such as preferred shares or debt instruments.
At Western Asset Management Company, LLC (“Western Asset”), the
Fund’s subadviser, we utilize a fixed income team approach, with
decisions derived from interaction among various investment
management sector specialists. The sector teams are comprised of
Western Asset’s senior portfolio management personnel, research
analysts and an in-house economist. Under this team approach,
management of client fixed income portfolios will reflect a
consensus of interdisciplinary views within the Western Asset
organization. The
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| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
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1 |
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Fund overview (cont’d)
individuals responsible for development of investment strategy,
day-to-day portfolio management, oversight and coordination of the
Fund are S. Kenneth Leech, Michael C. Buchanan, Ryan K. Brist,
Blanton Keh, Kurt Halvorson and Dan Alexander.
Q. What were the overall market conditions
during the Fund’s reporting period?
A. Fixed income markets experienced periods of volatility
and, overall, declined over the twelve-month reporting period ended
November 30, 2021. Volatility was driven by a number of
factors, including the repercussions from the COVID-19 pandemic,
sharply falling and then rising global growth, inflation concerns,
rising interest rates and shifting central bank monetary policy.
Most spread sectors (non-Treasuries) outperformed similar duration
Treasuries. This was driven by monetary policy accommodation from
the Federal Reserve Board (the “Fed”) and the rollout of several
COVID-19 vaccines which triggered increased investor risk
appetite.
Short-term U.S. Treasury yields moved sharply higher as economic
conditions improved. The yield for the two-year Treasury note began
the reporting period at 0.16% and ended the reporting period at
0.52%. The low of 0.09% occurred on February 5, 2021, and the
high of 0.63% took place on November 22, 2021. Long-term U.S.
Treasury yields also moved higher, as positive economic data
triggered inflationary concerns and the Fed began removing its
monetary policy accommodations. The yield for the ten-year Treasury
began the reporting period at 0.84% (the low for the period) and
ended the period at 1.43%. The high of 1.74% took place on
March 19 and March 31, 2021.
All told, the Bloomberg U.S. Aggregate Indexi returned -1.15% for
the twelve months ended November 30, 2021. Comparatively, the
Bloomberg U.S. Credit Indexii returned -0.55% over the same period
and the Bloomberg U.S. Corporate High Yield — 2% Issuer Cap
Indexiii returned 5.27%.
Q. How did we respond to these changing
market conditions?
A. We reduced the Fund’s duration during the reporting
period. We pared the Fund’s high-yield bond allocation, mainly in
the financials sector. In contrast, we increased the Fund’s
exposures to bank loans and emerging markets.
During the reporting period, U.S. Treasury futures were used to
manage the Fund’s duration and yield curve positioning. They
contributed to performance. Corporate investment grade index swaps,
which were used for credit hedging purposes, modestly contributed
to results. Currency forwards, which were used to manage the Fund’s
currency exposure, detracted from performance.
Performance review
For the twelve months ended November 30, 2021, Western Asset
Investment Grade Defined Opportunity Trust Inc. returned 0.83%
based on its net asset value (“NAV”)iv and 6.70% based on its New
York Stock Exchange (“NYSE”) market price per share. The Fund’s
unmanaged benchmark, the Bloomberg U.S. Credit Index, returned
-0.55% for the same
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Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
period. The Lipper Corporate Debt BBB-Rated Closed-End Funds
Category Averagev returned 0.55% over the same time frame. Please
note that Lipper performance returns are based on each fund’s
NAV.
The Fund has a practice of seeking to maintain a relatively stable
level of distributions to shareholders. This practice has no impact
on the Fund’s investment strategy and may reduce the Fund’s NAV.
The Fund’s manager believes the practice helps maintain the Fund’s
competitiveness and may benefit the Fund’s market price and
premium/discount to the Fund’s NAV.
During the twelve-month period, the Fund made distributions to
shareholders totaling $0.80 per share.* The performance table shows
the Fund’s twelve-month total return based on its NAV and market
price as of November 30, 2021. Past performance is no
guarantee of future results.
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| Performance Snapshot as of November 30, 2021 |
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Price Per Share |
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12-Month
Total Return**
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| $ 21.47
(NAV) |
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0.83 |
%† |
| $ 22.03
(Market Price) |
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6.70 |
%‡ |
All figures represent past performance and are not a guarantee
of future results.
** Total returns are based on changes in NAV or market price,
respectively. Returns reflect the deduction of all Fund expenses,
including management fees, operating expenses, and other Fund
expenses. Returns do not reflect the deduction of brokerage
commissions or taxes that investors may pay on distributions or the
sale of shares.
† Total return assumes the reinvestment of all distributions at
NAV.
‡ Total return assumes the reinvestment of all distributions in
additional shares in accordance with the Fund’s Dividend
Reinvestment Plan.
Q. What were the leading contributors to
performance?
A. The largest contributor to the Fund’s relative
performance during the reporting period was its quality biases. In
particular, an overweight to lower-quality securities contributed
to results. They outperformed higher quality investment grade bonds
as investors looked to generate incremental yield. From a sector
positioning perspective, overweights to energy and financials were
positive for returns.
Looking at security selection, the Fund’s European bank exposure,
led by an overweight to Barclays, added to performance. Within the
energy sector, an overweight to Western Midstream Partners was
beneficial, as it was supported by rising oil prices. Finally,
within the transportation sector, an overweight to Delta Airlines
contributed to performance, as it rebounded off its COVID-19
pandemic low.
| * |
For the tax character of distributions paid during the
fiscal year ended November 30, 2021, please refer to page 46
of this report.
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| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
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Fund overview (cont’d)
Q. What were the leading detractors from
performance?
A. The largest detractor from the Fund’s relative results
during the reporting period was its tactical duration positioning.
Elsewhere, the Fund’s sector positioning, led by an underweight to
real estate investment trusts, was a headwind for performance.
Looking for additional
information?
The Fund is traded under the symbol “IGI” and its closing market
price is available in most newspapers under the NYSE listings. The
daily NAV is available online under the symbol “XIGIX” on most
financial websites. Barron’s and The Wall Street
Journal’s Monday edition both carry closed-end fund tables that
provide additional information. In addition, the Fund issues a
quarterly press release that can be found on most major financial
websites as well as www.franklintempleton.com.
In a continuing effort to provide information concerning the Fund,
shareholders may call 1-888-777-0102 (toll free), Monday through
Friday from 8:00 a.m. to 5:30 p.m. Eastern Time, for the Fund’s
current NAV, market price and other information.
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Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Thank you for your investment in Western Asset Investment Grade
Defined Opportunity Trust Inc. As always, we appreciate that you
have chosen us to manage your assets and we remain focused on
achieving the Fund’s investment goals.
Sincerely,
Western Asset Management Company, LLC
December 16, 2021
RISKS: The Fund is a non-diversified,
limited term, closed-end management investment company designed
primarily as a long-term investment and not as a trading vehicle.
The Fund is not intended to be a complete investment program and,
due to the uncertainty inherent in all investments, there can be no
assurance that the Fund will achieve its investment objectives. The
Fund’s common stock is traded on the New York Stock Exchange.
Similar to stocks, the Fund’s share price will fluctuate with
market conditions and, at the time of sale, may be worth more or
less than the original investment. Shares of closed-end funds often
trade at a discount to their net asset value. Because the Fund is
non-diversified, it may be more susceptible to economic, political
or regulatory events than a diversified fund. The Fund’s
investments are subject to a number of risks, including credit
risk, inflation risk and interest rate risk. As interest rates
rise, bond prices fall, reducing the value of the Fund’s holdings.
The Fund may invest in lower-rated high-yield bonds or “junk
bonds”, which are subject to greater liquidity and credit risk
(risk of default) than higher-rated obligations. The Fund may use
derivatives, such as options and futures, which can be illiquid,
may disproportionately increase losses and have a potentially large
impact on Fund performance. The Fund may invest in securities or
engage in transactions that have the economic effects of leverage
which can increase the risk and volatility of the Fund. The Fund
may also invest in money market funds, including funds affiliated
with the Fund’s manager and subadvisers. For more information on
Fund risks, see Summary of information regarding the Fund —
Principal Risk Factors in this report.
Portfolio holdings and breakdowns are as of November 30, 2021
and are subject to change and may not be representative of the
portfolio managers’ current or future investments. Please refer to
pages 10 through 29 for a list and percentage breakdown of the
Fund’s holdings.
The mention of sector breakdowns is for informational purposes only
and should not be construed as a recommendation to purchase or sell
any securities. The information provided regarding such sectors is
not a sufficient basis upon which to make an investment decision.
Investors seeking financial advice regarding the appropriateness of
investing in any securities or investment strategies discussed
should consult their financial professional. The Fund’s top five
sector holdings (as a percentage of net assets) as of
November 30, 2021 were: financials (29.7%), energy (14.6%),
health care (12.1%), communication services (10.1%) and
industrials (9.7%). The Fund’s portfolio composition is subject to
change at any time.
All investments are subject to risk including the possible loss of
principal. Past performance is no guarantee of future results. All
index performance reflects no deduction for fees, expenses or
taxes. Please note that an investor cannot invest directly in an
index.
The information provided is not intended to be a forecast of future
events, a guarantee of future results or investment advice. Views
expressed may differ from those of the firm as a whole.
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Trust Inc. 2021 Annual Report |
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5 |
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Fund overview (cont’d)
| i |
The Bloomberg U.S. Aggregate Index is a broad-based
bond index comprised of government, corporate, mortgage- and
asset-backed issues, rated investment grade or higher, and having
at least one year to maturity.
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| ii |
The Bloomberg U.S. Credit Index is an index composed
of corporate and non-corporate debt issues that are investment
grade (rated Baa3/BBB or higher).
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| iii |
The Bloomberg U.S. Corporate High Yield — 2% Issuer
Cap Index is an index of the 2% Issuer Cap component of the
Bloomberg U.S. Corporate High Yield Index, which covers the U.S.
dollar-denominated, non-investment grade, fixed-rate, taxable
corporate bond market.
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| iv |
Net asset value (“NAV”) is calculated by subtracting
total liabilities, including liabilities associated with financial
leverage (if any), from the closing value of all securities held by
the Fund (plus all other assets) and dividing the result (total net
assets) by the total number of the common shares outstanding. The
NAV fluctuates with changes in the market prices of securities in
which the Fund has invested. However, the price at which an
investor may buy or sell shares of the Fund is the Fund’s market
price as determined by supply of and demand for the Fund’s
shares.
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| v |
Lipper, Inc., a wholly-owned subsidiary of Refinitiv,
provides independent insight on global collective investments.
Returns are based on the twelve-month period ended
November 30, 2021, including the reinvestment of all
distributions, including returns of capital, if any, calculated
among the 6 funds in the Fund’s Lipper category.
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| 6 |
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Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Fund at a
glance† (unaudited)
Investment breakdown (%) as a
percent of total investments
| † |
The bar graph above represents the composition of the
Fund’s investments as of November 30, 2021 and
November 30, 2020 and does not include derivatives, such as
futures contracts, forward foreign currency contracts and swap
contracts. The Fund is actively managed. As a result, the
composition of the Fund’s investments is subject to change at any
time.
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Western Asset Investment Grade
Defined Opportunity Trust Inc. 2021 Annual Report
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7 |
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Fund performance
(unaudited)
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| Net Asset Value |
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Average annual total returns1 |
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| Twelve
Months Ended 11/30/21 |
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0.83 |
% |
| Five Years
Ended 11/30/21 |
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5.92 |
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| Ten Years
Ended 11/30/21 |
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5.94 |
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Cumulative total returns1 |
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| 11/30/11 through 11/30/21 |
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78.10 |
% |
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| Market Price |
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Average annual total returns2 |
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| Twelve
Months Ended 11/30/21 |
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6.70 |
% |
| Five Years
Ended 11/30/21 |
|
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6.71 |
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| Ten Years
Ended 11/30/21 |
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5.85 |
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Cumulative total returns2 |
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| 11/30/11
through 11/30/21 |
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76.57 |
% |
All figures represent past performance and are not a guarantee
of future results. Returns reflect the deduction of all Fund
expenses, including management fees, operating expenses, and other
Fund expenses. Returns do not reflect the deduction of brokerage
commissions or taxes that investors may pay on distributions or the
sale of shares.
| 1 |
Assumes the reinvestment of all distributions,
including returns of capital, if any, at net asset value.
