Legg Mason BW Global Income Opportunities Fund Inc. (BWG)

N-CSRS 1 d132390dncsrs.htm LEGG MASON BW GLOBAL INCOME OPPORTUNITIES FUND INC. (BWG) Legg Mason BW Global Income Opportunities Fund Inc. (BWG)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22491

BrandywineGLOBAL - Global Income Opportunities Fund Inc.

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 47^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

George P. Hoyt.

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2021

ITEM 1.

REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

LOGO


Semi-Annual Report		April 30, 2021

BrandywineGLOBAL —

GLOBAL INCOME

OPPORTUNITIES FUND INC.

(BWG)

The Fund intends to no longer mail paper copies of the Fund’s shareholder reports like this one, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you invest through a financial intermediary and you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. If you have not already elected e-delivery, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account at that financial intermediary. If you are a direct shareholder with the Fund, you can call the Fund at 1-888-888-0151, or write to the Fund by regular mail at P.O. Box 505000, Louisville, KY 40233 or by overnight delivery to Computershare, 462 South 4th Street, Suite 1600, Louisville, KY 40202 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account held directly with the fund complex.

LOGO

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


What’s inside
Letter from the chairman			II
Performance review			III
Fund at a glance			1
Schedule of investments			2
Statement of assets and liabilities			17
Statement of operations			18
Statements of changes in net assets			19
Statement of cash flows			20
Financial highlights			21
Notes to financial statements			24
Additional shareholder information			44
Dividend reinvestment plan			45

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.

Letter from the chairman

LOGO

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, 2021. Please read on for Fund performance information during the Fund’s reporting period.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.lmcef.com. Here you can gain immediate access to market and investment information, including:

•

Fund prices and performance,

•

Market insights and commentaries from our portfolio managers, and

•

A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

LOGO

Jane Trust, CFA

Chairman, President and Chief Executive Officer

May 28, 2021

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

Performance review

For the six months ended April 30, 2021, BrandywineGLOBAL — Global Income Opportunities Fund Inc. returned 6.51% based on its net asset value (“NAV”)ⁱ and 15.25% based on its New York Stock Exchange (“NYSE”) market price per share. The Fund’s unmanaged benchmark, the Bloomberg Barclays Global Aggregate Indexⁱⁱ, returned -0.17% for the same period. The Lipper Global Income Closed-End Funds Category Averageⁱⁱⁱ returned 10.06% over the same time frame. Please note that Lipper performance returns are based on each fund’s NAV.

During this six-month period, the Fund made distributions to shareholders totaling $0.46 per share. As of April 30, 2021, the Fund estimates that all of the distributions were sourced from net investment income.* The performance table shows the Fund’s six-month total return based on its NAV and market price as of April 30, 2021. Past performance is no guarantee of future results.


Performance Snapshot as of April 30, 2021 (unaudited)
Price Per Share		6-Month Total Return**
$ 13.77 (NAV)		6.51%†
$ 12.23 (Market Price)		15.25%‡

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.

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.lmcef.com (click on the name of the Fund).

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.lmcef.com (click on the name of the Fund).

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

III

Performance review (cont’d)

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 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,

LOGO

Jane Trust, CFA

Chairman, President and Chief Executive Officer

May 28, 2021

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 decrease. 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 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

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

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 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 Barclays Global Aggregate Index is an index comprised of several other Bloomberg Barclays indices that measure fixed income performance of regions around the world.

ⁱⁱⁱ

Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the six-month period ended April 30, 2021, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 17 funds in the Fund’s Lipper category.

