NPORT-EX 2 LMF5000WAMuniDefinedOppTrust.htm

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) February 29, 2020

 

Security  Rate   Maturity
Date		  Face
Amount		   Value 
Municipal Bonds - 99.9%                  
Alabama - 7.3%                  
Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019   5.750%  10/1/49  $200,000   $242,516(a)
Jefferson County, AL, Sewer Revenue, Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F (0.000% until 10/1/23; 7.900%)   0.000%  10/1/50   9,470,000    9,382,308 
Lower Alabama Gas District, Natural Gas Revenue:                  
Gas District #2   4.000%  12/1/24   1,000,000    1,124,200 
Gas Project #2   4.000%  12/1/25   1,000,000    1,148,370 
Series A   5.000%  9/1/46   3,250,000    4,923,165 
Southeast Alabama Gas Supply District, Gas Supply Revenue, Project #1, Series A   4.000%  4/1/24   1,500,000    1,664,025(b)(c)
Tuscaloosa County, AL, IDA Revenue, Hunt Refining Project, Series A, Refunding   4.500%  5/1/32   700,000    812,728(d)
Total Alabama                19,297,312 
Alaska - 0.1%                  
Alaska State Housing Finance Corp. Revenue, State Capital Project II, Series B   5.000%  12/1/37   250,000    320,740 
Arizona - 5.0%                  
Chandler, AZ, IDA Revenue, Intel Corp. Project   2.700%  8/14/23   2,000,000    2,104,380(a)(b)(c)
La Paz County, AZ, IDA Revenue, Charter School Solutions, Harmony Pub, Series A   5.000%  2/15/48   1,000,000    1,167,260 
Navajo Nation, AZ, Series A, Refunding   5.000%  12/1/25   350,000    394,712(d)
Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007   5.000%  12/1/32   7,110,000    9,636,894 
Total Arizona                13,303,246 
California - 13.4%                  
California State MFA Revenue:                  
Senior Lien, LINXS Apartment Project, Series A   5.000%  12/31/43   500,000    613,595(a)
Senior Lien, LINXS Apartment Project, Series A   5.000%  12/31/47   600,000    732,726(a)
California State MFA, Lease Revenue, Orange County, CA, Civic Center Infrastructure Improvement Program   5.000%  6/1/43   1,000,000    1,258,640 
California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project   5.000%  11/21/45   3,500,000    3,805,550(a)(d)

 

See Notes to Schedule of Investments.

 

1

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		  Face
Amount		   Value 
California - continued                  
California State, GO:                  
Various Purpose, Refunding   5.000%  4/1/29  $2,250,000   $3,040,447 
Various Purpose, Refunding   5.000%  10/1/29   400,000    546,508 
Various Purpose, Refunding   4.000%  11/1/36   250,000    300,373 
California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A   5.600%  1/15/36   780,000    848,726(d)
Golden State, CA, Tobacco Securitization Corp. Revenue:                  
Tobacco Settlement Funded, Series A-1, Refunding   5.000%  6/1/47   500,000    530,935 
Tobacco Settlement Funded, Series A-2, Refunding   5.000%  6/1/47   600,000    637,122 
Los Angeles, CA, Department of Airports Revenue:                  
Los Angeles International Airport, Subordinated, Series C   5.000%  5/15/44   500,000    620,215(a)
Los Angeles International Airport, Subordinated, Series D   5.000%  5/15/49   1,100,000    1,383,855(a)
Los Angeles, CA, Department of Water & Power Waterworks Revenue, Series A   5.000%  7/1/48   1,000,000    1,266,160 
Lower Tule River, CA, Irrigation District Revenue, COP, Series A   5.000%  8/1/40   1,000,000    1,016,200 
Metropolitan Water District of Southern California, Water Revenue, Refunding   5.000%  1/1/37   3,500,000    4,602,815 
Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A   5.000%  10/1/42   125,000    149,950(d)
M-S-R Energy Authority, CA, Natural Gas Revenue, Series C   6.125%  11/1/29   1,975,000    2,579,409 
River Islands, CA, Public Financing Authority Special Tax, Community Facilities District No. 2003-1, Series A-1, Refunding   5.000%  9/1/27   670,000    730,957 
Riverside, CA, Electric Revenue:                  
Series A, Refunding   5.000%  10/1/38   500,000    663,905 
Series A, Refunding   5.000%  10/1/48   750,000    970,365 
Riverside, CA, Sewer Revenue, Series A, Refunding   5.000%  8/1/36   1,000,000    1,317,380 
San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM   5.000%  10/1/36   300,000    384,969 
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue, Series A   5.000%  4/1/48   1,000,000    1,223,120 

 

See Notes to Schedule of Investments.