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Assumes the reinvestment of all distributions,
including returns of capital, if any, in additional shares in
accordance with the Fund’s Dividend Reinvestment Plan.
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| 8 |
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Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Historical performance
Value of $10,000 invested
in
Western Asset Investment Grade Defined
Opportunity Trust Inc. vs. Bloomberg U.S. Credit Index† — November
2011 - November 2021
All figures represent past performance and are not a guarantee
of future results. Returns reflect the deduction of all Fund
expenses, including management fees, operating expenses, and other
Fund expenses. Returns do not reflect the deduction of brokerage
commissions or taxes that investors may pay on distributions or the
sale of shares.
| † |
Hypothetical illustration of $10,000 invested in
Western Asset Investment Grade Defined Opportunity Trust Inc. on
November 30, 2011, assuming the reinvestment of all
distributions, including returns of capital, if any, at net asset
value and also assuming the reinvestment of all distributions,
including returns of capital, if any, in additional shares in
accordance with the Fund’s Dividend Reinvestment Plan through
November 30, 2021. The hypothetical illustration also assumes
a $10,000 investment in the Bloomberg U.S. Credit Index. The
Bloomberg U.S. Credit Index (the “Index”) is an index composed of
corporate and non-corporate debt issues that are investment grade.
The Index is unmanaged. Please note that an investor cannot invest
directly in an index.
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| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
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9 |
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Schedule of
investments
November 30, 2021
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
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Security |
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Rate |
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Maturity
Date
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Face
Amount†
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Value |
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Corporate Bonds & Notes —
95.2% |
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Communication Services —
10.1% |
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Diversified Telecommunication Services —
3.1%
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AT&T Inc., Senior Notes
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4.500 |
% |
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5/15/35 |
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370,000 |
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$ |
427,222 |
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AT&T Inc., Senior Notes
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4.900 |
% |
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6/15/42 |
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250,000 |
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304,604 |
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AT&T Inc., Senior Notes
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3.100 |
% |
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2/1/43 |
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320,000 |
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309,552 |
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AT&T Inc., Senior Notes
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4.800 |
% |
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6/15/44 |
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290,000 |
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349,367 |
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AT&T Inc., Senior Notes
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4.500 |
% |
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3/9/48 |
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422,000 |
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|
499,205 |
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AT&T Inc., Senior Notes
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3.500 |
% |
|
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9/15/53 |
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90,000 |
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|
91,075 |
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AT&T Inc., Senior Notes
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3.800 |
% |
|
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12/1/57 |
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150,000 |
|
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|
156,935 |
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AT&T Inc., Senior Notes
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3.500 |
% |
|
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2/1/61 |
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260,000 |
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256,952 |
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British Telecommunications PLC, Senior Notes
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9.625 |
% |
|
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12/15/30 |
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1,550,000 |
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2,312,115 |
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Corning Inc., Senior Notes
|
|
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3.900 |
% |
|
|
11/15/49 |
|
|
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210,000 |
|
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|
243,484 |
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Telefonica Emisiones SA, Senior Notes
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7.045 |
% |
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6/20/36 |
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140,000 |
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|
201,175 |
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Verizon Communications Inc., Senior Notes
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4.329 |
% |
|
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9/21/28 |
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218,000 |
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|
248,533 |
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Verizon Communications Inc., Senior Notes
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5.500 |
% |
|
|
3/16/47 |
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1,130,000 |
|
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|
1,615,169 |
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Verizon Communications Inc., Senior Notes
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3.700 |
% |
|
|
3/22/61 |
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100,000 |
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110,695 |
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Total Diversified Telecommunication
Services
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7,126,083 |
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Entertainment — 1.5%
|
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Walt Disney Co., Senior Notes
|
|
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6.650 |
% |
|
|
11/15/37 |
|
|
|
2,400,000 |
|
|
|
3,590,236 |
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Media — 4.6%
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CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
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|
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4.500 |
% |
|
|
5/1/32 |
|
|
|
910,000 |
|
|
|
907,557 |
|
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Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
|
|
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6.384 |
% |
|
|
10/23/35 |
|
|
|
180,000 |
|
|
|
233,589 |
|
|
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
|
|
|
3.500 |
% |
|
|
3/1/42 |
|
|
|
120,000 |
|
|
|
116,360 |
|
|
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
|
|
|
6.484 |
% |
|
|
10/23/45 |
|
|
|
420,000 |
|
|
|
575,001 |
|
|
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
|
|
|
5.375 |
% |
|
|
5/1/47 |
|
|
|
560,000 |
|
|
|
672,995 |
|
|
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
|
|
|
3.950 |
% |
|
|
6/30/62 |
|
|
|
120,000 |
|
|
|
116,783 |
|
|
Comcast Corp., Senior Notes
|
|
|
6.400 |
% |
|
|
5/15/38 |
|
|
|
2,500,000 |
|
|
|
3,617,249 |
|
|
DISH DBS Corp., Senior Secured Notes
|
|
|
5.750 |
% |
|
|
12/1/28 |
|
|
|
250,000 |
|
|
|
246,801 |
(a) |
|
Fox Corp., Senior Notes
|
|
|
5.476 |
% |
|
|
1/25/39 |
|
|
|
810,000 |
|
|
|
1,048,648 |
|
See Notes to Financial
Statements.
|
|
|
|
|
| 10 |
|
|
|
Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Media — continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Warner Cable LLC, Senior Secured Notes
|
|
|
6.550 |
% |
|
|
5/1/37 |
|
|
|
370,000 |
|
|
$ |
496,212 |
|
|
Time Warner Cable LLC, Senior Secured Notes
|
|
|
7.300 |
% |
|
|
7/1/38 |
|
|
|
330,000 |
|
|
|
474,119 |
|
|
Time Warner Cable LLC, Senior Secured Notes
|
|
|
6.750 |
% |
|
|
6/15/39 |
|
|
|
20,000 |
|
|
|
27,462 |
|
|
Time Warner Cable LLC, Senior Secured Notes
|
|
|
5.500 |
% |
|
|
9/1/41 |
|
|
|
200,000 |
|
|
|
245,434 |
|
|
Time Warner Entertainment Co. LP, Senior Secured Notes
|
|
|
8.375 |
% |
|
|
3/15/23 |
|
|
|
1,170,000 |
|
|
|
1,282,321 |
|
|
Time Warner Entertainment Co. LP, Senior Secured Notes
|
|
|
8.375 |
% |
|
|
7/15/33 |
|
|
|
370,000 |
|
|
|
546,074 |
|
|
ViacomCBS Inc., Senior Notes
|
|
|
5.250 |
% |
|
|
4/1/44 |
|
|
|
80,000 |
|
|
|
101,082 |
|
|
Total Media
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,707,687 |
|
|
Wireless Telecommunication Services —
0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sprint Corp., Senior Notes