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

Fund at a glance^† (unaudited)

Investment breakdown (%) as a percent of total investments

LOGO

†

The bar graph above represents the composition of the Fund’s investments as of April 30, 2021 and October 31, 2020 and does not include derivatives, such as futures contracts, forward foreign currency contracts and swap contracts. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Schedule of investments (unaudited)

April 30, 2021

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Security	Rate			Maturity Date		Face Amount†			Value
Corporate Bonds & Notes — 78.9%
Communication Services — 5.5%
Diversified Telecommunication Services — 2.0%
Consolidated Communications Inc., Senior Secured Notes		5.000	%		10/1/28		890,000		$	904,462	^(a)
Consolidated Communications Inc., Senior Secured Notes		6.500	%		10/1/28		475,000			512,371	^(a)
Embarq Corp., Senior Notes		7.995	%		6/1/36		1,280,000			1,492,411	^(b)
Hughes Satellite Systems Corp., Senior Notes		6.625	%		8/1/26		200,000			221,670	^(b)
Level 3 Financing Inc., Senior Notes		4.625	%		9/15/27		1,300,000			1,343,277	^(a)(b)
Total Diversified Telecommunication Services										4,474,191
Interactive Media & Services — 0.2%
Rackspace Technology Global Inc., Senior Secured Notes		3.500	%		2/15/28		555,000			539,044	^(a)
Media — 2.7%
Altice France Holding SA, Senior Notes		6.000	%		2/15/28		1,515,000			1,505,531	^(a)
Altice France SA, Senior Secured Notes		3.375	%		1/15/28		1,190,000	^EUR		1,412,794
Colombia Telecomunicaciones SA ESP, Senior Notes		4.950	%		7/17/30		775,000			820,372	^(a)(b)
Liberty Interactive LLC, Senior Notes		8.250	%		2/1/30		725,000			837,977	^(b)
Sinclair Television Group Inc., Senior Notes		5.875	%		3/15/26		275,000			283,885	^(a)
TEGNA Inc., Senior Notes		4.625	%		3/15/28		1,400,000			1,431,556	^(b)
Total Media										6,292,115
Wireless Telecommunication Services — 0.6%
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		1,420,000			1,443,075
Total Communication Services										12,748,425
Consumer Discretionary — 10.5%
Automobiles — 5.2%
Ford Motor Co., Senior Notes		8.500	%		4/21/23		2,500,000			2,803,125	^(b)
Nissan Motor Co. Ltd., Senior Notes		4.345	%		9/17/27		8,300,000			9,089,313	^(a)(b)
Total Automobiles										11,892,438
Hotels, Restaurants & Leisure — 3.1%
International Game Technology PLC, Senior Secured Notes		4.125	%		4/15/26		190,000			196,015	^(a)
International Game Technology PLC, Senior Secured Notes		5.250	%		1/15/29		1,455,000			1,544,667	^(a)(b)
Mohegan Gaming & Entertainment, Secured Notes		8.000	%		2/1/26		1,450,000			1,473,635	^(a)(b)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Security	Rate			Maturity Date		Face Amount†		Value
Hotels, Restaurants & Leisure — continued
Scientific Games International Inc., Senior Notes		8.625	%		7/1/25		1,440,000	$	1,576,750	^(a)(b)
Scientific Games International Inc., Senior Secured Notes		5.000	%		10/15/25		745,000		770,583	^(a)(b)
Travel + Leisure Co., Senior Secured Notes		6.000	%		4/1/27		1,475,000		1,653,976	^(b)
Total Hotels, Restaurants & Leisure									7,215,626
Leisure Products — 0.3%
Vista Outdoor Inc., Senior Notes		4.500	%		3/15/29		730,000		730,482	^(a)
Specialty Retail — 1.9%
Carvana Co., Senior Notes		5.500	%		4/15/27		590,000		597,847	^(a)
Gap Inc., Senior Secured Notes		8.875	%		5/15/27		1,235,000		1,443,406	^(a)(b)
L Brands Inc., Senior Notes		6.625	%		10/1/30		370,000		426,880	^(a)
Magic Mergeco Inc., Senior Notes		7.875	%		5/1/29		585,000		601,819	^(a)
Magic Mergeco Inc., Senior Secured Notes		5.250	%		5/1/28		1,400,000		1,419,250	^(a)
Total Specialty Retail									4,489,202
Total Consumer Discretionary									24,327,748
Consumer Staples — 2.3%
Food Products — 1.3%
BRF SA, Senior Notes		3.950	%		5/22/23		1,225,000		1,264,482	^(a)(b)
JBS Investments II GmbH, Senior Notes		7.000	%		1/15/26		625,000		666,281	^(a)
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./ Simmons Feed Ingredients Inc., Secured Notes		4.625	%		3/1/29		1,115,000		1,124,991	^(a)
Total Food Products									3,055,754
Household Products — 0.8%
Central Garden & Pet Co., Senior Notes		4.125	%		4/30/31		1,685,000		1,678,681	^(a)
Personal Products — 0.2%
Edgewell Personal Care Co., Senior Notes		5.500	%		6/1/28		475,000		505,281	^(a)
Total Consumer Staples									5,239,716
Energy — 9.9%
Oil, Gas & Consumable Fuels — 9.9%
Antero Resources Corp., Senior Notes		5.625	%		6/1/23		1,075,000		1,080,375
Antero Resources Corp., Senior Notes		5.000	%		3/1/25		710,000		721,538
Antero Resources Corp., Senior Notes		8.375	%		7/15/26		1,000,000		1,124,130	^(a)
Apache Corp., Senior Notes		4.875	%		11/15/27		710,000		750,292
CITGO Petroleum Corp., Senior Secured Notes		6.375	%		6/15/26		1,425,000		1,462,599	^(a)(b)
CNX Resources Corp., Senior Notes		6.000	%		1/15/29		1,310,000		1,401,445	^(a)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