 

2

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		  Face
Amount		   Value 
California - continued                  
San Mateo County, CA, Joint Powers Financing Authority Lease Revenue, Capital Project, Series A   5.000%  7/15/43  $500,000   $633,185 
Southern California Water Replenishment District, Financing Authority, Replenishment Revenue, Series 2018   5.000%  8/1/48   1,515,000    1,920,262 
Stockton, CA, PFA Wastewater Revenue, Bond Anticipation Notes, Series 2019   1.400%  6/1/22   250,000    250,835 
Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A   5.000%  6/1/23   300,000    338,748 
University of California, General Revenue, Refunding   5.000%  5/15/37   2,500,000    3,176,000 
Total California                35,542,952 
Colorado - 2.6%                  
Base Village Metropolitan District #2, CO, GO, Series A, Refunding   5.750%  12/1/46   500,000    532,525 
Colorado State Health Facilities Authority Revenue, Commonspirit Health Project, Series A-2   5.000%  8/1/44   500,000    622,500 
Colorado State High Performance Transportation Enterprise Revenue, C-470 Express Lanes   5.000%  12/31/51   200,000    223,156 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008   6.125%  11/15/23   5,015,000    5,562,036 
Total Colorado                6,940,217 
Connecticut - 1.1%                  
Connecticut State Special Tax Revenue, Transportation Infrastructure, Series A   5.000%  1/1/37   500,000    621,265 
Connecticut State, GO:                  
Series A   4.000%  4/15/37   600,000    713,220 
Series E   5.000%  10/15/34   280,000    342,770 
University of Connecticut, Student Fee Revenue, Series A   5.000%  11/15/43   1,000,000    1,254,110 
Total Connecticut                2,931,365 
Delaware - 0.2%                  
Delaware State Health Facilities Authority Revenue, Series 2018   5.000%  6/1/43   500,000    611,080 

 

See Notes to Schedule of Investments.

 

3

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		  Face
Amount		   Value 
District of Columbia - 0.8%               
District of Columbia Revenue:                  
Ingleside Rock Creek Project, Series A   4.125%  7/1/27  $250,000   $266,273 
Series A, Refunding   4.000%  3/1/45   1,000,000    1,205,250(e)
District of Columbia Water & Sewer Authority Revenue, Subordinated Lien, Series C   1.750%  10/1/24   500,000    515,575(b)(c)
Total District of Columbia                1,987,098 
Florida - 0.9%                  
Broward County, FL, Airport System Revenue, Series A   5.000%  10/1/45   750,000    879,495(a)
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A   5.000%  10/1/42   500,000    611,860(a)
Miami-Dade County, FL, Health Facilities Authority, Hospital Revenue, Nicklaus Children’s Hospital, Refunding   5.000%  8/1/42   350,000    425,999 
Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding   5.000%  8/1/47   250,000    281,838 
Palm Beach County, FL, Health Facilities Authority Revenue, Acts Retirement-Life Communities   5.000%  11/15/45   250,000    294,967 
Total Florida                2,494,159 
Georgia - 0.4%                  
Fulton County, GA, Development Authority Revenue, Georgia Institute of Technology   5.000%  6/15/44   250,000    320,263 
Main Street Natural Gas Inc., GA, Gas Project Revenue, Series A   5.000%  5/15/43   650,000    809,243 
Total Georgia                1,129,506 
Idaho - 0.1%                  
Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, Series A   5.000%  12/1/47   300,000    372,540 
Illinois - 11.6%                  
Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue   5.000%  4/1/42   500,000    592,485 
Chicago, IL, Board of Education, GO:                  
Dedicated, Series G, Refunding   5.000%  12/1/34   360,000    440,219 
Series C, Refunding   5.000%  12/1/24   250,000    290,215 
Chicago, IL, GO:                  
Series A   5.000%  1/1/44   300,000    362,091 
Series A, Refunding   5.000%  1/1/26   750,000    885,300 

 

See Notes to Schedule of Investments.

