- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
27 Octobre 2009 - 2:46PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment
Company Act file number
|
811-22294
|
|
|
Western
Asset Investment Grade Defined Opportunity Trust Inc.
|
(Exact name of registrant as specified in charter)
|
|
55 Water Street, New York, NY
|
|
10041
|
(Address of principal executive offices)
|
|
(Zip code)
|
|
Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
100 First Stamford Place
Stamford, CT 06902
|
(Name and address of agent for service)
|
|
Registrants
telephone number, including area code:
|
1-888-777-0102
|
|
|
Date of
fiscal year end:
|
November 30
|
|
|
|
|
Date of
reporting period:
|
August 31,
2009
|
|
|
|
|
|
|
|
|
ITEM
1. SCHEDULE OF
INVESTMENTS
WESTERN
ASSET
INVESTMENT
GRADE DEFINED OPPORTUNITY TRUST INC.
FORM N-Q
AUGUST 31, 2009
Western Asset Investment Grade
Defined Opportunity Trust Inc.
Schedule
of Investments
(unaudited)
|
|
August 31, 2009
|
Face
Amount
|
|
|
|
Security
|
|
Value
|
|
CORPORATE BONDS & NOTES 89.7%
|
|
|
|
CONSUMER DISCRETIONARY 9.8%
|
|
|
|
Hotels, Restaurants & Leisure 0.9%
|
|
|
|
$
|
1,250,000
|
|
|
|
Harrahs Operating Escrow
LLC/Harrahs Escrow Corp., Senior Secured Notes, 11.250% due 6/1/17 (a)
|
|
$
|
1,278,125
|
|
540,000
|
|
|
|
Yum! Brands Inc., Senior
Notes, 4.250% due 9/15/15
|
|
548,948
|
|
|
|
|
|
Total Hotels,
Restaurants & Leisure
|
|
1,827,073
|
|
Media
8.0%
|
|
|
|
|
|
|
|
Affinion Group Inc., Senior Notes:
|
|
|
|
1,750,000
|
|
|
|
10.125% due 10/15/13
|
|
1,747,812
|
|
250,000
|
|
|
|
10.125% due 10/15/13 (a)
|
|
249,688
|
|
|
|
|
|
Comcast Corp.:
|
|
|
|
2,500,000
|
|
|
|
6.400% due 5/15/38
|
|
2,661,190
|
|
1,500,000
|
|
|
|
Senior Notes, 5.700% due 7/1/19
|
|
1,585,882
|
|
1,250,000
|
|
|
|
DISH DBS Corp., Senior
Notes, 7.875% due 9/1/19 (a)
|
|
1,239,063
|
|
1,000,000
|
|
|
|
Globo Communicacoes e
Participacoes SA, Bonds, 7.250% due 4/26/22 (a)
|
|
1,030,000
|
|
2,400,000
|
|
|
|
News America Inc., Senior
Notes, 6.650% due 11/15/37
|
|
2,475,986
|
|
1,760,000
|
|
|
|
Omnicom Group Inc., Notes,
6.250% due 7/15/19
|
|
1,869,590
|
|
|
|
|
|
Time Warner Cable Inc.:
|
|
|
|
500,000
|
|
|
|
Debentures, 7.300% due 7/1/38
|
|
567,560
|
|
1,100,000
|
|
|
|
Senior Notes, 8.750% due 2/14/19
|
|
1,356,407
|
|
1,000,000
|
|
|
|
Univision Communications
Inc., Senior Secured Notes, 12.000% due 7/1/14 (a)
|
|
1,055,000
|
|
1,000,000
|
|
|
|
WPP Finance UK, Senior
Notes, 8.000% due 9/15/14
|
|
1,096,416
|
|
|
|
|
|
Total Media
|
|
16,934,594
|
|
Specialty Retail 0.4%
|
|
|
|
820,000
|
|
|
|
Staples Inc., Senior Notes,
7.750% due 4/1/11
|
|
871,691
|
|
Textiles, Apparel & Luxury Goods 0.5%
|
|
|
|
1,000,000
|
|
|
|
Oxford Industries Inc.,
Senior Secured Notes, 11.375% due 7/15/15
|
|
1,045,000
|
|
|
|
|
|
TOTAL CONSUMER
DISCRETIONARY
|
|
20,678,358
|
|
CONSUMER
STAPLES 5.5%
|
|
|
|
Beverages
1.2%
|
|
|
|
1,000,000
|
|
|
|
Anheuser-Busch InBev
Worldwide Inc., Senior Notes, 7.750% due 1/15/19 (a)
|
|
1,172,902
|
|
1,200,000
|
|
|
|
Diageo Capital PLC, Notes,
5.750% due 10/23/17
|
|
1,310,537
|
|
|
|
|
|
Total Beverages
|
|
2,483,439
|
|
Food &
Staples Retailing 2.0%
|
|
|
|
600,000
|
|
|
|
CVS Caremark Corp., Senior
Notes, 6.600% due 3/15/19
|
|
680,605
|
|
2,135,000
|
|
|
|
Safeway Inc., Senior
Notes, 6.250% due 3/15/14
|
|
2,349,877
|
|
1,100,000
|
|
|
|
Walgreen Co., Senior
Notes, 5.250% due 1/15/19
|
|
1,182,010
|
|
|
|
|
|
Total Food &
Staples Retailing
|
|
4,212,492
|
|
Food Products 0.7%
|
|
|
|
1,500,000
|
|
|
|
Smithfield Foods Inc.,
Senior Secured Notes, 10.000% due 7/15/14 (a)
|
|
1,537,500
|
|
Tobacco
1.6%
|
|
|
|
1,200,000
|
|
|
|
Philip Morris
International Inc., Senior Notes, 6.875% due 3/17/14
|
|
1,371,560
|
|
2,000,000
|
|
|
|
Reynolds American Inc.,
Senior Secured Notes, 7.625% due 6/1/16
|
|
2,112,846
|
|
|
|
|
|
Total Tobacco
|
|
3,484,406
|
|
|
|
|
|
TOTAL CONSUMER STAPLES
|
|
11,717,837
|
|
ENERGY
10.0%
|
|
|
|
Energy Equipment & Services 0.8%
|
|
|
|
1,500,000
|
|
|
|
Southern Natural Gas Co.,
Senior Notes, 8.000% due 3/1/32
|
|
1,745,199
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedule of Investments.