April 30, 2021

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Energean Israel Finance Ltd., Senior Secured Notes		5.875	%		3/30/31		1,710,000	$	1,768,858	^(a)(c)
Geopark Ltd., Senior Notes		5.500	%		1/17/27		1,620,000		1,668,381	^(a)(b)
Marathon Oil Corp., Senior Notes		6.600	%		10/1/37		2,445,000		3,100,629	^(b)
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		1,535,000		1,468,204	^(b)
Occidental Petroleum Corp., Senior Notes		6.625	%		9/1/30		1,405,000		1,603,548	^(b)
Petroleos Mexicanos, Senior Notes		5.350	%		2/12/28		3,730,000		3,669,014
Petroleos Mexicanos, Senior Notes		6.950	%		1/28/60		1,905,000		1,688,506
Talos Production Inc., Secured Notes		12.000	%		1/15/26		1,375,000		1,381,827	^(a)(b)
Total Energy									22,889,346
Financials — 15.6%
Banks — 4.2%
Bank of America Corp., Subordinated Notes		7.750	%		5/14/38		6,345,000		9,821,066	^(b)
Capital Markets — 9.5%
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		12,000,000		17,026,242
Owl Rock Capital Corp., Senior Notes		4.000	%		3/30/25		1,085,000		1,155,915	^(b)
Owl Rock Technology Finance Corp., Senior Notes		4.750	%		12/15/25		3,385,000		3,693,980	^(a)
Total Capital Markets									21,876,137
Consumer Finance — 1.6%
Blackstone Secured Lending Fund, Senior Notes		3.625	%		1/15/26		3,485,000		3,674,356	^(a)
Insurance — 0.3%
Genworth Holdings Inc., Senior Notes		4.900	%		8/15/23		730,000		721,824
Total Financials									36,093,383
Health Care — 4.7%
Health Care Providers & Services — 0.2%
Select Medical Corp., Senior Notes		6.250	%		8/15/26		560,000		596,120	^(a)(b)
Pharmaceuticals — 4.5%
Bausch Health Cos. Inc., Senior Notes		6.125	%		4/15/25		1,440,000		1,472,083	^(a)(b)
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		1,010,000		1,069,353	^(a)(b)
Bausch Health Cos. Inc., Senior Notes		7.250	%		5/30/29		650,000		721,094	^(a)(b)
Bausch Health Cos. Inc., Senior Secured Notes		7.000	%		3/15/24		2,294,000		2,355,009	^(a)(b)
Endo Dac/Endo Finance LLC/Endo Finco Inc., Senior Secured Notes		5.875	%		10/15/24		1,485,000		1,497,065	^(a)(b)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

