UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22491
(Exact name of registrant as specified in charter)
One Madison Avenue, 17th Floor, New York, NY 10010
(Address of principal executive offices) (Zip code)
Marc A. De Oliveira
Franklin Templeton
100 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-888-777-0102
Date of fiscal year end: October 31
Date of reporting period:
| ITEM 1. | REPORT TO STOCKHOLDERS |
(a) The Report to Shareholders is filed herewith
Semi-Annual Report
April 30, 2026
BrandywineGLOBAL —
GLOBAL INCOME
OPPORTUNITIES FUND INC. (BWG)
GLOBAL INCOME
OPPORTUNITIES FUND INC. (BWG)
If you need assistance accessing this content, please reach out to your sales representative
or send an email to accessibility@franklintempleton.com.
Managed Distribution Policy: The Fund’s Board of Directors (the “Board”) has authorized a managed distribution plan pursuant to which the Fund makes monthly distributions
to shareholders at a fixed rate of $0.0800 per common share, which rate may be adjusted
from time to time by the Fund’s Board (the “Plan”). The Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month.
The Fund is managed with a goal of generating as much of the distribution as possible
from net ordinary income and short-term capital gains that is consistent with the Fund’s investment strategy and risk profile. To the extent that sufficient distributable income is not
available on a monthly basis, the Fund will distribute long-term capital gains and/or return
of capital in order to maintain its managed distribution rate. A return of capital may occur,
for example, when some or all of the money that was invested in the Fund is paid back
to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even though the Fund may realize current year capital gains, such gains may be offset, in whole
or in part, by the Fund’s capital loss carryovers from prior years.
The Board may amend the terms of the Plan or terminate the Plan at any time without
prior notice to the Fund’s shareholders however, at this time there are no reasonably foreseeable circumstances that might cause the termination of the Plan. The amendment or termination
of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan is subject to the periodic review by the Board to determine if an adjustment
should be made.
Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Plan. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe
how to
report the Fund’s distributions for federal income tax purposes.
Fund objectives
The Fund’s primary investment objective is to provide current income. 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 assets in global fixed income securities.
The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in global fixed income securities.
What’s inside
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III
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IV
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12
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13
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14
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15
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17
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34
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35
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BrandywineGLOBAL — Global Income Opportunities Fund Inc.
II
Letter from the president
Dear Shareholder,
We are pleased to provide the semi-annual report of BrandywineGLOBAL — Global Income Opportunities Fund Inc. for the six-month reporting period ended April 30, 2026. Please
read on for Fund performance information during the Fund’s reporting period.
Special Shareholder Notice
Effective May 31, 2026, Michael Arno will become a member of the Fund’s portfolio management team. The named portfolio management team responsible for the day-to-day
oversight of the Fund is as follows: Brian L. Kloss, Anureet Sareen, Tracy Chen, Jack
McIntyre, Paul Mielczarski, Michael Arno.
Effective September 30, 2026, Jack McIntyre will step down as a member of the portfolio
management team for the Fund.
As always, we remain committed to providing you with excellent service and a full
spectrum of investment choices. We also remain committed to supplementing the support
you receive from your financial advisor. One way we accomplish this is through our
website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:
•
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,
Jane Trust, CFA
President and Chief Executive Officer
President and Chief Executive Officer
May 29, 2026
III
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
Performance review
Performance review
For the six months ended April 30, 2026, BrandywineGLOBAL — Global Income Opportunities Fund Inc. returned 2.01% based on its net asset value (NAV)i and -0.01% based on its New York Stock Exchange (NYSE) market price per share. The Fund’s unmanaged benchmark, the Bloomberg Global Aggregate Indexii, returned 0.65% for the same period.
The Fund has adopted a managed distribution policy (the “Managed Distribution Policy”). Pursuant to this policy, the Fund intends to make regular monthly distributions to
common shareholders at a fixed rate per common share, which rate may be adjusted from time
to time by the Fund’s Board of Directors. This policy has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. The Fund’s manager believes the policy helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV.
During the six-month period, the Fund made distributions to shareholders totaling
$0.48 per share. As of April 30, 2026, the Fund estimates that 64% of the distributions were
sourced from net investment income and 36% constituted a return of capital.* The performance table shows the Fund’s six-month total return based on its NAV and market price as of April 30, 2026. Past performance is no guarantee of future results.
|
Performance Snapshot as of April 30, 2026 (unaudited)
|
|
|
Price Per Share
|
6-Month
Total Return**
|
|
$8.85 (NAV)
|
2.01
%†
|
|
$8.00 (Market Price)
|
-0.01
%‡
|
All figures represent past performance and are not a guarantee of future results.
Performance figures for periods shorter than one year represent cumulative figures and are not
annualized.
** Total returns are based on changes in NAV or market price, respectively. Returns
reflect the deduction of all Fund expenses, including management fees, operating expenses, and
other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that
investors may pay on distributions or the sale of shares.
† Total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV.
‡ Total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.
*
These estimates are not for tax purposes. The Fund will issue a Form 1099 with final
composition of the distributions for tax purposes after year-end. A return of capital is not taxable
and results in a reduction in the tax basis of a shareholder’s investment. For more information about a distribution’s composition, please refer to the Fund’s distribution press release or, if applicable, the Section 19 notice located in the press release section of our website, www.franklintempleton.com.
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
IV
Performance review (cont’d)
Looking for additional information?
The Fund is traded under the symbol “BWG” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available online under the
symbol “XBWGX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information.
In addition, the Fund issues a quarterly press release that can be found on most major
financial websites as well as www.franklintempleton.com.
In a continuing effort to provide information concerning the Fund, shareholders may
call 1-888-777-0102 (toll free), Monday through Friday from 8:00 a.m. to 5:30 p.m. Eastern
Time, for the Fund’s current NAV, market price and other information.
Thank you for your investment in the BrandywineGLOBAL — Global Income Opportunities 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,
Jane Trust, CFA
President and Chief Executive Officer
President and Chief Executive Officer
May 29, 2026
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.
The Fund’s investments are subject to various risks, including but not limited to, credit, inflation, income, prepayment and interest rate risks. As interest rates increase,
the value of fixed income securities decreases. Fixed income securities rated below investment
grade are commonly referred to as “high yield” securities or “junk” bonds and are subject to greater liquidity and credit risks (risk of default) than higher-rated securities.
Fixed income securities rated C or lower by Moody’s Investor Service, Inc., CCC or lower by Standard & Poor’s Corporation Ratings Group or CC or lower by Fitch Ratings, Inc. or comparably rated by another NRSRO or, if unrated, determined by Brandywine Global to be of comparable
quality are considered to have extremely poor prospects of ever attaining any real
investment standing, to have a current identifiable vulnerability to default, to be
unlikely to
V
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
have the capacity to pay interest and repay principal when due in the event of adverse
business, financial or economic conditions and/or to be in default or not current
in the payment of interest or principal. Ratings may not accurately reflect the actual credit
risk associated with a corporate security. International investments involve certain risks
not associated with domestic investing, such as currency fluctuations, and changes in
political, social and economic conditions which could increase volatility. These risks are magnified
in emerging or developing markets. Emerging market countries tend to have economic, political, and legal systems that are less developed and are less stable than those
of more developed countries. Mortgage-backed securities are subject to additional risks, including
prepayment risk, which can limit the potential gains in a declining interest rate
environment. The Fund may invest in foreign currencies or currency derivatives which
may increase the risk and volatility of the Fund.
The Fund may invest in illiquid securities and securities/investments that have a
leveraging effect on the portfolio which will increase the risks of the Fund. The Fund’s use of leverage may result in greater volatility of NAV and the market price of common shares and
increases a shareholder’s risk of loss. 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. The use by
the Fund of derivatives such as options, forwards or futures contracts for investment
and/or risk management purposes may subject the Fund to risks associated with short economic exposure through such derivatives. Taking a short economic position through derivatives
exposes the Fund to the risk that it will be obligated to make payments to its counterparty
if the underlying asset appreciates in value, thus resulting in a loss to the Fund. The Fund’s loss on a short position, whether caused by the use of derivatives or otherwise, theoretically could be unlimited.
The Fund may invest in contingent convertible securities (“CoCos”). CoCos are a form of hybrid debt security that are intended to either convert into equity or have their
principal written down upon the occurrence of certain “triggers.” The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing
banking institution’s continued viability as a going-concern. CoCos are subject to risks, such as loss absorption risk (the risk that CoCos’ fully discretionary coupons can potentially be cancelled at the banking institution’s discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses) and subordination risk (the risk that (i) in
the event of liquidation, dissolution or winding-up of an issuer prior to a conversion having occurred,
the rights and claims of the holders of the CoCos will generally rank junior to the claims
of all holders of unsubordinated obligations of the issuer; and (ii) if the CoCos are converted
into the issuer’s underlying equity securities following a conversion event (i.e., a “trigger”), each holder will be subordinated due to their conversion from being the holder of a debt
instrument to being the holder of an equity instrument). The market values of securities
or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in
general market conditions, overall economic trends or events, governmental actions or intervention,
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
VI
Performance review (cont’d)
actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions
caused by trade disputes or other factors, political developments, armed conflicts,
economic sanctions and countermeasures in response to sanctions, major cybersecurity events,
investor sentiment, the global and domestic effects of a pandemic, and other factors
that may or may not be related to the issuer of the security or other asset. The Fund may
also invest in money market funds, including funds affiliated with the Fund’s manager and subadviser.
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.
i
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.
ii
The Bloomberg Global Aggregate Index is a global investment-grade debt index including
treasury, government-related, corporate and securitized fixed-rate bonds. Important data provider notices
and terms available at www.franklintempletondatasources.com.