1
Western Asset Investment Grade
Defined Opportunity Trust Inc.
Schedule
of Investments
(unaudited)
(continued)
|
|
August 31, 2009
|
Face
Amount
|
|
|
|
Security
|
|
Value
|
|
Oil, Gas & Consumable Fuels 9.2%
|
|
|
|
|
|
|
|
Anadarko Petroleum Corp.,
Senior Notes:
|
|
|
|
$
|
600,000
|
|
|
|
5.950% due 9/15/16
|
|
$
|
624,853
|
|
1,100,000
|
|
|
|
6.450% due 9/15/36
|
|
1,092,312
|
|
1,500,000
|
|
|
|
ConocoPhillips, Notes,
6.500% due 2/1/39
|
|
1,740,478
|
|
1,000,000
|
|
|
|
DCP Midstream LLC, Senior
Notes, 9.750% due 3/15/19 (a)
|
|
1,190,774
|
|
1,000,000
|
|
|
|
Devon Financing Corp. ULC,
Debentures, 7.875% due 9/30/31
|
|
1,235,493
|
|
2,000,000
|
|
|
|
Enterprise Products
Operating LP, Senior Notes, 9.750% due 1/31/14
|
|
2,409,712
|
|
800,000
|
|
|
|
EOG Resources Inc., Senior
Notes, 6.875% due 10/1/18
|
|
938,586
|
|
|
|
|
|
Hess Corp., Notes:
|
|
|
|
1,400,000
|
|
|
|
8.125% due 2/15/19
|
|
1,659,441
|
|
440,000
|
|
|
|
7.875% due 10/1/29
|
|
523,665
|
|
800,000
|
|
|
|
Kinder Morgan Energy
Partners LP, Senior Notes, 5.950% due 2/15/18
|
|
839,188
|
|
1,000,000
|
|
|
|
Pemex Project Funding
Master Trust, Senior Bonds, 6.625% due 6/15/35
|
|
915,782
|
|
1,000,000
|
|
|
|
Quicksilver Resources
Inc., Senior Notes, 11.750% due 1/1/16
|
|
1,065,000
|
|
1,500,000
|
|
|
|
Shell International Finance
BV, Senior Notes, 6.375% due 12/15/38
|
|
1,778,976
|
|
700,000
|
|
|
|
Valero Energy Corp.,
Senior Notes, 9.375% due 3/15/19
|
|
808,550
|
|
1,000,000
|
|
|
|
Williams Cos. Inc., Senior
Notes, 8.750% due 1/15/20
|
|
1,137,170
|
|
|
|
|
|
XTO Energy Inc., Senior
Notes:
|
|
|
|
500,000
|
|
|
|
5.750% due 12/15/13
|
|
539,918
|
|
900,000
|
|
|
|
5.500% due 6/15/18
|
|
928,693
|
|
|
|
|
|
Total
Oil, Gas & Consumable Fuels
|
|
19,428,591
|
|
|
|
|
|
TOTAL
ENERGY
|
|
21,173,790
|
|
FINANCIALS 30.7%
|
|
|
|
Capital Markets 7.4%
|
|
|
|
|
|
|
|
Bear Stearns Cos. Inc.,
Senior Notes:
|
|
|
|
1,580,000
|
|
|
|
5.500% due 8/15/11
|
|
1,659,720
|
|
3,500,000
|
|
|
|
7.250% due 2/1/18
|
|
3,997,689
|
|
|
|
|
|
Goldman Sachs Group Inc.,
Senior Notes:
|
|
|
|
4,250,000
|
|
|
|
5.950% due 1/18/18
|
|
4,431,573
|
|
500,000
|
|
|
|
7.500% due 2/15/19
|
|
576,648
|
|
|
|
|
|
Morgan Stanley:
|
|
|
|
3,000,000
|
|
|
|
5.050% due 1/21/11
|
|
3,099,405
|
|
1,750,000
|
|
|
|
Medium-Term Notes, 6.625%
due 4/1/18
|
|
1,873,018
|
|
|
|
|
|
Total
Capital Markets
|
|
15,638,053
|
|
Commercial Banks 5.9%
|
|
|
|
240,000
|
|
|
|
BankAmerica Institutional
Capital A, Junior Subordinated Bonds, 8.070% due 12/31/26 (a)
|
|
219,600
|
|
250,000
|
|
|
|
BankAmerica Institutional
Capital B, Junior Subordinated Bonds, 7.700% due 12/31/26 (a)
|
|
223,750
|
|
|
|
|
|
BB&T Corp., Senior
Notes:
|
|
|
|
370,000
|
|
|
|
3.850% due 7/27/12
|
|
379,273
|
|
1,000,000
|
|
|
|
5.700% due 4/30/14
|
|
1,070,952
|
|
560,000
|
|
|
|
Credit Suisse/New York,
Senior Notes, 5.300% due 8/13/19
|
|
567,697
|
|
|
|
|
|
Royal Bank of Scotland
Group PLC, Subordinated Notes:
|
|
|
|
120,000
|
|
|
|
5.000% due 11/12/13
|
|
108,632
|
|
40,000
|
|
|
|
5.000% due 10/1/14
|
|
35,408
|
|
1,000,000
|
|
|
|
RSHB Capital, Loan Participation
Notes, Notes, 9.000% due 6/11/14 (a)
|
|
1,067,400
|
|
2,100,000
|
|
|
|
Svenska Handelsbanken AB,
Senior Notes, 4.875% due 6/10/14 (a)
|
|
2,200,783
|
|
390,000
|
|
|
|
Wachovia Capital Trust
III, Junior Subordinated Bonds, 5.800% due 3/15/11 (b)(c)
|
|
257,400
|
|
6,000,000
|
|
|
|
Wachovia Corp., Senior
Notes, 5.750% due 2/1/18
|
|
6,311,466
|
|
|
|
|
|
Total
Commercial Banks
|
|
12,442,361
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedule of Investments.