Security

Rate

Maturity
Date

Face
Amount†

Value

Pharmaceuticals — continued

Teva Pharmaceutical Finance Netherlands III BV, Senior Notes

7.125

1/31/25

1,385,000

1,512,344

Teva Pharmaceutical Finance Netherlands III BV, Senior Notes

3.150

10/1/26

1,815,000

1,706,554

^(b)

Total Pharmaceuticals

10,333,502

Total Health Care

10,929,622

Industrials — 7.5%

Aerospace & Defense — 2.2%

Boeing Co., Senior Notes

5.040

5/1/27

3,065,000

3,524,088

Embraer Netherlands Finance BV, Senior Notes

6.950

1/17/28

1,310,000

1,477,025

^(a)(b)

Total Aerospace & Defense

5,001,113

Airlines — 1.7%

Air Canada Pass-Through Trust

5.250

4/1/29

212,733

230,325

^(a)

Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes

4.750

10/20/28

3,280,000

3,604,471

^(a)

Total Airlines

3,834,796

Commercial Services & Supplies — 0.6%

Harsco Corp., Senior Notes

5.750

7/31/27

1,375,000

1,453,244

^(a)(b)

Construction & Engineering — 0.1%

ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par, Senior Secured Notes

4.050

4/27/26

300,000

296,100

^(a)

Electrical Equipment — 0.2%

Sensata Technologies Inc., Senior Notes

4.375

2/15/30

480,000

502,742

^(a)(b)

Industrial Conglomerates — 1.1%

Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Notes

6.250

5/15/26

2,425,000

2,560,315

Machinery — 0.6%

Navistar International Corp., Senior Secured Notes

9.500

5/1/25

1,190,000

1,292,637

^(a)

Marine — 0.5%

Navios South American Logistics Inc./ Navios Logistics Finance U.S. Inc., Senior Secured Notes

10.750

7/1/25

1,140,000

1,259,700

^(a)(b)

Road & Rail — 0.3%

Uber Technologies Inc., Senior Notes

6.250

1/15/28

590,000

641,773

^(a)

Trading Companies & Distributors — 0.2%

Boise Cascade Co., Senior Notes

4.875

7/1/30

500,000

530,938

^(a)(b)