VII
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
Fund at a glance† (unaudited)
Investment breakdown (%) as a percent of total investments
†
The bar graph above represents the composition of the Fund’s investments as of April 30, 2026, and October 31, 2025, 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.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
1
Schedule of investments (unaudited)
April 30, 2026
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Corporate Bonds & Notes — 70.0%
|
|||||
|
Communication Services — 12.5%
|
|||||
|
Diversified Telecommunication Services — 2.3%
|
|||||
|
Lumen Technologies Inc., Senior Notes
|
4.500%
|
1/15/29
|
1,500,000
|
$1,441,050
(a)(b)
|
|
|
Zayo Group Holdings Inc., Senior
Secured Notes
|
9.250%
|
3/9/30
|
2,005,111
|
2,007,577
(a)(b)
|
|
|
Total Diversified Telecommunication Services
|
3,448,627
|
||||
|
Interactive Media & Services — 6.0%
|
|||||
|
Angi Group LLC, Senior Notes
|
3.875%
|
8/15/28
|
2,200,000
|
2,014,827
(a)(b)
|
|
|
GrubHub Holdings Inc., Senior Secured
Notes (6.000% Cash and 7.000% PIK)
|
13.000%
|
7/31/30
|
5,993,099
|
4,939,152
(a)(c)
|
|
|
ZipRecruiter Inc., Senior Notes
|
5.000%
|
1/15/30
|
3,000,000
|
1,964,902
(a)(b)
|
|
|
Total Interactive Media & Services
|
8,918,881
|
||||
|
Media — 4.2%
|
|||||
|
Cable One Inc., Senior Notes
|
4.000%
|
11/15/30
|
1,500,000
|
1,047,141
(a)(b)
|
|
|
DISH Network Corp., Senior Secured
Notes
|
11.750%
|
11/15/27
|
1,000,000
|
1,032,995
(a)(b)
|
|
|
Getty Images Inc., Senior Secured Notes
|
10.500%
|
11/15/30
|
1,280,000
|
1,135,772
(a)(b)
|
|
|
iHeartCommunications Inc., Senior
Secured Notes
|
9.125%
|
5/1/29
|
2,000,000
|
2,005,000
(a)(b)
|
|
|
Univision Communications Inc., Senior
Secured Notes
|
8.500%
|
7/31/31
|
1,000,000
|
1,015,605
(a)(b)
|
|
|
Total Media
|
6,236,513
|
||||
|
|
|||||
|
Total Communication Services
|
18,604,021
|
||||
|
Consumer Discretionary — 9.2%
|
|||||
|
Automobiles — 0.8%
|
|||||
|
Aston Martin Capital Holdings Ltd.,
Senior Secured Notes
|
10.000%
|
3/31/29
|
1,500,000
|
1,205,250
(a)
|
|
|
Hotels, Restaurants & Leisure — 3.8%
|
|||||
|
Affinity Interactive, Senior Secured
Notes
|
6.875%
|
12/15/27
|
3,000,000
|
1,870,170
(a)
|
|
|
Full House Resorts Inc., Senior Secured
Notes
|
8.250%
|
2/15/28
|
1,000,000
|
950,510
(a)
|
|
|
GPS Hospitality Holding Co. LLC/GPS
Finco Inc., Senior Secured Notes
|
7.000%
|
8/15/28
|
1,225,000
|
600,250
(a)(b)
|
|
|
Resorts World Las Vegas LLC/RWLV
Capital Inc., Senior Notes
|
4.625%
|
4/16/29
|
2,500,000
|
2,236,251
(a)(b)
|
|
|
Total Hotels, Restaurants & Leisure
|
5,657,181
|
||||
|
Household Durables — 3.5%
|
|||||
|
Dream Finders Homes Inc., Senior Notes
|
6.875%
|
9/15/30
|
2,750,000
|
2,699,098
(a)(b)
|
|
See Notes to Financial Statements.
2
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Household Durables — continued
|
|||||
|
K Hovnanian Enterprises Inc., Senior
Notes
|
8.000%
|
4/1/31
|
2,500,000
|
$2,523,150
(a)(b)
|
|
|
Total Household Durables
|
5,222,248
|
||||
|
Specialty Retail — 1.1%
|
|||||
|
Petco Health & Wellness Co. Inc., Senior
Secured Notes
|
8.250%
|
2/1/31
|
1,500,000
|
1,515,752
(a)(b)
|
|
|
Textiles, Apparel & Luxury Goods — 0.0%††
|
|||||
|
Saks Global Enterprises LLC, Second Out
Senior Secured Notes
|
11.000%
|
12/15/29
|
1,760,000
|
13,200
*(a)(d)
|
|
|
Saks Global Enterprises LLC, Third Out
Senior Secured Notes
|
11.000%
|
12/15/29
|
66,000
|
495
*(a)(b)(d)
|
|
|
Total Textiles, Apparel & Luxury Goods
|
13,695
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
13,614,126
|
||||
|
Energy — 20.8%
|
|||||
|
Energy Equipment & Services — 0.7%
|
|||||
|
Constellation Oil Services Holding SA,
Senior Secured Notes
|
9.375%
|
11/7/29
|
1,000,000
|
1,051,000
(a)(b)
|
|
|
Oil, Gas & Consumable Fuels — 20.1%
|
|||||
|
Diamondback Energy Inc., Senior Notes
|
6.250%
|
3/15/53
|
2,500,000
|
2,554,845
(b)
|
|
|
Geopark Ltd., Senior Notes
|
8.750%
|
1/31/30
|
2,730,000
|
2,744,905
(a)(b)
|
|
|
NFE Brazil Financing Ltd.
|
15.000%
|
8/30/29
|
2,542,892
|
2,542,892
(e)(f)
|
|
|
NFE Financing LLC, Senior Secured
Notes
|
12.000%
|
11/15/29
|
5,517,986
|
2,486,515
*(a)(d)
|
|
|
PBF Holding Co. LLC/PBF Finance Corp.,
Senior Notes
|
7.875%
|
9/15/30
|
1,960,000
|
2,010,141
(a)(b)
|
|
|
Petroleos del Peru SA, Senior Notes
|
5.625%
|
6/19/47
|
930,000
|
656,575
(a)(b)
|
|
|
Saturn Oil & Gas Inc., Senior Secured
Notes
|
9.625%
|
6/15/29
|
2,488,000
|
2,610,166
(a)(b)
|
|
|
SierraCol Energy Andina LLC, Senior
Notes
|
6.000%
|
6/15/28
|
618,000
|
598,650
(a)(b)
|
|
|
SierraCol Energy Andina LLC/SierraCol
Energy Arauca/Colombia Energy
Development, Senior Notes
|
9.000%
|
11/14/30
|
2,260,000
|
2,292,917
(a)(b)
|
|
|
Teine Energy Ltd., Senior Notes
|
6.875%
|
4/15/29
|
4,000,000
|
4,007,200
(a)(b)
|
|
|
Venture Global LNG Inc., Junior
Subordinated Notes (9.000% to 9/30/29
then 5 year Treasury Constant Maturity
Rate + 5.440%)
|
9.000%
|
9/30/29
|
2,250,000
|
2,226,887
(a)(b)(g)(h)
|
|
|
Yinson Bergenia Production BV, Senior
Secured Notes
|
8.498%
|
1/31/45
|
2,501,285
|
2,683,896
(a)(b)
|
|
See Notes to Financial Statements.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
3
Schedule of investments (unaudited) (cont’d)
April 30, 2026
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oil, Gas & Consumable Fuels — continued
|
|||||
|
YPF SA, Senior Notes
|
8.250%
|
1/17/34
|
2,340,000
|
$2,451,430
(a)
|
|
|
Total Oil, Gas & Consumable Fuels
|
29,867,019
|
||||
|
|
|||||
|
Total Energy
|
30,918,019
|
||||
|
Financials — 15.1%
|
|||||
|
Banks — 4.9%
|
|||||
|
Bank of America Corp., Subordinated
Notes
|
7.750%
|
5/14/38
|
5,305,000
|
6,347,393
(b)
|
|
|
Texas Capital Bancshares Inc.,
Subordinated Notes (4.000% to 5/6/26
then 5 year Treasury Constant Maturity
Rate + 3.150%)
|
4.000%
|
5/6/31
|
1,000,000
|
999,645
(b)(h)
|
|
|
Total Banks
|
7,347,038
|
||||
|
Capital Markets — 5.7%
|
|||||
|
BW Real Estate Inc., Senior Notes
(9.500% to 3/30/30 then 5 year Treasury
Constant Maturity Rate + 5.402%)
|
9.500%
|
3/30/30
|
1,920,000
|
1,964,329
(a)(b)(g)(h)
|
|
|
Goldman Sachs Group Inc., Subordinated
Notes
|
6.750%
|
10/1/37
|
3,500,000
|
3,803,249
(b)
|
|
|
Jefferies Finance LLC/JFIN Co-Issuer
Corp., Senior Secured Notes
|
6.625%
|
10/15/31
|
2,750,000
|
2,692,124
(a)(b)
|
|
|
Total Capital Markets
|
8,459,702
|
||||
|
Consumer Finance — 4.5%
|
|||||
|
Ally Financial Inc., Junior Subordinated
Notes (4.700% to 5/15/26 then 5 year
Treasury Constant Maturity Rate +
3.868%)
|
4.700%
|
5/15/26
|
3,150,000
|
3,143,734
(b)(g)(h)
|
|
|
PRA Group Inc., Senior Notes
|
5.000%
|
10/1/29
|
3,700,000
|
3,514,884
(a)(b)
|
|
|
Total Consumer Finance
|
6,658,618
|
||||
|
|
|||||
|
Total Financials
|
22,465,358
|
||||
|
Health Care — 1.6%
|
|||||
|
Health Care Providers & Services — 1.6%
|
|||||
|
Prime Healthcare Services Inc., Senior
Secured Notes
|
9.375%
|
9/1/29
|
2,290,000
|
2,376,285
(a)(b)
|
|
|
|
|||||
|
Industrials — 6.2%
|
|||||
|
Construction & Engineering — 1.2%
|
|||||
|
Brand Industrial Services Inc., Senior
Secured Notes
|
10.375%
|
8/1/30
|
2,000,000
|
1,843,720
(a)(b)
|
|
|
Industrial Conglomerates — 2.0%
|
|||||
|
Icahn Enterprises LP/Icahn Enterprises
Finance Corp., Senior Secured Notes
|
9.750%
|
1/15/29
|
2,980,000
|
2,997,192
(b)
|
|
See Notes to Financial Statements.
