Edgar Filing: WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.

WA Global Corporate Defined Opportunity Fund Inc

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 811-22334

Western Asset Global Corporate Defined Opportunity Fund Inc.

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49^th Floor, New York, NY 10018

(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)

Registrant’s telephone number, including area code: (888) 777-0102

Date of fiscal year end: October 31

Date of reporting period: October 31, 2016

ITEM 1.

REPORT TO STOCKHOLDERS.

The Annual Report to Stockholders is filed herewith.

LOGO


Annual Report		October 31, 2016

WESTERN ASSET

GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC. (GDO)

LOGO

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE


What’s inside
Letter from the chairman			II
Investment commentary			III
Fund overview			1
Fund at a glance			8
Spread duration			9
Effective duration			10
Schedule of investments			11
Statement of assets and liabilities			27
Statement of operations			28
Statements of changes in net assets			29
Statement of cash flows			30
Financial highlights			31
Notes to financial statements			32
Report of independent registered public accounting firm			46
Additional information			47
Annual chief executive officer and principal financial officer certifications			53
Other shareholder communications regarding accounting matters			54
Dividend reinvestment plan			55
Important tax information			59

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.

Letter from the chairman

LOGO

Dear Shareholder,

We are pleased to provide the annual report of Western Asset Global Corporate Defined Opportunity Fund Inc. for the twelve-month reporting period ended October 31, 2016. 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.lmcef.com. Here you can gain immediate access to market and investment information, including:

•

Fund prices and performance,

•

Market insights and commentaries from our portfolio managers, and

•

A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

LOGO

Jane Trust, CFA

Chairman, President and Chief Executive Officer

November 30, 2016


II		Western Asset Global Corporate Defined Opportunity Fund Inc.

Investment commentary

Economic review

The pace of U.S. economic activity fluctuated during the twelve months ended October 31, 2016 (the “reporting period”). Looking back, the U.S. Department of Commerce reported that fourth quarter 2015 U.S. gross domestic product (“GDP”)ⁱ growth was 0.9%. First and second quarter 2016 GDP growth was 0.8% and 1.4%, respectively. The U.S. Department of Commerce’s second reading for third quarter 2016 GDP growth — released after the reporting period ended — was 3.2%. The improvement in GDP growth in the third quarter 2016 reflected an increase in private inventory investment, an acceleration in exports, an upturn in federal government spending and smaller decreases in state and local government spending.

While there was a pocket of weakness in May 2016, job growth in the U.S. was solid overall and a tailwind for the economy during the reporting period. When the period ended on October 31, 2016, the unemployment rate was 4.9%, as reported by the U.S. Department of Labor. The percentage of longer-term unemployed modestly declined over the period. In October 2016, 25.2% of Americans looking for a job had been out of work for more than six months, versus 25.7% when the period began.

Turning to the global economy, in its October 2016 World Economic Outlook Update, the International Monetary Fund (“IMF”)ⁱⁱ said, “The forces shaping the global outlook — both those operating over the short term and those operating over the long term — point to subdued growth for 2016 and a gradual recovery thereafter, as well as to downside risks.” From a regional perspective, the IMF currently estimates 2016 growth in the Eurozone will be 1.7%, versus 2.0% in 2015. Japan’s economy is expected to expand 0.5% in 2016, the same as in 2015. Elsewhere, the IMF projects that overall growth in emerging market countries will tick up to 4.2% in 2016, versus 4.0% in 2015.

After an extended period of maintaining the federal funds rateⁱⁱⁱ at a historically low range between zero and 0.25%, the Federal Reserve Board (the “Fed”)^ivincreased the rate at its meeting on December 16, 2015. This marked the first rate hike since 2006. In particular, the U.S. central bank raised the federal funds rate to a range between 0.25% and 0.50%. At its meeting that concluded on November 2, 2016 (after the reporting period ended), as well as during the prior meetings of the year, the Fed kept rates on hold. In the Fed’s statement after the November meeting it said, “The Committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.”

Given the economic challenges in the Eurozone, the European Central Bank (“ECB”)^v took a number of actions to stimulate growth and ward off deflation. In January 2015, before the reporting period began, the ECB announced that, beginning in March 2015, it would start a €60 billion-per-month bond buying program that was expected to run until September 2016. In December 2015, the ECB extended its monthly bond buying program until at least March 2017. Finally, in March 2016 the ECB announced that it would increase its bond purchasing


Western Asset Global Corporate Defined Opportunity Fund Inc.		III

Investment commentary (cont’d)

program to €80 billion-per-month. It also lowered its deposit rate to -0.4% and its main interest rate to 0%. Looking at other developed countries, in the aftermath of the June 2016 U.K. referendum to leave the European Union (“Brexit”), the Bank of England (“BoE”)^vi lowered rates in October 2016 from 0.50% to 0.25% — an all-time low. After holding rates steady at 0.10% for more than five years, in January 2016 the Bank of Japan^vii announced that it lowered the rate on current accounts that commercial banks hold with it to -0.10%. Elsewhere, the People’s Bank of China^viii kept rates steady at 4.35%.

As always, thank you for your confidence in our stewardship of your assets.

Sincerely,

LOGO

Jane Trust, CFA

Chairman, President and

Chief Executive Officer

November 30, 2016

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. Forecasts and predictions are inherently limited and should not be relied upon as an indication of actual or future performance.

ⁱ	Gross domestic product (“GDP”) is the market value of all final goods and services produced within a country in a given period of time.

ⁱⁱ	The International Monetary Fund (“IMF”) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

ⁱⁱⁱ	The federal funds rate is the rate charged by one depository institution on an overnight sale of immediately available funds (balances at the Federal Reserve) to another depository institution; the rate may vary from depository institution to depository institution and from day to day.

^iv	The Federal Reserve Board (the “Fed”) is responsible for the formulation of U.S. policies designed to promote economic growth, full employment, stable prices and a sustainable pattern of international trade and payments.

^v	The European Central Bank (“ECB”) is responsible for the monetary system of the European Union and the euro currency.

^vi	The Bank of England (“BoE”), formally the Governor and Company of the BoE, is the central bank of the United Kingdom. The BoE’s purpose is to maintain monetary and financial stability.

^vii	The Bank of Japan is the central bank of Japan. The bank is responsible for issuing and handling currency and treasury securities, implementing monetary policy, maintaining the stability of the Japanese financial system and the yen currency.

^viii

The People’s Bank of China (“PBoC”) is the central bank of the People’s Republic of China with the power to carry out monetary policy and regulate financial institutions in mainland China.


IV		Western Asset Global Corporate Defined Opportunity Fund Inc.

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 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 managed assets in a portfolio of U.S. and foreign corporate fixed-income securities of varying maturities. Under normal market conditions, the Fund will invest at least 40% of its managed assets in fixed-income securities of foreign issuers organized or having a principal place of business outside the United States, including in emerging market countries. In addition, the Fund may invest up to 35% of its managed assets in fixed-income securities of below investment grade quality. Below investment grade fixed income securities are commonly known as “high yield” or “junk” bonds.

Under normal market conditions, the Fund expects to maintain, on an ongoing basis, a dollar-weighted average credit quality of portfolio holdings of investment grade quality. When choosing investments, Western Asset Management Company (“Western Asset”), the Fund’s subadviser, focuses on corporate securities that exhibit pricing inefficiencies, improving credit conditions that offer income opportunities and the potential for high real yields.

At Western, 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 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, Andrew J. Belshaw, Paul Shuttleworth, Christopher F. Kilpatrick and Chia-Liang (CL) Lian.

Q. What were the overall market conditions during the Fund’s reporting period?

A. Most spread sectors (non-Treasuries) posted positive returns, but generated mixed results versus equal-durationⁱ Treasuries over the twelve-month reporting period ended October 31, 2016. The fixed income market was volatile at times given signs of generally modest economic growth, uncertainties regarding future Federal Reserve Board (the “Fed”)ⁱⁱ monetary policy, implications of the U.K.‘s referendum to leave the European Union (“Brexit”) and a number of geopolitical issues.

Short-term Treasury yields moved higher, whereas long-term Treasury yields declined during the twelve months ended October 31, 2016. Two-year Treasury yields began the reporting period at 0.75% and ended the period at 0.86%. Their peak of 1.09% occurred on December 29, 2015 and they were as low as 0.56% on July 5, 2016. Ten-year Treasury yields were 2.16% at the beginning of the period and ended the period at 1.84%. Their peak of 2.36% was


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		1

Fund overview (cont’d)

on November 9, 2015 and their low of 1.37% occurred on both July 5 and July 8, 2016.

Regarding global credit markets for the twelve months ended October 31, 2016, the period will be remembered for its heightened volatility. During the summer of 2015, we experienced falling commodity prices, fears over global growth, reduced liquidity and uncertainty surrounding Fed interest rate policy. These concerns generally continued through mid-February 2016. Against this backdrop, spread sectors widened, technicals significantly deteriorated, default expectations increased, rating agencies aggressively downgraded commodity-related businesses and several dedicated credit funds experienced redemptions or announced liquidation strategies. Mid-February 2016 through the end of the reporting period was met with strong demand for credit. This reversal occurred as market technicals materially improved, investors seemed energized by more compelling valuations and energy markets stabilized and then moved higher.

All told, the Bloomberg Barclays U.S. Aggregate Indexⁱⁱⁱ, returned 4.37% during the reporting period. Investment grade rated corporates and high-yield bonds generated stronger results. Over the reporting period, the investment grade rated Bloomberg Barclays Global Aggregate Corporate Index^iv returned 5.33%, the Bloomberg Barclays Global High Yield Index (USD hedged)^v gained 9.83% and the JPMorgan Emerging Markets Bond Index Global (“EMBI Global”)^vi returned 11.59%.

Q. How did we respond to these changing market conditions?

A. We maintained the general theme of a higher quality global levered credit mandate with an emphasis on the Financials sector. That being said, we did make a number of adjustments to the portfolio during the reporting period. We decreased our exposure to global investment-grade corporate bonds by roughly 4%, ending the period at 45.2%. Within this area we trimmed our allocation to non-U.S. financial institutions. We maintained our exposure to global high-yield corporate bonds, ending the reporting period at roughly 30%. We marginally decreased our exposure to emerging market debt (ending the period at approximately 13%), while increasing our U.S. Treasury exposure, ending the period at roughly 7% of the Fund.

From a quality prospective, the Fund continued to allocate roughly two-thirds of its portfolio to investment-grade rated bonds. However, within our high-yield corporate bond allocation, we increased the quality of our holdings by adding BB-rated exposure, while paring our allocation to CCC and below rated bonds. From a sector perspective, we continued to emphasize Financials, but reduced our exposure as valuations became less attractive. We maintained our Communications¹ exposure, as it is historically seen as a more defensive sector, with consistent cash flows. This helped to offset some of the more volatile Energy exposure. We maintained our Energy overweight, ending the reporting period with roughly an 13% allocation in the sector. Additionally, we actively participated in the

¹	Communications consists of the following industries: Media — Cable, Media — Non-Cable and Telecommunications.


2		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

new issue market by selectively purchasing securities that we felt were attractively valued.

We continued to emphasize credit risk over interest rate risk during the reporting period. That being said, we marginally increased the duration of the portfolio because we felt rates could rally and move lower during periods of heightened volatility. The Fund ended the reporting period with a net effective duration^vii of 6.3 years, an increase of approximately 0.4 years from last year’s net effective duration. For comparison purposes, the Fund’s unmanaged benchmark had a duration of 6.7 years at the end of the reporting period.

During the reporting period, we employed U.S. Treasury futures to manage the Fund’s duration. These futures contracts contributed to performance. The Fund also utilized currency forwards and options, which were primarily used to hedge the Fund’s euro- and pound-denominated bonds back to U.S. dollars. These currency hedges overall had a material positive impact on performance. As we anticipated, the U.S. dollar strengthened versus the euro during the reporting period as the European Central Bank^viii continued their quantitative easing program. In addition, British citizens voted to leave the European Union , which pressured the pound. Overall, the use of derivative instruments had a positive impact on the Fund’s performance during the reporting period.

We ended the period with leverage at 22% of the gross assets of the Fund, roughly unchanged from the beginning of the reporting period. Overall, the use of leverage was additive to performance during the twelve months ended October 31, 2016 given the positive gross performance of the assets of the Fund.

Performance review

For the twelve months ended October 31, 2016, Western Asset Global Corporate Defined Opportunity Fund Inc. returned 8.44% based on its NAV^ix and 9.82% based on its New York Stock Exchange (“NYSE”) market price per share. The Fund’s unmanaged benchmark, the Bloomberg Barclays Global Aggregate Corporate Index, returned 5.33% for the same period. The Lipper Global Income Closed-End Funds Category Average^x returned 8.61% over the same time frame. Please note that Lipper performance returns are based on each fund’s NAV.

During the twelve-month period, the Fund made distributions to shareholders totaling $1.36 per share.* The performance table shows the Fund’s twelve-month total return based on its NAV and market price as of October 31, 2016. Past performance is no guarantee of future results.


Performance Snapshot as of October 31, 2016
Price Per Share	12-Month Total Return**
$18.94 (NAV)		8.44	%†
$17.39 (Market Price)		9.82	%‡

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

*	For the tax character of distributions paid during the fiscal year ended October 31, 2016, please refer to page 43 of this report.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		3

Fund overview (cont’d)

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. While we have always managed the Fund as a higher quality global levered credit mandate, we will discuss the portfolio in relation to the Fund’s unmanaged and unlevered benchmark. The Fund had a negative total return of roughly 7.4% during the first four months of the reporting period before materially rebounding and finishing with a positive total return of 8.44% based on its NAV for the period as a whole. The largest contributor to the Fund’s relative performance during the reporting period was our decision to hedge our previously mentioned Eurozone currency exposure back to U.S. dollars. We ended the period with a very modest net 1.3% short position versus the euro and a roughly neutral position versus the pound at 0.7% long.

Issuer selection was beneficial across several spread product sectors. A number of the portfolio’s investment-grade corporate bonds were additive to performance. Examples of holdings that contributed to results were overweight positions in Charter Communications secured bonds (Charter Com OPT LLC/CAP), Time Warner Cable LLC, Viacom Inc. and JPMorgan Chase & Co. Charter Communications and Time Warner Cable merged during the reporting period and have since achieved merger synergies and posted consistent positive fundamental results. We added investment-grade rated media and content producer Viacom at stressed levels when the company took center stage during their management and ownership dispute. We felt the company had the ability to generate significant free cash flow and the company could benefit from mergers and acquisitions (“M&A”) as well. The company cut its dividend and fundamental performance showed signs of stabilization which benefited our bond position. We favored large money center banks such as JPMorgan Chase & Co. which we believed would continue to post consistent fundamental results, along with increased capital ratios. In addition, the company is still constrained by regulators from returning excessive amounts of capital to shareholders — a positive for fixed income investors.

Overall, the Fund’s out-of-benchmark exposure to high-yield corporate bonds was beneficial for results. Examples of holdings that contributed to performance were Energy overweight positions in Oasis Petroleum, Inc. and Whiting Petroleum Corp. As energy and commodity prices stabilized, investors shifted from being fearful to constructive, driven by more compelling valuations. In addition, our decision to add Energy “fallen angels” (securities that had been downgraded to below investment grade) such as Williams Cos., Inc. were beneficial to performance.

Away from the Energy sector, an overweight allocation to U.S. wireless company Sprint Capital Corp, Sprint Corp. and Sprint Communications, Inc. was rewarded. Sprint is one of the largest issuers in the high-yield market and thus was more impacted during the risk-off technical downturn as credit funds were unwinding during the first half of


4		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

the reporting period. In addition, we felt the market was not giving the company credit for its ownership structure. Sprint is owned by the BB-rated Japanese multi-national, Softbank Group. All told, Sprint continued to post improving fundamental results and its bonds outperformed during the reporting period as a whole.

Within the emerging market debt asset class, the Fund’s overweight exposures to Republic of Argentina sovereign debt, as well as our commodity-related exposure in issuers such as Ecopetrol SA, Vale Overseas Limited and Petrobras Global Finance BV were beneficial for performance. Argentina completed restructuring negotiations and tapped global markets with a refinancing transaction. In addition, the country was upgraded by Moody’s Investor Service to single B toward the end of the reporting period, sending its bond prices higher. As previously mentioned, the stabilization in commodity prices was beneficial for our holdings in the emerging market asset class.

Q. What were the leading detractors from performance?

A. While the Fund outperformed its stated benchmark for the reporting period, a number of our individual out-of-benchmark issuers underperformed. Within the emerging market asset class, an allocation to Oi Brasil Holdings SA detracted from performance. Brazilian wireless and wireline operator Oi Brasil Holdings posted disappointing fundamental results, pressuring its bond prices. The company improved its balance sheet by proactively selling assets, including their Portuguese operations. In addition, they were rumored to be in merger and/or outright sale discussions for their Brazilian business which ultimately proved unsuccessful. The company is in the process of restructuring their balance sheet and negotiations have begun with bondholders.

While the Fund’s allocation to high-yield corporate bonds performed well overall during the reporting period, its overweight position in Ultrapetrol (Bahamas) Ltd. was a drag on results. Ultrapetrol has been in restructuring talks with bondholders for an extensive amount of time and its asset sales and negotiations have proved challenging. The Fund’s small overweight position detracted from results during the reporting period.

Elsewhere, the Fund’s allocation to investment-grade corporate bonds also performed well during the reporting period and there were no material detractors from results during the reporting period.

Looking for additional information?

The Fund is traded under the symbol “GDO” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available on-line under the symbol “XGDOX” 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.lmcef.com (click on the name of the Fund).

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.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		5

Fund overview (cont’d)

Thank you for your investment in Western Asset Global Corporate Defined Opportunity Fund 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

November 20, 2016

RISKS: The Fund is a non-diversified, 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 objective. 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. Fixed-income securities are subject to credit risk, inflation risk, call 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, known as “junk bonds,” which are subject to greater credit risk (risk of default) than higher-rated obligations. Investments in foreign securities involve risks, including the possibility of losses due to changes in currency exchange rates and negative developments in the political, economic or regulatory structure of specific countries or regions. These risks are magnified in emerging markets. The Fund may make significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Leverage may result in greater volatility of NAV and the market price of common shares and increases a shareholder’s risk of loss.