 

4

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		  Face
Amount		   Value 
Illinois - continued                  
Series A, Refunding   6.000%  1/1/38  $500,000   $630,195 
Series B, Refunding   5.500%  1/1/30   1,685,000    1,983,649 
Series C, Refunding   5.000%  1/1/25   250,000    288,113 
Chicago, IL, Motor Fuel Tax Revenue, Refunding   5.000%  1/1/26   1,000,000    1,105,420 
Chicago, IL, O’Hare International Airport Revenue:                  
General Senior Lien, Series B, Refunding   5.000%  1/1/35   250,000    301,890 
Senior Lien, Series D   5.000%  1/1/47   500,000    604,965 
Senior Lien, Series D   5.000%  1/1/52   500,000    604,040 
Series D, Refunding   5.000%  1/1/46   2,000,000    2,324,540 
Trips Obligated Group   5.000%  7/1/48   200,000    240,738(a)
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien   5.000%  12/1/51   250,000    296,192 
Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding   5.000%  1/1/36   750,000    901,897 
Chicago, IL, Waterworks Revenue:                  
Second Lien, Series 2017, Refunding   5.000%  11/1/29   600,000    753,966 
Second Lien, Series 2017-2, Refunding, AGM   5.000%  11/1/32   2,050,000    2,558,523 
Illinois State Finance Authority Revenue:                  
Southern Illinois Healthcare Enterprises Inc., Refunding   5.000%  3/1/31   600,000    728,400 
Southern Illinois Healthcare Enterprises Inc., Refunding   5.000%  3/1/32   300,000    363,453 
Illinois State Sports Facilities Authority Revenue:                  
State Tax Supported, Series 2019, Refunding   5.000%  6/15/30   250,000    313,082 
State Tax Supported, Series 2019, Refunding, BAM   5.000%  6/15/30   250,000    315,255 
Illinois State Toll Highway Authority Revenue:                  
Series C, Refunding   5.000%  1/1/25   900,000    1,071,945 
Series C, Refunding   5.000%  1/1/26   1,200,000    1,471,764 
Illinois State University Revenue, Auxiliary Facilities System, Series A, Refunding, AGM   5.000%  4/1/37   100,000    121,530 
Illinois State, GO:                  
Series 2016   5.000%  1/1/35   250,000    294,053 
Series 2016, Refunding   5.000%  2/1/26   1,000,000    1,201,550 
Series 2016, Refunding   5.000%  2/1/29   600,000    733,296 

 

See Notes to Schedule of Investments.

 

5

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		  Face
Amount		   Value 
Illinois - continued                  
Series A   5.000%  12/1/42  $500,000   $603,930 
Series A, Refunding   5.000%  10/1/29   1,600,000    2,026,560 
Series C   5.000%  11/1/29   300,000    369,885 
Series D   5.000%  11/1/26   300,000    366,672 
Series D   5.000%  11/1/27   500,000    622,665 
Metropolitan Pier & Exposition Authority, IL, Dedicated State Revenue:                  
McCormick Place Expansion Project, Series A, Refunding   5.000%  6/15/50   1,800,000    2,208,942(e)
McCormick Place Expansion Project, Series B-2, Refunding, State Appropriations   5.250%  6/15/50   1,000,000    1,012,500 
Regional Transportation Authority, IL, GO, Series A, Refunding, NATL   6.000%  7/1/29   1,340,000    1,783,969 
Total Illinois                30,773,889 
Indiana - 4.7%                  
Indiana State Finance Authority Hospital Revenue, Indiana University Health Obligated Group, Series B, Refunding   1.650%  7/1/22   10,000,000    10,114,000(b)(c)
Indiana State Finance Authority Wastewater Utility Revenue, Green Bonds, CWA Authority Project, Series A   5.000%  10/1/41   675,000    824,074 
Indianapolis, IN, Local Public Improvement Bond Bank:                  
Courthouse and Jail Project, Series A   4.000%  2/1/44   500,000    582,425 
Courthouse and Jail Project, Series A   5.000%  2/1/54   750,000    949,335 
Total Indiana                12,469,834 
Iowa - 0.1%                  
Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding   3.125%  12/1/22   200,000    208,154 
Kentucky - 2.3%                  
Kentucky State PEA, Gas Supply Revenue:                  
Series A   4.000%  4/1/24   2,000,000    2,224,580(b)(c)
Series B   4.000%  1/1/25   1,500,000    1,694,550(b)(c)
Series C   4.000%  2/1/28   1,870,000    2,222,084(b)(c)
Total Kentucky                6,141,214 

 

See Notes to Schedule of Investments.