2
Western Asset Investment Grade
Defined Opportunity Trust Inc.
Schedule
of Investments
(unaudited)
(continued)
|
|
August 31, 2009
|
Face
Amount
|
|
|
|
Security
|
|
Value
|
|
Consumer Finance 2.7%
|
|
|
|
$
|
3,000,000
|
|
|
|
American Express Co.,
Senior Notes, 8.125% due 5/20/19
|
|
$
|
3,363,147
|
|
1,250,000
|
|
|
|
FMG Finance Pty Ltd., Senior
Secured Notes, 10.625% due 9/1/16 (a)
|
|
1,350,000
|
|
1,000,000
|
|
|
|
Ford Motor Credit Co.,
Senior Notes, 12.000% due 5/15/15
|
|
1,042,120
|
|
|
|
|
|
Total
Consumer Finance
|
|
5,755,267
|
|
Diversified Financial Services 9.2%
|
|
|
|
3,750,000
|
|
|
|
Bank of America Corp.,
Senior Notes, 7.625% due 6/1/19
|
|
4,135,984
|
|
840,000
|
|
|
|
Blackstone Holdings
Finance Co. LLC, Senior Notes, 6.625% due 8/15/19 (a)
|
|
847,894
|
|
360,000
|
|
|
|
Capital One Capital V,
Junior Subordinated Notes, Cumulative Trust Preferred Securities, 10.250% due
8/15/39
|
|
366,916
|
|
|
|
|
|
Citigroup Inc.:
|
|
|
|
2,250,000
|
|
|
|
6.000% due 8/15/17
|
|
2,118,091
|
|
2,000,000
|
|
|
|
Notes, 6.875% due 3/5/38
|
|
1,811,628
|
|
|
|
|
|
Senior Notes:
|
|
|
|
300,000
|
|
|
|
6.375% due 8/12/14
|
|
303,691
|
|
500,000
|
|
|
|
8.500% due 5/22/19
|
|
547,457
|
|
1,350,000
|
|
|
|
8.125% due 7/15/39
|
|
1,391,618
|
|
|
|
|
|
General Electric Capital
Corp., Senior Notes:
|
|
|
|
3,000,000
|
|
|
|
5.250% due 10/19/12
|
|
3,142,512
|
|
790,000
|
|
|
|
6.000% due 8/7/19
|
|
797,466
|
|
1,500,000
|
|
|
|
6.875% due 1/10/39
|
|
1,492,321
|
|
1,500,000
|
|
|
|
JPMorgan Chase &
Co., Senior Notes, 6.400% due 5/15/38
|
|
1,662,153
|
|
1,000,000
|
|
|
|
TNK-BP Finance SA, Senior
Notes, 7.500% due 3/13/13 (a)
|
|
1,005,000
|
|
|
|
|
|
Total
Diversified Financial Services
|
|
19,622,731
|
|
Insurance 2.6%
|
|
|
|
1,300,000
|
|
|
|
ACE INA Holdings Inc.,
Senior Notes, 5.600% due 5/15/15
|
|
1,393,898
|
|
|
|
|
|
Chubb Corp., Senior Notes:
|
|
|
|
600,000
|
|
|
|
5.750% due 5/15/18
|
|
652,181
|
|
600,000
|
|
|
|
6.500% due 5/15/38
|
|
685,563
|
|
1,500,000
|
|
|
|
MetLife Inc., Senior
Notes, 6.817% due 8/15/18
|
|
1,659,989
|
|
690,000
|
|
|
|
Nationwide Mutual
Insurance Co., Notes, 9.375% due 8/15/39 (a)
|
|
691,277
|
|
400,000
|
|
|
|
Travelers Cos. Inc.,
Senior Notes, 6.250% due 6/15/37
|
|
443,536
|
|
|
|
|
|
Total
Insurance
|
|
5,526,444
|
|
Real Estate Investment Trusts (REITs) 1.2%
|
|
|
|
505,000
|
|
|
|
Developers Diversified
Realty Corp., Senior Notes, 4.625% due 8/1/10
|
|
488,167
|
|
1,500,000
|
|
|
|
Ventas Realty LP/Ventas
Capital Corp., Senior Notes, 6.750% due 4/1/17
|
|
1,417,500
|
|
580,000
|
|
|
|
WEA Finance LLC, Senior
Notes, 6.750% due 9/2/19 (a)
|
|
572,311
|
|
|
|
|
|
Total
Real Estate Investment Trusts (REITs)
|
|
2,477,978
|
|
Thrifts &
Mortgage Finance 1.7%
|
|
|
|
3,500,000
|
|
|
|
Countrywide Financial
Corp., Medium-Term Notes, 5.800% due 6/7/12
|
|
3,633,893
|
|
|
|
|
|
TOTAL
FINANCIALS
|
|
65,096,727
|
|
HEALTH CARE 6.2%
|
|
|
|
Health Care Equipment & Supplies 0.9%
|
|
|
|
1,000,000
|
|
|
|
Biomet Inc., Senior Toggle
Notes, 10.375% due 10/15/17 (d)
|
|
1,047,500
|
|
910,000
|
|
|
|
St. Jude Medical Inc.,
Senior Notes, 3.750% due 7/15/14
|
|
924,367
|
|
|
|
|
|
Total
Health Care Equipment & Supplies
|
|
1,971,867
|
|
Health Care Providers & Services 2.9%
|
|
|
|
|
|
|
|
Humana Inc., Senior Notes:
|
|
|
|
1,000,000
|
|
|
|
6.450% due 6/1/16
|
|
950,980
|
|
1,000,000
|
|
|
|
7.200% due 6/15/18
|
|
969,884
|
|
600,000
|
|
|
|
McKesson Corp., Senior
Notes, 6.500% due 2/15/14
|
|
657,633
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedule of Investments.