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 October 31, 2016 were: Financials (30.3%), Energy (16.7%), Consumer Discretionary (16.0%), Telecommunication Services (13.3%), and Materials (9.2%). 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.


6		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

ⁱ	Duration is the measure of the price sensitivity of a fixed-income security to an interest rate change of 100 basis points. Calculation is based on the weighted average of the present values for all cash flows.

ⁱⁱ	The Federal Reserve Board (the “Fed”) is responsible for the formulation of U.S. policies designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.

ⁱⁱⁱ	The Bloomberg Barclays 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.

^iv	The Bloomberg Barclays Global Aggregate Corporate Index represents the corporates portion of the Bloomberg Barclays Global Aggregate index grouping. An investment cannot be made directly in an index.

The Bloomberg Barclays Global High Yield Index provides a broad-based measure of the global high-yield fixed-income markets, representing the union of the U.S. High-Yield, Pan-European High-Yield, U.S. Emerging Markets High-Yield, CMBS High-Yield and Pan European Emerging Markets High-Yield Indices.

^vi	The JPMorgan Emerging Markets Bond Index Global (“EMBI Global”) tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds and local market instruments.

^vii

Effective duration is a duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Please note, duration measures the sensitivity of price (the value of principal) of a fixed-income investment to a change in interest rates. Funds that employ leverage calculate effective duration based off of Net Assets.

^viii

The European Central Bank (“ECB”) is responsible for the monetary system of the European Union and the euro currency.

^ix

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.

Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the twelve-month period ended October 31, 2016, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 13 funds in the Fund’s Lipper category.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		7

Fund at a glance^† (unaudited)

Investment breakdown (%) as a percent of total investments

LOGO

†

The bar graph above represents the composition of the Fund’s investments as of October 31, 2016 and October 31, 2015 and does not include derivatives, such as futures contracts and forward foreign currency contracts. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

‡	Represents less than 0.1%.

*	Effective August 31, 2016, the Financials sector was redefined to exclude real estate and a Real Estate sector was created.


8		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Spread duration (unaudited)

Economic exposure — October 31, 2016

LOGO


Total Spread Duration
GDO		— 4.47 years
Benchmark		— 6.18 years

Spread duration measures the sensitivity to changes in spreads. The spread over Treasuries is the annual risk-premium demanded by investors to hold non-Treasury securities. Spread duration is quantified as the % change in price resulting from a 100 basis points change in spreads. For a security with positive spread duration, an increase in spreads would result in a price decline and a decline in spreads would result in a price increase. This chart highlights the market sector exposure of the Fund’s sectors relative to the selected benchmark sectors as of the end of the reporting period.


ABS		— Asset-Backed Securities
Benchmark		— Bloomberg Barclays Global Aggregate Corporate Index
EM		— Emerging Markets
GDO		— Western Asset Global Corporate Defined Opportunity Fund Inc.
HY		— High Yield
IG Credit		— Investment Grade Credit
MBS		— Mortgage-Backed Securities


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		9

Effective duration (unaudited)

Interest rate exposure — October 31, 2016

LOGO


Total Effective Duration
GDO		— 4.87 years
Benchmark		— 6.18 years

Effective duration measures the sensitivity to changes in relevant interest rates. Effective duration is quantified as the % change in price resulting from a 100 basis points change in interest rates. For a security with positive effective duration, an increase in interest rates would result in a price decline and a decline in interest rates would result in a price increase. This chart highlights the interest rate exposure of the Fund’s sectors relative to the selected benchmark sectors as of the end of the reporting period.


ABS		— Asset-Backed Securities
Benchmark		— Bloomberg Barclays Global Aggregate Corporate Index
EM		— Emerging Markets
GDO		— Western Asset Global Corporate Defined Opportunity Fund Inc.
HY		— High Yield
IG Credit		— Investment Grade Credit
MBS		— Mortgage-Backed Securities


10		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Schedule of investments

October 31, 2016

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Corporate Bonds & Notes — 111.1%
Consumer Discretionary — 15.7%
Auto Components — 1.1%
Adient Global Holdings Ltd., Senior Notes		4.875	%		8/15/26		850,000		$	838,185	^(a)
Goodyear Tire & Rubber Co., Senior Notes		5.000	%		5/31/26		550,000			556,188
IHO Verwaltungs GmbH, Senior Secured Bonds		4.125	%		9/15/21		290,000			297,613	^(a)(b)
IHO Verwaltungs GmbH, Senior Secured Bonds		4.750	%		9/15/26		290,000			290,000	^(a)(b)
ZF North America Capital Inc., Senior Notes		4.750	%		4/29/25		1,050,000			1,111,687	^(a)
Total Auto Components										3,093,673
Automobiles — 0.7%
Ford Motor Credit Co., LLC, Senior Notes		2.375	%		1/16/18		1,300,000			1,309,270
General Motors Co., Senior Notes		6.600	%		4/1/36		720,000			853,516
Total Automobiles										2,162,786
Diversified Consumer Services — 0.0%
Co-operative Group Holdings 2011 Ltd., Senior Notes		6.875	%		7/8/20		100,000	^GBP		139,903	^(c)
Hotels, Restaurants & Leisure — 2.7%
Arcos Dorados Holdings Inc., Senior Notes		6.625	%		9/27/23		252,000			263,970	^(a)
Brinker International Inc., Senior Notes		5.000	%		10/1/24		1,310,000			1,336,200	^(a)
CEC Entertainment Inc., Senior Notes		8.000	%		2/15/22		700,000			707,000
GLP Capital LP/GLP Financing II Inc., Senior Notes		5.375	%		4/15/26		750,000			798,750
MGM Resorts International, Senior Notes		11.375	%		3/1/18		1,000,000			1,121,250
MGM Resorts International, Senior Notes		4.625	%		9/1/26		750,000			725,625
Mitchells & Butlers Finance PLC, Secured Notes		5.965	%		12/15/23		327,973	^GBP		446,479	^(c)
Scientific Games International Inc., Senior Secured Notes		7.000	%		1/1/22		330,000			352,638	^(a)
Viking Cruises Ltd., Senior Notes		8.500	%		10/15/22		620,000			627,750	^(a)
Whitbread Group PLC, Senior Bonds		3.375	%		10/16/25		920,000	^GBP		1,203,406	^(c)
Total Hotels, Restaurants & Leisure										7,583,068
Household Durables — 0.1%
William Lyon Homes Inc., Senior Notes		7.000	%		8/15/22		180,000			188,100
Media — 9.4%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35		720,000			832,326	^(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		3,660,000			4,304,068	^(a)
Comcast Corp., Senior Notes		5.700	%		7/1/19		1,800,000			1,999,267
DISH DBS Corp., Senior Notes		5.875	%		7/15/22		420,000			434,700
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		320,000			323,400
Gray Television Inc., Senior Notes		5.875	%		7/15/26		220,000			219,450	^(a)
Grupo Televisa SAB, Senior Bonds		6.625	%		1/15/40		1,730,000			1,993,387

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		11

Schedule of investments (cont’d)

October 31, 2016

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Media — continued
iHeartCommunications Inc., Senior Notes		14.000	%		2/1/21		970,509		$	373,646	^(b)
LG FinanceCo Corp., Senior Notes		5.875	%		11/1/24		280,000			284,025	^(a)
SFR Group SA, Senior Secured Bonds		6.250	%		5/15/24		1,210,000			1,213,775	^(a)
SFR Group SA, Senior Secured Notes		7.375	%		5/1/26		2,610,000			2,639,363	^(a)
Time Warner Cable Inc., Senior Notes		8.750	%		2/14/19		1,500,000			1,723,737
Tribune Media Co., Senior Notes		5.875	%		7/15/22		450,000			452,250
UBM PLC, Notes		5.750	%		11/3/20		1,500,000			1,616,366	^(a)
UPC Holding BV, Junior Secured Subordinated Notes		6.375	%		9/15/22		910,000	^EUR		1,065,208	^(a)
Viacom Inc., Senior Notes		4.375	%		3/15/43		4,050,000			3,740,025
Virgin Media Finance PLC, Senior Notes		6.000	%		10/15/24		1,000,000			1,018,750	^(a)
Virgin Media Finance PLC, Senior Notes		5.750	%		1/15/25		1,500,000			1,490,625	^(a)
Ziggo Secured Finance BV, Senior Secured Notes		5.500	%		1/15/27		780,000			772,200	^(a)
Total Media										26,496,568
Multiline Retail — 0.6%
Dollar Tree Inc., Senior Notes		5.750	%		3/1/23		710,000			759,700
Neiman Marcus Group LLC, Senior Secured Notes		7.125	%		6/1/28		180,000			169,650
Neiman Marcus Group Ltd. LLC, Senior Notes		8.000	%		10/15/21		300,000			249,000	^(a)
Neiman Marcus Group Ltd. LLC, Senior Notes		8.750	%		10/15/21		700,000			554,313	^(a)(b)
Total Multiline Retail										1,732,663
Specialty Retail — 1.1%
GameStop Corp., Senior Notes		6.750	%		3/15/21		760,000			784,700	^(a)
L Brands Inc., Debentures		6.950	%		3/1/33		1,082,000			1,122,575
PetSmart Inc., Senior Notes		7.125	%		3/15/23		500,000			524,375	^(a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes		5.625	%		12/1/25		720,000			772,200
Total Specialty Retail										3,203,850
Total Consumer Discretionary										44,600,611
Consumer Staples — 4.7%
Beverages — 1.3%
Anheuser-Busch InBev Finance Inc., Senior Notes		4.700	%		2/1/36		940,000			1,044,020
Anheuser-Busch InBev Finance Inc., Senior Notes		4.900	%		2/1/46		1,740,000			1,994,611
Carolina Beverage Group LLC/Carolina Beverage Group Finance Inc., Secured Notes		10.625	%		8/1/18		830,000			776,050	^(a)
Total Beverages										3,814,681
Food & Staples — 0.1%
FAGE International SA/FAGE USA Dairy Industry Inc., Senior Notes		5.625	%		8/15/26		340,000			351,900	^(a)
Food & Staples Retailing — 0.6%
Tesco PLC, Senior Notes		6.125	%		2/24/22		1,200,000	^GBP		1,660,553

See Notes to Financial Statements.


12		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Food Products — 0.5%
Boparan Finance PLC, Senior Secured Notes		5.500	%		7/15/21		650,000	^GBP	$	729,964	^(c)
Kraft Heinz Foods Co., Senior Notes		5.200	%		7/15/45		700,000			787,837
Total Food Products										1,517,801
Household Products — 0.2%
Central Garden & Pet Co., Senior Notes		6.125	%		11/15/23		420,000			450,450
Tobacco — 2.0%
Alliance One International Inc., Secured Notes		9.875	%		7/15/21		500,000			419,375
BAT International Finance PLC, Senior Notes		4.875	%		2/24/21		1,450,000	^EUR		1,905,310
Reynolds American Inc., Senior Notes		8.125	%		6/23/19		2,305,000			2,681,985
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		540,000			673,951
Total Tobacco										5,680,621
Total Consumer Staples										13,476,006
Energy — 16.4%
Energy Equipment & Services — 0.3%
Ensco PLC, Senior Notes		4.700	%		3/15/21		160,000			148,160
KCA Deutag UK Finance PLC, Senior Secured Notes		7.250	%		5/15/21		320,000			276,800	^(a)
Pride International Inc., Senior Notes		7.875	%		8/15/40		670,000			537,675
Total Energy Equipment & Services										962,635
Oil, Gas & Consumable Fuels — 16.1%
Anadarko Petroleum Corp., Senior Notes		6.450	%		9/15/36		1,370,000			1,630,592
Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Secured Notes		11.500	%		1/15/21		870,000			985,275	^(a)
Chesapeake Energy Corp., Senior Notes		6.875	%		11/15/20		470,000			445,325
Chesapeake Energy Corp., Senior Notes		5.375	%		6/15/21		560,000			490,000
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		1,500,000			1,436,250
Diamondback Energy Inc., Senior Notes		4.750	%		11/1/24		230,000			230,288	^(a)
Dolphin Energy Ltd., Senior Secured Bonds		5.888	%		6/15/19		911,600			966,177	^(c)
Ecopetrol SA, Senior Notes		7.625	%		7/23/19		1,650,000			1,887,930
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		3,000,000			2,662,500
Enterprise Products Operating LLC, Senior Notes		6.500	%		1/31/19		1,290,000			1,427,813
Enterprise Products Operating LLC, Senior Notes		4.050	%		2/15/22		1,520,000			1,642,272
Freeport-McMoRan Oil & Gas LLC/FCX Oil & Gas Inc., Senior Notes		6.875	%		2/15/23		2,390,000			2,491,575
Globe Luxembourg SCA, Senior Secured Notes		9.625	%		5/1/18		730,000			702,625	^(a)
Gulfport Energy Corp., Senior Notes		6.000	%		10/15/24		640,000			652,800	^(a)
Holly Energy Partners LP/Holly Energy Finance Corp., Senior Notes		6.000	%		8/1/24		230,000			240,350	^(a)
LUKOIL International Finance BV, Bonds		6.356	%		6/7/17		310,000			318,108	^(c)
LUKOIL International Finance BV, Bonds		6.656	%		6/7/22		1,110,000			1,249,314	^(c)

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		13

Schedule of investments (cont’d)

October 31, 2016

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
NGL Energy Partners LP/NGL Energy Finance Corp., Senior Notes		7.500	%		11/1/23		630,000	$	634,725	^(a)
NGPL PipeCo LLC, Senior Secured Notes		7.768	%		12/15/37		800,000		880,000	^(a)
Oasis Petroleum Inc., Senior Notes		7.250	%		2/1/19		640,000		648,000
Oasis Petroleum Inc., Senior Notes		6.500	%		11/1/21		910,000		908,862
Oasis Petroleum Inc., Senior Notes		6.875	%		1/15/23		150,000		147,750
Occidental Petroleum Corp., Senior Notes		4.625	%		6/15/45		700,000		766,397
Petrobras Global Finance BV, Senior Notes		6.250	%		3/17/24		380,000		376,580
Petrobras Global Finance BV, Senior Notes		6.750	%		1/27/41		920,000		819,674
Petroleos Mexicanos, Senior Bonds		6.625	%		6/15/35		910,000		920,465
Petroleos Mexicanos, Senior Notes		4.250	%		1/15/25		1,000,000		965,000
Petronas Capital Ltd., Senior Notes		5.250	%		8/12/19		930,000		1,017,528	^(c)
Petronas Capital Ltd., Senior Notes		5.250	%		8/12/19		410,000		448,588	^(a)
Ras Laffan Liquefied Natural Gas Co., Ltd. III, Senior Secured Bonds		6.750	%		9/30/19		2,280,000		2,588,028	^(c)
Reliance Holdings USA Inc., Senior Notes		5.400	%		2/14/22		1,000,000		1,117,467	^(a)
Rockies Express Pipeline LLC, Senior Notes		7.500	%		7/15/38		330,000		356,400	^(a)
Rockies Express Pipeline LLC, Senior Notes		6.875	%		4/15/40		600,000		628,500	^(a)
Rosneft Finance SA, Senior Notes		7.875	%		3/13/18		2,830,000		3,015,789	^(a)
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		1,100,000		1,168,750
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.000	%		3/15/27		440,000		448,800	^(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.125	%		2/1/25		590,000		590,000	^(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.375	%		2/1/27		620,000		621,550	^(a)
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Senior Notes		6.125	%		10/15/21		120,000		125,625
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Senior Notes		6.375	%		5/1/24		340,000		368,050
Transcontinental Gas Pipe Line Co., LLC, Senior Notes		7.850	%		2/1/26		1,000,000		1,270,356	^(a)
Ultrapar International SA, Senior Notes		5.250	%		10/6/26		820,000		836,318	^(a)
Whiting Petroleum Corp., Senior Notes		5.000	%		3/15/19		790,000		754,450
Whiting Petroleum Corp., Senior Notes		6.250	%		4/1/23		390,000		361,725
Williams Cos. Inc., Debentures		7.500	%		1/15/31		340,000		392,489
Williams Cos. Inc., Senior Notes		3.700	%		1/15/23		430,000		418,175
Williams Cos. Inc., Senior Notes		4.550	%		6/24/24		540,000		552,150
Williams Cos. Inc., Senior Notes		5.750	%		6/24/44		450,000		462,094
Williams Partners LP, Senior Notes		5.250	%		3/15/20		610,000		660,282
WPX Energy Inc., Senior Notes		7.500	%		8/1/20		260,000		275,275
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		390,000		423,150
Total Oil, Gas & Consumable Fuels									45,428,186
Total Energy									46,390,821

See Notes to Financial Statements.