4
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Passenger Airlines — 1.3%
|
|||||
|
JetBlue Pass-Through Trust, 2019-1 B
|
8.000%
|
5/15/29
|
1,938,624
|
$1,955,217
(b)
|
|
|
Professional Services — 1.7%
|
|||||
|
Concentrix Corp., Senior Notes
|
6.850%
|
8/2/33
|
2,700,000
|
2,465,880
(b)
|
|
|
|
|||||
|
Total Industrials
|
9,262,009
|
||||
|
Materials — 4.2%
|
|||||
|
Chemicals — 2.0%
|
|||||
|
Cerdia Finanz GmbH, Senior Secured
Notes
|
9.375%
|
10/3/31
|
3,000,000
|
2,887,500
(a)(b)
|
|
|
Metals & Mining — 2.2%
|
|||||
|
First Quantum Minerals Ltd., Senior
Notes
|
8.625%
|
6/1/31
|
1,200,000
|
1,252,744
(a)
|
|
|
First Quantum Minerals Ltd., Senior
Notes
|
7.250%
|
2/15/34
|
2,000,000
|
2,057,732
(a)
|
|
|
Total Metals & Mining
|
3,310,476
|
||||
|
|
|||||
|
Total Materials
|
6,197,976
|
||||
|
Utilities — 0.4%
|
|||||
|
Electric Utilities — 0.4%
|
|||||
|
Empresa Distribuidora Y
Comercializadora Norte, Senior Notes
|
9.750%
|
10/24/30
|
571,445
|
580,788
(a)
|
|
|
|
|||||
|
Total Corporate Bonds & Notes (Cost — $107,724,581)
|
104,018,582
|
||||
|
Sovereign Bonds — 38.1%
|
|||||
|
Argentina — 3.1%
|
|||||
|
Argentine Republic Government
International Bond, Senior Notes, Step
bond (0.750% to 7/9/27 then 1.750%)
|
0.750%
|
7/9/30
|
2,448,000
|
2,111,523
|
|
|
Argentine Republic Government
International Bond, Senior Notes, Step
bond (4.125% to 7/9/27 then 4.750%)
|
4.125%
|
7/9/35
|
3,300,000
|
2,466,750
|
|
|
Total Argentina
|
4,578,273
|
||||
|
Brazil — 12.1%
|
|||||
|
Brazil Notas do Tesouro Nacional Serie F,
Notes
|
10.000%
|
1/1/31
|
70,715,000
BRL
|
12,551,366
|
|
|
Brazil Notas do Tesouro Nacional Serie F,
Notes
|
10.000%
|
1/1/35
|
33,350,000
BRL
|
5,512,536
|
|
|
Total Brazil
|
18,063,902
|
||||
|
Chile — 3.2%
|
|||||
|
Bonos de la Tesoreria de la Republica en
pesos, Bonds
|
6.000%
|
4/1/33
|
4,200,000,000
CLP
|
4,798,363
(i)
|
|
See Notes to Financial Statements.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
5
Schedule of investments (unaudited) (cont’d)
April 30, 2026
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Colombia — 6.4%
|
|||||
|
Colombia Government International
Bond, Senior Notes
|
8.000%
|
4/20/33
|
6,800,000
|
$7,320,200
|
|
|
Colombia Government International
Bond, Senior Notes
|
5.625%
|
2/19/36
|
2,000,000
EUR
|
2,225,802
|
|
|
Total Colombia
|
9,546,002
|
||||
|
Mexico — 13.3%
|
|||||
|
Mexican Bonos, Bonds
|
8.000%
|
11/7/47
|
170,400,000
MXN
|
8,234,211
|
|
|
Mexican Bonos, Bonds
|
8.000%
|
7/31/53
|
146,000,000
MXN
|
6,978,458
|
|
|
Mexican Bonos, Senior Notes
|
7.750%
|
11/13/42
|
94,100,000
MXN
|
4,525,651
|
|
|
Total Mexico
|
19,738,320
|
||||
|
|
|||||
|
Total Sovereign Bonds (Cost — $57,171,903)
|
56,724,860
|
||||
|
Collateralized Mortgage Obligations(j) — 25.8%
|
|||||
|
Banc of America Merrill Lynch
Commercial Mortgage Trust, 2017-BNK3
XA, IO
|
1.141%
|
2/15/50
|
34,465,704
|
89,563
(h)
|
|
|
BANK, 2017-BNK4 XA, IO
|
1.482%
|
5/15/50
|
3,640,055
|
28,351
(h)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) Multifamily Structured Credit
Risk, 2022-MN4 B1 (30 Day Average
SOFR + 9.500%)
|
13.145%
|
5/25/52
|
1,243,337
|
1,485,809
(a)(h)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) Multifamily Structured Credit
Risk Trust, 2023-MN6 B1 (30 Day
Average SOFR + 9.250%)
|
12.895%
|
5/25/43
|
1,230,000
|
1,421,195
(a)(h)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, 5071 IB, IO
|
4.500%
|
10/25/48
|
12,324,818
|
2,848,813
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency
Credit Risk Trust, 2022-DNA4 M2 (30
Day Average SOFR + 5.250%)
|
8.895%
|
5/25/42
|
2,360,000
|
2,462,680
(a)(b)(h)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency
Credit Risk Trust, 2022-DNA5 M1B (30
Day Average SOFR + 4.500%)
|
8.145%
|
6/25/42
|
3,700,000
|
3,841,771
(a)(b)(h)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency
Credit Risk Trust, 2022-HQA3 M1B (30
Day Average SOFR + 3.550%)
|
7.195%
|
8/25/42
|
500,000
|
515,438
(a)(b)(h)
|
|
See Notes to Financial Statements.
6
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Collateralized Mortgage Obligations(j) — continued
|
|||||
|
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency
Credit Risk Trust, 2023-HQA1 M1A (30
Day Average SOFR + 2.000%)
|
5.645%
|
5/25/43
|
527,356
|
$531,041
(a)(h)
|
|
|
Federal Home Loan Mortgage Corp.
(FHLMC) Structured Agency Credit Risk
Trust, 2019-DNA2 M2 (30 Day Average
SOFR + 2.564%)
|
6.210%
|
3/25/49
|
425,016
|
433,141
(a)(h)
|
|
|
Federal National Mortgage Association
(FNMA) — CAS, 2022-R04 1B1 (30 Day
Average SOFR + 5.250%)
|
8.895%
|
3/25/42
|
3,240,000
|
3,354,884
(a)(b)(h)
|
|
|
Federal National Mortgage Association
(FNMA) — CAS, 2022-R05 2M2 (30 Day
Average SOFR + 3.000%)
|
6.645%
|
4/25/42
|
4,000,000
|
4,062,550
(a)(b)(h)
|
|
|
Government National Mortgage
Association (GNMA), 2020-86 GI, IO
|
4.000%
|
6/20/50
|
12,739,663
|
2,820,764
|
|
|
Government National Mortgage
Association (GNMA), 2021-201 BI, IO
|
3.000%
|
11/20/51
|
24,562,119
|
4,124,331
|
|
|
Government National Mortgage
Association (GNMA), 2022-63 IO, IO,
PAC
|
4.000%
|
4/20/52
|
11,505,823
|
1,745,663
|
|
|
Multifamily CAS Trust, 2023-01 M10 (30
Day Average SOFR + 6.500%)
|
10.145%
|
11/25/53
|
5,000,000
|
5,737,892
(a)(h)
|
|
|
Wells Fargo Commercial Mortgage Trust,
2021-C61 D
|
2.500%
|
11/15/54
|
2,500,000
|
1,852,281
(a)
|
|
|
Western Alliance Bank, 2022-CL4 M1
(30 Day Average SOFR + 2.250%)
|
5.895%
|
10/25/52
|
924,743
|
947,392
(a)(h)
|
|
|
|
|||||
|
Total Collateralized Mortgage Obligations (Cost — $39,374,883)
|
38,303,559
|
||||
|
Mortgage-Backed Securities — 10.2%
|
|||||
|
GNMA — 10.2%
|
|||||
|
Government National Mortgage
Association (GNMA) II
(Cost — $14,926,239)
|
6.000%
|
10/20/53-
4/20/55 |
14,747,633
|
15,124,283
(b)
|
|
|
|
|||||
|
Convertible Bonds & Notes — 5.1%
|
|||||
|
Communication Services — 4.2%
|
|||||
|
Media — 4.2%
|
|||||
|
Cable One Inc., Senior Notes
|
1.125%
|
3/15/28
|
2,000,000
|
1,498,000
|
|
|
EchoStar Corp., Senior Secured Notes
(3.875% Cash or 3.875% PIK)
|
3.875%
|
11/30/30
|
1,256,367
|
4,716,871
(c)
|
|
|
|
|||||
|
Total Communication Services
|
6,214,871
|
||||
See Notes to Financial Statements.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
7
Schedule of investments (unaudited) (cont’d)
April 30, 2026
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Information Technology — 0.9%
|
|||||
|
Software — 0.9%
|
|||||
|
IREN Ltd., Senior Notes
|
0.000%
|
7/1/31
|
1,639,000
|
$1,423,881
(a)
|
|
|
|
|||||
|
Total Convertible Bonds & Notes (Cost — $4,528,366)
|
7,638,752
|
||||
|
Senior Loans — 2.8%
|
|||||
|
Communication Services — 1.8%
|
|||||
|
Wireless Telecommunication Services — 1.8%
|
|||||
|
Gogo Intermediate Holdings LLC, Initial
Term Loan (1 mo. Term SOFR + 3.864%)
|
7.517%
|
4/30/28
|
3,000,000
|
2,696,730
(h)(k)(l)
|
|
|
|
|||||
|
Utilities — 1.0%
|
|||||
|
Independent Power and Renewable Electricity Producers — 1.0%
|
|||||
|
Long Ridge Energy LLC, Term Loan B
|
—
|
2/19/32
|
1,496,222
|
1,502,147
(m)
|
|
|
|
|||||
|
Total Senior Loans (Cost — $4,390,052)
|
4,198,877
|
||||
|
Total Investments before Short-Term Investments (Cost — $228,116,024)
|
226,008,913
|
||||
|
|
|
|
|
Shares
|
|
|
Short-Term Investments — 13.3%
|
|||||
|
Money Market Funds — 7.2%
|
|||||
|
Western Asset Premier Institutional U.S.