3
Western
Asset Investment Grade Defined Opportunity Trust Inc.
Schedule
of Investments
(unaudited) (continued)
|
August 31,
2009
|
Face
Amount
|
|
|
|
Security
|
|
Value
|
|
Health Care Providers & Services 2.9% (continued)
|
|
|
|
$
|
1,000,000
|
|
|
|
Tenet Healthcare Corp., Senior Notes, 10.000% due
5/1/18 (a)
|
|
$
|
1,082,500
|
|
1,300,000
|
|
|
|
UnitedHealth Group Inc., 4.875% due 2/15/13
|
|
1,343,587
|
|
1,200,000
|
|
|
|
WellPoint Inc., Notes, 5.250% due 1/15/16
|
|
1,216,873
|
|
|
|
|
|
Total
Health Care Providers & Services
|
|
6,221,457
|
|
Pharmaceuticals 2.4%
|
|
|
|
1,500,000
|
|
|
|
GlaxoSmithKline Capital Inc., 5.650% due 5/15/18
|
|
1,639,315
|
|
560,000
|
|
|
|
Pfizer Inc., Senior Notes, 7.200% due 3/15/39
|
|
705,502
|
|
1,100,000
|
|
|
|
Roche Holdings Inc., Senior Notes, 6.000% due
3/1/19 (a)
|
|
1,219,623
|
|
1,300,000
|
|
|
|
Wyeth, Notes, 5.950% due 4/1/37
|
|
1,420,691
|
|
|
|
|
|
Total
Pharmaceuticals
|
|
4,985,131
|
|
|
|
|
|
TOTAL
HEALTH CARE
|
|
13,178,455
|
|
INDUSTRIALS 3.9%
|
|
|
|
Air Freight & Logistics 0.4%
|
|
|
|
700,000
|
|
|
|
United Parcel Service Inc., Senior Notes, 6.200%
due 1/15/38
|
|
794,666
|
|
Airlines 1.5%
|
|
|
|
1,725,000
|
|
|
|
American Airlines
Pass-Through Trust, Secured Notes, 7.858% due 4/1/13
|
|
1,647,375
|
|
1,500,000
|
|
|
|
Delta Air Lines Inc., Pass-Through Certificates,
7.570% due 11/18/10
|
|
1,462,500
|
|
|
|
|
|
Total
Airlines
|
|
3,109,875
|
|
Commercial Services & Supplies 0.6%
|
|
|
|
340,000
|
|
|
|
Republic Services Inc.,
Senior Notes, 5.500% due 9/15/19 (a)
|
|
337,569
|
|
1,000,000
|
|
|
|
RSC Equipment Rental Inc.,
Senior Secured Notes, 10.000% due 7/15/17 (a)
|
|
1,050,000
|
|
|
|
|
|
Total
Commercial Services & Supplies
|
|
1,387,569
|
|
Industrial Conglomerates 0.9%
|
|
|
|
1,800,000
|
|
|
|
United Technologies Corp., Senior Notes, 6.125%
due 2/1/19
|
|
2,022,203
|
|
Road & Rail 0.5%
|
|
|
|
1,000,000
|
|
|
|
Kansas City Southern de
Mexico, Senior Notes, 12.500% due 4/1/16 (a)
|
|
1,060,000
|
|
|
|
|
|
TOTAL
INDUSTRIALS
|
|
8,374,313
|
|
MATERIALS 6.3%
|
|
|
|
Containers & Packaging 0.9%
|
|
|
|
440,000
|
|
|
|
Ball Corp., Senior Notes,
7.125% due 9/1/16
|
|
442,200
|
|
1,300,000
|
|
|
|
Solo Cup Co., Senior
Secured Notes, 10.500% due 11/1/13 (a)
|
|
1,371,500
|
|
|
|
|
|
Total Containers &
Packaging
|
|
1,813,700
|
|
Metals & Mining 3.9%
|
|
|
|
2,770,000
|
|
|
|
Freeport-McMoRan
Copper & Gold Inc., Senior Notes, 8.375% due 4/1/17
|
|
2,891,764
|
|
2,000,000
|
|
|
|
Rio Tinto Finance USA
Ltd., Senior Notes, 9.000% due 5/1/19
|
|
2,399,602
|
|
2,100,000
|
|
|
|
Vale Overseas Ltd., Notes,
6.875% due 11/21/36
|
|
2,113,030
|
|
1,000,000
|
|
|
|
Xstrata Finance Canada
Ltd., Senior Bonds, 5.800% due 11/15/16 (a)
|
|
962,585
|
|
|
|
|
|
Total Metals &
Mining
|
|
8,366,981
|
|
Paper & Forest Products 1.5%
|
|
|
|
1,120,000
|
|
|
|
PE Paper Escrow GmbH,
Senior Secured Notes, 12.000% due 8/1/14 (a)
|
|
1,150,106
|
|
2,000,000
|
|
|
|
Verso Paper Holdings LLC,
Senior Secured Notes, 11.500% due 7/1/14 (a)
|
|
1,970,000
|
|
|
|
|
|
Total
Paper & Forest Products
|
|
3,120,106
|
|
|
|
|
|
TOTAL
MATERIALS
|
|
13,300,787
|
|
TELECOMMUNICATION SERVICES 11.7%
|
|
|
|
Diversified Telecommunication Services 9.5%
|
|
|
|
|
|
|
|
AT&T Inc., Global Notes:
|
|
|
|
2,250,000
|
|
|
|
5.600% due 5/15/18
|
|
2,380,552
|
|
2,000,000
|
|
|
|
6.550% due 2/15/39
|
|
2,189,738
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedule of Investments.