 

6

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		  Face
Amount		   Value 
Louisiana - 0.4%               
Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, AGM   5.000%  4/1/43  $500,000   $607,255(a)
St. John the Baptist Parish, LA, State Revenue, Marathon Oil Corp. Project, Refunding   2.200%  7/1/26   400,000    420,864(b)(c)
Total Louisiana                1,028,119 
Maryland - 0.6%                  
Howard County, MD, Housing Commission Revenue, Columbia Commons Apartments, Series A   5.000%  6/1/44   1,350,000    1,503,414 
Massachusetts - 1.9%                  
Massachusetts State DFA Revenue:                  
UMass Boston Student Housing Project   5.000%  10/1/41   250,000    295,575 
Wellforce Issue, Series A, Refunding   5.000%  7/1/44   250,000    306,255 
Massachusetts State Port Authority Revenue, Series A, Refunding   5.000%  7/1/36   500,000    645,470(a)
Massachusetts State, GO, Consolidated Loan, Series C   5.000%  5/1/49   3,000,000    3,853,200 
Total Massachusetts                5,100,500 
Michigan - 2.2%                  
Detroit, MI, Downtown Development Authority, Tax Increment Revenue, Series A, Refunding, AGM   5.000%  7/1/38   400,000    452,808 
Detroit, MI, Water Supply System Revenue, Second Lien, Series B, Unrefunded, AGM   6.250%  7/1/36   5,000    5,019 
Michigan State Finance Authority Limited Obligation Revenue, Higher Education, Thomas M Cooley Law School Project, Refunding   6.000%  7/1/24   1,500,000    1,559,010(d)
Michigan State Finance Authority Revenue:                  
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding   5.000%  7/1/33   350,000    414,015 
Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-6, Refunding   5.000%  7/1/33   410,000    474,706 
Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project   5.000%  12/31/43   400,000    494,072(a)
Royal Oak, MI, Hospital Finance Authority Revenue, Beaumont Health Credit Group, Series D, Refunding   5.000%  9/1/39   2,000,000    2,275,540 
Total Michigan                5,675,170 

 

See Notes to Schedule of Investments.

 

7

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		  Face
Amount		   Value 
Missouri - 0.7%               
Kansas City, MO, IDA, Airport System Revenue, Kansas City International Airport Terminal Modernization Project, Series B   5.000%  3/1/46  $1,000,000   $1,244,530(a)
Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services Projects, Series A   5.000%  2/1/34   150,000    172,838 
St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A   5.000%  9/1/38   350,000    401,859 
Total Missouri                1,819,227 
New Jersey - 4.7%                  
Gloucester County, NJ, PCFA Revenue, Keystone Urban Renewal, Logan Generating, Series A, Refunding   5.000%  12/1/24   695,000    759,482(a)
New Jersey State EDA Revenue:                  
School Facilities Construction, Series BBB, Refunding   5.500%  6/15/31   250,000    310,173 
Series DDD   5.000%  6/15/34   1,500,000    1,818,480 
Transit Transportation Project, Series A   5.000%  11/1/32   500,000    639,615 
New Jersey State EDA, Lease Revenue, State House Project, Series B   5.000%  6/15/43   4,000,000    4,898,920 
New Jersey State EDA, Special Facility Revenue, Port Newark Container Terminal LLC Project, Refunding   5.000%  10/1/37   200,000    239,600(a)
New Jersey State Health Care Facilities Financing Authority Revenue, Hackensack Meridian Health, Series A, Refunding   5.000%  7/1/38   125,000    154,530 
New Jersey State Transportation Trust Fund Authority Revenue:                  
Federal Highway Reimbursement, Series A, Refunding   5.000%  6/15/29   750,000    903,097 
Transportation Program, Series AA   5.250%  6/15/43   500,000    625,485 
Transportation Program, Series BB   4.000%  6/15/36   250,000    289,338 
Transportation System, Series A, Refunding   5.000%  12/15/25   1,250,000    1,502,175 
Tobacco Settlement Financing Corp., NJ, Revenue, Senior, Series A, Refunding   5.000%  6/1/46   200,000    243,690 
Total New Jersey                12,384,585 
New York - 18.2%                  
Long Island, NY, Power Authority Electric System Revenue, Series B, Refunding   1.650%  9/1/24   1,500,000    1,532,010(b)(c)

 

See Notes to Schedule of Investments.