Treasury Reserves, Premium Shares
(Cost — $10,723,161)
|
3.565%
|
|
10,723,161
|
10,723,161
(n)(o)
|
|
|
|
|
|
|
Face
Amount†
|
|
|
Sovereign Bonds — 6.1%
|
|||||
|
Egypt Treasury Bills
|
22.601%
|
7/14/26
|
270,000,000
EGP
|
4,828,959
(p)
|
|
|
Egypt Treasury Bills
|
21.771%
|
7/21/26
|
109,400,000
EGP
|
1,951,968
(p)
|
|
|
Egypt Treasury Bills
|
22.139%
|
8/11/26
|
126,900,000
EGP
|
2,236,788
(p)
|
|
|
|
|||||
|
Total Sovereign Bonds (Cost — $9,738,798)
|
9,017,715
|
||||
|
|
|||||
|
Total Short-Term Investments (Cost — $20,461,959)
|
19,740,876
|
||||
|
Total Investments — 165.3% (Cost — $248,577,983)
|
245,749,789
|
||||
|
Mandatory Redeemable Preferred Stock, at Liquidation Value — (16.8)%
|
(25,000,000
)
|
||||
|
Other Liabilities in Excess of Other Assets — (48.5)%
|
(72,117,617
)
|
||||
|
Total Net Assets Applicable to Common Shareholders — 100.0%
|
$148,632,172
|
||||
See Notes to Financial Statements.
8
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
|
†
|
Face amount denominated in U.S. dollars, unless otherwise noted.
|
|
††
|
Represents less than 0.1%.
|
|
*
|
Non-income producing security.
|
|
(a)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933.
This security may be resold in
transactions that are exempt from registration, normally to qualified institutional
buyers. This security has been
deemed liquid pursuant to guidelines approved by the Board of Directors.
|
|
(b)
|
All or a portion of this security is pledged as collateral pursuant to the loan agreement (Note 5).
|
|
(c)
|
Payment-in-kind security for which the issuer has the option at each interest payment
date of making interest
payments in cash or additional securities.
|
|
(d)
|
The coupon payment on this security is currently in default as of April 30, 2026.
|
|
(e)
|
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
|
|
(f)
|
Security is valued using significant unobservable inputs (Note 1).
|
|
(g)
|
Security has no maturity date. The date shown represents the next call date.
|
|
(h)
|
Variable rate security. Interest rate disclosed is as of the most recent information
available. Certain variable rate
securities are not based on a published reference rate and spread but are determined
by the issuer or agent and
are based on current market conditions. These securities do not indicate a reference
rate and spread in their
description above.
|
|
(i)
|
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.
|
|
(j)
|
Collateralized mortgage obligations are secured by an underlying pool of mortgages
or mortgage pass-through
certificates that are structured to direct payments on underlying collateral to different
series or classes of the
obligations. The interest rate may change positively or inversely in relation to one
or more interest rates, financial
indices or other financial indicators and may be subject to an upper and/or lower
limit.
|
|
(k)
|
Interest rates disclosed represent the effective rates on senior loans. Ranges in
interest rates are attributable to
multiple contracts under the same loan.
|
|
(l)
|
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.
|
|
(m)
|
All or a portion of this loan has not settled as of April 30, 2026. Interest rates
are not effective until settlement
date. Interest rates shown, if any, are for the settled portion of the loan.
|
|
(n)
|
Rate shown is one-day yield as of the end of the reporting period.
|
|
(o)
|
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund
ownership of at least 5% of the outstanding voting securities of an issuer, or a company
which is under common
ownership or control with the Fund. At April 30, 2026, the total market value of investments
in Affiliated
Companies was $10,723,161 and the cost was $10,723,161 (Note 9).
|
|
(p)
|
Rate shown represents yield-to-maturity.
|
See Notes to Financial Statements.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
9
Schedule of investments (unaudited) (cont’d)
April 30, 2026
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
|
Abbreviation(s) used in this schedule:
|
||
|
BRL
|
—
|
Brazilian Real
|
|
CAS
|
—
|
Connecticut Avenue Securities
|
|
CLP
|
—
|
Chilean Peso
|
|
EGP
|
—
|
Egyptian Pound
|
|
EUR
|
—
|
Euro
|
|
IO
|
—
|
Interest Only
|
|
MXN
|
—
|
Mexican Peso
|
|
PAC
|
—
|
Planned Amortization Class
|
|
PIK
|
—
|
Payment-In-Kind
|
|
REMIC
|
—
|
Real Estate Mortgage Investment Conduit
|
|
SOFR
|
—
|
Secured Overnight Financing Rate
|
At April 30, 2026, the Fund had the following open futures contracts:
|
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount
|
Market
Value
|
Unrealized
Depreciation
|
|
Contracts to Buy:
|
|
|
|
|
|
|
U.S. Treasury 5-Year Notes
|
243
|
6/26
|
$26,670,305
|
$26,204,134
|
$(466,171
)
|
|
U.S. Treasury 10-Year Notes
|
232
|
6/26
|
26,240,003
|
25,657,750
|
(582,253
)
|
|
United Kingdom Long Gilt
Bonds
|
52
|
6/26
|
6,551,678
|
6,127,022
|
(424,656
)
|
|
Net unrealized depreciation on open futures contracts
|
$(1,473,080
)
|
||||
At April 30, 2026, the Fund had the following open forward foreign currency contracts:
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
USD
|
9,749,505
|
MXN
|
168,800,000
|
Citibank N.A.
|
5/13/26
|
$96,820
|
|
EGP
|
140,000,000
|
USD
|
2,615,356
|
HSBC Securities Inc.
|
6/2/26
|
(48,562
)
|
|
CLP
|
5,580,000,000
|
USD
|
6,088,712
|
HSBC Securities Inc.
|
6/17/26
|
112,912
|
|
JPY
|
975,000,000
|
USD
|
6,213,674
|
JPMorgan Chase & Co.
|
7/24/26
|
58,239
|
|
EGP
|
149,000,000
|
USD
|
2,620,932
|
Goldman Sachs Group Inc.
|
10/27/26
|
(37,952
)
|
|
Net unrealized appreciation on open forward foreign currency contracts
|
$181,457
|
|||||
|
Abbreviation(s) used in this table:
|
||
|
CLP
|
—
|
Chilean Peso
|
|
EGP
|
—
|
Egyptian Pound
|
|
JPY
|
—
|
Japanese Yen
|
|
MXN
|
—
|
Mexican Peso
|
|
USD
|
—
|
United States Dollar
|
See Notes to Financial Statements.
10
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
|
Summary of Investments by Country#
|
|
|
United States
|
56.2
%
|
|
Brazil
|
9.9
|
|
Mexico
|
8.0
|
|
Colombia
|
6.2
|
|
Argentina
|
3.1
|
|
Canada
|
2.7
|
|
Chile
|
2.0
|
|
Zambia
|
1.3
|
|
Germany
|
1.2
|
|
Australia
|
0.6
|
|
Jersey
|
0.5
|
|
Peru
|
0.3
|
|
Short-Term Investments
|
8.0
|
|
|
100.0
%
|
|
#
|
As a percentage of total investments. Please note that the Fund holdings are as of
April 30, 2026, and are subject
to change.
|
See Notes to Financial Statements.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
11
Statement of assets and liabilities (unaudited)
April 30, 2026
|
Assets:
|
|
|
Investments in unaffiliated securities, at value (Cost — $237,854,822)
|
$235,026,628
|
|
Investments in affiliated securities, at value (Cost — $10,723,161)
|
10,723,161
|
|
Foreign currency, at value (Cost — $499)
|
551
|
|
Cash
|
1,071,267
|
|
Interest receivable
|
3,761,345
|
|
Deposits with brokers for open futures contracts
|
1,435,719
|
|
Receivable from brokers for OTC derivatives
|
280,000
|
|
Unrealized appreciation on forward foreign currency contracts
|
267,971
|
|
Receivable from brokers — net variation margin on open futures contracts
|
120,906
|
|
Dividends receivable from affiliated investments
|
23,421
|
|
Deposits with brokers
|
208
|
|
Prepaid expenses
|
14,183
|
|
Total Assets
|
252,725,360
|
|
Liabilities:
|
|
|
Loan payable (Note 5)
|
76,000,000
|
|
Mandatory Redeemable Preferred Stock ($10 liquidation value per share; 2,500,000 shares
issued and outstanding) (net of deferred offering costs of $38,964) (Note 6)
|
24,961,036
|
|
Payable for securities purchased
|
1,490,611
|
|
Foreign currency collateral due to brokers for open futures contracts, at value (Cost —
$442,464)
|
449,351
|
|
Deposits from brokers for OTC derivatives
|
280,000
|
|
Interest and commitment fees payable
|
274,719
|
|
Distributions payable to Mandatory Redeemable Preferred Stockholders
|
189,305
|
|
Investment management fee payable
|
132,986
|
|
Unrealized depreciation on forward foreign currency contracts
|
86,514
|
|
Foreign withholding tax payable
|
57,462
|
|
Directors’ fees payable
|
2,267
|
|
Accrued expenses
|
168,937
|
|
Total Liabilities
|
104,093,188
|
|
Total Net Assets Applicable to Common Shareholders
|
$148,632,172
|
|
Net Assets Applicable to Common Shareholders:
|
|
|
Common stock par value ($0.001 par value; 16,791,836 shares issued and outstanding;
97,500,000 common shares authorized)
|
$16,792
|
|
Paid-in capital in excess of par value
|
238,149,411
|
|
Total distributable earnings (loss)
|
(89,534,031
)
|
|
Total Net Assets Applicable to Common Shareholders
|
$148,632,172
|
|
Common Shares Outstanding
|
16,791,836
|
|
Net Asset Value Per Common Share
|
$8.85
|
See Notes to Financial Statements.