Total Industrials

17,373,358

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

April 30, 2021

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Security	Rate			Maturity Date		Face Amount†		Value
Information Technology — 7.2%
Communications Equipment — 3.7%
CommScope Inc., Senior Notes		8.250	%		3/1/27		1,350,000	$	1,447,875	^(a)(b)
CommScope Inc., Senior Notes		7.125	%		7/1/28		495,000		536,318	^(a)(b)
CommScope Inc., Senior Secured Notes		6.000	%		3/1/26		1,370,000		1,445,980	^(a)(b)
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes		6.750	%		10/1/26		2,200,000		2,301,090	^(a)(b)
Viasat Inc., Senior Notes		5.625	%		9/15/25		1,450,000		1,484,437	^(a)(b)
Viasat Inc., Senior Secured Notes		5.625	%		4/15/27		1,300,000		1,364,545	^(a)(b)
Total Communications Equipment									8,580,245
Electronic Equipment, Instruments & Components — 1.5%
Jabil Inc., Senior Notes		3.600	%		1/15/30		3,275,000		3,540,281
Semiconductors & Semiconductor Equipment — 0.6%
Entegris Inc.		3.625	%		5/1/29		330,000		335,362	^(a)
Entegris Inc., Senior Notes		4.375	%		4/15/28		750,000		789,394	^(a)(b)
Synaptics Inc., Senior Notes		4.000	%		6/15/29		285,000		285,827	^(a)
Total Semiconductors & Semiconductor Equipment									1,410,583
Technology Hardware, Storage & Peripherals — 1.4%
Dell International LLC/EMC Corp., Senior Notes		7.125	%		6/15/24		1,870,000		1,923,248	^(a)(b)
Dell International LLC/EMC Corp., Senior Secured Notes		6.020	%		6/15/26		1,020,000		1,217,622	^(a)(b)
Total Technology Hardware, Storage & Peripherals									3,140,870
Total Information Technology									16,671,979
Materials — 9.3%
Chemicals — 1.7%
Braskem Netherlands Finance BV, Senior Notes (8.500% to 1/23/26 then 5 year Treasury Constant Maturity Rate + 8.220%)		8.500	%		1/23/81		1,440,000		1,666,872	^(a)(b)(d)
Methanex Corp., Senior Notes		5.125	%		10/15/27		750,000		792,960	^(b)
Tronox Inc., Senior Notes		4.625	%		3/15/29		280,000		286,300	^(a)
Tronox Inc., Senior Secured Notes		6.500	%		5/1/25		1,200,000		1,283,244	^(a)(b)
Total Chemicals									4,029,376
Containers & Packaging — 1.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		6.000	%		2/15/25		730,000		753,922	^(a)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Security	Rate			Maturity Date		Face Amount†		Value
Containers & Packaging — continued
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		5.250	%		8/15/27		1,430,000	$	1,463,370	^(a)(b)
Cascades Inc./Cascades USA Inc., Senior Notes		5.125	%		1/15/26		1,465,000		1,557,478	^(a)(b)
Total Containers & Packaging									3,774,770
Metals & Mining — 6.0%
Alcoa Nederland Holding BV, Senior Notes		4.125	%		3/31/29		1,645,000		1,682,013	^(a)
Arconic Corp., Secured Notes		6.125	%		2/15/28		555,000		590,381	^(a)
Big River Steel LLC/BRS Finance Corp., Senior Secured Notes		6.625	%		1/31/29		720,000		778,950	^(a)(b)
Century Aluminum Co., Senior Secured Notes		12.000	%		7/1/25		670,000		715,359	^(a)(b)
Cleveland-Cliffs Inc., Senior Notes		5.750	%		3/1/25		740,000		761,738	^(b)
Cleveland-Cliffs Inc., Senior Notes		5.875	%		6/1/27		2,840,000		2,982,000	^(b)
First Quantum Minerals Ltd., Senior Notes		7.250	%		4/1/23		640,000		652,800	^(a)(b)
First Quantum Minerals Ltd., Senior Notes		6.875	%		10/15/27		2,920,000		3,208,350	^(a)(b)
New Gold Inc., Senior Notes		7.500	%		7/15/27		100,000		108,635	^(a)
Taseko Mines Ltd., Senior Secured Notes		7.000	%		2/15/26		2,180,000		2,270,415	^(a)(b)
Total Metals & Mining									13,750,641
Total Materials									21,554,787
Real Estate — 3.4%
Equity Real Estate Investment Trusts (REITs) — 1.8%
Iron Mountain Inc., Senior Notes		5.250	%		3/15/28		1,135,000		1,192,045	^(a)(b)
Sunac China Holdings Ltd., Senior Secured Notes		8.350	%		4/19/23		2,755,000		2,884,485	^(c)
Total Equity Real Estate Investment Trusts (REITs)									4,076,530
Real Estate Management & Development — 1.6%
Realogy Group LLC/Realogy Co-Issuer Corp., Secured Notes		7.625	%		6/15/25		2,825,000		3,090,592	^(a)(b)
Realogy Group LLC/Realogy Co-Issuer Corp., Senior Notes		5.750	%		1/15/29		575,000		597,494	^(a)
Total Real Estate Management & Development									3,688,086
Total Real Estate									7,764,616
Utilities — 3.0%
Electric Utilities — 1.1%
AES Panama Generation Holdings SRL, Senior Secured Notes		4.375	%		5/31/30		1,195,000		1,241,653	^(a)(b)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