 

8

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate  

Maturity
Date 

 

Face
Amount

   Value 
New York - continued                  
MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Series A   5.000%  11/15/47  $500,000   $616,355 
New York Convention Center Development Corp. Revenue, CAB, Subordinated Lien, Hotel Unit Fee Secured, Series B   0.000%  11/15/32   2,000,000    1,576,140 
New York State Dormitory Authority, Sales Tax Revenue:                  
Group 2, Series E, Refunding   5.000%  3/15/36   1,500,000    1,957,200 
Group 3, Series E, Refunding   5.000%  3/15/38   3,000,000    3,886,740 
Group 4, Series E, Refunding   5.000%  3/15/44   10,000,000    12,778,200 
New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding   5.000%  3/15/44   1,000,000    1,284,260 
New York State Liberty Development Corp. Revenue, Goldman Sachs Headquarters, Refunding   5.250%  10/1/35   2,500,000    3,615,025 
New York State Liberty Development Corp., Liberty Revenue, 3 World Trade Center Project, Class 1, Refunding   5.000%  11/15/44   575,000    647,870(d)
New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Junior Lien, Series A   5.000%  1/1/46   1,000,000    1,196,360 
New York State Transportation Development Corp., Special Facilities Revenue:                  
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project   5.000%  1/1/31   1,500,000    1,867,770(a)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project   5.000%  1/1/32   1,100,000    1,367,036(a)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project   5.000%  1/1/36   3,380,000    4,168,926(a)
LaGuardia Airport Terminal B Redevelopment Project, Series A   5.000%  7/1/46   3,000,000    3,453,420(a)
Port Authority of New York & New Jersey, Special Obligation Revenue, JFK International Air Terminal LLC   5.500%  12/1/31   7,925,000    8,225,991 
Total New York                48,173,303 
North Carolina - 1.2%                  
Charlotte, NC, Airport Revenue, Charlotte Douglas International Airport, Series A, Refunding   5.000%  7/1/49   500,000    641,390 

 

See Notes to Schedule of Investments.

 

9

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		  Face
Amount		   Value 
North Carolina - continued                  
Charlotte, NC, Lease Revenue, COP, Convention Facility Project, Series A, Refunding   4.000%  6/1/49  $250,000   $294,423 
North Carolina State Limited Obligation Revenue, Series A   4.000%  5/1/33   1,000,000    1,223,940 
North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding   5.000%  1/1/30   100,000    123,366 
North Carolina State Turnpike Authority Revenue, Series A, Refunding, State Appropriations   5.000%  7/1/54   750,000    873,502 
Total North Carolina                3,156,621 
Ohio - 0.7%                  
Buckeye, OH, Tobacco Settlement Financing Authority:                  
Series A-2, Refunding   4.000%  6/1/48   350,000    401,597(e)
Series B-2, Refunding   5.000%  6/1/55   550,000    621,984(e)
Northeast Ohio Regional Sewer District Revenue, Waste Water Improvement, Series 2019, Refunding   4.000%  11/15/36   300,000    366,360 
Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding   2.500%  10/1/29   500,000    532,140(a)(b)(c)
Total Ohio                1,922,081 
Oklahoma - 0.0%                  
Oklahoma State Turnpike Authority Revenue, Second Series C   5.000%  1/1/47   40,000    48,455 
Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A   6.250%  11/1/31   113,130    283*(f)
Total Oklahoma                48,738 
Oregon - 0.3%                  
Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, Refunding   5.000%  6/1/46   650,000    773,676 
Pennsylvania - 2.4%                  
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue   5.000%  6/1/30   250,000    317,735 
Cumberland County, PA, Municipal Authority Revenue, Diakon Lutheran Social Ministries Project, Refunding   5.000%  1/1/27   1,000,000    1,151,260 
Pennsylvania State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management Inc. Project   2.150%  7/1/24   350,000    364,326(a)(b)(c)

 

See Notes to Schedule of Investments.