12
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
Statement of operations (unaudited)
For the Six Months Ended April 30, 2026
|
Investment Income:
|
|
|
Interest
|
$10,490,191
|
|
Dividends from affiliated investments
|
137,477
|
|
Less: Foreign taxes withheld
|
(177,973
)
|
|
Total Investment Income
|
10,449,695
|
|
Expenses:
|
|
|
Interest expense (Note 5)
|
1,677,320
|
|
Investment management fee (Note 2)
|
1,064,925
|
|
Distributions to Mandatory Redeemable Preferred Stockholders (Notes 1 and 6)
|
459,939
|
|
Legal fees
|
47,696
|
|
Fund accounting fees
|
43,026
|
|
Audit and tax fees
|
31,607
|
|
Shareholder reports
|
29,978
|
|
Amortization of preferred stock offering costs (Note 6)
|
28,904
|
|
Directors’ fees
|
25,121
|
|
Transfer agent fees
|
17,701
|
|
Rating agency fees
|
14,280
|
|
Custody fees
|
11,722
|
|
Stock exchange listing fees
|
6,201
|
|
Insurance
|
865
|
|
Miscellaneous expenses
|
14,663
|
|
Total Expenses
|
3,473,948
|
|
Less: Fee waivers and/or expense reimbursements (Note 2)
|
(254,859
)
|
|
Net Expenses
|
3,219,089
|
|
Net Investment Income
|
7,230,606
|
|
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign
Currency
Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
|
|
|
Net Realized Gain (Loss) From:
|
|
|
Investment transactions in unaffiliated securities
|
(1,197,711
)
|
|
Futures contracts
|
642,468
|
|
Forward foreign currency contracts
|
(2,616,337
)
|
|
Foreign currency transactions
|
(11,248
)
|
|
Net Realized Loss
|
(3,182,828
)
|
|
Change in Net Unrealized Appreciation (Depreciation) From:
|
|
|
Investments in unaffiliated securities
|
112,144
|
|
Futures contracts
|
(1,855,467
)
|
|
Forward foreign currency contracts
|
651,327
|
|
Foreign currencies
|
24,930
|
|
Change in Net Unrealized Appreciation (Depreciation)
|
(1,067,066
)
|
|
Net Loss on Investments, Futures Contracts, Forward Foreign Currency Contracts and
Foreign Currency Transactions
|
(4,249,894
)
|
|
Increase in Net Assets Applicable to Common Shareholders From Operations
|
$2,980,712
|
See Notes to Financial Statements.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
13
Statements of changes in net assets
|
For the Six Months Ended April 30, 2026 (unaudited)
and the Year Ended October 31, 2025
|
2026
|
2025
|
|
Operations:
|
|
|
|
Net investment income
|
$7,230,606
|
$14,370,824
|
|
Net realized loss
|
(3,182,828
)
|
(1,664,899
)
|
|
Change in net unrealized appreciation (depreciation)
|
(1,067,066
)
|
2,766,577
|
|
Increase in Net Assets Applicable to Common Shareholders
From Operations
|
2,980,712
|
15,472,502
|
|
Distributions to Common Shareholders From (Note 1):
|
|
|
|
Total distributable earnings
|
(8,060,081
)
|
(13,844,287
)
|
|
Return of capital
|
—
|
(2,275,876
)
|
|
Decrease in Net Assets From Distributions to Common
Shareholders
|
(8,060,081
)
|
(16,120,163
)
|
|
Decrease in Net Assets Applicable to Common Shareholders
|
(5,079,369
)
|
(647,661
)
|
|
Net Assets Applicable to Common Shareholders:
|
|
|
|
Beginning of period
|
153,711,541
|
154,359,202
|
|
End of period
|
$148,632,172
|
$153,711,541
|
See Notes to Financial Statements.
14
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
Statement of cash flows (unaudited)
For the Six Months Ended April 30, 2026
|
Increase (Decrease) in Cash:
|
|
|
Cash Flows from Operating Activities:
|
|
|
Net increase in net assets applicable to common shareholders resulting from operations
|
$2,980,712
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net
cash
provided (used) by operating activities:
|
|
|
Purchases of portfolio securities
|
(57,042,282
)
|
|
Sales of portfolio securities
|
70,327,812
|
|
Net purchases, sales and maturities of short-term investments
|
(7,861,129
)
|
|
Payment-in-kind
|
(213,210
)
|
|
Net amortization of premium (accretion of discount)
|
(1,152,782
)
|
|
Decrease in interest receivable
|
668,221
|
|
Decrease in prepaid expenses
|
4,702
|
|
Decrease in dividends receivable from affiliated investments
|
11,786
|
|
Increase in receivable from brokers for OTC derivatives
|
(280,000
)
|
|
Increase in receivable from brokers — net variation margin on open futures contracts
|
(120,906
)
|
|
Increase in foreign currency collateral due to brokers for open futures contracts
|
449,351
|
|
Increase in deposits from brokers for OTC derivatives
|
280,000
|
|
Increase in payable for securities purchased
|
1,490,611
|
|
Amortization of preferred stock offering costs
|
28,904
|
|
Decrease in investment management fee payable
|
(7,854
)
|
|
Increase in Directors’ fees payable
|
451
|
|
Increase in interest and commitment fees payable
|
(38,634
)
|
|
Decrease in distributions payable to Mandatory Redeemable Preferred Stockholders
|
(3,811
)
|
|
Decrease in payable to brokers — net variation margin on open futures contracts
|
(15,789
)
|
|
Increase in foreign withholding tax payable
|
21,792
|
|
Decrease in accrued expenses
|
(38,603
)
|
|
Net realized loss on investments
|
1,197,711
|
|
Change in net unrealized appreciation (depreciation) of investments and forward foreign
currency contracts
|
(763,471
)
|
|
Net Cash Provided in Operating Activities*
|
9,923,582
|
|
Cash Flows from Financing Activities:
|
|
|
Distributions paid on common stock (net of distributions payable)
|
(9,403,428
)
|
|
Net Cash Used by Financing Activities
|
(9,403,428
)
|
|
Net Increase in Cash and Restricted Cash
|
520,154
|
|
Cash and restricted cash at beginning of period
|
1,987,591
|
|
Cash and restricted cash at end of period
|
$2,507,745
|
|
*
|
Included in operating expenses is $1,715,954 paid for interest and commitment fees
on borrowings and $463,750
paid for distributions to Mandatory Redeemable Preferred Stockholders.
|
See Notes to Financial Statements.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
15
Statement of cash flows (unaudited) (cont’d)
For the Six Months Ended April 30, 2026
The following table provides a reconciliation of cash (including foreign currency)
and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts
shown on the Statement of
Cash Flows.
|
|
April 30, 2026
|
|
Cash
|
$1,071,818
|
|
Restricted cash
|
1,435,927
|
|
Total cash and restricted cash shown in the Statement of Cash Flows
|
$2,507,745
|
Restricted cash consists of cash that has been segregated to cover the Fund’s collateral or margin obligations under derivative contracts. It is separately reported on the Statement of Assets and
Liabilities as Deposits with brokers.
See Notes to Financial Statements.
16
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
Financial highlights
|
For a common share of capital stock outstanding throughout each year ended October
31,
unless otherwise noted:
|
||||||
|
|
20261,2
|
20251
|
20241
|
20231
|
20221
|
20211
|
|
Net asset value, beginning of period
|
$9.15
|
$9.19
|
$8.38
|
$8.95
|
$13.16
|
$13.35
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.43
|
0.86
|
0.84
|
0.81
|
0.79
|
0.75
|
|
Net realized and unrealized gain
(loss)
|
(0.25
)
|
0.06
|
0.93
|
(0.38
)
|
(3.93
)
|
(0.00
)3
|
|
Total income (loss) from
operations
|
0.18
|
0.92
|
1.77
|
0.43
|
(3.14)
|
0.75
|
|
Less distributions to common
shareholders from:
|
|
|
|
|
|
|
|
Net investment income
|
(0.48
)4
|
(0.82
)
|
(0.57
)
|
(0.11
)
|
(0.99
)
|
(0.67
)
|
|
Return of capital
|
—
|
(0.14
)
|
(0.39
)
|
(0.89
)
|
(0.08
)
|
(0.27
)
|
|
Total distributions to
common shareholders
|
(0.48
)
|
(0.96
)
|
(0.96
)
|
(1.00
)
|
(1.07
)
|
(0.94
)
|
|
Net asset value, end of period
|
$8.85
|
$9.15
|
$9.19
|
$8.38
|
$8.95
|
$13.16
|
|
Market price, end of period
|
$8.00
|
$8.48
|
$8.42
|
$7.03
|
$7.83
|
$12.23
|
|
Total return, based on NAV5,6
|
2.01
%
|
10.67
%
|
21.50
%
|
4.40
%
|
(24.82
)%
|
5.46
%
|
|
Total return, based on Market Price7
|
(0.01
)%
|
12.83
%
|
34.18
%
|
1.71
%
|
(28.37
)%
|
19.70
%
|
|
Net assets applicable to common
shareholders, end of period
(millions)
|
$149
|
$154
|
$154
|
$141
|
$150
|
$221
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses8
|
4.62
%9
|
4.96
%
|
5.42
%
|
5.29
%
|
3.47
%
|
2.81
%
|
|
Net expenses8,10,11
|
4.28
9
|
4.62
|
5.08
|
5.00
|
3.27
|
2.66
|
|
Net investment income
|
9.62
9
|
9.41
|
8.92
|
8.83
|
7.19
|
5.40
|
|
Portfolio turnover rate
|
25
%
|
78
%
|
59
%
|
51
%
|
32
%
|
49
%
|
See Notes to Financial Statements.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
17
Financial highlights (cont’d)
|
For a common share of capital stock outstanding throughout each year ended October
31,
unless otherwise noted:
|
||||||
|
|
20261,2
|
20251
|
20241
|
20231
|
20221
|
20211
|
|
Supplemental data:
|
|
|
|
|
|
|
|
Loan Outstanding, End of Period
(000s)
|
$76,000
|
$76,000
|
$61,000
|
$61,000
|
$61,000
|
$60,000
|
|
Asset Coverage Ratio for Loan
Outstanding12
|
328
%
|
335
%
|
435
%
|
413
%
|
428
%
|
568
%
|
|
Asset Coverage, per $1,000 Principal
Amount of Loan Outstanding12
|
$3,285
|
$3,351
|
$4,350
|
$4,127
|
$4,282
|
$5,682
|
|
Weighted Average Loan (000s)
|
$76,000
|
$74,247
|
$61,000
|
$61,000
|
$66,255
|
$60,000
|
|
Weighted Average Interest Rate on
Loan
|
4.39
%
|
5.03
%
|
5.96
%
|
5.48
%
|
1.78
%
|
0.79
%
|
|
Mandatory Redeemable Preferred
Stock at Liquidation Value, End of
Period (000s)
|
$25,000
|
$25,000
|
$50,000
|
$50,000
|
$50,000
|
$60,000
|
|
Asset Coverage Ratio for Mandatory
Redeemable Preferred Stock13
|
247
%
|
252
%
|
239
%
|
227
%
|
235
%
|
284
%
|
|
Asset Coverage, per $10 and/or
$100,000 Liquidation Value per Share
of Mandatory Redeemable Preferred
Stock13
|
$25
|
$25
|
$24
|
$23
|
$24
|
$284,115
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended April 30, 2026 (unaudited).