4
Western
Asset Investment Grade Defined Opportunity Trust Inc.
Schedule
of Investments
(unaudited) (continued)
|
August 31,
2009
|
Face
Amount
|
|
|
|
Security
|
|
Value
|
|
Diversified Telecommunication Services 9.5% (continued)
|
|
|
|
$
|
2,000,000
|
|
|
|
British Telecommunications
PLC, Bonds, 9.625% due 12/15/30
|
|
$
|
2,521,386
|
|
800,000
|
|
|
|
Deutsche Telekom
International Finance BV, Bonds, 8.750% due 6/15/30
|
|
1,067,498
|
|
1,500,000
|
|
|
|
Embarq Corp., Notes,
7.995% due 6/1/36
|
|
1,548,006
|
|
1,000,000
|
|
|
|
France Telecom SA, Senior
Notes, 5.375% due 7/8/19
|
|
1,058,642
|
|
1,000,000
|
|
|
|
Intelsat Corp., Senior
Notes, 9.250% due 8/15/14
|
|
1,020,000
|
|
1,000,000
|
|
|
|
Koninklijke KPN NV, Senior
Notes, 8.375% due 10/1/30
|
|
1,280,616
|
|
500,000
|
|
|
|
Qwest Corp., Senior Notes,
7.875% due 9/1/11
|
|
512,500
|
|
1,200,000
|
|
|
|
SBC Communications Inc.,
Notes, 5.100% due 9/15/14
|
|
1,298,536
|
|
1,000,000
|
|
|
|
Telecom Italia Capital SA,
Senior Notes, 7.721% due 6/4/38
|
|
1,171,187
|
|
410,000
|
|
|
|
Telefonica Emisiones SAU,
Senior Notes, 7.045% due 6/20/36
|
|
487,859
|
|
1,500,000
|
|
|
|
Valor Telecommunications
Enterprises LLC/Finance Corp., 7.750% due 2/15/15
|
|
1,514,260
|
|
1,460,000
|
|
|
|
Verizon Communications
Inc., Senior Notes, 8.950% due 3/1/39
|
|
1,993,298
|
|
|
|
|
|
Total Diversified
Telecommunication Services
|
|
20,044,078
|
|
Wireless Telecommunication Services 2.2%
|
|
|
|
1,000,000
|
|
|
|
Rogers Communications Inc., Senior Notes, 6.800%
due 8/15/18
|
|
1,134,286
|
|
1,250,000
|
|
|
|
Sprint Capital Corp., Senior Notes, 8.750% due
3/15/32
|
|
1,043,750
|
|
2,000,000
|
|
|
|
Verizon Wireless Capital LLC, Senior Notes, 8.500%
due 11/15/18 (a)
|
|
2,523,452
|
|
|
|
|
|
Total
Wireless Telecommunication Services
|
|
4,701,488
|
|
|
|
|
|
TOTAL
TELECOMMUNICATION SERVICES
|
|
24,745,566
|
|
UTILITIES 5.6%
|
|
|
|
Electric Utilities 4.3%
|
|
|
|
|
|
|
|
Commonwealth Edison Co., First Mortgage Bonds:
|
|
|
|
600,000
|
|
|
|
5.800% due 3/15/18
|
|
646,996
|
|
600,000
|
|
|
|
6.450% due 1/15/38
|
|
675,815
|
|
2,020,000
|
|
|
|
FirstEnergy Corp., Notes, 7.375% due 11/15/31
|
|
2,236,334
|
|
730,000
|
|
|
|
FirstEnergy Solutions Corp., Senior Notes, 4.800%
due 2/15/15 (a)
|
|
747,015
|
|
1,030,000
|
|
|
|
IPALCO Enterprises Inc., 7.250% due 4/1/16 (a)
|
|
1,004,250
|
|
1,000,000
|
|
|
|
MidAmerican Energy
Holdings Co., Senior Notes, 5.750% due 4/1/18
|
|
1,067,852
|
|
|
|
|
|
Pacific Gas & Electric Co., Senior Notes:
|
|
|
|
800,000
|
|
|
|
8.250% due 10/15/18
|
|
1,010,192
|
|
1,000,000
|
|
|
|
5.800% due 3/1/37
|
|
1,063,062
|
|
500,000
|
|
|
|
Virginia Electric and Power Co., Senior Notes,
8.875% due 11/15/38
|
|
696,067
|
|
|
|
|
|
Total
Electric Utilities
|
|
9,147,583
|
|
Independent Power Producers & Energy Traders 0.5%
|
|
|
|
1,100,000
|
|
|
|
AES Corp., Senior Notes, 8.000% due 6/1/20
|
|
1,034,000
|
|
Multi-Utilities 0.8%
|
|
|
|
500,000
|
|
|
|
Dominion Resources Inc., Senior Notes, 8.875% due
1/15/19
|
|
629,485
|
|
1,000,000
|
|
|
|
MidAmerican Energy Holdings Co., Bonds, 6.125% due
4/1/36
|
|
1,063,604
|
|
|
|
|
|
Total
Multi-Utilities
|
|
1,693,089
|
|
|
|
|
|
TOTAL
UTILITIES
|
|
11,874,672
|
|
|
|
|
|
TOTAL CORPORATE BONDS & NOTES
(Cost $180,491,601)
|
|
190,140,505
|
|
COLLATERALIZED SENIOR LOANS 5.3%
|
|
|
|
CONSUMER DISCRETIONARY 1.1%
|
|
|
|
Diversified Consumer Services 0.5%
|
|
|
|
1,000,000
|
|
|
|
Thomson Learning, Term Loan B, 2.790% due 7/5/14
(b)
|
|
970,000
|
|
Hotels, Restaurants & Leisure 0.6%
|
|
|
|
549,197
|
|
|
|
Venetian Macau, Term Loan, 2.850% due 4/1/13 (b)
|
|
505,555
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedule of Investments.