 

10

 

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security   Rate     Maturity
Date		     Face
Amount		     Value  
Pennsylvania - continued                                
Pennsylvania State, GO, Refunding     5.000 %     7/15/30     $ 1,000,000     $ 1,326,150  
Philadelphia, PA, Authority for IDR:                                
City Service Agreement Revenue, Rebuild Project     5.000 %     5/1/35       1,000,000       1,260,870  
Lease Revenue, Refunding     5.000 %     10/1/30       350,000       472,503  
Philadelphia, PA, GO, Series B     5.000 %     2/1/37       500,000       651,390  
State Public School Building Authority, PA, Lease Revenue:                                
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding     5.000 %     6/1/31       200,000       245,696  
Philadelphia School District Project, Series A, Refunding, AGM, State Aid Withholding     5.000 %     6/1/33       550,000       673,409  
Total Pennsylvania                             6,463,339  
Puerto Rico - 1.9%                                
Puerto Rico Commonwealth Aqueduct & Sewer                                
Authority Revenue, Senior Lien, Series A     5.250 %     7/1/42       1,200,000       1,299,000  
Puerto Rico Electric Power Authority Revenue:                                
Series A     5.000 %     7/1/42       440,000       351,450 *(f)
Series A     5.050 %     7/1/42       100,000       79,875 *(f)
Series XX     5.250 %     7/1/40       920,000       737,150 *(f)
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:                                
CAB, Restructured, Series A-1     0.000 %     7/1/27       290,000       248,072  
CAB, Restructured, Series A-1     0.000 %     7/1/46       2,990,000       889,585  
Restructured, Series A-1     4.750 %     7/1/53       150,000       169,818  
Restructured, Series A-1     5.000 %     7/1/58       1,060,000       1,215,682  
Total Puerto Rico                             4,990,632  
South Carolina - 0.2%                                
South Carolina State Ports Authority Revenue, Series 2018     5.000 %     7/1/36       500,000       627,805 (a)
Texas - 7.9%                                
Arlington, TX, Higher Education Finance Corp., Education Revenue, Uplift Education, Series A, Refunding, PSF - GTD     5.000 %     12/1/35       300,000       372,096  
Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM     5.000 %     2/15/41       400,000       457,856  
City of Austin, TX, Airport System Revenue, Series B     5.000 %     11/15/37       600,000       773,886 (a)

 

See Notes to Schedule of Investments.

 

 11

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		   Face
Amount		   Value 
Texas - continued                    
Grand Parkway Transportation Corp., TX, System Toll Revenue, Subordinated Tier, Series A   5.000%   10/1/48   $2,500,000   $3,117,600 
Harris County, TX, Cultural Education Facilities Finance Corp., Thermal Utility Revenue, Teco Project, Refunding   5.000%   11/15/33    250,000    313,542 
Houston, TX, Airport System Revenue:                
Public Improvement Project, Series A, Refunding   5.000%   3/1/32    1,100,000    1,436,666 
Special Facilities, United Airlines Inc., Airport Improvement Project   5.000%   7/15/28    1,000,000    1,240,470(a)
Subordinate, Series C, Refunding   5.000%   7/1/31    1,750,000    2,217,530(a)
Love Field, TX, Airport Modernization Corp., General Airport Revenue, Series 2017   5.000%   11/1/31    120,000    146,413(a)
Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines  Co. Project   5.250%   11/1/40    3,000,000    3,083,850 
Prosper, TX, ISD, GO, School Building, PSF - GTD   5.000%   2/15/49    1,000,000    1,273,070 
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Revenue, Buckner Senior Living Ventana Project, Series A   6.625%   11/15/37    190,000    231,815 
Texas State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D   6.250%   12/15/26    1,115,000    1,327,564 
Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior Lien, Blueridge Transportation Group LLC   5.000%   12/31/40    500,000    587,820(a)
Texas State Public Finance Authority Lease Revenue, Series A, Refunding   4.000%   2/1/37    500,000    596,415 
Texas State Water Development Board Revenue, State Water Implementation Fund, Series A   5.000%   10/15/43    1,700,000    2,156,841(g)
University of Texas, TX, System Revenue, Financing System Board of Regents, Series B, Refunding   5.000%   8/15/29    1,000,000    1,353,900 

 

See Notes to Schedule of Investments.