|
|
|
7.875 |
% |
|
|
9/15/23 |
|
|
|
120,000 |
|
|
|
132,004 |
|
|
Telefonica Europe BV, Senior Notes
|
|
|
8.250 |
% |
|
|
9/15/30 |
|
|
|
390,000 |
|
|
|
556,339 |
|
|
T-Mobile USA Inc., Senior Notes
|
|
|
2.625 |
% |
|
|
2/15/29 |
|
|
|
170,000 |
|
|
|
164,269 |
|
|
T-Mobile USA Inc., Senior Notes
|
|
|
2.875 |
% |
|
|
2/15/31 |
|
|
|
120,000 |
|
|
|
116,326 |
|
|
T-Mobile USA Inc., Senior Secured Notes
|
|
|
4.375 |
% |
|
|
4/15/40 |
|
|
|
100,000 |
|
|
|
113,692 |
|
|
T-Mobile USA Inc., Senior Secured Notes
|
|
|
3.000 |
% |
|
|
2/15/41 |
|
|
|
100,000 |
|
|
|
95,565 |
|
|
T-Mobile USA Inc., Senior Secured Notes
|
|
|
4.500 |
% |
|
|
4/15/50 |
|
|
|
330,000 |
|
|
|
386,558 |
|
|
Vodafone Group PLC, Senior Notes
|
|
|
5.250 |
% |
|
|
5/30/48 |
|
|
|
320,000 |
|
|
|
416,912 |
|
|
Vodafone Group PLC, Senior Notes
|
|
|
4.250 |
% |
|
|
9/17/50 |
|
|
|
20,000 |
|
|
|
23,078 |
|
|
Total Wireless Telecommunication
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,004,743 |
|
|
Total Communication
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,428,749 |
|
|
Consumer Discretionary —
4.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobiles — 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford Motor Co., Senior Notes
|
|
|
3.250 |
% |
|
|
2/12/32 |
|
|
|
470,000 |
|
|
|
470,771 |
|
|
Ford Motor Credit Co. LLC, Senior Notes
|
|
|
2.700 |
% |
|
|
8/10/26 |
|
|
|
630,000 |
|
|
|
626,220 |
|
|
General Motors Co., Senior Notes
|
|
|
5.400 |
% |
|
|
10/2/23 |
|
|
|
200,000 |
|
|
|
215,534 |
|
|
General Motors Co., Senior Notes
|
|
|
6.125 |
% |
|
|
10/1/25 |
|
|
|
300,000 |
|
|
|
346,309 |
|
|
General Motors Co., Senior Notes
|
|
|
6.600 |
% |
|
|
4/1/36 |
|
|
|
290,000 |
|
|
|
390,110 |
|
|
General Motors Co., Senior Notes
|
|
|
6.750 |
% |
|
|
4/1/46 |
|
|
|
580,000 |
|
|
|
840,453 |
|
|
Total Automobiles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,889,397 |
|
|
Hotels, Restaurants & Leisure —
1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genting New York LLC/GENNY Capital Inc., Senior Notes
|
|
|
3.300 |
% |
|
|
2/15/26 |
|
|
|
740,000 |
|
|
|
732,024 |
(a) |
|
Marriott International Inc., Senior Notes
|
|
|
3.600 |
% |
|
|
4/15/24 |
|
|
|
320,000 |
|
|
|
336,315 |
|
|
McDonald’s Corp., Senior Notes
|
|
|
4.700 |
% |
|
|
12/9/35 |
|
|
|
260,000 |
|
|
|
321,925 |
|
|
McDonald’s Corp., Senior Notes
|
|
|
4.875 |
% |
|
|
12/9/45 |
|
|
|
370,000 |
|
|
|
480,756 |
|
|
Melco Resorts Finance Ltd., Senior Notes
|
|
|
5.375 |
% |
|
|
12/4/29 |
|
|
|
590,000 |
|
|
|
577,017 |
(a) |
|
Sands China Ltd., Senior Notes
|
|
|
5.125 |
% |
|
|
8/8/25 |
|
|
|
690,000 |
|
|
|
726,404 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
|
|
|
|
11 |
|
Schedule of investments (cont’d)
November 30, 2021
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Hotels, Restaurants & Leisure —
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands China Ltd., Senior Notes
|
|
|
5.400 |
% |
|
|
8/8/28 |
|
|
|
200,000 |
|
|
$ |
215,100 |
|
|
Sands China Ltd., Senior Notes
|
|
|
4.375 |
% |
|
|
6/18/30 |
|
|
|
220,000 |
|
|
|
227,186 |
|
|
Sands China Ltd., Senior Notes
|
|
|
3.250 |
% |
|
|
8/8/31 |
|
|
|
510,000 |
|
|
|
485,051 |
(a) |
|
Wynn Macau Ltd., Senior Notes
|
|
|
5.500 |
% |
|
|
10/1/27 |
|
|
|
370,000 |
|
|
|
343,406 |
(a) |
|
Total Hotels, Restaurants &
Leisure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,445,184 |
|
|
Household Durables — 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Corp., Senior Notes
|
|
|
5.000 |
% |
|
|
6/15/27 |
|
|
|
390,000 |
|
|
|
445,507 |
|
|
MDC Holdings Inc., Senior Notes
|
|
|
2.500 |
% |
|
|
1/15/31 |
|
|
|
300,000 |
|
|
|
289,494 |
|
|
MDC Holdings Inc., Senior Notes
|
|
|
6.000 |
% |
|
|
1/15/43 |
|
|
|
310,000 |
|
|
|
390,606 |
|
|
Total Household Durables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,125,607 |
|
|
Internet & Direct Marketing
Retail — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amazon.com Inc., Senior Notes
|
|
|
3.875 |
% |
|
|
8/22/37 |
|
|
|
410,000 |
|
|
|
483,012 |
|
|
Specialty Retail — 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Depot Inc., Senior Notes
|
|
|
3.900 |
% |
|
|
12/6/28 |
|
|
|
930,000 |
|
|
|
1,053,372 |
|
|
Home Depot Inc., Senior Notes
|
|
|
3.300 |
% |
|
|
4/15/40 |
|
|
|
100,000 |
|
|
|
108,443 |
|
|
Home Depot Inc., Senior Notes
|
|
|
3.350 |
% |
|
|
4/15/50 |
|
|
|
80,000 |
|
|
|
89,106 |
|
|
Lithia Motors Inc., Senior Notes
|
|
|
4.625 |
% |
|
|
12/15/27 |
|
|
|
170,000 |
|
|
|
177,567 |
(a) |
|
Lithia Motors Inc., Senior Notes
|
|
|
3.875 |
% |
|
|
6/1/29 |
|
|
|
300,000 |
|
|
|
304,074 |
(a) |
|
Lowe’s Cos. Inc., Senior Notes
|
|
|
2.800 |
% |
|
|
9/15/41 |
|
|
|
140,000 |
|
|
|
137,137 |
|
|
Total Specialty Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,869,699 |
|
|
Total Consumer
Discretionary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,812,899 |
|
|
Consumer Staples — 3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverages — 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev Worldwide Inc., Senior Notes
|
|
|
4.600 |
% |
|
|
4/15/48 |
|
|
|
1,730,000 |
|
|
|
2,123,042 |
|
|
Coca-Cola Co., Senior Notes
|
|
|
4.125 |
% |
|
|
3/25/40 |
|
|
|
290,000 |
|
|
|
350,876 |
|
|
Coca-Cola Co., Senior Notes
|
|
|
4.200 |
% |
|
|
3/25/50 |
|
|
|
160,000 |
|
|
|
207,129 |
|
|
Constellation Brands Inc., Senior Notes
|
|
|
4.250 |
% |
|
|
5/1/23 |
|
|
|
100,000 |
|
|
|
104,722 |
|
|
Total Beverages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,785,769 |
|
|
Food Products — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kraft Heinz Foods Co., Senior Notes
|
|
|
5.000 |
% |
|
|
6/4/42 |
|
|
|
160,000 |
|
|
|
195,620 |
|
|
Mars Inc., Senior Notes
|
|
|
3.200 |
% |
|
|
4/1/30 |
|
|
|
220,000 |
|
|
|
236,488 |
(a) |
|
Total Food Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
432,108 |
|
|
Tobacco — 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group Inc., Senior Notes
|
|
|
3.800 |
% |
|
|
2/14/24 |
|
|
|
290,000 |
|
|
|
306,740 |
|
|
Altria Group Inc., Senior Notes
|
|
|
4.400 |
% |
|
|
2/14/26 |
|
|
|
500,000 |
|
|
|
549,122 |
|
|
Altria Group Inc., Senior Notes
|
|
|
4.800 |
% |
|
|
2/14/29 |
|
|
|
1,360,000 |
|
|
|
1,541,361 |
|
|
Altria Group Inc., Senior Notes
|
|
|
3.875 |
% |
|
|
9/16/46 |
|
|
|
80,000 |
|
|
|
78,422 |
|
See Notes to Financial
Statements.
|
|
|
|
|
| 12 |
|
|
|
Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Tobacco — continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reynolds American Inc., Senior Notes
|
|
|
8.125 |
% |
|
|
5/1/40 |
|
|
|
470,000 |
|
|
$ |
694,216 |
|
|
Reynolds American Inc., Senior Notes
|
|
|
7.000 |
% |
|
|
8/4/41 |
|
|
|
510,000 |
|
|
|
686,590 |
|
|
Total Tobacco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,856,451 |
|
|
Total Consumer Staples
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,074,328 |
|
|
Energy — 14.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Equipment & Services —
0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Halliburton Co., Senior Notes
|
|
|
2.920 |
% |
|
|
3/1/30 |
|
|
|
60,000 |
|
|
|
61,466 |
|
|
Halliburton Co., Senior Notes
|
|
|
5.000 |
% |
|
|
11/15/45 |
|
|
|
930,000 |
|
|
|
1,139,787 |
|
|
Total Energy Equipment &
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,201,253 |
|
|
Oil, Gas & Consumable Fuels —
14.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apache Corp., Senior Notes
|
|
|
6.000 |
% |
|
|
1/15/37 |
|
|
|
84,000 |
|
|
|
101,606 |
|
|
Apache Corp., Senior Notes
|
|
|
5.100 |
% |
|
|
9/1/40 |
|
|
|
60,000 |
|
|
|
65,187 |
|
|
Apache Corp., Senior Notes
|
|
|
5.250 |
% |
|
|
2/1/42 |
|
|
|
160,000 |
|
|
|
177,767 |
|
|
Apache Corp., Senior Notes
|
|
|
4.750 |
% |
|
|
4/15/43 |
|
|
|
670,000 |
|
|
|
715,292 |
|
|
BP Capital Markets America Inc., Senior Notes
|
|
|
3.000 |
% |
|
|
2/24/50 |
|
|
|
710,000 |
|
|
|
695,662 |
|
|
Cameron LNG LLC, Senior Secured Notes
|
|
|
3.302 |
% |
|
|
1/15/35 |
|
|
|
40,000 |
|
|
|
42,294 |
(a) |
|
Cameron LNG LLC, Senior Secured Notes
|
|
|
3.701 |
% |
|
|
1/15/39 |
|
|
|
50,000 |
|
|
|
54,954 |
(a) |
|
Cheniere Energy Partners LP, Senior Notes
|
|
|
3.250 |
% |
|
|
1/31/32 |
|
|
|
360,000 |
|
|
|
350,266 |
(a) |
|
Chevron USA Inc., Senior Notes
|
|
|
5.250 |
% |
|
|
11/15/43 |
|
|
|
240,000 |
|
|
|
335,073 |
|
|
Chevron USA Inc., Senior Notes
|
|
|
2.343 |
% |
|
|
8/12/50 |
|
|
|
210,000 |
|
|
|
195,066 |
|
|
ConocoPhillips, Senior Notes
|
|
|
3.750 |
% |
|
|
10/1/27 |
|
|
|
110,000 |
|
|
|
120,279 |
(a) |
|
ConocoPhillips, Senior Notes
|
|
|
6.500 |
% |
|
|
2/1/39 |
|
|
|
1,500,000 |
|
|
|
2,194,376 |
|
|
Continental Resources Inc., Senior Notes
|
|
|
4.500 |
% |
|
|
4/15/23 |
|
|
|
510,000 |
|
|
|
527,294 |
|
|
Continental Resources Inc., Senior Notes
|
|
|
2.268 |
% |
|
|
11/15/26 |
|
|
|
130,000 |
|
|
|
128,595 |
(a) |
|
Continental Resources Inc., Senior Notes
|
|
|
4.375 |
% |
|
|
1/15/28 |
|
|
|
430,000 |
|
|
|
463,696 |
|
|
Continental Resources Inc., Senior Notes
|
|
|
2.875 |
% |
|
|
4/1/32 |
|
|
|
180,000 |
|
|
|
174,603 |
(a) |
|
Continental Resources Inc., Senior Notes
|
|
|
4.900 |
% |
|
|
6/1/44 |
|
|
|
140,000 |
|
|
|
155,532 |
|
|
Coterra Energy Inc., Senior Notes
|
|
|
4.375 |
% |
|
|
6/1/24 |
|
|
|
960,000 |
|
|
|
1,020,880 |
(a) |
|
Coterra Energy Inc., Senior Notes
|
|
|
3.900 |
% |
|
|
5/15/27 |
|
|
|
250,000 |
|
|
|
271,316 |
(a) |
|
Devon Energy Corp., Senior Notes
|
|
|
5.850 |
% |
|
|
12/15/25 |
|
|
|
560,000 |
|
|
|
642,439 |
|
|
Devon Energy Corp., Senior Notes
|
|
|
4.500 |
% |
|
|
1/15/30 |
|
|
|
116,000 |
|
|
|
124,652 |
(a) |
|
Devon Energy Corp., Senior Notes
|
|
|
5.600 |
% |
|
|
7/15/41 |
|
|
|
20,000 |
|
|
|
25,207 |
|
|
Devon Energy Corp., Senior Notes
|
|
|
5.000 |
% |
|
|
6/15/45 |
|
|
|
210,000 |
|
|
|
253,646 |
|
|
Ecopetrol SA, Senior Notes
|
|
|
5.875 |
% |
|
|
5/28/45 |
|
|
|
404,000 |
|
|
|
377,352 |
|
|
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25
then 5 year Treasury Constant Maturity Rate + 5.134%)
|
|
|
6.750 |
% |
|
|
5/15/25 |
|
|
|
330,000 |
|
|
|
337,013 |
(b)(c) |
See Notes to Financial
Statements.