|
|
3
|
Amount represents less than $0.005 or greater than $(0.005) per share.
|
|
4
|
The actual source of the Fund’s current fiscal year distributions may be from
net investment income, realized capital gains, return of capital or a combination
of both. Shareholders will be
informed of the tax characteristics of the distributions after the close of the fiscal
year.
|
|
5
|
The total return calculation assumes that distributions are reinvested at NAV. Past
performance is no guarantee of
future results. Total returns for periods of less than one year are not annualized.
|
|
6
|
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. Total
returns for periods of less than one year are not annualized.
|
|
7
|
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. Total returns
for periods of less than one
year are not annualized.
|
|
8
|
Includes expenses related to borrowings of 2.88%, 3.22%, 3.66%, 3.52%, 1.79% and 1.21% for the period ended
April 30, 2026, and years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively.
|
|
9
|
Annualized.
|
|
10
|
Reflects fee waivers and/or expense reimbursements.
|
|
11
|
The manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
|
|
12
|
Represents value of net assets plus the loan outstanding and mandatory redeemable
preferred stock at the end of
the period divided by the loan outstanding at the end of the period.
|
|
13
|
Represents value of net assets plus the loan outstanding and mandatory redeemable
preferred stock at the end of
the period divided by the loan and mandatory redeemable preferred stock outstanding
at the end of the period.
|
See Notes to Financial Statements.
18
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
Notes to financial statements (unaudited)
1. Organization and significant accounting policies
BrandywineGLOBAL — Global Income Opportunities Fund Inc. (the “Fund”) was incorporated in Maryland on October 27, 2010, and is registered as a non-diversified,
closed-end management investment company under the Investment Company Act of 1940,
as amended (the “1940 Act”). The Fund’s primary investment objective is to provide current income. As a secondary investment objective, the Fund will seek capital appreciation.
There can be no assurance the Fund will achieve its investment objectives. The Fund seeks
to achieve its investment objectives by investing, under normal market conditions, at
least 80% of its assets in global fixed income securities.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards
Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted
accounting principles (“GAAP”), including, but not limited to, ASC 946. 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 typically use inputs that
are observable such as issuer details, interest rates, yield curves, prepayment speeds,
credit risks/spreads, default rates and quoted prices for similar securities. Investments
in open-end funds are valued at the closing net asset value per share of each fund on the day
of valuation. Futures contracts are valued daily at the settlement price established
by the board of trade or exchange on which they are traded. Equity securities for which market
quotations are available are valued at the last reported sales price or official closing
price on the primary market or exchange on which they trade. When the Fund holds securities
or other assets that are denominated in a foreign currency, the Fund will normally use
the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party
pricing services are unable to supply prices for a portfolio investment, or if the prices
supplied are deemed by the manager to be unreliable, the market price may be determined by the
manager using quotations from one or more broker/dealers or at the transaction price
if the security has recently been purchased and no value has yet been obtained from a pricing
service or pricing broker. When reliable prices are not readily available, such as
when the value of a security has been significantly affected by events after the close of the
exchange or market on which the security is principally traded, but before the Fund calculates
its net asset value, the Fund values these securities as determined in accordance with procedures
approved by the Fund’s Board of Directors (the “Board”).
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process.
The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
19
Notes to financial statements (unaudited) (cont’d)
Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. 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, 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 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 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication
of the risk associated with investing in those securities.
20
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
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:
|
|
|
|
|
|
Energy
|
—
|
$28,375,127
|
$2,542,892
|
$30,918,019
|
|
Other Corporate Bonds &
Notes
|
—
|
73,100,563
|
—
|
73,100,563
|
|
Sovereign Bonds
|
—
|
56,724,860
|
—
|
56,724,860
|
|
Collateralized Mortgage
Obligations
|
—
|
38,303,559
|
—
|
38,303,559
|
|
Mortgage-Backed Securities
|
—
|
15,124,283
|
—
|
15,124,283
|
|
Convertible Bonds & Notes
|
—
|
7,638,752
|
—
|
7,638,752
|
|
Senior Loans
|
—
|
4,198,877
|
—
|
4,198,877
|
|
Total Long-Term Investments
|
—
|
223,466,021
|
2,542,892
|
226,008,913
|
|
Short-Term Investments†:
|
|
|
|
|
|
Money Market Funds
|
$10,723,161
|
—
|
—
|
10,723,161
|
|
Sovereign Bonds
|
—
|
9,017,715
|
—
|
9,017,715
|
|
Total Short-Term Investments
|
10,723,161
|
9,017,715
|
—
|
19,740,876
|
|
Total Investments
|
$10,723,161
|
$232,483,736
|
$2,542,892
|
$245,749,789
|
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency
Contracts††
|
—
|
$267,971
|
—
|
$267,971
|
|
Total
|
$10,723,161
|
$232,751,707
|
$2,542,892
|
$246,017,760
|
|
LIABILITIES
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Other Financial Instruments:
|
|
|
|
|
|
Futures Contracts††
|
$1,473,080
|
—
|
—
|
$1,473,080
|
|
Forward Foreign Currency
Contracts††
|
—
|
$86,514
|
—
|
86,514
|
|
Total
|
$1,473,080
|
$86,514
|
—
|
$1,559,594
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
|
††
|
Reflects the unrealized appreciation (depreciation) of the instruments.
|
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
21
Notes to financial statements (unaudited) (cont’d)
The following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determining fair value:
|
Investments in
Securities
|
Balance
as of
October 31,
2025
|
Accrued
premiums/
discounts
|
Realized
gain
(loss)
|
Change in
unrealized
appreciation
(depreciation)
|
Purchases
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Energy
|
—
|
$(49,798)
|
—
|
—
|
$2,592,690
|
|
Total
|
—
|
$(49,798)
|
—
|
—
|
$2,592,690
|
|
Investments in
Securities (cont’d)
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as of
April 30, 2026
|
Net change
in unrealized
appreciation
(depreciation)
for
investments
in securities
still held at
April 30, 2026
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Energy
|
—
|
—
|
—
|
$2,542,892
|
—
|
|
Total
|
—
|
—
|
—
|
$2,542,892
|
—
|
(b) 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 securities
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 appreciation or depreciation 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.
(c) 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 contract is marked-to-market daily and the change in value is recorded by
the
22
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
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.
Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
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.
(d) 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 offset against the borrower and the Fund may not benefit directly from any collateral
supporting the loan in which it has purchased the participation.
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 offset between the lender and
the borrower.
(e) Stripped securities. The Fund may invest in ‘‘Stripped Securities,’’ a term used collectively for components, or strips, of fixed income securities. Stripped Securities
can be principal only securities (“PO”), which are debt obligations that have been stripped of unmatured interest coupons, or interest only securities (“IO”), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped
Securities will fluctuate in response to changes in economic conditions, rates of
pre-payment, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt
obligations of comparable maturities that pay interest currently. The amount of fluctuation may
increase with a longer period of maturity.
The yield to maturity on IO’s is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may
have a material effect on yield to maturity. If the underlying debt obligation experiences
greater than anticipated prepayments of principal, the Fund may not fully recoup its initial
investment in IO’s.
(f) 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
Statements of Changes in Net Assets and additional information on cash receipts and cash payments
is presented in the Statement of Cash Flows.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
23
Notes to financial statements (unaudited) (cont’d)
(g) 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.
(h) 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.
(i) 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
24
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
currencies, may require settlement in foreign currencies or may 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.
(j) 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.
With exchange traded and centrally cleared derivatives, there is less counterparty
risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments,
guarantees against a possible default. The clearinghouse stands between the buyer
and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse.
While offset rights may exist under applicable law, the Fund does not have a contractual
right of offset against a clearing broker or clearinghouse in the event of a default
of the clearing broker or clearinghouse.
The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter
(“OTC”) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event 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 net assets or net asset value per share
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.
Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset
with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an
event of default by the counterparty or a termination of the agreement, the terms of the
ISDA 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.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
25
Notes to financial statements (unaudited) (cont’d)
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 OTC 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.
As of April 30, 2026, the Fund held forward foreign currency contracts with credit
related contingent features which had a liability position of $86,514. 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.
At April 30, 2026, the Fund held cash collateral from HSBC Securities Inc. in the
amount of $280,000. This amount could be used to reduce the Fund’s exposure to the counterparty in the event of default
(k) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind
securities) is recorded on the accrual basis. Amortization of premiums and accretion
of discounts on debt securities are recorded to interest income over the lives of the
respective securities, except for premiums on certain callable debt securities, which are amortized
to the earliest call date. 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 for dividends received in cash and/or securities. Foreign dividend
income is recorded on the ex-dividend date or as soon as practicable after the Fund determines
the existence of 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.
(l) Distributions to shareholders. Distributions to common shareholders from net investment income of the Fund, if any, are declared quarterly and paid on a monthly
basis. The actual source of the Fund’s monthly distributions may be from net investment income, realized capital gains, return of capital or a combination of such amounts. Common
shareholders will be informed of the tax characteristics of the distributions after
the close of the fiscal year. Distributions to common shareholders of net realized gains, if
any, are declared at least annually. Pursuant to its Managed Distribution Policy, adopted by
the Fund in August 2012, the Fund intends to make regular monthly distributions to common shareholders at a fixed rate per common share, which rate may be adjusted from time
to time by the Fund’s Board. Under the Fund’s Managed Distribution Policy, if, for any monthly distribution, the value of the Fund’s net investment income and net realized capital gain is less than the amount of the distribution, the difference will be distributed from the Fund’s net assets (and may constitute a “return of capital”). The Board may modify, terminate or suspend the Managed Distribution Policy at any time, including when certain events
would make part of the return of capital taxable to common shareholders. Any such modification,
termination or suspension could have an adverse effect on the market price of the Fund’s
26
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
shares. Distributions to common 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.