  

 12

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		   Face
Amount		   Value 
Texas - continued                    
Woodloch, TX, Health Facilities Development Corp., Senior Housing Revenue:                    
Inspired Living at Lewisville Project, Series A-1   6.750%   12/1/51   $150,000   $122,484(d)
Subordinate, Inspired Living at Lewisville  Project, Series B   10.000%   12/1/51    50,000    35,177 
Total Texas                  20,844,995 
U.S. Virgin Islands - 0.7%                    
Virgin Islands Public Finance Authority Revenue, Subordinated, Matching Fund Loan, Diageo Project, Series A   6.625%   10/1/29    1,800,000    1,804,572 
Utah - 1.3%                    
Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A   5.000%   7/1/43    1,750,000    2,169,615(a)
Utah Infrastructure Agency, Telecommunications Revenue, Series 2019   5.000%   10/15/26    300,000    359,802 
Utah State Charter School Finance Authority, Charter School Revenue:                    
Syracuse Arts Academy Project, UT CSCE   5.000%   4/15/47    250,000    294,847 
Utah Charter Academies Project, Series 2018, UT CSCE   5.000%   10/15/38    500,000    618,925 
Total Utah                  3,443,189 
Virginia - 1.1%                    
Virginia State Port Authority, Port Facilities Revenue:                    
Series B, Refunding   5.000%   7/1/41    400,000    480,008(a)
Series B, Refunding   5.000%   7/1/45    500,000    596,150(a)
Virginia State Small Business Financing  Authority Revenue, Senior Lien, Elizabeth River  Crossings OpCo LLC Project   5.000%   7/1/23    1,775,000    1,934,484(a)
Total Virginia                  3,010,642 
Washington - 1.5%                    
Port of Seattle, WA, Intermediate Lien Revenue:                    
Series 2019   5.000%   4/1/34    750,000    960,045(a)
Series A   5.000%   5/1/36    500,000    611,905(a)
Washington State Health Care Facilities Authority Revenue, Commonspirit Health, Series B, Refunding   5.000%   8/1/26    300,000    363,726(b)(c) 

 

See Notes to Schedule of Investments.

  

 13

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		   Face
Amount		   Value 
Washington - continued                    
Washington State HFC, Non-Profit Housing Revenue, Heron’s Key, Series A   6.000%   7/1/25   $675,000   $765,808(d)
Washington State, GO, Series R, 2018D, Refunding   5.000%   8/1/33    1,000,000    1,273,150 
Total Washington                  3,974,634 
West Virginia - 0.2%                    
West Virginia University Revenue, West Virginia Projects, Series B, Refunding   5.000%   10/1/29    400,000    531,028(b)(c) 
Wisconsin - 1.2%                    
Public Finance Authority, WI, Limited Obligation Pilot Revenue, American Dream @ Meadowlands Project, Series 2017   5.000%   12/1/27    750,000    867,525(d)
Public Finance Authority, WI, Revenue, Series A, AGM   5.000%   7/1/44    1,000,000    1,226,200 
Village of Mount Pleasant, WI, Tax Increment Revenue, Series A   5.000%   4/1/43    750,000    932,295 
Total Wisconsin                  3,026,020 
Total Investments before Short-Term Investments
(Cost - $233,249,089)		                  264,825,596 
Short-Term Investments - 1.1%                    
Municipal Bonds - 1.1%                    
Mississippi - 0.4%                    
Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR, Chevron USA Inc. Project, Series L   1.200%   11/1/35    1,000,000    1,000,000(h)(i) 
Missouri - 0.0%                    
Missouri State HEFA Revenue, St. Louis University, Series B, LOC - U.S. Bank N.A.   1.160%   10/1/24    100,000    100,000(h)(i) 
New York - 0.1%                    
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution, Series AA-2, SPA - PNC Bank N.A.   1.250%   6/15/48    100,000    100,000(h)(i) 
Pennsylvania - 0.0%                    
Philadelphia, PA, Authority for IDR, Series B, Refunding, LOC - TD Bank N.A.   1.120%   10/1/30    100,000    100,000(h)(i) 
Texas - 0.4%                    
Harris County, TX, Health Facilities Development Corp. Revenue, Methodist Hospital System, Series A-2, Refunding   1.220%   12/1/41    200,000    200,000(h)(i) 

 

See Notes to Schedule of Investments.