|
|
|
|
|
|
|
| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
|
|
|
|
13 |
|
Schedule of investments (cont’d)
November 30, 2021
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Oil, Gas & Consumable Fuels —
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30
then 5 year Treasury Constant Maturity Rate + 5.306%)
|
|
|
7.125 |
% |
|
|
5/15/30 |
|
|
|
880,000 |
|
|
$ |
901,560 |
(b)(c) |
|
Energy Transfer LP, Senior Notes
|
|
|
4.200 |
% |
|
|
9/15/23 |
|
|
|
510,000 |
|
|
|
534,642 |
|
|
Energy Transfer LP, Senior Notes
|
|
|
3.900 |
% |
|
|
7/15/26 |
|
|
|
630,000 |
|
|
|
677,956 |
|
|
Energy Transfer LP, Senior Notes
|
|
|
5.250 |
% |
|
|
4/15/29 |
|
|
|
20,000 |
|
|
|
22,898 |
|
|
Energy Transfer LP, Senior Notes
|
|
|
6.625 |
% |
|
|
10/15/36 |
|
|
|
20,000 |
|
|
|
25,835 |
|
|
Energy Transfer LP, Senior Notes
|
|
|
5.800 |
% |
|
|
6/15/38 |
|
|
|
60,000 |
|
|
|
73,094 |
|
|
Enterprise Products Operating LLC, Senior Notes
|
|
|
4.250 |
% |
|
|
2/15/48 |
|
|
|
400,000 |
|
|
|
453,277 |
|
|
Enterprise Products Operating LLC, Senior Notes
|
|
|
3.300 |
% |
|
|
2/15/53 |
|
|
|
230,000 |
|
|
|
230,039 |
|
|
Enterprise Products Operating LLC, Senior Notes
|
|
|
3.950 |
% |
|
|
1/31/60 |
|
|
|
210,000 |
|
|
|
226,644 |
|
|
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28
then 3 mo. USD LIBOR + 2.570%)
|
|
|
5.375 |
% |
|
|
2/15/78 |
|
|
|
570,000 |
|
|
|
580,010 |
(c) |
|
EOG Resources Inc., Senior Notes
|
|
|
4.375 |
% |
|
|
4/15/30 |
|
|
|
370,000 |
|
|
|
426,238 |
|
|
Exxon Mobil Corp., Senior Notes
|
|
|
3.482 |
% |
|
|
3/19/30 |
|
|
|
320,000 |
|
|
|
351,626 |
|
|
Exxon Mobil Corp., Senior Notes
|
|
|
2.995 |
% |
|
|
8/16/39 |
|
|
|
190,000 |
|
|
|
196,166 |
|
|
Exxon Mobil Corp., Senior Notes
|
|
|
4.227 |
% |
|
|
3/19/40 |
|
|
|
220,000 |
|
|
|
262,532 |
|
|
Florida Gas Transmission Co. LLC, Senior Notes
|
|
|
2.300 |
% |
|
|
10/1/31 |
|
|
|
820,000 |
|
|
|
808,904 |
(a) |
|
KazMunayGas National Co. JSC, Senior Notes
|
|
|
3.500 |
% |
|
|
4/14/33 |
|
|
|
240,000 |
|
|
|
244,753 |
(a) |
|
Kinder Morgan Inc., Senior Notes
|
|
|
7.800 |
% |
|
|
8/1/31 |
|
|
|
900,000 |
|
|
|
1,262,276 |
|
|
MPLX LP, Senior Notes
|
|
|
4.500 |
% |
|
|
4/15/38 |
|
|
|
600,000 |
|
|
|
666,883 |
|
|
Occidental Petroleum Corp., Senior Notes
|
|
|
2.700 |
% |
|
|
8/15/22 |
|
|
|
1,150,000 |
|
|
|
1,162,776 |
|
|
Occidental Petroleum Corp., Senior Notes
|
|
|
2.700 |
% |
|
|
2/15/23 |
|
|
|
10,000 |
|
|
|
10,069 |
|
|
Occidental Petroleum Corp., Senior Notes
|
|
|
7.875 |
% |
|
|
9/15/31 |
|
|
|
710,000 |
|
|
|
926,688 |
|
|
Occidental Petroleum Corp., Senior Notes
|
|
|
4.400 |
% |
|
|
4/15/46 |
|
|
|
10,000 |
|
|
|
9,851 |
|
|
Parsley Energy LLC/Parsley Finance Corp., Senior Notes
|
|
|
5.625 |
% |
|
|
10/15/27 |
|
|
|
180,000 |
|
|
|
188,857 |
(a) |
|
Parsley Energy LLC/Parsley Finance Corp., Senior Notes
|
|
|
4.125 |
% |
|
|
2/15/28 |
|
|
|
330,000 |
|
|
|
337,945 |
(a) |
|
Petrobras Global Finance BV, Senior Notes
|
|
|
7.375 |
% |
|
|
1/17/27 |
|
|
|
530,000 |
|
|
|
610,056 |
|
|
Petrobras Global Finance BV, Senior Notes
|
|
|
5.500 |
% |
|
|
6/10/51 |
|
|
|
160,000 |
|
|
|
142,242 |
|
|
Petroleos Mexicanos, Senior Notes
|
|
|
6.875 |
% |
|
|
8/4/26 |
|
|
|
730,000 |
|
|
|
775,508 |
|
|
Petroleos Mexicanos, Senior Notes
|
|
|
6.625 |
% |
|
|
6/15/35 |
|
|
|
460,000 |
|
|
|
422,673 |
|
|
Pioneer Natural Resources Co., Senior Notes
|
|
|
2.150 |
% |
|
|
1/15/31 |
|
|
|
480,000 |
|
|
|
461,558 |
|
|
Range Resources Corp., Senior Notes
|
|
|
9.250 |
% |
|
|
2/1/26 |
|
|
|
730,000 |
|
|
|
785,214 |
|
|
Southern Natural Gas Co. LLC, Senior Notes
|
|
|
8.000 |
% |
|
|
3/1/32 |
|
|
|
1,500,000 |
|
|
|
2,108,576 |
|
|
Transcontinental Gas Pipe Line Co. LLC, Senior Notes
|
|
|
7.850 |
% |
|
|
2/1/26 |
|
|
|
760,000 |
|
|
|
932,994 |
|
See Notes to Financial
Statements.
|
|
|
|
|
| 14 |
|
|
|
Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(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
|
|
|
7.250 |
% |
|
|
12/1/26 |
|
|
|
180,000 |
|
|
$ |
221,384 |
|
|
Transcontinental Gas Pipe Line Co. LLC, Senior Notes
|
|
|
3.250 |
% |
|
|
5/15/30 |
|
|
|
230,000 |
|
|
|
242,876 |
|
|
Transcontinental Gas Pipe Line Co. LLC, Senior Notes
|
|
|
5.400 |
% |
|
|
8/15/41 |
|
|
|
10,000 |
|
|
|
12,925 |
|
|
Transcontinental Gas Pipe Line Co. LLC, Senior Notes
|
|
|
4.450 |
% |
|
|
8/1/42 |
|
|
|
860,000 |
|
|
|
1,009,097 |
|
|
Transcontinental Gas Pipe Line Co. LLC, Senior Notes
|
|
|
3.950 |
% |
|
|
5/15/50 |
|
|
|
30,000 |
|
|
|
34,033 |
|
|
Western Midstream Operating LP, Senior Notes
|
|
|
4.650 |
% |
|
|
7/1/26 |
|
|
|
1,560,000 |
|
|
|
1,668,412 |
|
|
Western Midstream Operating LP, Senior Notes
|
|
|
4.750 |
% |
|
|
8/15/28 |
|
|
|
890,000 |
|
|
|
970,954 |
|
|
Western Midstream Operating LP, Senior Notes
|
|
|
5.300 |
% |
|
|
2/1/30 |
|
|
|
140,000 |
|
|
|
150,892 |
|
|
Western Midstream Operating LP, Senior Notes
|
|
|
5.450 |
% |
|
|
4/1/44 |
|
|
|
120,000 |
|
|
|
138,916 |
|
|
Western Midstream Operating LP, Senior Notes
|
|
|
6.500 |
% |
|
|
2/1/50 |
|
|
|
430,000 |
|
|
|
491,978 |
|
|
Williams Cos. Inc., Senior Notes
|
|
|
4.550 |
% |
|
|
6/24/24 |
|
|
|
1,130,000 |
|
|
|
1,214,630 |
|
|
Williams Cos. Inc., Senior Notes
|
|
|
7.750 |
% |
|
|
6/15/31 |
|
|
|
62,000 |
|
|
|
85,316 |
|
|
Williams Cos. Inc., Senior Notes
|
|
|
8.750 |
% |
|
|
3/15/32 |
|
|
|
148,000 |
|
|
|
222,226 |
|
|
Williams Cos. Inc., Senior Notes
|
|
|
3.500 |
% |
|
|
10/15/51 |
|
|
|
70,000 |
|
|
|
71,308 |
|
|
Total Oil, Gas & Consumable
Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,905,334 |
|
|
Total Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,106,587 |
|
|
Financials — 29.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks — 17.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Mercantil del Norte SA, Junior Subordinated Notes (7.500% to
6/27/29 then 10 year Treasury Constant Maturity Rate + 5.470%)
|
|
|
7.500 |
% |
|
|
6/27/29 |
|
|
|
200,000 |
|
|
|
214,027 |
(a)(b)(c) |
|
Banco Mercantil del Norte SA, Junior Subordinated Notes (7.625% to
1/10/28 then 10 year Treasury Constant Maturity Rate + 5.353%)
|
|
|
7.625 |
% |
|
|
1/10/28 |
|
|
|
400,000 |
|
|
|
428,800 |
(a)(b)(c) |
|
Banco Mercantil del Norte SA, Junior Subordinated Notes (8.375% to
10/14/30 then 10 year Treasury Constant Maturity Rate + 7.760%)
|
|
|
8.375 |
% |
|
|
10/14/30 |
|
|
|
200,000 |
|
|
|
229,500 |
(a)(b)(c) |
|
Bank of America Corp., Junior Subordinated Notes (6.100% to 3/17/25
then 3 mo. USD LIBOR + 3.898%)
|
|
|
6.100 |
% |
|
|
3/17/25 |
|
|
|
590,000 |
|
|
|
636,135 |
(b)(c) |
|
Bank of America Corp., Junior Subordinated Notes (6.250% to 9/5/24
then 3 mo. USD LIBOR + 3.705%)
|
|
|
6.250 |
% |
|
|
9/5/24 |
|
|
|
880,000 |
|
|
|
933,350 |
(b)(c) |
See Notes to Financial
Statements.
|
|
|
|
|
|
|
| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
|
|
|
|
15 |
|
Schedule of investments (cont’d)
November 30, 2021
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Banks — continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corp., Junior Subordinated Notes (6.500% to
10/23/24 then 3 mo. USD LIBOR + 4.174%)
|
|
|
6.500 |
% |
|
|
10/23/24 |
|
|
|
400,000 |
|
|
$ |
434,600 |
(b)(c) |
|
Bank of America Corp., Senior Notes
|
|
|
5.875 |
% |
|
|
2/7/42 |
|
|
|
1,340,000 |
|
|
|
1,911,812 |
|
|
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR +
1.210%)
|
|
|
2.572 |
% |
|
|
10/20/32 |
|
|
|
430,000 |
|
|
|
432,149 |
(c) |
|
Bank of America Corp., Senior Notes (3.458% to 3/15/24 then 3 mo.
USD LIBOR + 0.970%)
|
|
|
3.458 |
% |
|
|
3/15/25 |
|
|
|
110,000 |
|
|
|
115,262 |
(c) |
|
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo.
USD LIBOR + 3.150%)
|
|
|
4.083 |
% |
|
|
3/20/51 |
|
|
|
250,000 |
|
|
|
305,619 |
(c) |
|
Bank of America Corp., Senior Notes (4.271% to 7/23/28 then 3 mo.
USD LIBOR + 1.310%)
|
|
|
4.271 |
% |
|
|
7/23/29 |
|
|
|
690,000 |
|
|
|
774,546 |
(c) |
|
Bank of America Corp., Subordinated Notes
|
|
|
7.750 |
% |
|
|
5/14/38 |
|
|
|
670,000 |
|
|
|
1,051,895 |
|
|
Barclays Bank PLC, Subordinated Notes
|
|
|
7.625 |
% |
|
|
11/21/22 |
|
|
|
430,000 |
|
|
|
454,812 |
|
|
Barclays PLC, Junior Subordinated Notes (6.125% to 6/15/26 then 5
year Treasury Constant Maturity Rate + 5.867%)
|
|
|
6.125 |
% |
|
|
12/15/25 |
|
|
|
1,660,000 |
|
|
|
1,780,865 |
(b)(c) |
|
Barclays PLC, Junior Subordinated Notes (7.750% to 9/15/23 then USD
5 year ICE Swap Rate + 4.842%)
|
|
|
7.750 |
% |
|
|
9/15/23 |
|
|
|
320,000 |
|
|
|
344,000 |
(b)(c) |
|
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD
LIBOR + 3.054%)
|
|
|
5.088 |
% |
|
|
6/20/30 |
|
|
|
500,000 |
|
|
|
568,920 |
(c) |
|
BNP Paribas SA, Junior Subordinated Notes (7.375% to 8/19/25 then
USD 5 year ICE Swap Rate + 5.150%)
|
|
|
7.375 |
% |
|
|
8/19/25 |
|
|
|
1,520,000 |
|
|
|
1,723,186 |
(a)(b)(c) |
|
Citigroup Inc., Junior Subordinated Notes (6.250% to 8/15/26 then 3
mo. USD LIBOR + 4.517%)
|
|
|
6.250 |
% |
|
|
8/15/26 |
|
|
|
1,100,000 |
|
|
|
1,237,654 |
(b)(c) |
|
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3
mo. USD LIBOR + 3.423%)
|
|
|
6.300 |
% |
|
|
5/15/24 |
|
|
|
1,350,000 |
|
|
|
1,412,438 |
(b)(c) |
|
Citigroup Inc., Senior Notes
|
|
|
8.125 |
% |
|
|
7/15/39 |
|
|
|
752,000 |
|
|
|
1,287,902 |
|
|
Citigroup Inc., Senior Notes
|
|
|
4.650 |
% |
|
|
7/23/48 |
|
|
|
420,000 |
|
|
|
552,053 |
|
|
Citigroup Inc., Senior Notes (2.904% to 11/3/41 then SOFR +
1.379%)
|
|
|
2.904 |
% |
|
|
11/3/42 |
|
|
|
470,000 |
|
|
|
468,150 |
(c) |
|
Citigroup Inc., Subordinated Notes
|
|
|
4.600 |
% |
|
|
3/9/26 |
|
|
|
490,000 |
|
|
|
541,795 |
|
|
Citigroup Inc., Subordinated Notes
|
|
|
4.125 |
% |
|
|
7/25/28 |
|
|
|
1,990,000 |
|
|
|
2,187,664 |
|
|
Citigroup Inc., Subordinated Notes
|
|
|
6.675 |
% |
|
|
9/13/43 |
|
|
|
630,000 |
|
|
|
960,128 |
|
|
Cooperatieve Rabobank UA, Senior Notes
|
|
|
5.750 |
% |
|
|
12/1/43 |
|
|
|
250,000 |
|
|
|
353,828 |
|
|
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 |
|
|
|
1,370,000 |
|
|
|
1,617,243 |
(a)(b)(c) |
|
Danske Bank A/S, Senior Notes
|
|
|
5.000 |
% |
|
|
1/12/22 |
|
|
|
740,000 |
|
|
|
743,680 |
(a) |
See Notes to Financial
Statements.