14		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Financials — 29.9%
Banks — 20.1%
Australia & New Zealand Banking Group Ltd., Subordinated Notes		5.125	%		9/10/19		1,250,000	^EUR	$	1,567,447	^(c)
Bank of America Corp., Junior Subordinated Notes		6.500	%		10/23/24		170,000			184,663	^(d)(e)
Bank of America Corp., Senior Notes		7.750	%		4/30/18		800,000	^GBP		1,072,986
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		4,180,000			4,673,762
Barclays PLC, Junior Subordinated Bonds		8.250	%		12/15/18		240,000			243,690	^(d)(e)
BNP Paribas Fortis SA, Senior Subordinated Notes		5.757	%		10/4/17		1,200,000	^EUR		1,386,407
BNP Paribas SA, Junior Subordinated Notes		7.375	%		8/19/25		1,620,000			1,664,550	^(a)(d)(e)
CIT Group Inc., Senior Notes		5.000	%		8/15/22		110,000			117,563
CIT Group Inc., Senior Notes		5.000	%		8/1/23		370,000			395,012
Citigroup Inc., Senior Notes		7.375	%		9/4/19		1,300,000	^EUR		1,719,469
Commonwealth Bank of Australia, Subordinated Notes		5.500	%		8/6/19		1,200,000	^EUR		1,509,863
Cooperatieve Rabobank U.A., Junior Subordinated Notes		11.000	%		6/30/19		1,997,000			2,413,674	^(a)(d)(e)
Credit Agricole SA, Junior Subordinated Notes		8.375	%		10/13/19		2,530,000			2,860,873	^(a)(d)(e)
Credit Agricole SA, Junior Subordinated Notes		7.875	%		10/26/19		400,000	^EUR		517,551	^(c)(d)(e)
Credit Agricole SA, Junior Subordinated Notes		8.125	%		12/23/25		560,000			603,075	^(a)(d)(e)
Credit Agricole SA, Subordinated Bonds		8.125	%		9/19/33		900,000			977,625	^(a)(d)
Credit Agricole SA, Subordinated Notes		4.375	%		3/17/25		530,000			542,441	^(a)
HSBC Holdings PLC, Junior Subordinated Bonds		6.375	%		3/30/25		2,070,000			2,082,937	^(d)(e)
ING Bank NV, Subordinated Notes		6.875	%		5/29/23		2,850,000	^GBP		3,724,009	^(d)
Intesa Sanpaolo SpA, Junior Subordinated Notes		8.375	%		10/14/19		450,000	^EUR		561,293	^(c)(d)(e)
JPMorgan Chase & Co., Junior Subordinated Bonds		6.000	%		8/1/23		5,870,000			6,134,150	^(d)(e)
JPMorgan Chase & Co., Junior Subordinated Notes		6.100	%		10/1/24		250,000			263,038	^(d)(e)
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		550,000			567,177
M&T Bank Corp., Junior Subordinated Bonds		6.875	%		12/1/16		1,570,000			1,583,737	^(e)
National Australia Bank Ltd., Subordinated Notes		6.750	%		6/26/23		2,750,000	^EUR		3,333,754	^(d)
National Capital Trust I, Junior Subordinated Bond		5.620	%		12/17/18		266,000	^GBP		342,962	^(c)(d)(e)
Royal Bank of Scotland Group PLC, Junior Subordinated Notes		8.625	%		8/15/21		510,000			508,725	^(d)(e)
Royal Bank of Scotland PLC, Subordinated Notes		13.125	%		3/19/22		1,420,000	^AUD		1,120,205	^(c)(d)
Santander UK Group Holdings PLC, Junior Subordinated Bonds		7.375	%		6/24/22		650,000	^GBP		799,774	^(c)(d)(e)
Santander UK PLC, Subordinated Notes		5.000	%		11/7/23		1,120,000			1,164,042	^(a)
Societe Generale SA, Junior Subordinated Notes		9.375	%		9/4/19		1,550,000	^EUR		2,060,958	^(c)(d)(e)
Standard Chartered Bank, Subordinated Notes		5.875	%		9/26/17		1,250,000	^EUR		1,443,988	^(c)
Standard Chartered Bank, Subordinated Notes		7.750	%		4/3/18		1,000,000	^GBP		1,329,101	^(c)
Wachovia Capital Trust III, Junior Subordinated Bonds		5.570	%		12/1/16		3,660,000			3,669,150	^(d)(e)
Wells Fargo & Co., Junior Subordinated Bonds		5.900	%		6/15/24		2,910,000			3,048,225	^(d)(e)

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		15

Schedule of investments (cont’d)

October 31, 2016

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Banks — continued
Wells Fargo & Co., Junior Subordinated Bonds		5.875	%		6/15/25		110,000		$	118,319	^(d)(e)
Wells Fargo & Co., Subordinated Notes		4.650	%		11/4/44		700,000			725,248
Total Banks										57,031,443
Capital Markets — 2.3%
Credit Suisse Group Funding Guernsey Ltd., Senior Notes		4.875	%		5/15/45		470,000			495,578
Goldman Sachs Capital II, Junior Subordinated Bonds		4.000	%		12/1/16		59,000			48,675	^(d)(e)
Goldman Sachs Group Inc., Subordinated Notes		4.750	%		10/12/21		2,700,000	^EUR		3,505,719
Goldman Sachs Group Inc., Subordinated Notes		5.500	%		10/12/21		600,000	^GBP		827,568
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		1,480,000			1,605,205
Total Capital Markets										6,482,745
Consumer Finance — 0.9%
Navient Corp., Medium-Term Notes, Senior Notes		8.000	%		3/25/20		1,880,000			2,044,500
Navient Corp., Senior Notes		6.625	%		7/26/21		390,000			393,900
Total Consumer Finance										2,438,400
Diversified Financial Services — 3.2%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Senior Bonds		4.250	%		7/1/20		430,000			447,200
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Senior Bonds		4.625	%		7/1/22		380,000			397,575
CPUK Finance Ltd., Senior Secured Notes		7.239	%		2/28/24		1,250,000	^GBP		1,993,715	^(c)
International Lease Finance Corp., Senior Notes		8.750	%		3/15/17		3,000,000			3,077,352
International Lease Finance Corp., Senior Notes		6.250	%		5/15/19		1,260,000			1,365,525
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		330,000			364,247
MUFG Capital Finance 4 Ltd., Junior Subordinated Bonds		5.271	%		1/25/17		550,000	^EUR		610,042	^(d)(e)
Nationwide Building Society, Junior Subordinated Notes		6.875	%		6/20/19		580,000	^GBP		701,047	^(c)(d)(e)
Total Diversified Financial Services										8,956,703
Insurance — 3.2%
AXA SA, Junior Subordinated Notes		6.463	%		12/14/18		2,000,000			2,095,400	^(a)(d)(e)
BUPA Finance PLC, Subordinated Bonds		5.000	%		4/25/23		910,000	^GBP		1,187,367	^(c)
Farmers Insurance Exchange, Subordinated Notes		8.625	%		5/1/24		1,295,000			1,673,766	^(a)
Galaxy Bidco Ltd., Senior Secured Notes		6.375	%		11/15/20		370,000	^GBP		465,380	^(c)
MetLife Capital Trust IV, Junior Subordinated Notes		7.875	%		12/15/37		300,000			385,500	^(a)
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe), Junior Subordinated Bonds		5.767	%		6/12/17		500,000	^EUR		566,959	^(c)(d)(e)
Scottish Widows PLC, Subordinated Notes		5.500	%		6/16/23		910,000	^GBP		1,178,929	^(c)
Travelers Cos. Inc., Senior Notes		5.350	%		11/1/40		1,150,000			1,445,672
Total Insurance										8,998,973

See Notes to Financial Statements.


16		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Thrifts & Mortgage Finance — 0.2%
Quicken Loans Inc., Senior Notes		5.750	%		5/1/25		640,000		$	635,200	^(a)
Total Financials										84,543,464
Health Care — 5.3%
Biotechnology — 0.7%
AbbVie Inc., Senior Subordinated Notes		3.600	%		5/14/25		960,000			980,688
AMAG Pharmaceuticals Inc., Senior Notes		7.875	%		9/1/23		490,000			461,825	^(a)
Celgene Corp., Senior Notes		5.000	%		8/15/45		510,000			549,325
Total Biotechnology										1,991,838
Health Care Equipment & Supplies — 1.3%
ConvaTec Healthcare E SA, Senior Notes		10.875	%		12/15/18		1,070,000	^EUR		1,191,566	^(a)
DJO Finance LLC/DJO Finance Corp., Secured Notes		10.750	%		4/15/20		320,000			275,200
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp., Secured Notes		8.125	%		6/15/21		1,000,000			922,500	^(a)
Greatbatch Ltd., Senior Notes		9.125	%		11/1/23		580,000			558,250	^(a)
Kinetic Concepts Inc./KCI USA Inc., Senior Secured Notes		7.875	%		2/15/21		560,000			604,800	^(a)
Total Health Care Equipment & Supplies										3,552,316
Health Care Providers & Services — 2.7%
Centene Corp., Senior Notes		5.625	%		2/15/21		480,000			504,725
Centene Corp., Senior Notes		6.125	%		2/15/24		370,000			394,975
Centene Corp., Senior Notes		4.750	%		1/15/25		290,000			289,456
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		470,000			492,325
Humana Inc., Senior Notes		7.200	%		6/15/18		2,700,000			2,944,912
Synlab Unsecured Bondco PLC, Senior Bonds		8.250	%		7/1/23		370,000	^EUR		440,204	^(c)
UnitedHealth Group Inc., Senior Notes		6.000	%		2/15/18		1,350,000			1,429,534
Universal Hospital Services Inc., Secured Notes		7.625	%		8/15/20		1,250,000			1,206,250
Total Health Care Providers & Services										7,702,381
Pharmaceuticals — 0.6%
Actavis Funding SCS, Senior Notes		4.550	%		3/15/35		290,000			300,346
Actavis Funding SCS, Senior Notes		4.750	%		3/15/45		650,000			684,485
Valeant Pharmaceuticals International Inc., Senior Notes		7.500	%		7/15/21		800,000			715,000	^(a)
Total Pharmaceuticals										1,699,831
Total Health Care										14,946,366
Industrials — 6.8%
Air Freight & Logistics — 0.3%
XPO Logistics Inc., Senior Notes		6.500	%		6/15/22		160,000			166,800	^(a)
XPO Logistics Inc., Senior Notes		6.125	%		9/1/23		700,000			721,875	^(a)
Total Air Freight & Logistics										888,675

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		17

Schedule of investments (cont’d)

October 31, 2016

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Airlines — 1.3%
Continental Airlines Inc., Pass-Through Certificates, Secured Notes		9.250	%		5/10/17		1,259,450		$	1,302,019
Heathrow Finance PLC, Senior Secured Notes		7.125	%		3/1/17		950,000	^GBP		1,186,263	^(c)
Manchester Airport Group Funding PLC, Senior Secured Notes		4.125	%		4/2/24		860,000	^GBP		1,209,652	^(c)
United Airlines Inc., Pass-Through Certificates, Senior Secured Notes		10.400	%		11/1/16		18,497			18,577
Total Airlines										3,716,511
Building Products — 0.8%
GTL Trade Finance Inc., Senior Notes		7.250	%		4/16/44		1,220,000			1,171,200	^(a)
Standard Industries Inc., Senior Notes		5.125	%		2/15/21		380,000			400,900	^(a)
Standard Industries Inc., Senior Notes		5.500	%		2/15/23		550,000			574,750	^(a)
Total Building Products										2,146,850
Commercial Services & Supplies — 1.9%
Garda World Security Corp., Senior Notes		7.250	%		11/15/21		410,000			393,600	^(a)
GFL Environmental Inc., Senior Notes		9.875	%		2/1/21		680,000			748,000	^(a)
Monitronics International Inc., Senior Notes		9.125	%		4/1/20		260,000			247,650
Republic Services Inc., Senior Notes		5.250	%		11/15/21		1,450,000			1,659,074
Taylor Morrison Communities Inc./Monarch Communities Inc., Senior Notes		5.250	%		4/15/21		420,000			432,600	^(a)
United Rentals North America Inc., Senior Notes		5.500	%		5/15/27		550,000			547,938
West Corp., Senior Notes		5.375	%		7/15/22		1,430,000			1,381,737	^(a)
Total Commercial Services & Supplies										5,410,599
Construction & Engineering — 0.6%
Brundage-Bone Concrete Pumping Inc., Senior Secured Notes		10.375	%		9/1/21		720,000			784,800	^(a)
Michael Baker International LLC/CDL Acquisition Co. Inc., Senior Secured Notes		8.250	%		10/15/18		530,000			532,650	^(a)
Modular Space Corp., Secured Notes		10.250	%		1/31/19		600,000			261,000	*^(a)(f)(g)
Total Construction & Engineering										1,578,450
Electrical Equipment — 0.0%
Trionista TopCo GmbH, Senior Subordinated Notes		6.875	%		4/30/21		100,000	^EUR		116,114	^(a)
Machinery — 0.5%
Allison Transmission Inc., Senior Bonds		5.000	%		10/1/24		1,450,000			1,482,625	^(a)
Marine — 0.0%
Ultrapetrol Bahamas Ltd., Senior Secured Notes		8.875	%		6/15/21		630,000			122,850	*^(f)(g)
Road & Rail — 1.0%
Eversholt Funding PLC, Senior Secured Notes		6.359	%		12/2/25		740,000	^GBP		1,196,405
Flexi-Van Leasing Inc., Senior Notes		7.875	%		8/15/18		1,132,000			1,058,420	^(a)
Jack Cooper Holdings Corp., Senior Secured Notes		9.250	%		6/1/20		630,000			425,250
Total Road & Rail										2,680,075

See Notes to Financial Statements.


18		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Trading Companies & Distributors — 0.4%
H&E Equipment Services Inc., Senior Notes		7.000	%		9/1/22		1,080,000		$	1,141,560
Total Industrials										19,284,309
Information Technology — 2.3%
Internet Software & Services — 0.1%
Match Group Inc., Senior Notes		6.375	%		6/1/24		380,000			411,825
IT Services — 0.2%
First Data Corp., Senior Secured Notes		5.000	%		1/15/24		500,000			509,375	^(a)
Software — 0.3%
Oberthur Technologies Holding SAS, Senior Secured Notes		9.250	%		4/30/20		670,000	^EUR		771,826	^(a)
Technology Hardware, Storage & Peripherals — 1.7%
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Senior Notes		5.875	%		6/15/21		690,000			727,510	^(a)
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Senior Notes		7.125	%		6/15/24		400,000			438,532	^(a)
HP Inc., Senior Notes		4.650	%		12/9/21		2,000,000			2,182,608
Seagate HDD Cayman, Senior Bonds		4.750	%		1/1/25		980,000			934,553
Seagate HDD Cayman, Senior Bonds		4.875	%		6/1/27		520,000			470,765
Total Technology Hardware, Storage & Peripherals										4,753,968
Total Information Technology										6,446,994
Materials — 9.2%
Chemicals — 1.0%
Axalta Coating Systems LLC, Senior Notes		4.875	%		8/15/24		590,000			600,325	^(a)
Eco Services Operations LLC/Eco Finance Corp., Senior Notes		8.500	%		11/1/22		280,000			300,300	^(a)
OCP SA, Senior Notes		5.625	%		4/25/24		800,000			862,717	^(a)
PQ Corp., Senior Secured Notes		6.750	%		11/15/22		230,000			248,687	^(a)
Valvoline Inc., Senior Notes		5.500	%		7/15/24		700,000			740,250	^(a)
Total Chemicals										2,752,279
Construction Materials — 0.7%
Eagle Materials Inc., Senior Notes		4.500	%		8/1/26		560,000			565,378
Hardwoods Acquisition Inc., Senior Secured Notes		7.500	%		8/1/21		690,000			503,700	^(a)
HeidelbergCement Finance Luxembourg SA, Senior Notes		8.500	%		10/31/19		610,000	^EUR		826,936	^(c)
NWH Escrow Corp., Senior Secured Notes		7.500	%		8/1/21		300,000			219,000	^(a)
Total Construction Materials										2,115,014
Containers & Packaging — 1.3%
BWAY Holding Co., Senior Notes		9.125	%		8/15/21		1,290,000			1,354,500	^(a)
Coveris Holdings SA, Senior Notes		7.875	%		11/1/19		450,000			466,875	^(a)
Crown Americas LLC/Crown Americas Capital Corp. V, Senior Notes		4.250	%		9/30/26		360,000			353,700	^(a)
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, Senior Secured Notes		5.125	%		7/15/23		410,000			421,402	^(a)

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		19

Schedule of investments (cont’d)

October 31, 2016

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Containers & Packaging — continued
Suzano Trading Ltd., Senior Notes		5.875	%		1/23/21		970,000		$	1,006,375	^(a)
Total Containers & Packaging										3,602,852
Metals & Mining — 5.2%
Alcoa Nederland Holding BV, Senior Notes		6.750	%		9/30/24		380,000			394,250	^(a)
Alcoa Nederland Holding BV, Senior Notes		7.000	%		9/30/26		910,000			939,393	^(a)
Anglo American Capital PLC, Senior Notes		3.625	%		5/14/20		470,000			474,700	^(a)
Anglo American Capital PLC, Senior Notes		4.125	%		4/15/21		250,000			253,969	^(a)
Anglo American Capital PLC, Senior Notes		4.875	%		5/14/25		850,000			869,125	^(a)
ArcelorMittal SA, Senior Notes		8.000	%		10/15/39		750,000			810,000
BHP Billiton Finance USA Ltd., Subordinated Notes		6.750	%		10/19/75		1,500,000			1,702,500	^(a)(d)
Freeport-McMoRan Inc., Senior Notes		2.375	%		3/15/18		650,000			645,125
Glencore Finance Canada Ltd., Senior Notes		5.250	%		6/13/17		950,000	^EUR		1,075,329
Novelis Corp., Senior Notes		5.875	%		9/30/26		500,000			507,500	^(a)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		1,850,000			1,759,628
Teck Resources Ltd., Senior Notes		8.000	%		6/1/21		500,000			547,500	^(a)
Teck Resources Ltd., Senior Notes		8.500	%		6/1/24		580,000			672,800	^(a)
Vale Overseas Ltd., Senior Notes		4.375	%		1/11/22		2,816,000			2,830,080
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		340,000			344,573
Vale Overseas Ltd., Senior Notes		6.875	%		11/10/39		750,000			744,900
Total Metals & Mining										14,571,372
Paper & Forest Products — 1.0%
Celulosa Arauco y Constitucion SA, Senior Notes		7.250	%		7/29/19		1,220,000			1,387,971
Fibria Overseas Finance Ltd., Senior Notes		5.250	%		5/12/24		260,000			266,825
UPM-Kymmene OYJ, Senior Notes		6.625	%		1/23/17		1,000,000	^GBP		1,242,277
Total Paper & Forest Products										2,897,073
Total Materials										25,938,590
Real Estate — 1.5%
Equity Real Estate Investment Trusts (REITs) — 0.9%
Care Capital Properties LP, Senior Notes		5.125	%		8/15/26		310,000			307,987	^(a)
Communications Sales & Leasing Inc., Senior Secured Notes		6.000	%		4/15/23		410,000			426,400	^(a)
GEO Group Inc., Senior Notes		6.000	%		4/15/26		630,000			546,525
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Senior Notes		4.500	%		9/1/26		570,000			562,875	^(a)
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		6.375	%		3/1/24		440,000			476,300
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.250	%		8/1/26		200,000			204,500
Total Equity Real Estate Investment Trusts (REITs)										2,524,587

See Notes to Financial Statements.