5
Western Asset Investment Grade
Defined Opportunity Trust Inc.
Schedule
of Investments (unaudited) (continued)
|
August 31,
2009
|
Face
Amount
|
|
|
|
Security
|
|
Value
|
|
Hotels, Restaurants & Leisure 0.6% (continued)
|
|
|
|
$
|
950,803
|
|
|
|
Venetian Macau, Term Loan B, 2.850% due 4/1/13 (b)
|
|
$
|
875,249
|
|
|
|
|
|
Total
Hotels, Restaurants & Leisure
|
|
1,380,804
|
|
|
|
|
|
TOTAL
CONSUMER DISCRETIONARY
|
|
2,350,804
|
|
FINANCIALS 0.4%
|
|
|
|
|
Diversified Financial
Services 0.4%
|
|
|
|
992,749
|
|
|
|
CCM Merger Inc., 8.500% due 7/21/12 (b)
|
|
933,184
|
|
HEALTH
CARE 0.4%
|
|
|
|
Health
Care Equipment & Supplies 0.4%
|
|
|
|
854,334
|
|
|
|
Fenwal Inc., 2.924% due 3/1/14 (b)
|
|
745,406
|
|
145,666
|
|
|
|
Fenwal Inc., 2.924% due 3/1/14 (b)
|
|
127,094
|
|
|
|
|
|
TOTAL HEALTH CARE
|
|
872,500
|
|
INDUSTRIALS 0.8%
|
|
|
|
|
|
Airlines 0.4%
|
|
|
|
|
|
1,000,000
|
|
|
|
Delta Airlines, 2.277% due 4/30/12 (b)
|
|
845,000
|
|
Commercial
Services & Supplies 0.4%
|
|
|
|
997,500
|
|
|
|
Nielsen Finance LLC, Term Loan, 4.050% due 6/10/14
(b)
|
|
933,078
|
|
|
|
|
|
TOTAL
INDUSTRIALS
|
|
1,778,078
|
|
INFORMATION TECHNOLOGY 0.9%
|
|
|
|
IT Services 0.4%
|
|
|
|
|
997,462
|
|
|
|
First Data Corp., Term Loan, 3.035% due 10/15/14
(b)
|
|
836,205
|
|
Semiconductors &
Semiconductor Equipment 0.5%
|
|
|
|
1,000,000
|
|
|
|
Freescale Semiconductor Inc., Term Loan, 12.500%
due 12/15/14 (b)
|
|
950,833
|
|
|
|
|
|
TOTAL
INFORMATION TECHNOLOGY
|
|
1,787,038
|
|
MATERIALS 0.9%
|
|
|
|
|
|
Chemicals 0.5%
|
|
|
|
|
|
1,000,000
|
|
|
|
Lyondell Chemical Co., Term Loan, 0.000% due
12/15/09 (b)
|
|
1,040,875
|
|
Containers &
Packaging 0.4%
|
|
|
|
997,449
|
|
|
|
Berry Plastics Group Inc., Term Loan C, 2.296% due
4/3/15 (b)
|
|
849,391
|
|
|
|
|
|
TOTAL
MATERIALS
|
|
1,890,266
|
|
TELECOMMUNICATION SERVICES 0.4%
|
|
|
|
Diversified Telecommunication Services 0.4%
|
|
|
|
1,000,000
|
|
|
|
Level 3 Communications Inc., Term Loan, 2.691% due
3/1/14 (b)
|
|
861,964
|
|
UTILITIES 0.4%
|
|
|
|
|
Independent Power Producers & Energy Traders 0.4%
|
|
|
|
997,462
|
|
|
|
Energy Future Holdings, Term Loan, 3.785% due
10/10/14 (b)
|
|
758,606
|
|
|
|
|
|
TOTAL COLLATERALIZED SENIOR LOANS
(Cost $10,623,869)
|
|
11,232,440
|
|
SOVEREIGN BONDS 0.5%
|
|
|
|
|
Russia 0.5%
|
|
|
|
|
|
960,000
|
|
|
|
Russian Federation, 7.500% due 3/31/30 (b)
(Cost - $950,709)
|
|
993,600
|
|
U.S. GOVERNMENT & AGENCY OBLIGATIONS 0.9%
|
|
|
|
U.S. Government Agency 0.2%
|
|
|
|
630,000
|
|
|
|
Federal National Mortgage
Association (FNMA), Subordinated Debentures, zero coupon bond to yield 6.179%
due 10/9/19 (e)
|
|
348,816
|
|
U.S. Government Obligations 0.7%
|
|
|
|
1,790,000
|
|
|
|
U.S. Treasury Bonds, 3.500% due 2/15/39
|
|
1,581,914
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedule of Investments.