|
|
|
|
|
| 16 |
|
|
|
Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Banks — continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Danske Bank A/S, Senior Notes
|
|
|
5.375 |
% |
|
|
1/12/24 |
|
|
|
530,000 |
|
|
$ |
572,934 |
(a) |
|
HSBC Holdings PLC, Junior Subordinated Notes (6.375% to 9/17/24
then USD 5 year ICE Swap Rate + 3.705%)
|
|
|
6.375 |
% |
|
|
9/17/24 |
|
|
|
800,000 |
|
|
|
852,000 |
(b)(c) |
|
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 |
|
|
|
460,000 |
|
|
|
504,677 |
(b)(c) |
|
HSBC Holdings PLC, Senior Notes
|
|
|
4.950 |
% |
|
|
3/31/30 |
|
|
|
200,000 |
|
|
|
235,469 |
|
|
Intesa Sanpaolo SpA, Senior Notes
|
|
|
4.700 |
% |
|
|
9/23/49 |
|
|
|
200,000 |
|
|
|
242,647 |
(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 |
|
|
|
200,000 |
|
|
|
200,757 |
(a)(c) |
|
Intesa Sanpaolo SpA, Subordinated Notes (4.950% to 6/1/41 then 1
year Treasury Constant Maturity Rate + 2.750%)
|
|
|
4.950 |
% |
|
|
6/1/42 |
|
|
|
430,000 |
|
|
|
444,663 |
(a)(c) |
|
JPMorgan Chase & Co., Junior Subordinated Notes (6.000% to
8/1/23 then 3 mo. USD LIBOR + 3.300%)
|
|
|
6.000 |
% |
|
|
8/1/23 |
|
|
|
700,000 |
|
|
|
721,962 |
(b)(c) |
|
JPMorgan Chase & Co., Senior Notes
|
|
|
6.400 |
% |
|
|
5/15/38 |
|
|
|
1,500,000 |
|
|
|
2,178,002 |
|
|
JPMorgan Chase & Co., Subordinated Notes
|
|
|
5.625 |
% |
|
|
8/16/43 |
|
|
|
760,000 |
|
|
|
1,067,090 |
|
|
Lloyds Banking Group PLC, Junior Subordinated Notes (6.750% to
6/27/26 then
5 year Treasury Constant Maturity Rate + 4.815%)
|
|
|
6.750 |
% |
|
|
6/27/26 |
|
|
|
220,000 |
|
|
|
247,206 |
(b)(c) |
|
Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to
6/27/24 then USD
5 year ICE Swap Rate + 4.760%)
|
|
|
7.500 |
% |
|
|
6/27/24 |
|
|
|
620,000 |
|
|
|
674,123 |
(b)(c) |
|
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 |
|
|
|
470,000 |
|
|
|
534,213 |
(b)(c) |
|
NatWest Group PLC, Junior Subordinated Notes (7.648% to 9/30/31
then 3 mo. USD LIBOR + 2.500%)
|
|
|
7.648 |
% |
|
|
9/30/31 |
|
|
|
710,000 |
|
|
|
1,033,004 |
(b)(c) |
|
NatWest Group PLC, Subordinated Notes
|
|
|
6.100 |
% |
|
|
6/10/23 |
|
|
|
840,000 |
|
|
|
900,252 |
|
|
NatWest Group PLC, Subordinated Notes (3.754% to 11/1/24 then 5
year Treasury Constant Maturity Rate + 2.100%)
|
|
|
3.754 |
% |
|
|
11/1/29 |
|
|
|
420,000 |
|
|
|
440,136 |
(c) |
|
NatWest Markets NV, Subordinated Notes
|
|
|
7.750 |
% |
|
|
5/15/23 |
|
|
|
820,000 |
|
|
|
895,549 |
|
|
PNC Bank NA, Subordinated Notes
|
|
|
4.050 |
% |
|
|
7/26/28 |
|
|
|
650,000 |
|
|
|
735,284 |
|
|
UniCredit SpA, Senior Notes
|
|
|
6.572 |
% |
|
|
1/14/22 |
|
|
|
570,000 |
|
|
|
573,697 |
(a) |
|
UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year
ICE Swap Rate + 4.914%)
|
|
|
7.296 |
% |
|
|
4/2/34 |
|
|
|
1,610,000 |
|
|
|
1,922,164 |
(a)(c) |
See Notes to Financial
Statements.
|
|
|
|
|
|
|
| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
|
|
|
|
17 |
|
Schedule of investments (cont’d)
November 30, 2021
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Banks — continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo & Co., Senior Notes (3.196% to 6/17/26 then 3
mo. USD LIBOR + 1.170%)
|
|
|
3.196 |
% |
|
|
6/17/27 |
|
|
|
720,000 |
|
|
$ |
761,892 |
(c) |
|
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then
SOFR + 4.502%)
|
|
|
5.013 |
% |
|
|
4/4/51 |
|
|
|
410,000 |
|
|
|
567,954 |
(c) |
|
Wells Fargo & Co., Subordinated Notes
|
|
|
4.400 |
% |
|
|
6/14/46 |
|
|
|
420,000 |
|
|
|
503,641 |
|
|
Wells Fargo & Co., Subordinated Notes
|
|
|
4.750 |
% |
|
|
12/7/46 |
|
|
|
530,000 |
|
|
|
671,118 |
|
|
Westpac Banking Corp., Subordinated Notes
|
|
|
4.421 |
% |
|
|
7/24/39 |
|
|
|
170,000 |
|
|
|
201,959 |
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,384,406 |
|
|
Capital Markets — 6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
500,000 |
|
|
|
495,625 |
(b)(c) |
|
Charles Schwab Corp., Senior Notes
|
|
|
3.850 |
% |
|
|
5/21/25 |
|
|
|
230,000 |
|
|
|
249,152 |
|
|
CI Financial Corp., Senior Notes
|
|
|
4.100 |
% |
|
|
6/15/51 |
|
|
|
250,000 |
|
|
|
278,189 |
|
|
CME Group Inc., Senior Notes
|
|
|
5.300 |
% |
|
|
9/15/43 |
|
|
|
750,000 |
|
|
|
1,056,412 |
|
|
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 |
|
|
|
1,660,000 |
|
|
|
1,689,050 |
(a)(b)(c) |
|
Credit Suisse Group AG, Senior Notes (4.194% to 4/1/30 then SOFR +
3.730%)
|
|
|
4.194 |
% |
|
|
4/1/31 |
|
|
|
400,000 |
|
|
|
440,211 |
(a)(c) |
|
Credit Suisse USA Inc., Senior Notes
|
|
|
7.125 |
% |
|
|
7/15/32 |
|
|
|
70,000 |
|
|
|
100,086 |
|
|
Goldman Sachs Group Inc., Senior Notes
|
|
|
6.250 |
% |
|
|
2/1/41 |
|
|
|
2,550,000 |
|
|
|
3,706,868 |
|
|
Goldman Sachs Group Inc., Senior Notes (2.650% to 10/21/31 then
SOFR + 1.264%)
|
|
|
2.650 |
% |
|
|
10/21/32 |
|
|
|
630,000 |
|
|
|
631,955 |
(c) |
|
Goldman Sachs Group Inc., Senior Notes (2.908% to 6/5/22 then 3 mo.
USD LIBOR + 1.053%)
|
|
|
2.908 |
% |
|
|
6/5/23 |
|
|
|
1,100,000 |
|
|
|
1,111,793 |
(c) |
|
Goldman Sachs Group Inc., Subordinated Notes
|
|
|
5.150 |
% |
|
|
5/22/45 |
|
|
|
70,000 |
|
|
|
91,690 |
|
|
KKR Group Finance Co. III LLC, Senior Notes
|
|
|
5.125 |
% |
|
|
6/1/44 |
|
|
|
1,300,000 |
|
|
|
1,684,271 |
(a) |
|
KKR Group Finance Co. VI LLC, Senior Notes
|
|
|
3.750 |
% |
|
|
7/1/29 |
|
|
|
110,000 |
|
|
|
121,976 |
(a) |
|
Morgan Stanley, Senior Notes
|
|
|
6.375 |
% |
|
|
7/24/42 |
|
|
|
140,000 |
|
|
|
213,224 |
|
|
Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR +
1.200%)
|
|
|
2.511 |
% |
|
|
10/20/32 |
|
|
|
370,000 |
|
|
|
371,522 |
(c) |
|
Raymond James Financial Inc., Senior Notes
|
|
|
4.650 |
% |
|
|
4/1/30 |
|
|
|
120,000 |
|
|
|
139,916 |
|
|
Raymond James Financial Inc., Senior Notes
|
|
|
4.950 |
% |
|
|
7/15/46 |
|
|
|
150,000 |
|
|
|
197,283 |
|
|
UBS AG Stamford, CT, Subordinated Notes
|
|
|
7.625 |
% |
|
|
8/17/22 |
|
|
|
330,000 |
|
|
|
344,743 |
|
|
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 |
|
|
|
920,000 |
|
|
|
988,637 |
(a)(b)(c) |
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,912,603 |
|
See Notes to Financial
Statements.