20		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Real Estate Management & Development — 0.6%
Caesars Entertainment Resort Properties LLC, Senior Secured Notes		8.000	%		10/1/20		1,680,000		$	1,751,400
Total Real Estate										4,275,987
Telecommunication Services — 13.3%
Diversified Telecommunication Services — 8.0%
British Telecommunications PLC, Senior Bonds		8.500	%		12/7/16		1,200,000	^GBP		1,480,581	^(c)
Frontier Communications Corp., Senior Notes		11.000	%		9/15/25		220,000			226,083
Level 3 Financing Inc., Senior Notes		5.625	%		2/1/23		1,770,000			1,823,100
Oi Brasil Holdings Cooperatief U.A., Senior Notes		5.750	%		2/10/22		2,510,000			683,975	*^(a)(f)
Ooredoo International Finance Ltd., Senior Notes		4.750	%		2/16/21		650,000			713,609	^(a)
Qwest Corp., Senior Notes		6.750	%		12/1/21		2,500,000			2,778,125
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		5,320,000			5,426,400	^(a)
Telefonica Emisiones SAU, Senior Notes		5.134	%		4/27/20		2,000,000			2,194,556
Telefonica Emisiones SAU, Senior Notes		7.045	%		6/20/36		2,000,000			2,536,164
Verizon Communications Inc., Senior Notes		5.150	%		9/15/23		2,500,000			2,863,847
Windstream Services LLC, Senior Notes		7.750	%		10/15/20		1,330,000			1,359,925
Windstream Services LLC, Senior Notes		7.750	%		10/1/21		270,000			268,988
Windstream Services LLC, Senior Notes		6.375	%		8/1/23		200,000			178,000
Total Diversified Telecommunication Services										22,533,353
Wireless Telecommunication Services — 5.3%
Altice Financing SA, Senior Secured Bonds		7.500	%		5/15/26		1,060,000			1,094,450	^(a)
America Movil SAB de CV, Senior Notes		5.625	%		11/15/17		2,050,000			2,143,642
America Movil SAB de CV, Senior Notes		6.125	%		3/30/40		650,000			786,302
CSC Holdings LLC, Senior Notes		10.125	%		1/15/23		270,000			305,100	^(a)
CSC Holdings LLC, Senior Notes		6.625	%		10/15/25		760,000			825,550	^(a)
CSC Holdings LLC, Senior Notes		10.875	%		10/15/25		1,360,000			1,567,400	^(a)
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		90,000			91,575
Sprint Communications Inc., Senior Notes		11.500	%		11/15/21		1,000,000			1,175,000
Sprint Corp., Senior Notes		7.875	%		9/15/23		3,410,000			3,384,425
Sprint Spectrum Co. LLC/ Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes		3.360	%		9/20/21		2,480,000			2,498,600	^(a)
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, Senior Notes		9.125	%		4/30/18		1,150,000			1,251,075	^(c)
Total Wireless Telecommunication Services										15,123,119
Total Telecommunication Services										37,656,472
Utilities — 6.0%
Electric Utilities — 3.0%
Electricite de France S.A., Junior Subordinated Notes		5.250	%		1/29/23		2,500,000			2,484,375	^(a)(d)(e)

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		21

Schedule of investments (cont’d)

October 31, 2016

Western Asset Global Corporate Defined Opportunity Fund Inc.


Security‡	Rate			Maturity Date		Face Amount†			Value
Electric Utilities — continued
Enel SpA, Junior Subordinated Bonds		7.750	%		9/10/75		1,740,000	^GBP	$	2,369,453	^(c)(d)
FirstEnergy Corp., Notes		7.375	%		11/15/31		1,930,000			2,515,618
State Grid Overseas Investment 2014 Ltd., Senior Notes		4.125	%		5/7/24		1,000,000			1,091,668	^(c)
Total Electric Utilities										8,461,114
Gas Utilities — 0.3%
Wales & West Utilities Finance PLC, Senior Secured Bonds		5.125	%		12/2/16		650,000	^GBP		798,475	^(c)
Independent Power and Renewable Electricity Producers — 1.0%
Calpine Corp., Senior Secured Notes		7.875	%		1/15/23		1,280,000			1,344,000	^(a)
Mirant Mid Atlantic LLC, Pass-Through Certificates, Secured Bonds		10.060	%		12/30/28		1,948,589			1,541,821
Total Independent Power and Renewable Electricity Producers										2,885,821
Multi-Utilities — 1.7%
Centrica PLC, Senior Notes		6.375	%		3/10/22		1,200,000	^GBP		1,831,763	^(c)
Empresas Publicas de Medellin ESP, Senior Notes		7.625	%		7/29/19		1,210,000			1,376,375	^(a)
Veolia Environnement SA, Senior Notes		6.750	%		4/24/19		1,200,000	^EUR		1,540,940
Total Multi-Utilities										4,749,078
Total Utilities										16,894,488
Total Corporate Bonds & Notes (Cost — $309,476,712)										314,454,108
Asset-Backed Securities — 1.3%
Argent Securities Inc., 2004-W10 A2		1.314	%		10/25/34		720,131			706,015	^(d)
Asset Backed Funding Certificates, 2003-WMC1 M1		1.509	%		6/25/33		1,152,958			1,116,676	^(d)
Countrywide Home Equity Loan Trust, 2006-HW 2A1B		0.658	%		11/15/36		447,502			356,457	^(d)
Home Equity Asset Trust, 2004-8 M1		1.404	%		3/25/35		601,001			585,982	^(d)
Park Place Securities Inc., 2004-WCW1 M2		1.554	%		9/25/34		41,109			41,234	^(d)
Residential Asset Mortgage Products Inc., 2003-RZ5 A7		5.470	%		9/25/33		175,699			181,164
Residential Asset Mortgage Products Inc., 2003-SL1 M1		7.313	%		4/25/31		1,257,817			674,795	^(d)
Residential Asset Securities Corp., 2003-KS10 AI6		4.540	%		12/25/33		55,310			56,763	^(d)
Total Asset-Backed Securities (Cost — $3,906,543)										3,719,086
Collateralized Mortgage Obligations — 0.6%
ARM Trust, 2004-5 4A1		2.840	%		4/25/35		299,637			291,326	^(d)
Bear Stearns ARM Trust, 2005-12 24A1		3.000	%		2/25/36		26,909			24,948	^(d)
GSMPS Mortgage Loan Trust, 2006-RP1 1A2		7.500	%		1/25/36		231,372			249,424	^(a)
HarborView Mortgage Loan Trust, 2004-10 4A		3.052	%		1/19/35		182,809			179,881	^(d)
JPMorgan Mortgage Trust, 2005-A5 1A2		3.229	%		8/25/35		808,207			802,719	^(d)
Washington Mutual Inc., Mortgage Pass-Through Certificates, 2007-HY4 4A1		2.575	%		9/25/36		57,140			51,329	^(d)
Total Collateralized Mortgage Obligations (Cost — $1,455,483)										1,599,627

See Notes to Financial Statements.


22		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Western Asset Global Corporate Defined Opportunity Fund Inc.

Security‡

Rate

Maturity
Date

Face
Amount†

Value

Convertible Bonds & Notes — 0.4%

Consumer Discretionary — 0.3%

Media — 0.3%

DISH Network Corp., Senior Notes

3.375

8/15/26

560,000

644,350

^(a)

Energy — 0.1%

Oil, Gas & Consumable Fuels — 0.1%

Chesapeake Energy Corp., Senior Notes

5.500

9/15/26

290,000

273,687

^(a)

Whiting Petroleum Corp., Senior Notes

1.250

4/1/20

90,000

75,938

Total Energy

349,625

Total Convertible Bonds & Notes (Cost — $926,171)

993,975

Senior Loans — 0.6%

Energy — 0.2%

Oil, Gas & Consumable Fuels — 0.2%

Chesapeake Energy Corp., Term Loan

8.500

8/23/21

450,000

481,725

^(h)(i)

Westmoreland Coal Co., Term Loan B

7.500

12/16/20

338,968

272,022

^(h)(i)

Total Energy

753,747

Health Care — 0.3%

Health Care Equipment & Supplies — 0.1%

Lantheus Medical Imaging Inc., Term Loan

7.000

6/30/22

362,089

356,356

^(h)(i)

Health Care Providers & Services — 0.2%

Radnet Management Inc., Second Lien Term Loan

8.000

3/25/21

578,667

575,050

^(h)(i)

Total Health Care

931,406

Utilities — 0.1%

Electric Utilities — 0.1%

Panda Temple II Power LLC, New Term Loan B

7.250

4/3/19

168,045

156,702

^(g)(h)(i)

Total Senior Loans (Cost — $1,875,679)

1,841,855

Sovereign Bonds — 2.3%

Argentina — 0.4%

Republic of Argentina, Senior Notes

6.875

4/22/21

360,000

390,420

^(a)

Republic of Argentina, Senior Notes

7.500

4/22/26

340,000

372,300

^(a)

Republic of Argentina, Senior Notes

7.625

4/22/46

200,000

218,900

^(a)

Total Argentina

981,620

Chile — 0.6%

Banco del Estado de Chile, Senior Notes

4.125

10/7/20

1,540,000

1,647,427

^(a)

Peru — 0.1%

Republic of Peru, Senior Bonds

7.840

8/12/20

1,249,000

^PEN

411,726

Russia — 0.2%

Russian Federal Bond, Bonds

7.050

1/19/28

44,320,000

^RUB

633,505

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		23

Schedule of investments (cont’d)

October 31, 2016

Western Asset Global Corporate Defined Opportunity Fund Inc.

Security‡

Rate

Maturity
Date

Face
Amount†

Value

United Arab Emirates — 0.5%

MDC-GMTN B.V., Senior Notes

7.625

5/6/19

1,250,000

1,433,251

^(c)

United Kingdom — 0.5%

United Kingdom Treasury Gilt, Bonds

4.500

3/7/19

1,019,000

^GBP

1,371,772

^(c)

Total Sovereign Bonds (Cost — $6,455,648)

6,479,301

U.S. Government & Agency Obligations — 8.9%

U.S. Government Obligations — 8.9%

U.S. Treasury Notes

1.375

9/30/20

18,460,000

18,586,913

U.S. Treasury Notes

1.625

5/15/26

3,960,000

3,890,082

U.S. Treasury Notes

1.500

8/15/26

2,690,000

2,609,827

Total U.S. Government & Agency Obligations (Cost — $25,111,109)

25,086,822

Convertible Preferred Stocks — 0.4%

Health Care — 0.4%

Pharmaceuticals — 0.4%

Allergan PLC (Cost — $1,124,914)

5.500

1,359

1,045,071

Preferred Stocks — 0.4%

Financials — 0.4%

Capital Markets — 0.4%

State Street Corp.

5.900

37,454

1,050,585

^(d)

Diversified Financial Services — 0.0%

Citigroup Capital XIII

7.257

3,050

79,330

^(d)

Total Preferred Stocks (Cost — $1,017,989)

1,129,915

Expiration
Date

Notional
Amount

Purchased Options — 0.0%

U.S. Dollar/Saudi Arabian Riyal, Call @ 3.84 ^SAR
(Cost — $171,863)

1/17/17

8,031,000

8,288

Total Investments before Short-Term Investments (Cost — $351,522,111)

356,358,048

Short-Term Investments — 0.3%

State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost — $893,235)

0.251

893,235

893,235

Total Investments — 126.3% (Cost — $352,415,346#)

357,251,283

Liabilities in Excess of Other Assets — (26.3)%

(74,344,148

)

Total Net Assets — 100.0%

282,907,135

‡	Securities held by the Fund are subject to a lien, granted to the lenders, to the extent of the borrowing outstanding and any additional expenses.

See Notes to Financial Statements.


24		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Western Asset Global Corporate Defined Opportunity Fund Inc.

†	Face amount denominated in U.S. dollars, unless otherwise noted.

*	Non-income producing security.

^(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors, unless otherwise noted.

^(b)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities.

^(c)

Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors, unless otherwise noted.

^(d)	Variable rate security. Interest rate disclosed is as of the most recent information available.

^(e)	Security has no maturity date. The date shown represents the next call date.

^(f)	The coupon payment on these securities is currently in default as of October 31, 2016.

^(g)	Illiquid security (unaudited).

^(h)	Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

⁽ⁱ⁾	Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

#	Aggregate cost for federal income tax purposes is $355,948,952.


Abbreviations used in this schedule:
ARM		— Adjustable Rate Mortgage
AUD		— Australian Dollar
EUR		— Euro
GBP		— British Pound
OJSC		— Open Joint Stock Company
PEN		— Peruvian Nuevo Sol
RUB		— Russian Ruble
SAR		— Saudi Arabian Riyal

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		25

Schedule of investments (cont’d)

October 31, 2016

Western Asset Global Corporate Defined Opportunity Fund Inc.


Summary of Investments by Country** (unaudited)
United States	55.9	%
United Kingdom	11.7
France	5.6
Netherlands	2.9
Brazil	2.5
Australia	2.4
Italy	2.3
Mexico	1.9
Russia	1.8
Colombia	1.7
Spain	1.3
Belgium	1.2
Luxembourg	1.1
Qatar	0.9
Germany	0.9
Chile	0.9
Canada	0.7
United Arab Emirates	0.7
Peru	0.6
Switzerland	0.4
Malaysia	0.4
Argentina	0.4
Finland	0.4
India	0.3
China	0.3
Morocco	0.2
Japan	0.2
New Zealand	0.1
Bahamas	0.0	‡
Short-Term Investments	0.3
	100.0	%

**	As a percentage of total investments. Please note that the Fund holdings are as of October 31, 2016 and are subject to change.

‡	Represents less than 0.1%.

See Notes to Financial Statements.


26		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Statement of assets and liabilities

October 31, 2016



Assets:
Investments, at value (Cost — $352,415,346)	$	357,251,283
Foreign currency, at value (Cost — $90,619)		90,452
Cash		52,469
Interest and dividends receivable		5,419,216
Receivable for securities sold		3,751,785
Unrealized appreciation on forward foreign currency contracts		3,496,320
Principal paydown receivable		1,199
Prepaid expenses		11,026
*Total Assets*		*370,073,750*

Liabilities:
Loan payable (Note 7)		83,000,000
Payable for securities purchased		3,627,130
Investment management fee payable		249,250
Unrealized depreciation on forward foreign currency contracts		107,676
Interest payable		62,766
Directors’ fees payable		6,693
Accrued expenses		113,100
*Total Liabilities*		*87,166,615*
Total Net Assets	$	282,907,135

Net Assets:
Par value ($0.001 par value; 14,940,540 shares issued and outstanding; 100,000,000 shares authorized)	$	14,941
Paid-in capital in excess of par value		284,521,702
Undistributed net investment income		8,576,803
Accumulated net realized loss on investments, futures contracts and foreign currency transactions		(18,354,415)
Net unrealized appreciation on investments and foreign currencies		8,148,104
Total Net Assets	$	282,907,135

Shares Outstanding		14,940,540

Net Asset Value		$18.94

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		27

Statement of operations

For the Year Ended October 31, 2016



Investment Income:
Interest	$	22,394,514
Dividends		91,550
*Total Investment Income*		*22,486,064*

Expenses:
Investment management fee (Note 2)		2,866,808
Interest expense (Note 7)		994,071
Excise tax (Note 1)		308,724
Directors’ fees		69,795
Audit and tax fees		60,000
Transfer agent fees		47,838
Legal fees		35,751
Shareholder reports		35,673
Fund accounting fees		26,612
Stock exchange listing fees		21,289
Commitment fees (Note 7)		14,234
Custody fees		12,345
Insurance		5,178
Miscellaneous expenses		13,388
*Total Expenses*		*4,511,706*
Net Investment Income		17,974,358

Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions		(9,129,977)
Futures contracts		143,097
Foreign currency transactions		4,348,626
*Net Realized Loss*		*(4,638,254)*
Change in Net Unrealized Appreciation (Depreciation) From:
Investments		5,940,397
Futures contracts		54,741
Foreign currencies		2,902,505
*Change in Net Unrealized Appreciation (Depreciation)*		*8,897,643*
Net Gain on Investments, Futures Contracts and Foreign Currency Transactions		4,259,389
Increase in Net Assets From Operations	$	22,233,747

See Notes to Financial Statements.