Distributions to holders of Mandatory Redeemable Preferred Stock (“MRPS”) are accrued on a daily basis as described in Note 6 and are treated as an operating expense as required
by GAAP. For tax purposes, the payments made to the holders of the Fund’s MRPS are treated as dividends or distributions. The character of distributions to MRPS holders made
during the year may differ from their ultimate characterization for federal income tax purposes.
(m) 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, as amended (the “Code”), 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.
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, 2025, 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 the prior three fiscal years 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.
(n) 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.
2. Investment management agreement and other transactions with affiliates
Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and Brandywine Global Investment Management, LLC (“Brandywine Global”) is the Fund’s subadviser. FTFA and Brandywine Global are indirect, wholly-owned subsidiaries of
Franklin Resources, Inc. (“Franklin Resources”).
FTFA 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
0.85% of the Fund’s average daily managed assets. “Managed assets” means net assets plus the amount of any borrowing and assets attributable to any preferred stock that
may be outstanding. FTFA delegates to Brandywine Global the day-to-day portfolio management
of the Fund. For its services, FTFA pays Brandywine Global a fee monthly, at an annual
rate equal to 70% of the net management fee it receives from the Fund.
During periods in which the Fund utilizes financial leverage, the fees paid to FTFA
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.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
27
Notes to financial statements (unaudited) (cont’d)
Effective June 1, 2022, FTFA implemented a voluntary investment management fee waiver
of 0.15% that continued until May 31, 2023. Effective June 1, 2023, FTFA implemented
a voluntary investment management fee waiver of 0.20% that will continue until June
30, 2027.
The manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated
money market fund (the “affiliated money market fund waivers”).
During the six months ended April 30, 2026, fees waived and/or expenses reimbursed amounted to $254,859, which included an affiliated money market fund waiver of $4,289.
All officers and one Director of the Fund are employees of Franklin Resources or its
affiliates and do not receive compensation from the Fund.
3. Investments
During the six months ended April 30, 2026, 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
|
$53,197,173
|
$3,845,109
|
|
Sales
|
62,185,089
|
8,142,723
|
At April 30, 2026, the aggregate cost of investments and the aggregate gross unrealized
appreciation and depreciation of investments for federal income tax purposes were
substantially as follows:
|
|
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
(Depreciation)
|
|
Securities
|
$248,670,777
|
$9,104,237
|
$(12,025,225)
|
$(2,920,988)
|
|
Futures contracts
|
—
|
—
|
(1,473,080)
|
(1,473,080)
|
|
Forward foreign currency contracts
|
—
|
267,971
|
(86,514)
|
181,457
|
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
April 30, 2026.
|
ASSET DERIVATIVES1
|
|
|
|
Foreign
Exchange Risk
|
|
Forward foreign currency contracts
|
$267,971
|
28
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
|
LIABILITY DERIVATIVES1
|
|||
|
|
Interest
Rate Risk
|
Foreign
Exchange Risk
|
Total
|
|
Futures contracts2
|
$1,473,080
|
—
|
$1,473,080
|
|
Forward foreign currency contracts
|
—
|
$86,514
|
86,514
|
|
Total
|
$1,473,080
|
$86,514
|
$1,559,594
|
|
1
|
Generally, the balance sheet location for asset derivatives is receivables/net unrealized
appreciation and for
liability derivatives is payables/net unrealized depreciation.
|
|
2
|
Includes cumulative unrealized appreciation (depreciation) of futures contracts as
reported in the Schedule of
Investments. Only net variation margin is reported within the receivables and/or payables
on 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 six months ended April 30, 2026. 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 net unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.
|
AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
|
|||
|
|
Interest
Rate Risk
|
Foreign
Exchange Risk
|
Total
|
|
Futures contracts
|
$642,468
|
—
|
$642,468
|
|
Forward foreign currency contracts
|
—
|
$(2,616,337
)
|
(2,616,337
)
|
|
Total
|
$642,468
|
$(2,616,337
)
|
$(1,973,869
)
|
|
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
|
|||
|
|
Interest
Rate Risk
|
Foreign
Exchange Risk
|
Total
|
|
Futures contracts
|
$(1,855,467
)
|
—
|
$(1,855,467
)
|
|
Forward foreign currency contracts
|
—
|
$651,327
|
651,327
|
|
Total
|
$(1,855,467
)
|
$651,327
|
$(1,204,140
)
|
During the six months ended April 30, 2026, the volume of derivative activity for the Fund was as follows:
|
|
Average Market
Value*
|
|
Futures contracts (to buy)
|
$59,098,512
|
|
Forward foreign currency contracts (to buy)
|
22,426,402
|
|
Forward foreign currency contracts (to sell)
|
17,486,630
|
|
*
|
Based on the average of the market values at each month-end during the period.
|
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
29
Notes to financial statements (unaudited) (cont’d)
The following table presents the Fund’s OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the
related collateral pledged (received) by the Fund as of April 30, 2026.
|
Counterparty
|
Gross Assets
Subject to
Master
Agreements1
|
Gross
Liabilities
Subject to
Master
Agreements1
|
Net Assets
(Liabilities)
Subject to
Master
Agreements
|
Collateral
Pledged
(Received)2,3
|
Net
Amount4,5
|
|
Citibank N.A.
|
$96,820
|
—
|
$96,820
|
—
|
$96,820
|
|
Goldman Sachs Group Inc.
|
—
|
$(37,952)
|
(37,952)
|
—
|
(37,952)
|
|
HSBC Securities Inc.
|
112,912
|
(48,562)
|
64,350
|
$(112,912)
|
(48,562)
|
|
JPMorgan Chase & Co.
|
58,239
|
—
|
58,239
|
—
|
58,239
|
|
Total
|
$267,971
|
$(86,514)
|
$181,457
|
$(112,912)
|
$68,545
|
|
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
|
Gross amounts are not offset in the Statement of Assets and Liabilities.
|
|
3
|
In some instances, the actual collateral received and/or pledged may be more than
the amount shown here due
to overcollateralization.
|
|
4
|
Net amount may also include forward foreign currency exchange contracts that are not
required to be
collateralized.
|
|
5
|
Represents the net amount receivable (payable) from (to) the counterparty in the event
of default.
|
5. Loan
The Fund has a Master Margin Loan Agreement (the “BNYM Credit Agreement”) with The Bank of New York Mellon (“BNYM”) as lender. The BNYM Credit Agreement provides for borrowings in an aggregate principal amount of up to $100,000,000, subject to the
terms and conditions therein. Each loan under the BNYM Credit Agreement constitutes an open
commitment by BNYM terminable upon 180 days’ notice by the Fund or BNYM. The Fund pays interest on borrowings calculated based on the Overnight Bank Funding Rate plus
applicable margin. The Overnight Bank Funding Rate is a volume weighted median measure
of U.S. dollar funding costs for U.S. based banks calculated using both federal funds
transactions and overnight eurodollar time deposits. The Fund pays a commitment fee
on the unutilized portion of the loan commitment amount at an annual rate of 0.25% except
that no commitment fee is accrued when the aggregate outstanding balance of the loan
is equal to or greater than 75% of the margin loan commitment amount. To the extent of
the borrowing outstanding, the Fund is required to maintain collateral in a special custody
account at the Fund’s custodian on behalf of BNYM. The BNYM Credit Agreement contains certain 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 BNYM
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 BNYM Credit Agreement for the six months ended April
30, 2026 was $1,677,320. For the six months ended April 30, 2026, the average daily loan
30
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
balance was $76,000,000 and the weighted average interest rate was 4.39%. At April
30, 2026, the Fund had $76,000,000 of borrowings outstanding.
6. Mandatory redeemable preferred stock
On December 30, 2019, the Fund completed a private placement of $50,000,000 fixed
rate Mandatory Redeemable Preferred Stock (”MRPS”). Net proceeds from the offering were used, in part, to refinance leverage provided by redeemed MRPS. Offering costs incurred
by the Fund in connection with the MRPS issuance are being amortized to expense over
the respective life of each series of MRPS.
The table below summarizes the key terms of the MRPS outstanding at April 30, 2026.
|
Series
|
Term
Redemption
Date
|
Rate
|
Shares
|
Liquidation
Preference
Per Share
|
Aggregate
Liquidation
Value
|
Estimated
Fair Value
|
|
Series E
|
12/30/2026
|
3.71%
|
2,500,000
|
$10
|
$25,000,000
|
$24,714,842
|
The MRPS are not listed on any exchange or automated quotation system. The estimated
fair value of the MRPS was calculated, for disclosure purposes, based on estimated
market yields and credit spreads for comparable instruments with similar maturity, terms
and structure. The MRPS are categorized as Level 3 within the fair value hierarchy.
Holders of MRPS are entitled to receive quarterly cumulative cash dividends payable
on the first business day following each quarterly dividend date (February 15, May 15, August
15 and November 15). In the event of a rating downgrade of any series of the MRPS below “A” by Fitch Ratings Inc., the applicable dividend rate will increase, according to a
predetermined schedule, by 0.5% to 4.0%.
The MRPS rank senior to the Fund’s outstanding common stock and on parity with any other preferred stock. The Fund may, at its option, redeem the MRPS, in whole or in part,
at the liquidation preference amount plus all accumulated but unpaid dividends plus the make-
whole amount equal to the discounted value of the remaining scheduled payments. If
the Fund fails to maintain a total leverage (debt and preferred stock) asset coverage
ratio of at least 225% or is in default of specified rating agency requirements, the MRPS are
subject to mandatory redemption under certain provisions.
The Fund may not declare dividends or make other distributions on shares of its common
stock unless the Fund has declared and paid full cumulative dividends on the MRPS,
due on or prior to the date of the common stock dividend or distribution, and meets the MRPS
asset coverage and rating agency requirements.