|
|
|
|
|
| 18 |
|
|
|
Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Consumer Finance — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navient Corp., Senior Notes
|
|
|
6.125 |
% |
|
|
3/25/24 |
|
|
|
480,000 |
|
|
$ |
504,141 |
|
|
Diversified Financial Services —
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior
Notes
|
|
|
4.500 |
% |
|
|
9/15/23 |
|
|
|
530,000 |
|
|
|
558,510 |
|
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior
Notes
|
|
|
3.850 |
% |
|
|
10/29/41 |
|
|
|
530,000 |
|
|
|
547,580 |
|
|
Carlyle Finance LLC, Senior Notes
|
|
|
5.650 |
% |
|
|
9/15/48 |
|
|
|
170,000 |
|
|
|
238,980 |
(a) |
|
Carlyle Finance Subsidiary LLC, Senior Notes
|
|
|
3.500 |
% |
|
|
9/19/29 |
|
|
|
230,000 |
|
|
|
249,559 |
(a) |
|
Carlyle Holdings II Finance LLC, Senior Notes
|
|
|
5.625 |
% |
|
|
3/30/43 |
|
|
|
360,000 |
|
|
|
476,016 |
(a) |
|
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or
7.250% PIK)
|
|
|
6.500 |
% |
|
|
9/15/24 |
|
|
|
429,525 |
|
|
|
417,269 |
(a)(d) |
|
ILFC E-Capital Trust I Ltd. GTD ((Highest of 3 mo. USD LIBOR, 10
year Treasury Constant Maturity Rate and 30 year Treasury Constant
Maturity Rate) + 1.550%)
|
|
|
3.460 |
% |
|
|
12/21/65 |
|
|
|
800,000 |
|
|
|
658,000 |
(a)(c) |
|
Total Diversified Financial
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,145,914 |
|
|
Insurance — 3.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allianz SE, Junior Subordinated Notes (3.500% to 4/30/26 then 5
year Treasury Constant Maturity Rate + 2.973%)
|
|
|
3.500 |
% |
|
|
11/17/25 |
|
|
|
200,000 |
|
|
|
197,060 |
(a)(b)(c) |
|
American International Group Inc., Senior Notes
|
|
|
4.750 |
% |
|
|
4/1/48 |
|
|
|
80,000 |
|
|
|
105,025 |
|
|
Americo Life Inc., Senior Notes
|
|
|
3.450 |
% |
|
|
4/15/31 |
|
|
|
120,000 |
|
|
|
117,492 |
(a) |
|
Arthur J Gallagher & Co., Senior Notes
|
|
|
3.500 |
% |
|
|
5/20/51 |
|
|
|
120,000 |
|
|
|
129,475 |
|
|
Everest Reinsurance Holdings Inc., Senior Notes
|
|
|
3.500 |
% |
|
|
10/15/50 |
|
|
|
220,000 |
|
|
|
234,552 |
|
|
Fidelity & Guaranty Life Holdings Inc., Senior Notes
|
|
|
5.500 |
% |
|
|
5/1/25 |
|
|
|
360,000 |
|
|
|
404,860 |
(a) |
|
Liberty Mutual Insurance Co., Subordinated Notes
|
|
|
7.875 |
% |
|
|
10/15/26 |
|
|
|
840,000 |
|
|
|
1,056,442 |
(a) |
|
Massachusetts Mutual Life Insurance Co., Subordinated Notes
|
|
|
3.375 |
% |
|
|
4/15/50 |
|
|
|
130,000 |
|
|
|
139,649 |
(a) |
|
Massachusetts Mutual Life Insurance Co., Subordinated Notes
|
|
|
4.900 |
% |
|
|
4/1/77 |
|
|
|
420,000 |
|
|
|
562,785 |
(a) |
|
MetLife Inc., Junior Subordinated Notes (6.400%to 12/15/36 then 3
mo. USD LIBOR + 2.205%)
|
|
|
6.400 |
% |
|
|
12/15/36 |
|
|
|
1,000,000 |
|
|
|
1,241,922 |
(b)(c) |
|
Nationwide Mutual Insurance Co., Subordinated Notes
|
|
|
9.375 |
% |
|
|
8/15/39 |
|
|
|
520,000 |
|
|
|
918,090 |
(a) |
|
New York Life Insurance Co., Subordinated Notes
|
|
|
4.450 |
% |
|
|
5/15/69 |
|
|
|
140,000 |
|
|
|
184,374 |
(a) |
|
Northwestern Mutual Life Insurance Co., Subordinated Notes
|
|
|
3.625 |
% |
|
|
9/30/59 |
|
|
|
180,000 |
|
|
|
203,072 |
(a) |
|
Teachers Insurance & Annuity Association of America,
Subordinated Notes
|
|
|
6.850 |
% |
|
|
12/16/39 |
|
|
|
1,050,000 |
|
|
|
1,581,698 |
(a) |
See Notes to Financial
Statements.
|
|
|
|
|
|
|
| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
|
|
|
|
19 |
|
Schedule of investments (cont’d)
November 30, 2021
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Insurance — continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Teachers Insurance & Annuity Association of America,
Subordinated Notes
|
|
|
4.900 |
% |
|
|
9/15/44 |
|
|
|
660,000 |
|
|
$ |
870,162 |
(a) |
|
Teachers Insurance & Annuity Association of America,
Subordinated Notes
|
|
|
3.300 |
% |
|
|
5/15/50 |
|
|
|
330,000 |
|
|
|
348,327 |
(a) |
|
Travelers Cos. Inc., Senior Notes
|
|
|
6.250 |
% |
|
|
6/15/37 |
|
|
|
400,000 |
|
|
|
581,688 |
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,876,673 |
|
|
Mortgage Real Estate Investment Trusts
(REITs) — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFC Gamma Inc., Senior Notes
|
|
|
5.750 |
% |
|
|
5/1/27 |
|
|
|
550,000 |
|
|
|
544,649 |
(a) |
|
Thrifts & Mortgage Finance —
0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rocket Mortgage LLC/Rocket Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Co-Issuer Inc., Senior Notes
|
|
|
2.875 |
% |
|
|
10/15/26 |
|
|
|
230,000 |
|
|
|
224,574 |
(a) |
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior
Notes
|
|
|
4.000 |
% |
|
|
10/15/33 |
|
|
|
220,000 |
|
|
|
215,981 |
(a) |
|
Total Thrifts & Mortgage
Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
440,555 |
|
|
Total Financials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,808,941 |
|
|
Health Care — 12.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biotechnology — 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AbbVie Inc., Senior Notes
|
|
|
3.200 |
% |
|
|
11/21/29 |
|
|
|
990,000 |
|
|
|
1,051,864 |
|
|
AbbVie Inc., Senior Notes
|
|
|
4.550 |
% |
|
|
3/15/35 |
|
|
|
200,000 |
|
|
|
239,143 |
|
|
AbbVie Inc., Senior Notes
|
|
|
4.050 |
% |
|
|
11/21/39 |
|
|
|
1,160,000 |
|
|
|
1,329,150 |
|
|
Gilead Sciences Inc., Senior Notes
|
|
|
5.650 |
% |
|
|
12/1/41 |
|
|
|
100,000 |
|
|
|
138,088 |
|
|
Gilead Sciences Inc., Senior Notes
|
|
|
4.500 |
% |
|
|
2/1/45 |
|
|
|
500,000 |
|
|
|
615,143 |
|
|
Gilead Sciences Inc., Senior Notes
|
|
|
4.750 |
% |
|
|
3/1/46 |
|
|
|
100,000 |
|
|
|
127,203 |
|
|
Total Biotechnology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,500,591 |
|
|
Health Care Equipment & Supplies
— 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories, Senior Notes
|
|
|
4.900 |
% |
|
|
11/30/46 |
|
|
|
200,000 |
|
|
|
278,781 |
|
|
Becton Dickinson and Co., Senior Notes
|
|
|
4.685 |
% |
|
|
12/15/44 |
|
|
|
910,000 |
|
|
|
1,138,214 |
|
|
Becton Dickinson and Co., Senior Notes
|
|
|
4.669 |
% |
|
|
6/6/47 |
|
|
|
450,000 |
|
|
|
570,921 |
|
|
Total Health Care Equipment &
Supplies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,987,916 |
|
|
Health Care Providers & Services
— 7.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anthem Inc., Senior Notes
|
|
|
4.375 |
% |
|
|
12/1/47 |
|
|
|
230,000 |
|
|
|
284,289 |
|
|
Centene Corp., Senior Notes
|
|
|
4.250 |
% |
|
|
12/15/27 |
|
|
|
160,000 |
|
|
|
166,193 |
|
|
Centene Corp., Senior Notes
|
|
|
4.625 |
% |
|
|
12/15/29 |
|
|
|
560,000 |
|
|
|
600,020 |
|
|
Centene Corp., Senior Notes
|
|
|
3.375 |
% |
|
|
2/15/30 |
|
|
|
790,000 |
|
|
|
796,666 |
|
|
Centene Corp., Senior Notes
|
|
|
3.000 |
% |
|
|
10/15/30 |
|
|
|
120,000 |
|
|
|
119,962 |
|
|
Cigna Corp., Senior Notes
|
|
|
4.125 |
% |
|
|
11/15/25 |
|
|
|
540,000 |
|
|
|
589,914 |
|
|
Cigna Corp., Senior Notes
|
|
|
4.800 |
% |
|
|
8/15/38 |
|
|
|
540,000 |
|
|
|
662,845 |
|
|
Cigna Corp., Senior Notes
|
|
|
3.200 |
% |
|
|
3/15/40 |
|
|
|
220,000 |
|
|
|
226,564 |
|
|
CommonSpirit Health, Secured Notes
|
|
|
4.350 |
% |
|
|
11/1/42 |
|
|
|
60,000 |
|
|
|
70,125 |
|
See Notes to Financial
Statements.
|
|
|
|
|
| 20 |
|
|
|
Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Health Care Providers & Services
— continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CVS Health Corp., Senior Notes
|
|
|
4.100 |
% |
|
|
3/25/25 |
|
|
|
1,460,000 |
|
|
$ |
1,579,015 |
|
|
CVS Health Corp., Senior Notes
|
|
|
4.300 |
% |
|
|
3/25/28 |
|
|
|
1,610,000 |
|
|
|
1,814,638 |
|
|
CVS Health Corp., Senior Notes
|
|
|
2.125 |
% |
|
|
9/15/31 |
|
|
|
310,000 |
|
|
|
302,279 |
|
|
CVS Health Corp., Senior Notes
|
|
|
4.780 |
% |
|
|
3/25/38 |
|
|
|
2,060,000 |
|
|
|
2,511,782 |
|
|
CVS Health Corp., Senior Notes
|
|
|
5.125 |
% |
|
|
7/20/45 |
|
|
|
540,000 |
|
|
|
707,461 |
|
|
CVS Health Corp., Senior Notes
|
|
|
5.050 |
% |
|
|
3/25/48 |
|
|
|
930,000 |
|
|
|
1,230,577 |
|
|
Dartmouth-Hitchcock Health, Secured Bonds
|
|
|
4.178 |
% |
|
|
8/1/48 |
|
|
|
150,000 |
|
|
|
183,544 |
|
|
HCA Inc., Senior Secured Notes
|
|
|
4.125 |
% |
|
|
6/15/29 |
|
|
|
340,000 |
|
|
|
374,093 |
|
|
HCA Inc., Senior Secured Notes
|
|
|
5.125 |
% |
|
|
6/15/39 |
|
|
|
170,000 |
|
|
|
210,022 |
|
|
HCA Inc., Senior Secured Notes
|
|
|
5.500 |
% |
|
|
6/15/47 |
|
|
|
350,000 |
|
|
|
461,693 |
|
|
HCA Inc., Senior Secured Notes
|
|
|
5.250 |
% |
|
|
6/15/49 |
|
|
|
530,000 |
|
|
|
688,162 |
|
|
Humana Inc., Senior Notes
|
|
|
4.800 |
% |
|
|
3/15/47 |
|
|
|
360,000 |
|
|
|
465,876 |
|
|
Kaiser Foundation Hospitals, Senior Notes
|
|
|
2.810 |
% |
|
|
6/1/41 |
|
|
|
120,000 |
|
|
|
122,758 |
|
|
Kaiser Foundation Hospitals, Senior Notes
|
|
|
3.002 |
% |
|
|
6/1/51 |
|
|
|
130,000 |
|
|
|
137,331 |
|
|
Magellan Health Inc., Senior Notes
|
|
|
4.900 |
% |
|
|
9/22/24 |
|
|
|
1,070,000 |
|
|
|
1,152,401 |
|
|
Orlando Health Obligated Group, Senior Notes
|
|
|
4.089 |
% |
|
|
10/1/48 |
|
|
|
270,000 |
|
|
|
336,055 |
|
|
UnitedHealth Group Inc., Senior Notes
|
|
|
3.700 |
% |
|
|
12/15/25 |
|
|
|
250,000 |
|
|
|
273,108 |
|
|
UnitedHealth Group Inc., Senior Notes
|
|
|
3.850 |
% |
|
|
6/15/28 |
|
|
|
540,000 |
|
|
|
603,671 |
|
|
UnitedHealth Group Inc., Senior Notes
|
|
|
3.500 |
% |
|
|
8/15/39 |
|
|
|
220,000 |
|
|
|
242,569 |
|
|
UnitedHealth Group Inc., Senior Notes
|
|
|
4.750 |
% |
|
|
7/15/45 |
|
|
|
220,000 |
|
|
|
290,502 |
|
|
Total Health Care Providers &
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,204,115 |
|
|