28		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Statements of changes in net assets


For the Years Ended October 31,	2016		2015

Operations:
Net investment income	$	17,974,358	$	18,550,439
Net realized gain (loss)		(4,638,254)		4,140,504
Change in net unrealized appreciation (depreciation)		8,897,643		(23,804,684)
*Increase (Decrease) in Net Assets From Operations*		*22,233,747*		*(1,113,741)*

Distributions to Shareholders From (Note 1):
Net investment income		(20,353,465)		(20,605,464)
*Decrease in Net Assets From Distributions to Shareholders*		*(20,353,465)*		*(20,605,464)*

Fund Share Transactions:
Cost of shares repurchased (14,001 and 276,119 shares repurchased, respectively)		(213,465)		(4,671,232)
*Decrease in Net Assets From Fund Share Transactions*		*(213,465)*		*(4,671,232)*
*Increase (Decrease) in Net Assets*		*1,666,817*		*(26,390,437)*

Net Assets:
Beginning of year		281,240,318		307,630,755
End of year*	$	282,907,135	$	281,240,318
*Includes undistributed net investment income of:		$8,576,803		$7,520,736

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		29

Statement of cash flows

For the Year Ended October 31, 2016



Increase (Decrease) in Cash:
Cash Provided (Used) by Operating Activities:
Net increase in net assets resulting from operations	$	22,233,747
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided (used) by operating activities:
Purchases of portfolio securities		(183,046,660)
Sales of portfolio securities		177,366,632
Net purchases, sales and maturities of short-term investments		1,248,765
Cash paid for purchased options		(171,863)
Payment-in-kind		(20,509)
Net amortization of premium (accretion of discount)		(775,278)
Increase in receivable for securities sold		(942,183)
Decrease in interest receivable		700,121
Decrease in receivable from broker — variation margin on open futures contracts		35,334
Decrease in prepaid expenses		368
Increase in principal paydown receivable		(1,199)
Decrease in deposits with brokers for open futures contracts		181,025
Increase in payable for securities purchased		2,177,130
Increase in investment management fee payable		2,411
Increase in Directors’ fees payable		4,060
Decrease in interest payable		(53,455)
Decrease in accrued expenses		(1,950)
Net realized loss on investments		9,129,977
Change in net unrealized appreciation(depreciation) of investments and forward foreign currency transactions		(8,916,658)
Net Cash Provided by Operating Activities*		*19,149,815*

Cash Flows From Financing Activities:
Distributions paid on common stock		(20,353,465)
Payment for shares repurchased		(213,465)
*Net Cash Used in Financing Activities*		*(20,566,930)*
Net Decrease in Cash		(1,417,115)
Cash at Beginning of Year		1,560,036
Cash at End of Year	$	142,921

*	Included in operating expenses is cash of $1,061,837 paid for interest and commitment fees on borrowings.

See Notes to Financial Statements.


30		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Financial highlights


For a share of capital stock outstanding throughout each year ended October 31:
	2016¹			2015¹			2014¹			2013¹			2012¹

Net asset value, beginning of year		$18.81			$20.20			$20.36			$20.63			$19.15

Income (loss) from operations:
Net investment income		1.20			1.23			1.30			1.24			1.33
Net realized and unrealized gain (loss)		0.29			(1.30)			(0.09)			(0.09)			1.67
*Total income (loss) from operations*		*1.49*			*(0.07)*			*1.21*			*1.15*			*3.00*

Less distributions from:
Net investment income		(1.36)			(1.36)			(1.39)			(1.33)			(1.50)
Net realized gains		—			—			—			(0.08)			(0.02)
Return of capital		—			—			—			(0.01)			—
*Total distributions*		*(1.36)*			*(1.36)*			*(1.39)*			*(1.42)*			*(1.52)*
Anti-dilutive impact of repurchase plan		0.00	^2,3		0.04	²		0.02	²		—			—

Net asset value, end of year		$18.94			$18.81			$20.20			$20.36			$20.63

Market price, end of year		$17.39			$17.17			$18.22			$18.08			$20.25
*Total return, based on NAV^4,5*		*8.44*	%		*(0.17)*	%		*6.18*	%		*5.76*	%		*16.55*	%
*Total return, based on Market Price⁶*		*9.82*	%		*1.88*	%		*8.67*	%		*(3.84)*	%		*21.54*	%

Net assets, end of year (000s)		$282,907			$281,240			$307,631			$312,451			$316,104

Ratios to average net assets:
Gross expenses		1.64	%		1.55	%		1.28	%		1.23	%		1.34	%
Net expenses		1.64			1.55			1.28			1.23			1.34
Net investment income		6.53			6.25			6.36			6.04			6.79

Portfolio turnover rate		51	%		33	%		22	%		20	%		9	%

Supplemental data:
Loan Outstanding, End of Year (000s)		$83,000			$83,000			—			—			—
Asset Coverage Ratio for Loan Outstanding⁷		441	%		439	%		—			—			—
Asset Coverage, per $1,000 Principal Amount of Loan Outstanding⁷		$4,409			$4,388			—			—			—
Weighted Average Loan (000s)		$83,000			$83,000	⁸		—			—			—
Weighted Average Interest Rate on Loan		1.20	%		0.91	%⁸		—			—			—

¹	Per share amounts have been calculated using the average shares method.

The repurchase plan was completed at an average repurchase price of $15.25 for 14,001 shares and $213,465 for the year ended October 31, 2016, $16.92 for 276,119 shares and $4,671,232 for the year ended October 31, 2015 and $18.11 for 116,116 shares and $2,103,258 for the year ended October 31, 2014.

³	Amount represents less than $0.005 per share.

⁴	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

⁵	The total return calculation assumes that distributions are reinvested at NAV. Prior to January 1, 2012, the total return calculation assumed the reinvestment of all distributions in accordance with the Fund’s dividend reinvestment plan. Past performance is no guarantee of future results.

⁶	The total return calculation assumes that distributions are reinvested in accordance with the Fund’s dividend reinvestment plan. Past performance is no guarantee of future results.

⁷	Represents value of net assets plus the loan outstanding at the end of the period divided by the loan outstanding at the end of the period.

⁸	Weighted average based on the number of days that the Fund had a loan outstanding.

See Notes to Financial Statements.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		31

Notes to financial statements

1. Organization and significant accounting policies

Western Asset Global Corporate Defined Opportunity Fund Inc. (the “Fund”) was incorporated in Maryland on September 17, 2009 and is registered as a non-diversified, limited-term, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s primary investment objective is to provide current income and then to liquidate and distribute substantially all of the Fund’s net assets to stockholders on or about December 2, 2024. As a secondary investment objective, the Fund will seek capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its managed assets in a portfolio of U.S. and foreign corporate fixed-income securities of varying maturities.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(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. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the


32		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

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.

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


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		33

Notes to financial statements (cont’d)

•

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

•

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

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

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


ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Long-term investments†:
Corporate bonds & notes		—	$	314,454,108		—	$	314,454,108
Asset-backed securities		—		3,719,086		—		3,719,086
Collateralized mortgage obligations		—		1,599,627		—		1,599,627
Convertible bonds & notes		—		993,975		—		993,975
Senior loans		—		1,841,855		—		1,841,855
Sovereign bonds		—		6,479,301		—		6,479,301
U.S. government & agency obligations		—		25,086,822		—		25,086,822
Convertible preferred stocks	$	1,045,071		—		—		1,045,071
Preferred stocks		1,129,915		—		—		1,129,915
Purchased options		—		8,288		—		8,288
Total long-term investments	$	2,174,986	$	354,183,062		—	$	356,358,048
Short-term investments†		893,235		—		—		893,235
Total investments	$	3,068,221	$	354,183,062		—	$	357,251,283
Other financial instruments:
Forward foreign currency contracts		—	$	3,496,320		—	$	3,496,320
Total	$	3,068,221	$	357,679,382		—	$	360,747,603

LIABILITIES
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Other financial instruments:
Forward foreign currency contracts		—	$	107,676		—	$	107,676

†	See Schedule of Investments for additional detailed categorizations.

(b) Repurchase agreements. The Fund may enter into repurchase agreements with institutions that its subadviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Fund acquires a debt security subject to an obligation of the seller to repurchase, and of the Fund to resell, the security at an agreed-upon price and time, thereby determining the yield


34		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

during the Fund’s holding period. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian, acting on the Fund’s behalf, 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 maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the Fund generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Fund seeks to assert its rights 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 uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. 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 cash or cash equivalents with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ‘‘initial margin’’ and 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. The daily changes in contract value are recorded as unrealized gains or losses in the Statement of Operations 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) Purchased options. When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased. If the purchased option expires, the Fund realizes a loss equal to the amount of premium paid. When an instrument is purchased or sold through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.

(e) Forward foreign currency contracts. The Fund enters into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		35

Notes to financial statements (cont’d)

contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(f) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(g) Loan participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of off-set against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.


36		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any off-set between the lender and the borrower.

(h) Unfunded loan commitments. The Fund may enter into certain credit agreements where all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. The commitments are disclosed in the accompanying Schedule of Investments. At October 31, 2016, the Fund had sufficient cash and/or securities to cover these commitments.

(i) Cash flow information. The Fund invests in securities and distributes dividends from net investment income and net realized gains, which are paid in cash and may be reinvested at the discretion of shareholders. These activities are reported in the Statement of Changes in Net Assets and additional information on cash receipts and cash payments are presented in the Statement of Cash Flows.

(j) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(k) Credit and market risk. The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund’s investments in securities rated below investment grade typically involve 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. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		37

Notes to financial statements (cont’d)

(l) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions, where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund’s subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

The Fund has entered into master agreements with certain of its derivative counterparties that provide for general obligations, representations, agreements, collateral, events of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or NAV over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Absent an event of default by the counterparty or a termination of the agreement, the terms of the master agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

As of October 31, 2016, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $107,676. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

(m) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of


38		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(n) Distributions to shareholders. Distributions from net investment income of the Fund, if any, are declared quarterly and paid on a monthly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(o) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(p) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

However, due to the timing of when distributions are made by the Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year. The Fund paid $308,724 of Federal excise taxes attributable to calendar year 2015 in March 2016.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of October 31, 2016, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		39

Notes to financial statements (cont’d)

(q) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:


	Undistributed Net Investment Income		Accumulated Net Realized Loss		Paid-in Capital
(a)	$	308,724		—	$	(308,724)
(b)		3,126,450	$	(3,126,450)		—

^(a)	Reclassifications are due to a non-deductible excise tax paid by the Fund.

^(b)	Reclassifications are due to foreign currency transactions treated as ordinary income for tax purposes, differences between book and tax amortization of premium on fixed income securities and losses from mortgage backed securities treated as capital losses for tax purposes.

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager. Western Asset Management Company (“Western Asset”), Western Asset Management Company Pte. Ltd. (“Western Singapore”), Western Asset Management Company Ltd. (“Western Japan”) and Western Asset Management Company Limited (“Western Asset Limited”) are the Fund’s subadvisers. LMPFA, Western Asset, Western Singapore, Western Japan and Western Asset Limited are wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).

LMPFA provides administrative and certain oversight services to the Fund. The Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.80% of the Fund’s average daily net assets plus the amount of any borrowings and assets attributable to any preferred stock that may be outstanding.

LMPFA delegates to Western Asset the day-to-day portfolio management of the Fund. Western Singapore, Western Japan and Western Asset Limited provide certain subadvisory services to the Fund relating to currency transactions and investments in non-U.S. dollar denominated debt securities. For its services, LMPFA pays Western Asset 70% of the net management fee it receives from the Fund. In turn, Western Asset pays Western Singapore, Western Japan and Western Asset Limited a fee for its services at no additional expense to the Fund. Each of Western Singapore, Western Japan and Western Asset Limited receives a fee from Western Asset, payable monthly, in an amount equal to an annual rate of 0.56% of the Fund’s daily managed assets related to the Fund’s assets that Western Asset allocates to Western Singapore, Western Japan and Western Asset Limited, respectively, to manage.

During periods in which the Fund utilizes financial leverage, the fees paid to LMPFA will be higher than if the Fund did not utilize leverage because the fees are calculated as a percentage of the Fund’s assets, including those investments purchased with leverage.

All officers and one Director of the Fund are employees of Legg Mason or its affiliates and do not receive compensation from the Fund.


40		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

3. Investments

During the year ended October 31, 2016, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:


	Investments		U.S. Government & Agency Obligations
Purchases	$	142,697,706	$	40,348,954
Sales		162,137,079		15,229,553

At October 31, 2016, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:


Gross unrealized appreciation	$	21,257,254
Gross unrealized depreciation		(19,954,923)
Net unrealized appreciation	$	1,302,331

At October 31, 2016, the Fund had the following open forward foreign currency contracts:


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	784,586	USD	597,994	Bank of America N.A.		11/10/16	$	(13,012)
EUR	1,340,000	USD	1,496,765	Bank of America N.A.		11/10/16		(25,318)
EUR	140,000	USD	156,702	Bank of America N.A.		11/10/16		(2,969)
EUR	1,390,000	USD	1,555,318	Bank of America N.A.		11/10/16		(28,967)
EUR	100,000	USD	109,217	Bank of America N.A.		11/10/16		593
USD	35,210,943	EUR	31,343,751	Bank of America N.A.		11/10/16		792,540
EUR	380,000	USD	428,177	Citibank N.A.		11/10/16		(10,901)
GBP	500,000	USD	638,601	Citibank N.A.		11/10/16		(26,509)
GBP	90,000	USD	109,970	Citibank N.A.		11/10/16		206
USD	477,200	EUR	424,559	Citibank N.A.		11/10/16		10,994
USD	12,754,144	GBP	9,542,373	Citibank N.A.		11/10/16		1,072,519
USD	19,810,002	GBP	14,868,802	UBS AG		11/10/16		1,607,844
USD	633,648	EUR	564,537	Citibank N.A.		1/20/17		11,624
Total							$	3,388,644


Abbreviations used in this table:
CAD		— Canadian Dollar
EUR		— Euro
GBP		— British Pound
USD		— United States Dollar

4. Derivative instruments and hedging activities

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at October 31, 2016.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		41

Notes to financial statements (cont’d)


ASSET DERIVATIVES¹
	Foreign Exchange Risk
Purchased options²	$	8,288
Forward foreign currency contracts		3,496,320
Total	$	3,504,608
LIABILITY DERIVATIVES¹
	Foreign Exchange Risk
Forward foreign currency contracts	$	107,676

¹	Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation (depreciation) and for liability derivatives is payables/net unrealized appreciation (depreciation).

²	Market value of purchased options is reported in Investments at value in the Statement of Assets and Liabilities.

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended October 31, 2016. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.


AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk		Foreign Exchange Risk		Total
Futures contracts	$	256,554	$	(113,457)	$	143,097
Forward foreign currency contracts¹		—		4,530,592		4,530,592
Total	$	256,554	$	4,417,135	$	4,673,689

¹	Net realized gain (loss) from forward foreign currency contracts is reported in net realized gain (loss) from foreign currency transactions in the Statement of Operations.


CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk		Foreign Exchange Risk		Total
Purchased options¹		—	$	(163,575)	$	(163,575)
Futures contracts	$	(45,073)		99,814		54,741
Forward foreign currency contracts²		—		2,976,261		2,976,261
Total	$	(45,073)	$	2,912,500	$	2,867,427

¹	The change in unrealized appreciation (depreciation) from purchased options is reported in the change in net unrealized from investments in the Statement of Operations.

²	The change in unrealized appreciation (depreciation) from forward foreign currency contracts is reported in the change in net unrealized appreciation (depreciation) from foreign currencies in the Statement of Operations.


42		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

During the year ended October 31, 2016, the volume of derivative activity for the Fund was as follows:


	Average Market Value
Purchased options	$	37,423
Futures contracts (to buy)†		3,450,641
Futures contracts (to sell)†		1,661,587
Forward foreign currency contracts (to buy)		8,203,199
Forward foreign currency contracts (to sell)		80,691,854

†	At October 31, 2016, there were no open positions held in this derivative.

The following table presents by financial instrument, the Fund’s derivative assets net of the related collateral received by the Fund at October 31, 2016:


	Gross Amount of Derivative Assets in the Statement of Assets and Liabilities¹		Collateral Received		Net Amount
Purchased options²	$	8,288		—	$	8,288
Forward foreign currency contracts		3,496,320		—		3,496,320
Total	$	3,504,608		—	$	3,504,608

The following table presents by financial instrument, the Fund’s derivative liabilities net of the related collateral pledged by the Fund at October 31, 2016:


	Gross Amount of Derivative Liabilities in the Statement of Assets and Liabilities¹		Collateral Pledged		Net Amount
Forward foreign currency contracts	$	107,676		—	$	107,676

¹	Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

²	Market value of purchased options is reported in Investments at value in the Statement of Assets and Liabilities.

5. Distributions subsequent to October 31, 2016

The following distributions have been declared by the Fund’s Board of Directors and are payable subsequent to the period end of this report:


Record Date	Payable Date		Amount
11/18/2016		11/25/2016	$	0.1135
12/23/2016		12/30/2016	$	0.1135
1/20/2017		1/27/2017	$	0.1135
2/17/2017		2/24/2017	$	0.1135

6. Stock repurchase program

On March 10, 2014, the Board of Directors (the “Board”) of the Fund announced that it had authorized the Fund to repurchase in the open market up to 1,600,000 shares of the Fund’s common stock when the Fund’s shares are trading at a discount to the net asset value. The Board directed the management of the Fund to repurchase shares of the Fund’s common


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		43

Notes to financial statements (cont’d)

stock at such times and in such amounts as Fund management reasonably believes may enhance stockholder value. The Fund is under no obligation to purchase shares at any specific discount levels or in any specific amounts.

During the year ended October 31, 2016, the Fund repurchased and retired 0.09% of its common shares outstanding under the repurchase plan. The weighted average discount per share on these repurchases was 11.96% for the year ended October 31, 2016. Shares repurchased and the corresponding dollar amount are included on the Statement of Changes in Net Assets. The anti-dilutive impact of these share repurchases is included on the Financial Highlights.

Since the Fund’s commencement of the stock repurchase program through October 31, 2016, the Fund repurchased 406,236 shares or 2.65% of its common shares outstanding for the total amount of $6,987,955.

7. Loan

Effective June 2, 2015, the Fund has a revolving credit agreement with National Australia Bank Limited that allows the Fund to borrow up to an aggregate amount of $90,000,000. This credit agreement renews daily for a 180-day term unless notice to the contrary is given to the Fund. The final scheduled termination date of the credit agreement is June 2, 2020. The Fund pays a commitment fee at an annual rate of 0.20% on the unutilized portion of the loan commitment amount. The interest on the loan is calculated at a variable rate based on the LIBOR plus any applicable margin. Securities held by the Fund are subject to a lien granted to National Australia Bank Limited, to the extent of the borrowing outstanding and any additional expenses. The Fund’s credit agreement contains customary covenants that, among other things, may limit the Fund’s ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and require asset coverage ratios in addition to those required by the 1940 Act. In addition, the credit agreement may be subject to early termination under certain conditions and may contain other provisions that could limit the Fund’s ability to utilize borrowing under the agreement. Interest expense related to the loan for the year ended October 31, 2016 was $994,071. For the year ended October 31, 2016, the Fund incurred a commitment fee in the amount of $14,234. For the year ended October 31, 2016, the Fund had an average daily loan balance outstanding of $83,000,000 and the weighted average interest rate was 1.20%. At October 31, 2016, the Fund had $83,000,000 of borrowings outstanding per this credit agreement.

8. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended October 31, was as follows:


	2016		2015
Distributions paid from:
Ordinary income	$	20,353,465	$	20,605,464


44		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

As of October 31, 2016, the components of accumulated earnings (losses) on a tax basis were as follows:


Undistributed ordinary income — net	$	12,167,582
Deferred capital losses*		(14,795,486)
Other book/tax temporary differences^(a)		(3,616,102)
Unrealized appreciation (depreciation)^(b)		4,614,498
Total accumulated earnings (losses) — net	$	(1,629,508)

These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. These losses must be utilized before any of the Fund’s capital loss carryforward may be utilized.

^(a)

Other book/tax temporary differences are attributable to the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts, book/tax differences in the accrual of interest income on securities in default, the tax deferral of losses on straddles and book/tax differences in the timing of the deductibility of various expenses.

^(b)	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and the difference between book and tax amortization methods for premiums on fixed income securities.

9. Recent accounting pronouncement

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, the “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures.


Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report		45

Report of independent registered public accounting firm

The Board of Directors and Shareholders

Western Asset Global Corporate Defined Opportunity Fund Inc.:

We have audited the accompanying statement of assets and liabilities of Western Asset Global Corporate Defined Opportunity Fund Inc. (the “Fund”) including the schedule of investments, as of October 31, 2016, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Western Asset Global Corporate Defined Opportunity Fund Inc. as of October 31, 2016, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

New York, New York

December 20, 2016


46		Western Asset Global Corporate Defined Opportunity Fund Inc. 2016 Annual Report

Additional information (unaudited)

Information about Directors and Officers

The business and affairs of Western Asset Global Corporate Defined Opportunity Fund Inc. (the “Fund”) are conducted by management under the supervision and subject to the direction of its Board of Directors. The business address of each Director is c/o Jane Trust, Legg Mason, 100 International Drive, 11th Floor, Baltimore, Maryland 21202. Information pertaining to the Directors and officers of the Fund is set forth below.

The Fund’s annual proxy statement includes additional information about Directors and is available, without charge, upon request by calling the Fund at 1-888-777-0102.


Independent Directors^†:

Robert D. Agdern
Year of birth		1950
Position(s) held with Fund¹		Director and Member of Nominating and Audit Committees, Class III
Term of office¹ and length of time served		Since 2015
Principal occupation(s) during past five years		Member of the Advisory Committee of the Dispute Resolution Research Center at the Kellogg Graduate School of Business, Northwestern University (since 2002); formerly, Deputy General Counsel responsible for western hemisphere matters for BP PLC (1999 to 2001); formerly, Associate General Counsel at Amoco Corporation responsible for corporate, chemical, and refining and marketing matters and special assignments (1993 to 1998) (Amoco merged with British Petroleum in 1998 forming BP PLC).
Number of portfolios in fund complex overseen by Director (including the Fund)		29
Other board memberships held by Director during past five years		None

Carol L. Colman
Year of birth		1946
Position(s) held with Fund¹		Director and Member of Nominating and Audit Committees, Class I
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		President, Colman Consulting Company (consulting)
Number of portfolios in fund complex overseen by Director (including the Fund)		29
Other board memberships held by Director during past five years		None

Daniel P. Cronin
Year of birth		1946
Position(s) held with Fund¹		Director and Member of Nominating and Audit Committees, Class I
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		Retired; formerly, Associate General Counsel, Pfizer Inc. (prior to and including 2004)
Number of portfolios in fund complex overseen by Director (including the Fund)		29
Other board memberships held by Director during past five years		None


Western Asset Global Corporate Defined Opportunity Fund Inc.		47

Additional information (unaudited) (cont’d)

Information about Directors and Officers


Independent Directors cont’d

Paolo M. Cucchi
Year of birth		1941
Position(s) held with Fund¹		Director and Member of Nominating and Audit Committees, Class I
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		Emeritus Professor of French and Italian (since 2014) and formerly, Vice President and Dean of The College of Liberal Arts (1984 to 2009) and Professor of French and Italian (2009 to 2014) at Drew University
Number of portfolios in fund complex overseen by Director (including the Fund)		29
Other board memberships held by Director during past five years		None

Leslie H. Gelb
Year of birth		1937
Position(s) held with Fund¹		Director and Member of Nominating and Audit Committees, Class II
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		President Emeritus (since 2003); formerly, Senior Board Fellow (2003 to 2015) and President, (prior to 2003), the Council on Foreign Relations; formerly, Columnist, Deputy Editorial Page Editor and Editor, Op-Ed Page, The New York Times
Number of portfolios in fund complex overseen by Director (including the Fund)		29
Other board memberships held by Director during past five years		Director of two registered investment companies advised by Aberdeen Asset Management Asia Limited (since 1994); Director, Encyclopedia Brittanica; Director, Centre Partners IV and V, LP and Affiliates

William R. Hutchinson
Year of birth		1942
Position(s) held with Fund¹		Director and Member of Nominating and Audit Committees, Class II
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		President, W.R. Hutchinson & Associates Inc. (Consulting) (since 2001)
Number of portfolios in fund complex overseen by Director (including the Fund)		29
Other board memberships held by Director during past five years		Director (Non-Executive Chairman of the Board (since December 1, 2009)), Associated Banc Corp. (banking) (since 1994)


48		Western Asset Global Corporate Defined Opportunity Fund Inc.


Independent Directors cont’d

Eileen A. Kamerick
Year of birth		1958
Position(s) held with Fund¹		Director and Member of Nominating and Audit Committees, Class III
Term of office¹ and length of time served		Since 2013
Principal occupation(s) during past five years		National Association of Corporate Directors Board Leadership Fellow and financial expert; Adjunct Professor, Washington University in St. Louis and University of Iowa law schools (since 2007); formerly, Senior Advisor to the Chief Executive Officer and Executive Vice President and Chief Financial Officer of ConnectWise, Inc. (software and services company) (2015 to 2016); Chief Financial Officer, Press Ganey Associates (health care informatics company) (2012 to 2014); Managing Director and Chief Financial Officer, Houlihan Lokey (international investment bank) and President, Houlihan Lokey Foundation (2010 to 2012)
Number of portfolios in fund complex overseen by Director (including the Fund)		29
Other board memberships held by Director during past five years		Hochschild Mining plc (precious metals company) (since 2016); Director of Associated Banc-Corp (financial services company) (since 2007); Westell Technologies, Inc. (technology company) (2003 to 2016)

Riordan Roett
Year of birth		1938
Position(s) held with Fund¹		Director and Member of the Nominating and Audit Committees, Class III
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		The Sarita and Don Johnston Professor of Political Science and Director of Latin American Studies, Paul H. Nitze School of Advanced International Studies, The Johns Hopkins University (since 1973)
Number of portfolios in fund complex overseen by Director (including the Fund)		29
Other board memberships held by Director during past five years		None


Western Asset Global Corporate Defined Opportunity Fund Inc.		49

Additional information (unaudited) (cont’d)

Information about Directors and Officers


Interested Director and Officer:

Jane Trust, CFA²
Year of birth		1962
Position(s) held with Fund¹		Director, Chairman, President and Chief Executive Officer, Class II
Term of office¹ and length of time served		Since 2015
Principal occupation(s) during past five years		Managing Director of Legg Mason & Co., LLC (“Legg Mason & Co.”) (since 2016); Officer and/or Trustee/Director of 159 funds associated with Legg Mason Partners Fund Advisor, LLC (“LMPFA”) or its affiliates (since 2015); President and Chief Executive Officer of LMPFA (since 2015); formerly, Senior Vice President of LMPFA (2015); Director of ClearBridge, LLC (formerly, Legg Mason Capital Management, LLC) (2007 to 2014); Managing Director of Legg Mason Investment Counsel & Trust Co. (2000 to 2007)
Number of portfolios in fund complex overseen by Director (including the Fund)		152
Other board memberships held by Director during past five years		None

Additional Officers:

Ted P. Becker Legg Mason 620 Eighth Avenue, 49th Floor, New York, NY 10018
Year of birth		1951
Position(s) held with Fund¹		Chief Compliance Officer
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		Director of Global Compliance at Legg Mason (since 2006); Chief Compliance Officer of LMPFA (since 2006); Managing Director of Compliance of Legg Mason & Co. (since 2005); Chief Compliance Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2006) and Legg Mason & Co. predecessors (prior to 2006)

Jenna Bailey Legg Mason 100 First Stamford Place, 6th Floor, Stamford, CT 06902
Year of birth		1978
Position(s) held with Fund¹		Identity Theft Prevention Officer
Term of office¹ and length of time served		Since 2015
Principal occupation(s) during past five years		Identity Theft Prevention Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2015); Compliance Officer of Legg Mason & Co. (since 2013); Assistant Vice President of Legg Mason & Co. (since 2011); formerly, Associate Compliance Officer of Legg Mason & Co. (2011 to 2013); Risk Manager of U.S. Distribution of Legg Mason & Co. (2007 to 2011)


50		Western Asset Global Corporate Defined Opportunity Fund Inc.


Additional Officers cont’d

Robert I. Frenkel Legg Mason 100 First Stamford Place, 6th Floor, Stamford, CT 06902
Year of birth		1954
Position(s) held with Fund¹		Secretary and Chief Legal Officer
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		Vice President and Deputy General Counsel of Legg Mason (since 2006); Managing Director and General Counsel — U.S. Mutual Funds for Legg Mason & Co. (since 2006) and Legg Mason & Co. predecessors (since 1994); Secretary and Chief Legal Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2006) and Legg Mason & Co. predecessors (prior to 2006)

Thomas C. Mandia Legg Mason 100 First Stamford Place, 6th Floor, Stamford, CT 06902
Year of birth		1962
Position(s) held with Fund¹		Assistant Secretary
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		Managing Director and Deputy General Counsel of Legg Mason & Co. (since 2005) and Legg Mason & Co. predecessors (prior to 2005); Secretary of LMPFA (since 2006); Assistant Secretary of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2006) and Legg Mason & Co. predecessors (prior to 2006); Secretary of LM Asset Services, LLC (“LMAS”) (since 2002) and Legg Mason Fund Asset Management, Inc. (“LMFAM”) (since 2013) (formerly registered investment advisers)

Richard F. Sennett Legg Mason 100 International Drive, 7th Floor, Baltimore, MD 21202
Year of birth		1970
Position(s) held with Fund¹		Principal Financial Officer
Term of office¹ and length of time served		Since 2011
Principal occupation(s) during past five years		Principal Financial Officer and Treasurer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2011 and since 2013); Managing Director of Legg Mason & Co. and Senior Manager of the Treasury Policy group for Legg Mason & Co.’s Global Fiduciary Platform (since 2011); formerly, Chief Accountant within the SEC’s Division of Investment Management (2007 to 2011); Assistant Chief Accountant within the SEC’s Division of Investment Management (2002 to 2007)


Western Asset Global Corporate Defined Opportunity Fund Inc.		51

Additional information (unaudited) (cont’d)

Information about Directors and Officers


Additional Officers cont’d

Steven Frank Legg Mason 620 Eighth Avenue, 49th Floor, New York, NY 10018
Year of birth		1967
Position(s) held with Fund¹		Treasurer
Term of office¹ and length of time served		Since 2010
Principal occupation(s) during past five years		Director of Legg Mason & Co. (since 2015); Treasurer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2010); formerly, Vice President of Legg Mason & Co. and Legg Mason & Co. predecessors (2002 to 2015); Controller of certain mutual funds associated with Legg Mason & Co. or its affiliates (prior to 2010)

Jeanne M. Kelly Legg Mason 620 Eighth Avenue, 49th Floor, New York, NY 10018
Year of birth		1951
Position(s) held with Fund¹		Senior Vice President
Term of office¹ and length of time served		Since 2009
Principal occupation(s) during past five years		Senior Vice President of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2007); Senior Vice President of LMPFA (since 2006); President and Chief Executive Officer of LMAS and LMFAM (since 2015); Managing Director of Legg Mason & Co. (since 2005) and Legg Mason & Co. predecessors (prior to 2005); formerly, Senior Vice President of LMFAM (2013 to 2015)

^†	Directors who are not “interested persons” of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund’s Board of Directors is divided into three classes: Class I, Class II and Class III. The terms of office of the Class I, II and III Directors expire at the Annual Meetings of Stockholders in the year 2017, year 2018 and year 2019, respectively, or thereafter in each case when their respective successors are duly elected and qualified. The Fund’s executive officers are chosen each year, to hold office until their successors are duly elected and qualified.

²	Ms. Trust is an “interested person” of the Fund as defined in the 1940 Act because Ms. Trust is an officer of LMPFA and certain of its affiliates.


52		Western Asset Global Corporate Defined Opportunity Fund Inc.

Annual chief executive officer and principal financial officer certifications (unaudited)

The Fund’s Chief Executive Officer (“CEO”) has submitted to the NYSE the required annual certification and the Fund also has included the Certifications of the Fund’s CEO and Principal Financial Officer required by Section 302 of the Sarbanes-Oxley Act in the Fund’s Form N-CSR filed with the SEC for the period of this report.


Western Asset Global Corporate Defined Opportunity Fund Inc.		53

Other shareholder communications regarding accounting matters (unaudited)

The Fund’s Audit Committee has established guidelines and procedures regarding the receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters (collectively, “Accounting Matters”). Persons with complaints or concerns regarding Accounting Matters may submit their complaints to the Chief Compliance Officer (“CCO”). Persons who are uncomfortable submitting complaints to the CCO, including complaints involving the CCO, may submit complaints directly to the Fund’s Audit Committee Chair. Complaints may be submitted on an anonymous basis.

The CCO may be contacted at:

Legg Mason & Co., LLC

Compliance Department

620 Eighth Avenue, 49th Floor

New York, New York 10018

Complaints may also be submitted by telephone at 1-800-742-5274. Complaints submitted through this number will be received by the CCO.


54		Western Asset Global Corporate Defined Opportunity Fund Inc.

Dividend reinvestment plan (unaudited)

Unless you elect to receive distributions in cash (i.e., opt-out), all dividends, including any capital gain dividends, on your Common Stock will be automatically reinvested by Computershare Inc. (“Computershare”), as agent for the stockholders (the “Plan Agent”), in additional shares of Common Stock under the Fund’s Dividend Reinvestment Plan (the “Plan”). You may elect not to participate in the Plan by contacting the Plan Agent. If you do not participate, you will receive all cash distributions paid by check mailed directly to you by Computershare, as dividend paying agent.

If you participate in the Plan, the number of shares of Common Stock you will receive will be determined as follows:

(1) If the market price of the Common Stock on the record date (or, if the record date is not a NYSE trading day, the immediately preceding trading day) for determining stockholders eligible to receive the relevant dividend or distribution (the “determination date”) is equal to or exceeds 98% of the net asset value per share of the Common Stock, the Fund will issue new Common Stock at a price equal to the greater of (a) 98% of the net asset value per share at the close of trading on the NYSE on the determination date or (b) 95% of the market price per share of the Common Stock on the determination date.

(2) If 98% of the net asset value per share of the Common Stock exceeds the market price of the Common Stock on the determination date, the Plan Agent will receive the dividend or distribution in cash and will buy Common Stock in the open market, on the NYSE or elsewhere, for your account as soon as practicable commencing on the trading day following the determination date and terminating no later than the earlier of (a) 30 days after the dividend or distribution payment date, or (b) the record date for the next succeeding dividend or distribution to be made to the stockholders; except when necessary to comply with applicable provisions of the federal securities laws. If during this period: (i) the market price rises so that it equals or exceeds 98% of the net asset value per share of the Common Stock at the close of trading on the NYSE on the determination date before the Plan Agent has completed the open market purchases or (ii) if the Plan Agent is unable to invest the full amount eligible to be reinvested in open market purchases, the Plan Agent will cease purchasing Common Stock in the open market and the Fund shall issue the remaining Common Stock at a price per share equal to the greater of (a) 98% of the net asset value per share at the close of trading on the Exchange on the determination date or (b) 95% of the then current market price per share.

Common Stock in your account will be held by the Plan Agent in non-certificated form. Any proxy you receive will include all shares of Common Stock you have received under the Plan.


Western Asset Global Corporate Defined Opportunity Fund Inc.		55

Dividend reinvestment plan (unaudited) (cont’d)

You may withdraw from the Plan (i.e., opt-out) by notifying the Plan Agent in writing at 211 Quality Circle, Suite 210, College Station, TX 77845-4470 or by calling the Plan Agent at 1-888-888-0151. Such withdrawal will be effective immediately if notice is received by the Plan Agent not less than ten business days prior to any dividend or distribution record date; otherwise such withdrawal will be effective as soon as practicable after the Plan Agent’s investment of the most recently declared dividend or distribution on the Common Stock. The Plan may be amended or supplemented by the Fund upon notice in writing mailed to stockholders at least 30 days prior to the record date for the payment of any dividend or distribution by the Fund for which the termination is to be effective.

Upon any termination, you will be sent a certificate or certificates for the full number of shares of Common Stock held for you under the Plan and cash for any fractional share of Common Stock. You may elect to notify the Plan Agent in advance of such termination to have the Plan Agent sell part or all of your Common Stock on your behalf. You will be charged a service charge and the Plan Agent is authorized to deduct brokerage charges actually incurred for this transaction from the proceeds.

There is no service charge for reinvestment of your dividends or distributions in Common Stock. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases. Because all dividends and distributions will be automatically reinvested in additional shares of Common Stock, this allows you to add to your investment through dollar cost averaging, which may lower the average cost of your Common Stock over time. Dollar cost averaging is a technique for lowering the average cost per share over time if the Fund’s net asset value declines. While dollar cost averaging has definite advantages, it cannot assure profit or protect against loss in declining markets.

Automatically reinvesting dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions. Investors will be subject to income tax on amounts reinvested under the Plan.