6
Western Asset Investment Grade
Defined Opportunity Trust Inc.
Schedule
of Investments (unaudited) (continued)
|
August 31,
2009
|
Face
Amount
|
|
|
|
Security
|
|
Value
|
|
U.S. Government Obligations 0.7% (continued)
|
|
|
|
$
|
5,000
|
|
|
|
U.S. Treasury Notes, 2.625% due 6/30/14
|
|
$
|
5,067
|
|
|
|
|
|
Total
U.S. Government Obligations
|
|
1,586,981
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT & AGENCY
OBLIGATIONS
(Cost $1,827,708)
|
|
1,935,797
|
|
|
|
|
|
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost $193,893,887)
|
|
204,302,342
|
|
SHORT-TERM INVESTMENTS 3.0%
|
|
|
|
U.S. Government Agencies 0.0%
|
|
|
|
5,000
|
|
|
|
Federal Home Loan Mortgage
Corp. (FHLMC), Discount Notes, 0.295% due 1/25/10 (e)(f)(g)
|
|
4,997
|
|
30,000
|
|
|
|
Federal National Mortgage
Association (FNMA), Discount Notes, 0.290% due 1/27/10 (e)(f)(g)
|
|
29,982
|
|
|
|
|
|
Total U.S. Government Agencies
(Cost $34,958)
|
|
34,979
|
|
Repurchase Agreement 3.0%
|
|
|
|
|
|
6,400,000
|
|
|
|
Goldman Sachs &
Co. tri-party repurchase agreement dated 8/31/09, 0.190% due 9/1/09; Proceeds
at maturity - $6,400,034; (Fully collateralized by U.S. government agency
obligations, 2.200% due 4/23/12; Market value-$6,530,625) (Cost - $6,400,000)
|
|
6,400,000
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,434,958)
|
|
6,434,979
|
|
|
|
|
|
TOTAL INVESTMENTS 99.4%
(Cost
$200,328,845#)
|
|
210,737,321
|
|
|
|
|
|
Other Assets in Excess of Liabilities 0.6%
|
|
1,197,032
|
|
|
|
|
|
TOTAL
NET ASSETS 100.0%
|
|
$
|
211,934,353
|
|
|
|
|
|
|
|
|
|
|
|
(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,
unless otherwise noted.
|
(b)
|
|
Variable
rate security. Interest rate disclosed is that which is in effect at
August 31, 2009.
|
(c)
|
|
Security
has no maturity date. The date shown represents the next call date.
|
(d)
|
|
Payment-in-kind
security for which part of the income earned may be paid as additional
principal.
|
(e)
|
|
On
September 7, 2008, the Federal Housing Finance Agency placed Fannie Mae
and Freddie Mac into conservatorship.
|
(f)
|
|
All
or a portion of this security is held at the broker as collateral for open
futures contracts.
|
(g)
|
|
Rate
shown represents yield-to-maturity.
|
#
|
|
Aggregate
cost for federal income tax purposes is substantially the same.
|
See Notes to Schedule of Investments.
7
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
Western
Asset Investment Grade Defined Opportunity Trust Inc. (the Fund) was
incorporated in Maryland on June 25, 2009 and is registered as a non-diversified,
closed-end management investment company under the Investment Company Act of
1940, as amended (the 1940 Act). The
Funds primary investment objective is to provide current income and then to
liquidate and distribute substantially all of the Funds net assets to
stockholders on or about December 2, 2024. As a secondary investment objective,
the Fund will seek capital appreciation.
The
following are significant accounting policies consistently followed by the Fund
and are in conformity with U.S. generally accepted accounting principles (GAAP).
(a) Investment Valuation.
Debt securities are valued at the mean
between the last quoted bid and asked prices provided by an independent pricing
service that are based on transactions in debt obligations, quotations from
bond dealers, market transactions in comparable securities and various other
relationships between securities.
Publicly traded foreign government debt
securities are typically traded internationally in the over-the-counter market,
and are valued at the mean between the last quoted bid and asked prices as of
the close of business of that market.
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. Futures contracts are valued daily at the
settlement price established by the board of trade or exchange on which they
are traded. When prices are not readily
available, or are determined not to reflect fair value, such as when the value
of a security has been significantly affected by events after the close of the
exchange or market on which the security is principally traded, but before the
Fund calculates its net asset value, the Fund may value these securities at fair
value as determined in accordance with the procedures approved by the Funds
Board of Directors. Short-term obligations with maturities of 60 days or less
are valued at amortized cost, which approximates fair value.
The
Fund has adopted Statement of Financial Accounting Standards No. 157 (FAS 157). FAS 157 establishes a single definition of
fair value, creates a three-tier hierarchy as a framework for measuring fair
value based on inputs used to value the Funds investments, and requires
additional disclosure about fair value.
The hierarchy of inputs is summarized below.
·
Level 1 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 Funds own assumptions in
determining the fair value of investments)
The
inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
The
Fund uses valuation techniques to measure fair value that are consistent with
the market approach, income approach and/or cost approach, depending on the
type of the security and the particular circumstance.
The
following is a summary of the inputs used in valuing the Funds assets carried
at fair value:
Description
|
|
Quoted Prices
(Level 1)
|
|
Other
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
Long-term investments
|
|
|
|
$
|
204,302,342
|
|
|
|
$
|
204,302,342
|
|
Short-term investments
|
|
|
|
6,434,979
|
|
|
|
6,434,979
|
|
Total investments
|
|
|
|
|
210,737,321
|
|
|
|
|
210,737,321
|
|
Other financial instruments:
Futures contracts
|
|
|
|
(17,090
|
)
|
|
|
(17,090
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
210,720,231
|
|
|
|
$
|
210,720,231
|
|
See Schedule of Investments for additional detailed categorizations.