Pharmaceuticals — 2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bausch Health Cos. Inc., Senior Notes
|
|
|
5.000 |
% |
|
|
1/30/28 |
|
|
|
130,000 |
|
|
|
115,933 |
(a) |
|
Bausch Health Cos. Inc., Senior Notes
|
|
|
5.250 |
% |
|
|
1/30/30 |
|
|
|
130,000 |
|
|
|
111,699 |
(a) |
|
Bristol-Myers Squibb Co., Senior Notes
|
|
|
3.400 |
% |
|
|
7/26/29 |
|
|
|
1,530,000 |
|
|
|
1,677,736 |
|
|
Bristol-Myers Squibb Co., Senior Notes
|
|
|
5.000 |
% |
|
|
8/15/45 |
|
|
|
400,000 |
|
|
|
538,926 |
|
|
Pfizer Inc., Senior Notes
|
|
|
7.200 |
% |
|
|
3/15/39 |
|
|
|
560,000 |
|
|
|
908,453 |
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
|
|
7.125 |
% |
|
|
1/31/25 |
|
|
|
200,000 |
|
|
|
213,944 |
|
|
Wyeth LLC, Senior Notes
|
|
|
5.950 |
% |
|
|
4/1/37 |
|
|
|
1,100,000 |
|
|
|
1,563,000 |
|
|
Zoetis Inc., Senior Notes
|
|
|
4.700 |
% |
|
|
2/1/43 |
|
|
|
40,000 |
|
|
|
51,112 |
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,180,803 |
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,873,425 |
|
|
Industrials — 9.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense —
4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avolon Holdings Funding Ltd., Senior Notes
|
|
|
5.125 |
% |
|
|
10/1/23 |
|
|
|
820,000 |
|
|
|
868,346 |
(a) |
|
Avolon Holdings Funding Ltd., Senior Notes
|
|
|
4.250 |
% |
|
|
4/15/26 |
|
|
|
640,000 |
|
|
|
683,802 |
(a) |
|
Boeing Co., Senior Notes
|
|
|
2.800 |
% |
|
|
3/1/24 |
|
|
|
500,000 |
|
|
|
516,531 |
|
|
Boeing Co., Senior Notes
|
|
|
2.196 |
% |
|
|
2/4/26 |
|
|
|
590,000 |
|
|
|
589,103 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
|
|
|
|
21 |
|
Schedule of investments (cont’d)
November 30, 2021
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Aerospace & Defense —
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boeing Co., Senior Notes
|
|
|
3.100 |
% |
|
|
5/1/26 |
|
|
|
2,190,000 |
|
|
$ |
2,280,069 |
|
|
Boeing Co., Senior Notes
|
|
|
3.250 |
% |
|
|
2/1/28 |
|
|
|
580,000 |
|
|
|
602,923 |
|
|
Boeing Co., Senior Notes
|
|
|
5.705 |
% |
|
|
5/1/40 |
|
|
|
330,000 |
|
|
|
421,935 |
|
|
Boeing Co., Senior Notes
|
|
|
5.805 |
% |
|
|
5/1/50 |
|
|
|
220,000 |
|
|
|
297,175 |
|
|
Hexcel Corp., Senior Notes
|
|
|
4.200 |
% |
|
|
2/15/27 |
|
|
|
1,000,000 |
|
|
|
1,066,898 |
|
|
Huntington Ingalls Industries Inc., Senior Notes
|
|
|
3.483 |
% |
|
|
12/1/27 |
|
|
|
320,000 |
|
|
|
341,332 |
|
|
L3Harris Technologies Inc., Senior Notes
|
|
|
4.854 |
% |
|
|
4/27/35 |
|
|
|
430,000 |
|
|
|
526,681 |
|
|
Lockheed Martin Corp., Senior Notes
|
|
|
4.500 |
% |
|
|
5/15/36 |
|
|
|
50,000 |
|
|
|
61,484 |
|
|
Lockheed Martin Corp., Senior Notes
|
|
|
4.700 |
% |
|
|
5/15/46 |
|
|
|
200,000 |
|
|
|
264,218 |
|
|
Northrop Grumman Corp., Senior Notes
|
|
|
7.875 |
% |
|
|
3/1/26 |
|
|
|
1,390,000 |
|
|
|
1,733,750 |
(a) |
|
Raytheon Technologies Corp., Senior Notes
|
|
|
4.625 |
% |
|
|
11/16/48 |
|
|
|
180,000 |
|
|
|
232,795 |
|
|
Total Aerospace &
Defense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,487,042 |
|
|
Air Freight & Logistics —
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Parcel Service Inc., Senior Notes
|
|
|
6.200 |
% |
|
|
1/15/38 |
|
|
|
700,000 |
|
|
|
1,022,878 |
|
|
Airlines — 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured
Notes
|
|
|
5.500 |
% |
|
|
4/20/26 |
|
|
|
170,000 |
|
|
|
173,980 |
(a) |
|
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured
Notes
|
|
|
5.750 |
% |
|
|
4/20/29 |
|
|
|
170,000 |
|
|
|
177,650 |
(a) |
|
Delta Air Lines Inc., Senior Notes
|
|
|
2.900 |
% |
|
|
10/28/24 |
|
|
|
840,000 |
|
|
|
846,901 |
|
|
Delta Air Lines Inc., Senior Notes
|
|
|
3.750 |
% |
|
|
10/28/29 |
|
|
|
230,000 |
|
|
|
226,311 |
|
|
Delta Air Lines Inc., Senior Secured Notes
|
|
|
7.000 |
% |
|
|
5/1/25 |
|
|
|
420,000 |
|
|
|
482,845 |
(a) |
|
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes
|
|
|
4.500 |
% |
|
|
10/20/25 |
|
|
|
290,000 |
|
|
|
304,161 |
(a) |
|
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes
|
|
|
4.750 |
% |
|
|
10/20/28 |
|
|
|
210,000 |
|
|
|
230,331 |
(a) |
|
Southwest Airlines Co., Senior Notes
|
|
|
4.750 |
% |
|
|
5/4/23 |
|
|
|
810,000 |
|
|
|
850,529 |
|
|
Southwest Airlines Co., Senior Notes
|
|
|
5.125 |
% |
|
|
6/15/27 |
|
|
|
290,000 |
|
|
|
330,611 |
|
|
United Airlines Pass-Through Trust
|
|
|
4.875 |
% |
|
|
1/15/26 |
|
|
|
287,360 |
|
|
|
301,570 |
|
|
Total Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,924,889 |
|
|
Building Products — 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrier Global Corp., Senior Notes
|
|
|
2.722 |
% |
|
|
2/15/30 |
|
|
|
570,000 |
|
|
|
582,206 |
|
|
Carrier Global Corp., Senior Notes
|
|
|
3.577 |
% |
|
|
4/5/50 |
|
|
|
160,000 |
|
|
|
170,345 |
|
|
Total Building Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
752,551 |
|
|
Commercial Services & Supplies —
0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California Institute of Technology, Senior Notes
|
|
|
3.650 |
% |
|
|
9/1/2119 |
|
|
|
180,000 |
|
|
|
217,840 |
|
|
Waste Connections Inc., Senior Notes
|
|
|
4.250 |
% |
|
|
12/1/28 |
|
|
|
750,000 |
|
|
|
849,505 |
|
|
Total Commercial Services &
Supplies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,067,345 |
|
See Notes to Financial
Statements.
|
|
|
|
|
| 22 |
|
|
|
Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Industrial Conglomerates —
0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Electric Co., Senior Notes
|
|
|
6.750 |
% |
|
|
3/15/32 |
|
|
|
330,000 |
|
|
$ |
457,092 |
|
|
General Electric Co., Senior Notes
|
|
|
6.875 |
% |
|
|
1/10/39 |
|
|
|
143,000 |
|
|
|
223,721 |
|
|
Total Industrial
Conglomerates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
680,813 |
|
|
Machinery — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caterpillar Inc., Senior Notes
|
|
|
4.750 |
% |
|
|
5/15/64 |
|
|
|
360,000 |
|
|
|
529,882 |
|
|
Professional Services —
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equifax Inc., Senior Notes
|
|
|
2.350 |
% |
|
|
9/15/31 |
|
|
|
970,000 |
|
|
|
955,902 |
|
|
Road & Rail — 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Union Pacific Corp., Senior Notes
|
|
|
4.375 |
% |
|
|
11/15/65 |
|
|
|
530,000 |
|
|
|
642,791 |
|
|
Union Pacific Corp., Senior Notes
|
|
|
3.750 |
% |
|
|
2/5/70 |
|
|
|
30,000 |
|
|
|
35,014 |
|
|
Total Road & Rail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
677,805 |
|
|
Trading Companies & Distributors
— 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircastle Ltd., Senior Notes
|
|
|
5.250 |
% |
|
|
8/11/25 |
|
|
|
1,000,000 |
|
|
|
1,103,369 |
(a) |
|
Aviation Capital Group LLC, Senior Notes
|
|
|
5.500 |
% |
|
|
12/15/24 |
|
|
|
250,000 |
|
|
|
275,389 |
(a) |
|
Aviation Capital Group LLC, Senior Notes
|
|
|
4.125 |
% |
|
|
8/1/25 |
|
|
|
340,000 |
|
|
|
362,511 |
(a) |
|
Total Trading Companies &
Distributors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,741,269 |
|
|
Total Industrials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,840,376 |
|
|
Information Technology —
3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic Equipment,
Instruments & Components — 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TD SYNNEX Corp., Senior Notes
|
|
|
1.250 |
% |
|
|
8/9/24 |
|
|
|
800,000 |
|
|
|
794,007 |
(a) |
|
IT Services — 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Business Machines Corp., Senior Notes
|
|
|
3.500 |
% |
|
|
5/15/29 |
|
|
|
200,000 |
|
|
|
217,586 |
|
|
Kyndryl Holdings Inc., Senior Notes
|
|
|
4.100 |
% |
|
|
10/15/41 |
|
|
|
450,000 |
|
|
|
438,497 |
(a) |
|
S&P Global Inc., Senior Notes
|
|
|
3.250 |
% |
|
|
12/1/49 |
|
|
|
110,000 |
|
|
|
122,226 |
|
|
S&P Global Inc., Senior Notes
|
|
|
2.300 |
% |
|
|
8/15/60 |
|
|
|
40,000 |
|
|
|
35,532 |
|
|
Total IT Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
813,841 |
|
|
Semiconductors & Semiconductor
Equipment — 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broadcom Inc., Senior Notes
|
|
|
4.150 |
% |
|
|
11/15/30 |
|
|
|
418,000 |
|
|
|
457,404 |
|
|
Broadcom Inc., Senior Notes
|
|
|
4.300 |
% |
|
|
11/15/32 |
|
|
|
580,000 |
|
|
|
647,819 |
|
|
Broadcom Inc., Senior Notes
|
|
|
3.187 |
% |
|
|
11/15/36 |
|
|
|
22,000 |
|
|
|
21,685 |
(a) |
|
Intel Corp., Senior Notes
|
|
|
4.900 |
% |
|
|
7/29/45 |
|
|
|
220,000 |
|
|
|
294,675 |
|
|
Intel Corp., Senior Notes
|
|
|
4.750 |
% |
|
|
3/25/50 |
|
|
|
20,000 |
|
|
|
27,086 |
|
|
Intel Corp., Senior Notes
|
|
|
4.950 |
% |
|
|
3/25/60 |
|
|
|
100,000 |
|
|
|
141,683 |
|
|
Intel Corp., Senior Notes
|
|
|
3.200 |
% |
|
|
8/12/61 |
|
|
|
180,000 |
|
|
|
187,326 |
|
|
Micron Technology Inc., Senior Notes
|
|
|
2.703 |
% |
|
|
4/15/32 |
|
|
|
210,000 |
|
|
|
211,199 |
|
|
Micron Technology Inc., Senior Notes
|
|
|
3.366 |
% |
|
|
11/1/41 |
|
|
|
40,000 |
|
|
|
40,355 |
|
|
NVIDIA Corp., Senior Notes
|
|
|
3.500 |
% |
|
|
4/1/40 |
|
|
|
100,000 |
|
|
|
113,288 |
|
|
NVIDIA Corp., Senior Notes
|
|
|
3.500 |
% |
|
|
4/1/50 |
|
|
|
300,000 |
|
|
|
347,344 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
|
|
|
|
23 |
|
Schedule of investments (cont’d)
November 30, 2021
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Semiconductors & Semiconductor
Equipment — continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA Corp., Senior Notes
|
|
|
3.700 |
% |
|
|
4/1/60 |
|
|
|
120,000 |
|
|
$ |
143,823 |
|
|
QUALCOMM Inc., Senior Notes
|
|
|
4.300 |
% |
|
|
5/20/47 |