The holders of the MRPS have one vote per share and vote together with the holders
of common stock of the Fund as a single class except on matters affecting only the holders
of MRPS or the holders of common stock. Pursuant to the 1940 Act, holders of the MRPS
have the right to elect two Directors of the Fund, voting separately as a class.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
31
Notes to financial statements (unaudited) (cont’d)
7. Distributions to common shareholders subsequent to April 30, 2026
The following distributions to common shareholders have been declared by the Fund’s Board and are payable subsequent to the period end of this report:
|
Record Date
|
Payable Date
|
Amount
|
|
5/21/2026
|
5/29/2026
|
$0.0800
|
|
6/23/2026
|
6/30/2026
|
$0.0800
|
|
7/24/2026
|
7/31/2026
|
$0.0800
|
|
8/24/2026
|
8/31/2026
|
$0.0800
|
8. Stock repurchase program
On November 16, 2015, the Fund announced that the Fund’s Board had authorized the Fund to repurchase in the open market up to approximately 10% of the Fund’s outstanding common stock when the Fund’s shares are trading at a discount to net asset value. The Board has directed management of the Fund to repurchase shares of common stock at
such times and in such amounts as 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 six months ended April 30, 2026, and the year
ended October 31, 2025, the Fund did not repurchase any shares.
Since the commencement of the stock repurchase program through April 30, 2026, the
Fund repurchased 86,958 shares or 0.41% of its common shares outstanding for a total amount
of $1,165,853.
9. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5%
or more of the outstanding voting securities, or a company which is under common ownership
or control with the Fund. The following company was considered an affiliated company
for all or some portion of the six months ended April 30, 2026. The following transactions were effected in such company for the six months ended April 30, 2026.
|
|
Affiliate
Value at
October 31, 2025
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Western Asset
Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
|
$7,485,304
|
$58,614,949
|
58,614,949
|
$55,377,092
|
55,377,092
|
|
(cont’d)
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
April 30,
2026
|
|
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
|
—
|
$137,477
|
—
|
$10,723,161
|
32
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
10. Deferred capital losses
As of October 31, 2025, the Fund had deferred capital losses of $79,183,721, which
have no expiration date, that will be available to offset future taxable capital gains.
11. Operating segments
The Fund operates as a single operating segment, which is an investment portfolio.
A management group assigned to the Fund within the Fund’s investment manager serves as the Chief Operating Decision Maker (“CODM”) and is responsible for evaluating the Fund’s operating results and allocating resources in accordance with the Fund’s investment strategy. Internal reporting provided to the CODM aligns with the accounting policies
and measurement principles used in the financial statements.
For information regarding segment assets, segment profit or loss, and significant
expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations,
along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio
turnover and expense ratios, are disclosed in the Financial Highlights.
BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2026 Semi-Annual Report
33
Additional shareholder information (unaudited)
Results of annual meeting of shareholders
The Annual Meeting of Shareholders of BrandywineGLOBAL – Global Income Opportunities Fund Inc. was held on April 17, 2026 for the purpose of considering and voting upon
the proposals presented at the Meeting. The following table provides information concerning
the matters voted upon at the Meeting:
Election of directors
|
Nominees
|
Common
Shares
and
Preferred
Shares
together,
Voted
FOR
Election
|
Common
Shares
and
Preferred
Shares,
voting
together,
WITHHELD
|
Common
Shares
and
Preferred
Shares
voting
together,
ABSTAIN
|
Preferred
Shares,
Voted
FOR
Election
|
Preferred
Shares,
WITHHELD
|
Preferred
Shares,
ABSTAIN
|
|
Nisha Kumar
|
13,123,004
|
614,707
|
179,956
|
--
|
--
|
--
|
|
Hillary A. Sale
|
13,566,748
|
195,247
|
155,672
|
--
|
--
|
--
|
|
Jane Trust
|
13,563,694
|
198,300
|
155,673
|
--
|
--
|
--
|
At the Meeting, Messes. Kumar, Sale and Trust were each duly elected by the shareholders
to serve as Class II Directors of the Fund until the 2029 Annual Meeting of Shareholders,
or until their successors have been duly elected and qualified or until their resignation
or are otherwise removed.
At March 31, 2026, in addition to Messes. Kumar, Sale and Trust, the other Directors
of the Fund were as follows:
Robert D. Agdern
Carol L. Colman
Anthony Grillo
Eileen A. Kamerick
Peter Mason
Carol L. Colman
Anthony Grillo
Eileen A. Kamerick
Peter Mason
Ratification of Selection of Independent Registered Public Accountants
To ratify the selection of PricewaterhouseCoopers LLP (“PwC”) as independent registered public accountants of the Fund for the fiscal year ended October 31, 2026.
|
FOR
|
AGAINST
|
ABSTAIN
|
BROKER NON-VOTES
|
|
12,377,154
|
1,394,063
|
146,450
|
0
|
34
BrandywineGLOBAL — Global Income Opportunities 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 and return of capital distributions, on your Common Stock will
be automatically reinvested by Computershare Trust Company, N.A., as agent for the stock-
holders (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 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 P.O. Box 43006, Providence, RI 02940-3078 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
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
35
Dividend reinvestment plan (unaudited) (cont’d)
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.
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. 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 P.O. Box 43006, Providence, RI 02940-3078 or by
calling the Plan Agent at 1-888-888-0151.
36
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
BrandywineGLOBAL —
Global Income Opportunities Fund Inc.
Directors
Robert D. Agdern
Carol L. Colman
Anthony Grillo
Eileen A. Kamerick
Chair
Nisha Kumar
Peter Mason
Hillary A. Sale
Jane Trust
Officers
Jane Trust
President and Chief Executive
Officer
President and Chief Executive
Officer
Christopher Berarducci
Treasurer and Principal Financial
Officer
Treasurer and Principal Financial
Officer
Fred Jensen
Chief Compliance Officer
Chief Compliance Officer
Marc A. De Oliveira
Secretary and Chief Legal Officer
Secretary and Chief Legal Officer
Thomas C. Mandia
Senior Vice President
Senior Vice President
Jeanne M. Kelly
Senior Vice President
Senior Vice President
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
One Madison Avenue
17th Floor
New York, NY 10010
17th Floor
New York, NY 10010
Investment manager
Franklin Templeton Fund Adviser, LLC
Subadviser
Brandywine Global Investment
Management, LLC
Management, LLC
Custodian
The Bank of New York Mellon
Transfer agent
Computershare Inc.
P.O. Box 43006
Providence, RI 02940-3078
P.O. Box 43006
Providence, RI 02940-3078
Independent registered
public accounting firm
public accounting firm
PricewaterhouseCoopers LLP
Baltimore, MD
Baltimore, MD
Legal counsel
Simpson Thacher & Bartlett LLP
900 G Street NW
Washington, DC 20001
900 G Street NW
Washington, DC 20001
New York Stock
Exchange Symbol
Exchange Symbol
BWG
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
BrandywineGLOBAL — Global Income Opportunities Fund Inc.
One Madison Avenue
17th Floor
New York, NY 10010
One Madison Avenue
17th Floor
New York, NY 10010
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 as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 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 related to portfolio transactions are available (1) without charge, upon request, by calling 1-888-777-0102, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on Franklin Templeton’s website, which can be accessed at www.franklintempleton.com. Any reference to Franklin Templeton’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate Franklin Templeton’s website in this report.
This report is transmitted to the shareholders of BrandywineGLOBAL — Global Income Opportunities Fund Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.
Computershare Inc.
P.O. Box 43006
Providence, RI 02940-3078
P.O. Box 43006
Providence, RI 02940-3078
90884-S 6/26
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
Not applicable.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| (a) | Not applicable. |
| (b) | On May 31, 2026, Michael Arno became part of the portfolio management team of the Fund. |
NAME AND ADDRESS* |
LENGTH OF TIME SERVED |
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS | ||
| Michael Arno, CFA | Since May 31, 2026 |
Co-portfolio manager of the fund; Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Mr. Arno is a portfolio manager and senior research analyst on select Brandywine Global strategies. He is responsible for providing research analysis and portfolio management on the firm’s emerging market fixed income related strategies. He joined Brandywine Global Investment Management, LLC in 2006. Prior to joining Brandywine Global Investment Management LLC in 2006, Mr. Arno was an associate for the Vanguard Group (2004-2006). He is a CFA charterholder and earned a B.S. in Finance from Temple University. |
| * | The address for each portfolio manager is Brandywine, 2929 Arch Street, Philadelphia, Pennsylvania 19104, unless otherwise indicated. |
The following tables set forth certain additional information with respect to the above named fund’s investment professional responsible for the day-to-day management with other members of the Fund’s portfolio management team for the fund. Unless noted otherwise, all information is provided as of April 30, 2026.
Other Accounts Managed by Investment Professional
The table below identifies the number of accounts (other than the fund) for which the below named fund’s investment professional has 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 |
| Michael Arno | Other Registered Investment Companies | 2 | $543 million | None | None |
| Other Pooled Vehicles | 18 | $5.67 billion | 1 | $207 million | |
| Other Accounts | 6 | $2.32 billion | 1 | $951 million |
(a)(3): Portfolio Manager Compensation :
Investment Professional Compensation
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 1940 Act and Rule 204A-1 under the Advisers
Act 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.
Investment Professional Compensation
With respect to the compensation of the Fund’s investment professionals, the Subadviser’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 the 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 and 5 years having a larger 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 Fund) 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 investment professionals are eligible for additional incentives in recognition of outstanding performance. These are determined based upon the factors described above and include long-term incentives that vest over a set period of time past the award date.
Investment Professional Securities Ownership
The table below identifies the dollar range of securities beneficially owned by the named investment professional as of April 30, 2026.
Investment Professional |
Dollar Range of | |
| Michael Arno, CFA | 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 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrants acknowledge the Staff’s comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations “principal executive officer” and “principal financial officer” in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory’s actual title with respect to the Funds alongside the required designation. |
| (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 period covered by this report that have materially affected, or are likely to materially affect the Registrant’s internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
(a) (3) 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.
BrandywineGLOBAL – Global Income Opportunities Fund Inc.
| By: | /s/ Jane Trust | |
| Jane Trust | ||
| Chief Executive Officer | ||
| Date: | June 24, 2026 |
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: | June 24, 2026 | |
| By: | /s/ Christopher Berarducci | |
| Christopher Berarducci | ||
| Principal Financial Officer | ||
| Date: | June 24, 2026 |