  

 14

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Security  Rate   Maturity
Date		   Face
Amount		   Value 
Texas - continued                    
Lower Neches Valley Authority, TX, Industrial Development Corp. Revenue:                    
ExxonMobil Corp., Series A, Refunding   1.200%   8/1/22   $100,000   $ 100,000(h)(i)
ExxonMobil Corp., Series B, Refunding   1.240%   11/1/29    600,000    600,000(a)(h)(i)
Total Texas                  900,000 
Utah - 0.2%                    
Murray City, UT, Hospital Revenue, IHC Health Services Inc., Series D   1.180%   5/15/36    600,000    600,000(h)(i) 
Total Municipal Bonds
(Cost - $2,800,000)		                  2,800,000 

 

 

       Shares     
Money Market Funds - 0.0%               
Dreyfus Government Cash Management, Institutional Shares (Cost - $60,907)   1.491%   60,907    60,907 
Total Short-Term Investments
(Cost - $2,860,907)		             2,860,907 
Total Investments - 101.0%
(Cost - $236,109,996)		             267,686,503 
Liabilities in Excess of Other Assets - (1.0)%             (2,665,116)
Total Net Assets - 100.0%            $265,021,387 

 

*Non-income producing security.

(a)Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).

(b)Maturity date shown represents the mandatory tender date.

(c)Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(d)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.

(e)Securities traded on a when-issued or delayed delivery basis.

(f)The coupon payment on these securities is currently in default as of February 29, 2020.

(g)All or a portion of this security is held at the broker as collateral for open futures contracts.

(h)Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the Remarketing Agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System.

(i)Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

 

See Notes to Schedule of Investments.

  

 15

 

 

Western Asset Municipal Defined Opportunity Trust Inc.

 

Schedule of investments (unaudited) (cont’d) February 29, 2020

 

Abbreviations used in this schedule:

 

AGM — Assured Guaranty Municipal Corporation — Insured Bonds
BAM — Build America Mutual — Insured Bonds
CAB — Capital Appreciation Bonds
CDA — Communities Development Authority
COP — Certificates of Participation
CSCE — Charter School Credit Enhancement
CWA — Clean Water Act
DFA — Development Finance Agency
EDA — Economic Development Authority
GO — General Obligation
GTD — Guaranteed
HEFA — Health & Educational Facilities Authority
HFC — Housing Finance Commission
IDA — Industrial Development Authority
IDR — Industrial Development Revenue
ISD — Independent School District
LOC — Letter of Credit
MFA — Municipal Finance Authority
MTA — Metropolitan Transportation Authority
NATL — National Public Finance Guarantee Corporation — Insured Bonds
PCFA — Pollution Control Financing Authority
PEA — Public Energy Authority
PFA — Public Facilities Authority
PSF — Permanent School Fund
SPA — Standby Bond Purchase Agreement — Insured Bonds
USD — Unified School District

 

At February 29, 2020, the Fund had the following open futures contracts:

 

   Number of   Expiration   Notional   Market   Unrealized 
   Contracts   Date   Amount   Value   Depreciation 
Contracts to Sell:                         
U.S. Treasury Ultra Long-Term                         
Bonds   54    6/20  $10,950,346   $11,205,000   $(254,654)

 

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

 

See Notes to Schedule of Investments.

  

 16

 

 

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

 

Western Asset Municipal Defined Opportunity Trust Inc. (the “Fund”) was incorporated in Maryland on January 15, 2009 and is registered as a non-diversified, limited term, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s primary investment objective is to provide high current income exempt from federal income tax and then to liquidate on or about April 30, 2021 and distribute all of the Fund’s net assets to shareholders. As a secondary investment objective, the Fund will seek total return. There can be no assurance the Fund’s investment objectives will be achieved.

 

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. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

 

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

 

See Notes to Schedule of Investments.

  

 17

 

 

Notes to Schedule of Investments (unaudited) (continued)

 

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

 

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

 

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

 

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

 

●Level 1 – quoted prices in active markets for identical investments

 

●Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

●Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

 

See Notes to Schedule of Investments.

  

 18

 

 

Notes to Schedule of Investments (unaudited) (continued)

 

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:

 

ASSETS 
Description 
Quoted Prices
(Level 1)		   Other Significant
Observable Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Total 
Municipal Bonds†   —   $264,825,596    —   $264,825,596 
Short-Term Investments†:                    
Municipal Bonds   —    2,800,000    —    2,800,000 
Money Market Funds  $60,907    —    —    60,907 
Total Short-Term Investments   60,907    2,800,000    —    2,860,907 
Total Investments  $60,907   $267,625,596    —   $267,686,503 

 

LIABILITIES 
Description 
Quoted Prices
(Level 1)		   Other Significant
Observable Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Total 
Other Financial Instruments:                    
Futures Contracts  $254,654    —    —   $254,654 

 

† See Schedule of Investments for additional detailed categorizations.

 

See Notes to Schedule of Investments.

  

 19