|
|
|
70,000 |
|
|
|
89,180 |
|
|
Texas Instruments Inc., Senior Notes
|
|
|
3.875 |
% |
|
|
3/15/39 |
|
|
|
430,000 |
|
|
|
515,849 |
|
|
Total Semiconductors &
Semiconductor Equipment
|
|
|
|
|
|
|
|
3,238,716 |
|
|
Software — 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Microsoft Corp., Senior Notes
|
|
|
4.250 |
% |
|
|
2/6/47 |
|
|
|
1,520,000 |
|
|
|
1,997,860 |
|
|
Oracle Corp., Senior Notes
|
|
|
3.950 |
% |
|
|
3/25/51 |
|
|
|
490,000 |
|
|
|
528,851 |
|
|
Oracle Corp., Senior Notes
|
|
|
4.100 |
% |
|
|
3/25/61 |
|
|
|
580,000 |
|
|
|
635,076 |
|
|
Total Software
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,161,787 |
|
|
Technology Hardware, Storage &
Peripherals — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dell International LLC/EMC Corp., Senior Secured Notes
|
|
|
8.100 |
% |
|
|
7/15/36 |
|
|
|
200,000 |
|
|
|
304,887 |
|
|
Dell International LLC/EMC Corp., Senior Secured Notes
|
|
|
8.350 |
% |
|
|
7/15/46 |
|
|
|
60,000 |
|
|
|
100,289 |
|
|
Total Technology Hardware,
Storage & Peripherals
|
|
|
|
|
|
|
|
405,176 |
|
|
Total Information
Technology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,413,527 |
|
|
Materials — 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals — 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ecolab Inc., Senior Notes
|
|
|
4.800 |
% |
|
|
3/24/30 |
|
|
|
130,000 |
|
|
|
156,918 |
|
|
OCP SA, Senior Notes
|
|
|
3.750 |
% |
|
|
6/23/31 |
|
|
|
200,000 |
|
|
|
193,380 |
(a) |
|
Sociedad Quimica y Minera de Chile SA, Senior Notes
|
|
|
3.500 |
% |
|
|
9/10/51 |
|
|
|
410,000 |
|
|
|
397,848 |
(a) |
|
Total Chemicals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
748,146 |
|
|
Metals & Mining —
1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ArcelorMittal SA, Senior Notes
|
|
|
4.550 |
% |
|
|
3/11/26 |
|
|
|
330,000 |
|
|
|
360,560 |
|
|
Barrick Gold Corp., Senior Notes
|
|
|
5.250 |
% |
|
|
4/1/42 |
|
|
|
350,000 |
|
|
|
460,154 |
|
|
First Quantum Minerals Ltd., Senior Notes
|
|
|
7.250 |
% |
|
|
4/1/23 |
|
|
|
600,000 |
|
|
|
612,009 |
(a) |
|
First Quantum Minerals Ltd., Senior Notes
|
|
|
6.875 |
% |
|
|
10/15/27 |
|
|
|
400,000 |
|
|
|
423,496 |
(a) |
|
Glencore Funding LLC, Senior Notes
|
|
|
4.125 |
% |
|
|
3/12/24 |
|
|
|
300,000 |
|
|
|
316,808 |
(a) |
|
Glencore Funding LLC, Senior Notes
|
|
|
4.000 |
% |
|
|
3/27/27 |
|
|
|
590,000 |
|
|
|
635,822 |
(a) |
|
Glencore Funding LLC, Senior Notes
|
|
|
3.375 |
% |
|
|
9/23/51 |
|
|
|
100,000 |
|
|
|
96,963 |
(a) |
|
Yamana Gold Inc., Senior Notes
|
|
|
4.625 |
% |
|
|
12/15/27 |
|
|
|
550,000 |
|
|
|
606,489 |
|
|
Total Metals &
Mining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,512,301 |
|
|
Paper & Forest Products —
0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suzano Austria GmbH, Senior Notes
|
|
|
3.125 |
% |
|
|
1/15/32 |
|
|
|
350,000 |
|
|
|
326,786 |
|
|
Total Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,587,233 |
|
|
Real Estate — 1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trusts
(REITs) — 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Healthcare Trust, Senior Notes
|
|
|
4.750 |
% |
|
|
5/1/24 |
|
|
|
190,000 |
|
|
|
194,461 |
|
See Notes to Financial
Statements.
|
|
|
|
|
| 24 |
|
|
|
Western Asset Investment
Grade Defined Opportunity Trust Inc. 2021 Annual Report |
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Equity Real Estate Investment Trusts
(REITs) — continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
|
|
5.000 |
% |
|
|
10/15/27 |
|
|
|
400,000 |
|
|
$ |
418,046 |
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
|
|
4.625 |
% |
|
|
8/1/29 |
|
|
|
270,000 |
|
|
|
282,270 |
|
|
Ventas Realty LP, Senior Notes
|
|
|
4.400 |
% |
|
|
1/15/29 |
|
|
|
540,000 |
|
|
|
609,491 |
|
|
Vornado Realty LP, Senior Notes
|
|
|
3.500 |
% |
|
|
1/15/25 |
|
|
|
1,000,000 |
|
|
|
1,049,320 |
|
|
Welltower Inc., Senior Notes
|
|
|
4.125 |
% |
|
|
3/15/29 |
|
|
|
510,000 |
|
|
|
569,082 |
|
|
Total Equity Real Estate Investment Trusts
(REITs)
|
|
|
|
|
|
|
|
3,122,670 |
|
|
Real Estate Management &
Development — 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security Capital Group Inc., Senior Notes
|
|
|
7.700 |
% |
|
|
6/15/28 |
|
|
|
460,000 |
|
|
|
630,770 |
|
|
Total Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,753,440 |
|
|
Utilities — 4.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities — 4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berkshire Hathaway Energy Co., Senior Notes
|
|
|
6.125 |
% |
|
|
4/1/36 |
|
|
|
1,000,000 |
|
|
|
1,368,239 |
|
|
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds
|
|
|
4.500 |
% |
|
|
4/1/44 |
|
|
|
530,000 |
|
|
|
678,198 |
|
|
Comision Federal de Electricidad, Senior Notes
|
|
|
3.348 |
% |
|
|
2/9/31 |
|
|
|
200,000 |
|
|
|
191,704 |
(a) |
|
Comision Federal de Electricidad, Senior Notes
|
|
|
4.677 |
% |
|
|
2/9/51 |
|
|
|
200,000 |
|
|
|
186,155 |
(a) |
|
Commonwealth Edison Co., First Mortgage Bonds
|
|
|
6.450 |
% |
|
|
1/15/38 |
|
|
|
600,000 |
|
|
|
881,074 |
|
|
Edison International, Junior Subordinated Notes (5.000% to 3/15/27
then 5 year Treasury Constant Maturity Rate + 3.901%)
|
|
|
5.000 |
% |
|
|
12/15/26 |
|
|
|
160,000 |
|
|
|
160,720 |
(b)(c) |
|
Edison International, Junior Subordinated Notes (5.375% to 3/15/26
then 5 year Treasury Constant Maturity Rate + 4.698%)
|
|
|
5.375 |
% |
|
|
3/15/26 |
|
|
|
230,000 |
|
|
|
236,900 |
(b)(c) |
|
Exelon Corp., Senior Notes
|
|
|
4.050 |
% |
|
|
4/15/30 |
|
|
|
190,000 |
|
|
|
213,260 |
|
|
FirstEnergy Corp., Senior Notes
|
|
|
4.400 |
% |
|
|
7/15/27 |
|
|
|
480,000 |
|
|
|
513,629 |
|
|
FirstEnergy Corp., Senior Notes
|
|
|
7.375 |
% |
|
|
11/15/31 |
|
|
|
3,040,000 |
|
|
|
4,073,326 |
|
|
Jersey Central Power & Light Co., Senior Notes
|
|
|
4.300 |
% |
|
|
1/15/26 |
|
|
|
170,000 |
|
|
|
185,380 |
(a) |
|
MidAmerican Energy Co., First Mortgage Bonds
|
|
|
3.650 |
% |
|
|
4/15/29 |
|
|
|
240,000 |
|
|
|
264,360 |
|
|
Pacific Gas and Electric Co., Secured Bonds
|
|
|
4.250 |
% |
|
|
8/1/23 |
|
|
|
160,000 |
|
|
|
165,758 |
|
|
Pacific Gas and Electric Co., Secured Bonds
|
|
|
2.500 |
% |
|
|
2/1/31 |
|
|
|
130,000 |
|
|
|
124,329 |
|
|
Pacific Gas and Electric Co., Secured Bonds
|
|
|
3.300 |
% |
|
|
8/1/40 |
|
|
|
30,000 |
|
|
|
28,575 |
|
|
Pacific Gas and Electric Co., Secured Bonds
|
|
|
4.950 |
% |
|
|
7/1/50 |
|
|
|
190,000 |
|
|
|
213,593 |
|
|
Southern California Edison Co., First Mortgage Bonds
|
|
|
4.125 |
% |
|
|
3/1/48 |
|
|
|
480,000 |
|
|
|
547,215 |
|
|
Virginia Electric & Power Co., Senior Notes
|
|
|
8.875 |
% |
|
|
11/15/38 |
|
|
|
500,000 |
|
|
|
896,410 |
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,928,825 |
|
|
Total Corporate Bonds & Notes
(Cost — $191,114,783)
|
|
|
|
|
|
|
|
221,628,330 |
|
See Notes to Financial
Statements.
|
|
|
|
|
|
|
| Western Asset Investment Grade Defined Opportunity
Trust Inc. 2021 Annual Report |
|
|
|
|
25 |
|
Schedule of investments (cont’d)
November 30, 2021
Western Asset Investment Grade Defined
Opportunity Trust Inc.
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Rate |
|
|
Maturity
Date |
|
|
Face
Amount† |
|
|
Value |
|
|
Sovereign Bonds — 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina — 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine Republic Government International Bond, Senior Notes
|
|
|
1.000 |
% |
|
|
7/9/29 |
|
|
|
11,447 |
|
|
$ |
3,815 |
|
|
Argentine Republic Government International Bond, Senior Notes,
Step bond (1.125% to 7/9/22 then 1.500%)
|
|
|
1.125 |
% |
|
|
7/9/35 |
|
|
|
182,200 |
|
|
|
51,519 |
|
|
Provincia de Buenos Aires, Senior Notes, Step bond (3.900% to
9/1/22 then 5.250%)
|
|
|
3.900 |
% |
|
|
9/1/37 |
|
|
|
2,141,885 |
|
|
|
838,676 |
(a) |
|
Total Argentina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
894,010 |
|
|
Ghana — 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ghana Government International Bond, Senior Notes
|
|
|
8.950 |
% |
|
|
3/26/51 |
|
|
|
300,000 |
|
|
|
232,263 |
(a) |
|
Mexico — 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexican Bonos, Senior Notes
|
|
|
8.500 |
% |
|
|
11/18/38 |
|
|
|
8,780,000 |
MXN |
|
|
428,198 |
|
|
Mexico Government International Bond, Senior Notes
|
|
|
4.280 |
% |
|
|
8/14/41 |
|
|
|
230,000 |
|
|
|
237,330 |
|
|
Total Mexico
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
665,528 |
|
|
Qatar — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qatar Government International Bond, Senior Notes
|
|
|
4.817 |
% |
|
|
3/14/49 |
|
|
|
410,000 |
|
|
|
530,835 |
(a) |
|
Total Sovereign Bonds (Cost —
$2,495,096)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,322,636 |
|
|
U.S. Government & Agency
Obligations — 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Obligations —
1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds
|
|
|
1.625 |
% |
|
|
11/15/50 |
|
|
|
70,000 |
|
|
|
67,142 |
|
|
U.S. Treasury Bonds
|
|
|
1.875 |
% |
|
|
2/15/51 |
|
|
|
820,000 |
|
|
|
833,966 |
|
|
U.S. Treasury Bonds
|
|
|
2.375 |
% |
|
|
5/15/51 |
|
|
|
510,000 |
|
|
|
578,611 |
|
|
U.S. Treasury Notes
|
|
|
1.250 |
% |
|
|
11/30/26 |
|
|
|
710,000 |
|
|
|
713,245 |
|
|
Total U.S. Government & Agency
Obligations (Cost — $2,077,300)
|
|
|
|
|
|
|
|
2,192,964 |
|
|
Municipal Bonds — 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California — 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic
Development, Series A
|
|
|