The Fund reserves the right to amend or terminate the Plan if, in the judgment of the Board of Directors, the change is warranted. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan and your account may be obtained from the Plan Agent at 211 Quality Circle, Suite 210, College Station, TX 77845-4470 or by telephone at 1-888-888-0151.

* * *

On December 15, 2016, the Fund announced that the Board of Directors has authorized changes to the Fund’s Dividend Reinvestment Plan (the “Plan”) with respect to dividend reinvestment determinations and transaction fees for Plan participants selling their shares. A copy of the revised Plan is included below.


56		Western Asset Global Corporate Defined Opportunity Fund Inc.

Effective July 1, 2017, the Fund will use the dividend payment date to determine if new shares are issued or shares are purchased in the open market for Plan participants reinvesting their distributions. If on the payment date the closing market price (plus $0.03 per share commission) is at or above the net asset value (“NAV”), the Fund will issue new shares of common stock. Newly issued shares of common stock will be issued at a price equal to the greater of (a) the NAV per share on the date prior to issuance or (b) 95% of the closing market price per share. If the closing market price (plus $0.03 per share commission) is lower than the NAV per share on the payment date, the Plan Agent will receive the distribution in cash and purchase common stock in the open market. In addition, effective July 1, 2017, fees paid by Plan participants to sell Fund shares will increase, with Plan participants paying a $5.00 transaction fee plus a $0.05 per share commission upon a sale of shares held pursuant to the Plan.

Revised Dividend reinvestment plan:

Unless you elect to receive distributions in cash (i.e., opt-out), all dividends, including any capital gain dividends, on your Common Stock will be automatically reinvested by Computershare Trust Company, N.A., as agent for the stockholders (the “Plan Agent”), in additional shares of Common Stock under the Fund’s Dividend Reinvestment Plan (the “Plan”). You may elect not to participate in the Plan by contacting the Plan Agent. If you do not participate, you will receive all cash distributions paid by check mailed directly to you by Computershare Trust Company, N.A., as dividend paying agent.

If you participate in the Plan, the number of shares of Common Stock you will receive will be determined as follows:

(1) If the market price of the Common Stock (plus $0.03 per share commission) on the payment date (or, if the payment date is not a NYSE trading day, the immediately preceding trading day) is equal to or exceeds the net asset value per share of the Common Stock at the close of trading on the NYSE on the payment date, the Fund will issue new Common Stock at a price equal to the greater of (a) the net asset value per share at the close of trading on the NYSE on the payment date or (b) 95% of the market price per share of the Common Stock on the payment date.

(2) If the net asset value per share of the Common Stock exceeds the market price of the Common Stock (plus $0.03 per share commission) at the close of trading on the NYSE on the payment date, the Plan Agent will receive the dividend or distribution in cash and will buy Common Stock in the open market, on the NYSE or elsewhere, for your account as soon as practicable commencing on the trading day following the payment date and terminating no later than the earlier of (a) 30 days after the dividend or distribution payment date, or (b) the payment date for the next succeeding dividend or distribution to be made to the stockholders; except when necessary to comply with applicable provisions of the federal securities laws. If during this period: (i) the market price (plus $0.03 per share commission) rises so that it equals or exceeds the net asset value per share of the Common Stock at the close of trading on the NYSE on the payment date before the Plan Agent has completed the open market


Western Asset Global Corporate Defined Opportunity Fund Inc.		57

Dividend reinvestment plan (unaudited) (cont’d)

purchases or (ii) if the Plan Agent is unable to invest the full amount eligible to be reinvested in open market purchases, the Plan Agent will cease purchasing Common Stock in the open market and the Fund shall issue the remaining Common Stock at a price per share equal to the greater of (a) the net asset value per share at the close of trading on the NYSE on the day prior to the issuance of shares for reinvestment or (b) 95% of the then current market price per share.

Common Stock in your account will be held by the Plan Agent in non-certificated form. Any proxy you receive will include all shares of Common Stock you have received under the Plan. You may withdraw from the Plan (i.e., opt-out) by notifying the Plan Agent in writing at 211 Quality Circle, Suite 210, College Station, TX 77845-4470 or by calling the Plan Agent at 1-888- 888-0151. Such withdrawal will be effective immediately if notice is received by the Plan Agent not less than ten business days prior to any dividend or distribution record date; otherwise such withdrawal will be effective as soon as practicable after the Plan Agent’s investment of the most recently declared dividend or distribution on the Common Stock.

Plan participants who sell their shares will be charged a service charge (currently $5.00 per transaction) and the Plan Agent is authorized to deduct brokerage charges actually incurred from the proceeds (currently $0.05 per share commission). There is no service charge for reinvestment of your dividends or distributions in Common Stock. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases. Because all dividends and distributions will be automatically reinvested in additional shares of Common Stock, this allows you to add to your investment through dollar cost averaging, which may lower the average cost of your Common Stock over time. Dollar cost averaging is a technique for lowering the average cost per share over time if the Fund’s net asset value declines. While dollar cost averaging has definite advantages, it cannot assure profit or protect against loss in declining markets.

The Fund reserves the right to amend or terminate the Plan if, in the judgment of the Board of Directors, the change is warranted. The Plan may be terminated, amended or supplemented by the Fund upon notice in writing mailed to stockholders at least 30 days prior to the record date for the payment of any dividend or distribution by the Fund for which the termination or amendment is to be effective. Upon any termination, you will be sent cash for any fractional share of Common Stock in your account. You may elect to notify the Plan Agent in advance of such termination to have the Plan Agent sell part or all of your Common Stock on your behalf. Additional information about the Plan and your account may be obtained from the Plan Agent at 211 Quality Circle, Suite 210, College Station, TX 77845-4470 or by calling the Plan Agent at 1-888-888-0151.


58		Western Asset Global Corporate Defined Opportunity Fund Inc.

Important tax information (unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended October 31, 2016:

Record date:

Monthly

3/18/2016

Monthly

Payable date:

November 2015 -
February 2016

3/24/2016

April 2016 -
October 2016

Ordinary income:

Qualified dividend income for individuals

5.71%

5.59%

5.05%

Dividends qualifying for the dividends

received deduction for corporations

4.73%

4.61%

4.06%

Please retain this information for your records.


Western Asset Global Corporate Defined Opportunity Fund Inc.		59

Western Asset

Global Corporate Defined Opportunity Fund Inc.

Directors

Robert D. Agdern

Carol L. Colman

Daniel P. Cronin

Paolo M. Cucchi

Leslie H. Gelb

William R. Hutchinson

Eileen A. Kamerick

Riordan Roett

Jane Trust

Chairman

Officers

Jane Trust

President and Chief Executive Officer

Richard F. Sennett

Principal Financial Officer

Ted P. Becker

Chief Compliance Officer

Jenna Bailey

Identity Theft Prevention Officer

Robert I. Frenkel

Secretary and Chief Legal Officer

Thomas C. Mandia

Assistant Secretary

Steven Frank

Treasurer

Jeanne M. Kelly

Senior Vice President

Western Asset Global Corporate Defined Opportunity Fund Inc.

620 Eighth Avenue

49^th Floor

New York, NY 10018

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadvisers

Western Asset Management Company

Western Asset Management Company Limited

Western Asset Management Company Ltd

Western Asset Management Company Pte. Ltd.

Custodian

State Street Bank and Trust Company

1 Lincoln Street

Boston, MA 02111

Transfer agent

Computershare Inc.*

211 Quality Circle, Suite 210

College Station, TX 77845-4470

Independent registered public accounting firm

KPMG LLP

345 Park Avenue

New York, NY 10154

Legal counsel

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

New York Stock Exchange Symbol

GDO

*	Effective March 14, 2016, Computershare Inc, serves as the Fund’s transfer agent.

Legg Mason Funds Privacy and Security Notice

Your Privacy and the Security of Your Personal Information is Very Important to the Legg Mason Funds

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include any funds sold by the Funds’ distributor, Legg Mason Investor Services, LLC, as well as Legg Mason-sponsored closed-end funds and certain closed-end funds managed or subadvised by Legg Mason or its affiliates. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Type of Nonpublic Personal Information the Funds Collect About You

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

•

Personal information included on applications or other forms;

•

Account balances, transactions, and mutual fund holdings and positions;

•

Online account access user IDs, passwords, security challenge question responses; and

•

Information received from consumer reporting agencies regarding credit history and creditworthiness (such as the amount of an individual’s total debt, payment history, etc.).

How the Funds Use Nonpublic Personal Information About You

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, or with other financial institutions or affiliates for joint marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law. The Funds may disclose information about you to:

•

Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct ordinary business or comply with obligations to government regulators;

•

Service providers, including the Funds’ affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds’ behalf, including companies that may perform marketing services solely for the Funds;

•

The Funds’ representatives such as legal counsel, accountants and auditors; and

•

Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

NOT PART OF THE ANNUAL REPORT

Legg Mason Funds Privacy and Security Notice (cont’d)

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform.

The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time they will notify you promptly if this privacy policy changes.

The Funds’ Security Practices

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, or if you have questions about the Funds’ privacy practices, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.leggmason.com, or contact the Fund at 1-888-777-0102.

NOT PART OF THE ANNUAL REPORT

Western Asset Global Corporate Defined Opportunity Fund Inc.

620 Eighth Avenue

49th Floor

New York, NY 10018

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase, at market prices, shares of its stock.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. To obtain information on Form N-Q from the Fund, shareholders can call 1-888-777-0102.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio transactions are available (1) without charge, upon request, by calling 1-888-777-0102, (2) at www.lmcef.com and (3) on the SEC’s website at www.sec.gov.

This report is transmitted to the shareholders of Western Asset Global Corporate Defined Opportunity Fund Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or any securities mentioned in the report.

Computershare Inc.

211 Quality Circle, Suite 210

College Station, TX 77845-4470

WASX013050 12/16 SR16-2944

ITEM 2.

CODE OF ETHICS.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Directors of the registrant has determined that Eileen A. Kamerick, a member of the Board’s Audit Committee, possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert” and that she is independent for purposes of this item.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending October 31, 2015 and October 31, 2016 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $54,400 in 2015 and $54,900 in 2016.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Period for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in 2015 and $0 in 2016.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $3,880 in 2015 and $3,920 in 2016. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to service affiliates during the Reporting Periods that required pre-approval by the Audit Committee.

d) All Other Fees. There were no other fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) for the Item 4 for the Western Asset Global Corporate Defined Opportunity Fund Inc.

All Other Fees. There were no other non-audit services rendered by the Auditor to Legg Mason Partners Fund Advisors, LLC (“LMPFA”), and any entity controlling, controlled by or under common control with LMPFA that provided ongoing services to Western Asset Global Corporate Defined Opportunity Fund Inc. requiring pre-approval by the Audit Committee in the Reporting Period.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(1) The Charter for the Audit Committee (the “Committee”) of the Board of each registered investment company (the “Fund”) advised by LMPFA or one of their affiliates (each, an “Adviser”) requires that the Committee shall approve (a) all audit and permissible non-audit

services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to the Adviser and any Covered Service Providers if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund (“Covered Service Providers”) constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(2) For the Western Asset Global Corporate Defined Opportunity Fund Inc., the percentage of fees that were approved by the audit committee, with respect to: Audit-Related Fees were 100% and 100% for 2015 and 2016; Tax Fees were 100% and 100% for 2015 and 2016; and Other Fees were 100% and 100% for 2015 and 2016.

(f) N/A

(g) Non-audit fees billed by the Auditor for services rendered to Western Asset Global Corporate Defined Opportunity Fund Inc., LMPFA and any entity controlling, controlled by, or under common control with LMPFA that provides ongoing services to Western Asset Global Corporate Defined Opportunity Fund Inc. during the reporting period were $0 in 2016.

(h) Yes. Western Asset Global Corporate Defined Opportunity Fund Inc.’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Accountant’s independence. All services provided by the Auditor to the Western Asset Global Corporate Defined Opportunity Fund Inc. or to Service Affiliates, which were required to be pre-approved, were pre-approved as required.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

a) Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)58(A) of the Exchange Act. The Audit Committee consists of the following Board members:

Robert D. Agdern

William R. Hutchinson

Paolo M. Cucchi

Daniel P. Cronin

Carol L. Colman

Leslie H. Gelb

Eileen A. Kamerick

Dr. Riordan Roett

b) Not applicable

ITEM 6.

SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

ITEM 7.

PROXY VOTING – LMPFA & Western Asset Management Company (and affiliates)

Proxy Voting Guidelines and Procedures

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) delegates the responsibility for voting proxies for the fund to the subadviser through its contracts with the subadviser. The subadviser will use its own proxy voting policies and procedures to vote proxies. Accordingly, LMPFA does not expect to have proxy-voting responsibility for the fund. Should LMPFA become responsible for voting proxies for any reason, such as the inability of the subadviser to provide investment advisory services, LMPFA shall utilize the proxy voting guidelines established by the most recent subadviser to vote proxies until a new subadviser is retained.

The subadviser’s Proxy Voting Policies and Procedures govern in determining how proxies relating to the fund’s portfolio securities are voted and are provided below. Information regarding how each fund voted proxies (if any) relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge (1) by calling 888-777-0102, (2) on the fund’s website at http://www.lmcef.com and (3) on the SEC’s website at http://www.sec.gov.

Background

Western Asset Management Company (“WA”), Western Asset Management Company Limited (“WAML”), Western Asset Management Company Ltd (“WAMCL”) and Western Asset Management Company Pte. Ltd. (“WAMC”) (together “Western Asset”) have adopted and implemented policies and procedures that we believe are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and SEC Rule 206(4)-6 under the Investment Advisers Act of 1940 (“Advisers Act”). Our authority to vote the proxies of our clients is established through investment management agreements or comparable documents, and our proxy voting guidelines have been tailored to reflect these specific contractual obligations. In addition to SEC requirements governing advisers, our proxy voting policies reflect the long-standing fiduciary standards and responsibilities for ERISA accounts. Unless a manager of ERISA assets has been expressly precluded from voting proxies, the Department of Labor has determined that the responsibility for these votes lies with the Investment Manager.

In exercising its voting authority, Western Asset will not consult or enter into agreements with officers, directors or employees of Legg Mason Inc. or any of its affiliates (except that WA, WAML, WAMCL and WAMC may so consult and agree with each other) regarding the voting of any securities owned by its clients.

Western Asset’s proxy voting procedures are designed and implemented in a way that is reasonably expected to ensure that proxy matters are handled in the best interest of our clients. While the guidelines included in the procedures are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration Western Asset’s contractual obligations to our clients and all other relevant facts and circumstances at the time of the vote (such that these guidelines may be overridden to the extent Western Asset deems appropriate).

Procedures

Responsibility and Oversight

The Western Asset Legal and Compliance Department (“Legal and Compliance Department”) is responsible for administering and overseeing the proxy voting process. The gathering of proxies is coordinated through the Corporate Actions area of Investment Support (“Corporate Actions”). Research analysts and portfolio managers are responsible for determining appropriate voting positions on each proxy utilizing any applicable guidelines contained in these procedures.

Client Authority

The Investment Management Agreement for each client is reviewed at account start-up for proxy voting instructions. If an agreement is silent on proxy voting, but contains an overall delegation of discretionary authority or if the account represents assets of an ERISA plan, Western Asset will assume responsibility for proxy voting. The Legal and Compliance Department maintains a matrix of proxy voting authority.

Proxy Gathering

Registered owners of record, client custodians, client banks and trustees (“Proxy Recipients”) that receive proxy materials on behalf of clients should forward them to Corporate Actions. Proxy Recipients for new clients (or, if Western Asset becomes aware that the applicable Proxy Recipient for an existing client has changed, the Proxy Recipient for the existing client) are notified at start-up of appropriate routing to Corporate Actions of proxy materials received and reminded of their responsibility to forward all proxy materials on a timely basis. If Western Asset personnel other than Corporate Actions receive proxy materials, they should promptly forward the materials to Corporate Actions.

Proxy Voting

Once proxy materials are received by Corporate Actions, they are forwarded to the Legal and Compliance Department for coordination and the following actions:

Proxies are reviewed to determine accounts impacted.

Impacted accounts are checked to confirm Western Asset voting authority.

Legal and Compliance Department staff reviews proxy issues to determine any material conflicts of interest. (See conflicts of interest section of these procedures for further information on determining material conflicts of interest.)

If a material conflict of interest exists, (i) to the extent reasonably practicable and permitted by applicable law, the client is promptly notified, the conflict is disclosed and Western Asset obtains the client’s proxy voting instructions, and (ii) to the extent that it is not reasonably practicable or permitted by applicable law to notify the client and obtain such instructions (e.g., the client is a mutual fund or other commingled vehicle or is an ERISA plan client), Western Asset seeks voting instructions from an independent third party.

Legal and Compliance Department staff provides proxy material to the appropriate research analyst or portfolio manager to obtain their recommended vote. Research analysts and portfolio managers determine votes on a case-by-case basis taking into account the voting guidelines contained in these procedures. For avoidance of doubt, depending on the best interest of each individual client, Western Asset may vote the same proxy differently for different clients. The analyst’s or portfolio manager’s basis for their decision is documented and maintained by the Legal and Compliance Department.

Legal and Compliance Department staff votes the proxy pursuant to the instructions received in (d) or (e) and returns the voted proxy as indicated in the proxy materials.

Timing

Western Asset personnel act in such a manner to ensure that, absent special circumstances, the proxy gathering and proxy voting steps noted above can be completed before the applicable deadline for returning proxy votes.

Recordkeeping

Western Asset maintains records of proxies voted pursuant to Section 204-2 of the Advisers Act and ERISA DOL Bulletin 94-2. These records include:

A copy of Western Asset’s policies and procedures.

Copies of proxy statements received regarding client securities.

A copy of any document created by Western Asset that was material to making a decision how to vote proxies.

Each written client request for proxy voting records and Western Asset’s written response to both verbal and written client requests.

A proxy log including:

Issuer name;

Exchange ticker symbol of the issuer’s shares to be voted;

Committee on Uniform Securities Identification Procedures (“CUSIP”) number for the shares to be voted;

A brief identification of the matter voted on;

Whether the matter was proposed by the issuer or by a shareholder of the issuer;

Whether a vote was cast on the matter;

A record of how the vote was cast; and

Whether the vote was cast for or against the recommendation of the issuer’s management team.