8
Notes to Schedule of Investments (unaudited) (continued)
(b) Repurchase Agreements.
When entering into repurchase agreements, it is the Funds policy that
its custodian or a third party custodian take possession of the underlying
collateral securities, the market value of which, at all times, at least equals
the principal amount of the repurchase transaction, including accrued interest.
To the extent that any repurchase transaction exceeds one business day, the
value of the collateral is marked-to-market daily to ensure the adequacy of the
collateral. If the seller defaults, and the market value of the collateral
declines or if bankruptcy proceedings are commenced with respect to the seller
of the security, realization of the collateral by the Fund may be delayed or
limited.
(c)
Futures Contracts.
The Fund may use futures contracts
to gain exposure to, or hedge against, changes in the value of equities,
interest rates or foreign currencies.
A
futures contract represents a commitment for the future purchase or sale of an
asset at a specified price on a specified date.
Upon entering into a futures contract, the Fund is required to deposit
with a broker cash or cash equivalents in an amount equal to a certain
percentage of the contract amount. This is known as the initial margin.
Subsequent payments (variation margin) are made or received by the Fund
each day, depending on the daily fluctuation in the value of the contract. For
certain futures including foreign denominated futures, variation margin is not
settled daily, but is recorded as a net variation margin payable or receivable.
Futures contracts are valued daily at the settlement price established by the
board of trade or exchange on which they are traded. The daily changes in
contract value are recorded as unrealized gains or losses and the Fund
recognizes a realized gain or loss when the contract is closed.
Futures contracts involve, to varying degrees, risk of loss in excess of
the amounts reflected in the financial statements. In addition, there is the
risk that the Fund may not be able to enter into a closing transaction because
of an illiquid secondary market.
(d) Credit
and Market Risk.
The Fund
invests in high yield instruments that are subject to certain credit and market
risks. The yields of high yield obligations reflect, among other things,
perceived credit and market risks. The Funds investment in securities rated
below investment grade typically involves risks not associated with higher
rated securities including, among others, greater risk related to timely and
ultimate payment of interest and principal, greater market price volatility and
less liquid secondary market trading.
(e) Security Transactions.
Security transactions are accounted for on a
trade date basis.
2. Investments
At
August 31, 2009, the aggregate gross unrealized appreciation and depreciation
of investments for federal income tax purposes were substantially as follows:
Gross unrealized appreciation
|
|
$
|
10,449,140
|
|
Gross unrealized depreciation
|
|
(40,664
|
)
|
Net unrealized appreciation
|
|
$
|
10,408,476
|
|
At
August 31, 2009, the Fund had the following open futures contracts:
|
|
Number of
Contracts
|
|
Expiration
Date
|
|
Basis
Value
|
|
Market
Value
|
|
Unrealized
Loss
|
|
Contracts to Sell:
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury 2-Year Notes
|
|
2
|
|
12/09
|
|
$
|
431,634
|
|
$
|
432,687
|
|
$
|
(1,053
|
)
|
U.S. Treasury 5-Year Notes
|
|
6
|
|
12/09
|
|
686,746
|
|
691,500
|
|
(4,754
|
)
|
U.S. Treasury 10-Year Notes
|
|
7
|
|
12/09
|
|
816,016
|
|
820,531
|
|
(4,515
|
)
|
U.S. Treasury 30-Year Bonds
|
|
3
|
|
12/09
|
|
352,482
|
|
359,250
|
|
(6,768
|
)
|
Net unrealized loss on
open futures contracts
|
|
|
|
|
|
|
|
|
|
$
|
(17,090
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Derivative Instruments and Hedging Activities
Financial
Accounting Standards Board Statement of Financial Accounting Standards No. 161,
Disclosures about Derivative Instruments
and Hedging Activities
, requires enhanced disclosure about an
entitys derivative and hedging activities.
9
Notes to Schedule of Investments (unaudited) (continued)
The
following is a summary of the Funds derivative instruments categorized by risk
exposure at August 31, 2009.
|
|
Futures Contracts
|
|
|
|
Primary Underlying Risk Disclosure
|
|
Unrealized Appreciation
|
|
Unrealized Depreciation
|
|
Total
|
|
Interest Rate Contracts
|
|
|
|
$ (17,090
|
)
|
$ (17,090
|
)
|
10
ITEM 2.
CONTROLS
AND PROCEDURES.
(a)
The
registrants principal executive officer and principal financial officer have
concluded that the registrants disclosure controls and procedures (as defined
in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the 1940
Act)) are effective as of a date within 90 days of the filing date of this
report that includes the disclosure required by this paragraph, based on their
evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under
the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
(b)
There
were no changes in the registrants internal control over financial reporting
(as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrants last fiscal quarter that have materially affected, or are likely
to materially affect the registrants internal control over financial
reporting.
ITEM 3.
EXHIBITS.
Certifications
pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended,
are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Western Asset Investment Grade
Defined Opportunity Trust Inc.
By
|
/s/ R. Jay Gerken
|
|
R. Jay Gerken
|
|
Chief Executive Officer
|
|
|
|
Date: October 27, 2009
|
|
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
By
|
/s/ R. Jay Gerken
|
|
R. Jay Gerken
|
|
Chief Executive Officer
|
|
|
|
Date: October 27, 2009
|
|
By
|
/s/ Kaprel Ozsolak
|
|
Kaprel Ozsolak
|
|
Chief Financial Officer
|
|
|
|
Date: October 27, 2009
|
|
Western Asset Investment... (NYSE:IGI)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Western Asset Investment... (NYSE:IGI)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024