Records are maintained in an easily accessible place for five years, the first two in Western Asset’s offices.

Disclosure

Part II of the WA Form ADV, the WAML Form ADV, the WAMC Form ADV and the WAMCL Form ADV each, contain a description of Western Asset’s proxy policies. Clients will be provided a copy of these policies and procedures upon request. In addition, upon request, clients may receive reports on how their proxies have been voted.

Conflicts of Interest

All proxies are reviewed by the Legal and Compliance Department for material conflicts of interest. Issues to be reviewed include, but are not limited to:

Whether Western Asset (or, to the extent required to be considered by applicable law, its affiliates) manages assets for the company or an employee group of the company or otherwise has an interest in the company;

Whether Western Asset or an officer or director of Western Asset or the applicable portfolio manager or analyst responsible for recommending the proxy vote (together, “Voting Persons”) is a close relative of or has a personal or business relationship with an executive, director or person who is a candidate for director of the company or is a participant in a proxy contest; and

Whether there is any other business or personal relationship where a Voting Person has a personal interest in the outcome of the matter before shareholders.

Voting Guidelines

Western Asset’s substantive voting decisions turn on the particular facts and circumstances of each proxy vote and are evaluated by the designated research analyst or portfolio manager. The examples outlined below are meant as guidelines to aid in the decision making process.

Guidelines are grouped according to the types of proposals generally presented to shareholders. Part I deals with proposals which have been approved and are recommended by a company’s board of directors; Part II deals with proposals submitted by shareholders for inclusion in proxy statements; Part III addresses issues relating to voting shares of investment companies; and Part IV addresses unique considerations pertaining to foreign issuers.

I. Board Approved Proposals

The vast majority of matters presented to shareholders for a vote involve proposals made by a company itself that have been approved and recommended by its board of directors. In view of the enhanced corporate governance practices currently being implemented in public companies, Western Asset generally votes in support of decisions reached by independent boards of directors. More specific guidelines related to certain board-approved proposals are as follows:

1. Matters relating to the Board of Directors

Western Asset votes proxies for the election of the company’s nominees for directors and for board-approved proposals on other matters relating to the board of directors with the following exceptions:

Votes are withheld for the entire board of directors if the board does not have a majority of independent directors or the board does not have nominating, audit and compensation committees composed solely of independent directors.

Votes are withheld for any nominee for director who is considered an independent director by the company and who has received compensation from the company other than for service as a director.

Votes are withheld for any nominee for director who attends less than 75% of board and committee meetings without valid reasons for absences.

Votes are cast on a case-by-case basis in contested elections of directors.

2. Matters relating to Executive Compensation

Western Asset generally favors compensation programs that relate executive compensation to a company’s long-term performance. Votes are cast on a case-by-case basis on board-approved proposals relating to executive compensation, except as follows:

Except where the firm is otherwise withholding votes for the entire board of directors, Western Asset votes for stock option plans that will result in a minimal annual dilution.

Western Asset votes against stock option plans or proposals that permit replacing or repricing of underwater options.

Western Asset votes against stock option plans that permit issuance of options with an exercise price below the stock’s current market price.

Except where the firm is otherwise withholding votes for the entire board of directors, Western Asset votes for employee stock purchase plans that limit the discount for shares purchased under the plan to no more than 15% of their market value, have an offering period of 27 months or less and result in dilution of 10% or less.

3. Matters relating to Capitalization

The management of a company’s capital structure involves a number of important issues, including cash flows, financing needs and market conditions that are unique to the circumstances of each company. As a result, Western Asset votes on a case-by-case basis on board-approved proposals involving changes to a company’s capitalization except where Western Asset is otherwise withholding votes for the entire board of directors.

Western Asset votes for proposals relating to the authorization of additional common stock.

Western Asset votes for proposals to effect stock splits (excluding reverse stock splits).

Western Asset votes for proposals authorizing share repurchase programs.

4. Matters relating to Acquisitions, Mergers, Reorganizations and Other Transactions

Western Asset votes these issues on a case-by-case basis on board-approved transactions.

5. Matters relating to Anti-Takeover Measures

Western Asset votes against board-approved proposals to adopt anti-takeover measures except as follows:

Western Asset votes on a case-by-case basis on proposals to ratify or approve shareholder rights plans.

Western Asset votes on a case-by-case basis on proposals to adopt fair price provisions.

6. Other Business Matters

Western Asset votes for board-approved proposals approving such routine business matters such as changing the company’s name, ratifying the appointment of auditors and procedural matters relating to the shareholder meeting.

Western Asset votes on a case-by-case basis on proposals to amend a company’s charter or bylaws.

Western Asset votes against authorization to transact other unidentified, substantive business at the meeting.

II. Shareholder Proposals

SEC regulations permit shareholders to submit proposals for inclusion in a company’s proxy statement. These proposals generally seek to change some aspect of a company’s corporate governance structure or to change some aspect of its business operations. Western Asset votes in accordance with the recommendation of the company’s board of directors on all shareholder proposals, except as follows:

1. Western Asset votes for shareholder proposals to require shareholder approval of shareholder rights plans.

2. Western Asset votes for shareholder proposals that are consistent with Western Asset’s proxy voting guidelines for board-approved proposals.

3. Western Asset votes on a case-by-case basis on other shareholder proposals where the firm is otherwise withholding votes for the entire board of directors.

III. Voting Shares of Investment Companies

Western Asset may utilize shares of open or closed-end investment companies to implement its investment strategies. Shareholder votes for investment companies that fall within the categories listed in Parts I and II above are voted in accordance with those guidelines.

1. Western Asset votes on a case-by-case basis on proposals relating to changes in the investment objectives of an investment company taking into account the original intent of the fund and the role the fund plays in the clients’ portfolios.

2. Western Asset votes on a case-by-case basis all proposals that would result in increases in expenses (e.g., proposals to adopt 12b-1 plans, alter investment advisory arrangements or approve fund mergers) taking into account comparable expenses for similar funds and the services to be provided.

IV. Voting Shares of Foreign Issuers

In the event Western Asset is required to vote on securities held in non-U.S. issuers – i.e. issuers that are incorporated under the laws of a foreign jurisdiction and that are not listed on a U.S. securities exchange or the NASDAQ stock market, the following guidelines are used, which are premised on the existence of a sound corporate governance and disclosure framework. These guidelines, however, may not be appropriate under some circumstances for foreign issuers and therefore apply only where applicable.

1. Western Asset votes for shareholder proposals calling for a majority of the directors to be independent of management.

2. Western Asset votes for shareholder proposals seeking to increase the independence of board nominating, audit and compensation committees.

3. Western Asset votes for shareholder proposals that implement corporate governance standards similar to those established under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction under which the company is incorporated.

4. Western Asset votes on a case-by-case basis on proposals relating to (1) the issuance of common stock in excess of 20% of a company’s outstanding common stock where shareholders do not have preemptive rights, or (2) the issuance of common stock in excess of 100% of a company’s outstanding common stock where shareholders have preemptive rights.

Retirement Accounts

For accounts subject to ERISA, as well as other Retirement Accounts, Western Asset is presumed to have the responsibility to vote proxies for the client. The Department of Labor (“DOL”) has issued a bulletin that states that investment managers have the responsibility to vote proxies on behalf of Retirement Accounts unless the authority to vote proxies has been specifically reserved to another named fiduciary. Furthermore, unless Western Asset is expressly precluded from voting the proxies, the DOL has determined that the responsibility remains with the investment manager.

In order to comply with the DOL’s position, Western Asset will be presumed to have the obligation to vote proxies for its Retirement Accounts unless Western Asset has obtained a specific written instruction indicating that: (a) the right to vote proxies has been reserved to a named fiduciary of the client, and (b) Western Asset is precluded from voting proxies on behalf of the client. If Western Asset does not receive such an instruction, Western Asset will be responsible for voting proxies in the best interests of the Retirement Account client and in accordance with any proxy voting guidelines provided by the client.

ITEM 8.

INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1):


NAME AND ADDRESS	LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
S. Kenneth Leech Western Asset 385 East Colorado Blvd. Pasadena, CA 91101	Since 2009	Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Chief Investment Officer of Western Asset from 1998 to 2008 and since 2014; Senior Advisor/Chief Investment Officer Emeritus of Western Asset from 2008-2013; Co- Chief Investment Officer of Western Asset from 2013-2014.

Michael C. Buchanan Western Asset 385 East Colorado Blvd. Pasadena, CA 91101	Since 2009	Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years


Christopher Kilpatrick Western Asset 385 East Colorado Blvd. Pasadena, CA 91101	Since 2012	Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years.

Andrew J. Belshaw Western Asset 385 East Colorado Blvd. Pasadena, CA 91101	Since 2009	Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Head of investment management for Western Asset Company Limited since 2009; Managing Director and head of Sterling Fixed Income for Blackrock Investment Management from 2004-2009; Director of Institutional Fixed Income for M&G Investment Management from 2003-2004.

Paul Shuttleworth Western Asset 385 East Colorado Blvd. Pasadena, CA 91101	Since 2012	Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Head of Non-US Credit for Western Asset Company Limited since 2012; Managing Director and head of Sterling Fixed Income for Blackrock Investment Management from 2006-2011.

Chia-Liang Lian Western Asset 385 East Colorado Blvd. Pasadena, CA 91101	Since 2014	Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional since 2011; Prior to joining Western Asset, Mr. Lian spent approximately six years with the Pacific Investment Management Company (PIMCO), where he served as Head of Emerging Asia Portfolio Management.

(a)(2): DATA TO BE PROVIDED BY FINANCIAL CONTROL

The following tables set forth certain additional information with respect to the fund’s investment professionals for the fund. Unless noted otherwise, all information is provided as of October 31, 2016.

Other Accounts Managed by Investment Professionals

The table below identifies the number of accounts (other than the fund) for which the fund’s investment professionals have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. For each category, the number of accounts and total assets in the accounts where fees are based on performance is also indicated.


Name of PM	Type of Account	Number of Accounts Managed		Total Assets Managed		Number of Accounts Managed for which Advisory Fee is Performance- Based		Assets Managed for which Advisory Fee is Performance- Based
S. Kenneth Leech‡	Other Registered Investment Companies		105	$	158.8 billion		None		None
	Other Pooled Vehicles		274	$	93.7 billion		7	$	1.6 billion
	Other Accounts		613	$	183.1 billion		69	$	18.4 billion
Michael C. Buchanan ‡	Other Registered Investment Companies		44	$	46.3 billion		None		None
	Other Pooled Vehicles		87	$	38.1 billion		3	$	1.1 billion
	Other Accounts		241	$	80.0 billion		30	$	11.3 billion
Andrew Belshaw ‡	Other Registered Investment Companies		1	$	200 million		None		None
	Other Pooled Vehicles		28	$	5.7 billion		1	$	120 million
	Other Accounts		69	$	31.7 billion		11	$	5.7 billion

Paul Shuttleworth‡

Other Registered Investment Companies

1.1 billion

None

Other Pooled Vehicles

3.8 billion

120 million

Other Accounts

5.4 billion

931.9 million

Christopher Kilpatrick ‡

Other Registered Investment Companies

3.4 billion

None

Other Pooled Vehicles

None

Other Accounts

None

Chia-Liang Lian‡

Other Registered Investment Companies

39.0 billion

None

Other Pooled Vehicles

14.8 billion

120 million

Other Accounts

160

31.3 billion

7.6 billion

‡

The numbers above reflect the overall number of portfolios managed by employees of Western Asset Management Company (“Western Asset”). Mr. Leech is involved in the management of all the Firm’s portfolios, but they are not solely responsible for particular portfolios. Western Asset’s investment discipline emphasizes a team approach that combines the efforts of groups of specialists working in different market sectors. He is responsible for overseeing implementation of Western Asset’s overall investment ideas and coordinating the work of the various sector teams. This structure ensures that client portfolios benefit from a consensus that draws on the expertise of all team members.

(a)(3): Investment Professional Compensation

With respect to the compensation of the investment professionals, Western Asset’s compensation system assigns each employee a total compensation range, which is derived from annual market surveys that benchmark each role with its job function and peer universe. This method is designed to reward employees with total compensation reflective of the external market value of their skills, experience, and ability to produce desired results. Standard compensation includes competitive base salaries, generous employee benefits, and a retirement plan.

In addition, the subadviser’s employees are eligible for bonuses. These are structured to closely align the interests of employees with those of the subadviser, and are determined by the professional’s job function and pre-tax performance as measured by a formal review process. All bonuses are completely discretionary. The principal factor considered is an investment professional’s investment performance versus appropriate peer groups and benchmarks (e.g., a securities index and with respect to a fund, the benchmark set forth in the fund’s Prospectus to which the fund’s average annual total returns are compared or, if none, the benchmark set forth in the fund’s annual report). Performance is reviewed on a 1, 3 and 5 year basis for compensation—with 3 years having the most emphasis. The subadviser may also measure an investment professional’s pre-tax investment performance against other benchmarks, as it determines appropriate. Because investment professionals are generally responsible for multiple accounts (including the funds) with similar investment strategies, they are generally compensated on the performance of the aggregate group of similar accounts, rather than a specific account. Other factors that may be considered when making bonus decisions include client service, business development, length of service to the subadviser, management or supervisory responsibilities, contributions to developing business strategy and overall contributions to the subadviser’s business.

Finally, in order to attract and retain top talent, all professionals are eligible for additional incentives in recognition of outstanding performance. These are determined based upon the factors described above and include Legg Mason stock options and long-term incentives that vest over a set period of time past the award date.

Potential Conflicts of Interest

The subadviser has adopted compliance policies and procedures to address a wide range of potential conflicts of interest that could directly impact client portfolios. For example, potential conflicts of interest may arise in connection with the management of multiple portfolios (including portfolios managed in a personal capacity). These could include potential conflicts of interest related to the knowledge and timing of a portfolio’s trades, investment opportunities and broker selection. Portfolio managers are privy to the size, timing, and possible market impact of a portfolio’s trades.

It is possible that an investment opportunity may be suitable for both a portfolio and other accounts managed by a portfolio manager, but may not be available in sufficient quantities for both the portfolio and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by a portfolio and another account. A conflict may arise where the portfolio manager may have an incentive to treat an account preferentially as compared to a portfolio because the account pays a performance-based fee or the portfolio manager, the subadviser or an affiliate has an interest in the account. The subadviser has adopted procedures for allocation of portfolio transactions and investment opportunities across multiple client accounts on a fair and equitable basis over time. Eligible accounts that can participate in a trade generally share the same price on a pro-rata allocation basis, taking into account differences based on factors such as cash availability, investment restrictions and guidelines, and portfolio composition versus strategy.

With respect to securities transactions, the subadviser determines which broker or dealer to use to execute each order, consistent with their duty to seek best execution of the transaction. However, with respect to

certain other accounts (such as pooled investment vehicles that are not registered investment companies and other accounts managed for organizations and individuals), the subadviser may be limited by the client with respect to the selection of brokers or dealers or may be instructed to direct trades through a particular broker or dealer. In these cases, trades for a portfolio in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of a portfolio or the other account(s) involved. Additionally, the management of multiple portfolios and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each portfolio and/or other account. The subadviser’s team approach to portfolio management and block trading approach seeks to limit this potential risk.

The subadviser also maintains a gift and entertainment policy to address the potential for a business contact to give gifts or host entertainment events that may influence the business judgment of an employee. Employees are permitted to retain gifts of only a nominal value and are required to make reimbursement for entertainment events above a certain value. All gifts (except those of a de minimis value) and entertainment events that are given or sponsored by a business contact are required to be reported in a gift and entertainment log which is reviewed on a regular basis for possible issues.

Employees of the subadviser have access to transactions and holdings information regarding client accounts and the subadviser’s overall trading activities. This information represents a potential conflict of interest because employees may take advantage of this information as they trade in their personal accounts. Accordingly, the subadviser maintains a Code of Ethics that is compliant with Rule 17j-1 under the Investment Company Act of 1940, as amended, and Rule 204A-1 under the Investment Advisers Act of 1940, to address personal trading. In addition, the Code of Ethics seeks to establish broader principles of good conduct and fiduciary responsibility in all aspects of the subadviser’s business. The Code of Ethics is administered by the Legal and Compliance Department and monitored through the subadviser’s compliance monitoring program.

The subadviser may also face other potential conflicts of interest with respect to managing client assets, and the description above is not a complete description of every conflict of interest that could be deemed to exist. The subadviser also maintains a compliance monitoring program and engages independent auditors to conduct a SOC1/ISAE 3402 audit on an annual basis. These steps help to ensure that potential conflicts of interest have been addressed.

(a)(4): Investment Professional Securities Ownership

The table below identifies the dollar range of securities beneficially owned by each investment professional as of October 31, 2016.


Portfolio Manager(s)		Dollar Range of Portfolio Securities Beneficially Owned
S. Kenneth Leech		A
Michael C. Buchanan		A
Christopher Kilpatrick		C
Andrew J. Belshaw		A
Paul Shuttleworth		A
Chia-Liang Lian		A

Dollar Range ownership is as follows:

A: none

B: $1 - $10,000

C: 10,001 - $50,000

D: $50,001 - $100,000

E: $100,001 - $500,000

F: $500,001 - $1 million

G: over $1 million

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s 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 registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS.



		(a) (1)		Code of Ethics attached hereto.
				Exhibit 99.CODE ETH

		(a) (2)		Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
				Exhibit 99.CERT

		(b)		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
				Exhibit 99.906CERT

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, there unto duly authorized.

Western Asset Global Corporate Defined Opportunity Fund Inc.


By:		/s/ Jane Trust
		Jane Trust
		Chief Executive Officer

Date:		December 28, 2016

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/ Jane Trust
		Jane Trust
		Chief Executive Officer

Date:		December 28, 2016

By:		/s/ Richard F. Sennett
		Richard F. Sennett
		Principal Financial Officer

Date:		December 28, 2016