April 30, 2021

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Security	Rate			Maturity Date		Face Amount†			Value
Electric Utilities — continued
NRG Energy Inc., Senior Notes		6.625	%		1/15/27		925,000		$	965,191	^(b)
Talen Energy Supply LLC, Senior Secured Notes		7.250	%		5/15/27		330,000			339,903	^(a)
Total Electric Utilities										2,546,747
Gas Utilities — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp., Senior Notes		5.875	%		8/20/26		625,000			700,666	^(b)
Independent Power and Renewable Electricity Producers — 1.6%
AES Corp., Senior Secured Notes		3.300	%		7/15/25		685,000			730,957	^(a)(b)
Clearway Energy Operating LLC, Senior Notes		5.000	%		9/15/26		1,480,000			1,530,875	^(b)
Clearway Energy Operating LLC, Senior Notes		3.750	%		2/15/31		1,425,000			1,406,389	^(a)(b)
Total Independent Power and Renewable Electricity Producers										3,668,221
Total Utilities										6,915,634
Total Corporate Bonds & Notes (Cost — $167,097,537)										182,508,614
Sovereign Bonds — 35.2%
Brazil — 5.4%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		63,555,000	^BRL		12,458,105
China — 0.4%
China Government Bond		2.680	%		5/21/30		7,000,000	^CNH		1,036,327
India — 8.9%
India Government Bond, Senior Notes		8.170	%		12/1/44		1,300,000,000	^INR		20,470,945
Indonesia — 11.4%
Indonesia Treasury Bond		8.375	%		9/15/26		50,000,000,000	^IDR		3,865,144
Indonesia Treasury Bond		9.000	%		3/15/29		120,400,000,000	^IDR		9,647,337
Indonesia Treasury Bond		8.375	%		3/15/34		69,800,000,000	^IDR		5,360,514
Indonesia Treasury Bond		8.750	%		2/15/44		96,900,000,000	^IDR		7,449,287
Total Indonesia										26,322,282
Mexico — 9.0%
Mexican Bonos, Senior Notes		7.750	%		11/13/42		421,500,000	^MXN		20,739,132
Ukraine — 0.1%
Ukraine Government International Bond, Senior Notes		7.253	%		3/15/33		300,000			301,125	^(a)
Total Sovereign Bonds (Cost — $92,662,724)										81,327,916
Collateralized Mortgage Obligations ^(e)— 19.9%
Banc of America Commercial Mortgage
Trust, 2017-BNK3 XA, IO		1.250	%		2/15/50		43,511,066			2,071,079	^(d)
BANK, 2017-BNK4 XA, IO		1.555	%		5/15/50		4,612,437			273,795	^(d)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Security	Rate			Maturity Date		Face Amount†			Value
Collateralized Mortgage Obligations ^(e)— continued
BBCMS Mortgage Trust, 2019-BWAY D (1 mo. USD LIBOR + 2.160%)		2.275	%		11/15/34		5,000,000		$	4,942,585	^(a)(d)
BBVA RMBS 2 FTA, 2007-2 C (3 mo. EURIBOR + 0.540%, 0.000% floor)		0.002	%		9/17/50		2,000,000	^EUR		2,093,807	^(c)(d)
BX Commercial Mortgage Trust, 2018-IND D (1 mo. USD LIBOR + 1.300%)		1.415	%		11/15/35		1,561,700			1,563,787	^(a)(d)
Citigroup Commercial Mortgage Trust, 2015-GC29 C		4.289	%		4/10/48		2,500,000			2,655,362	^(d)
CSMC Trust, 2019-ICE4 A (1 mo. USD LIBOR + 0.980%)		1.095	%		5/15/36		2,500,000			2,507,928	^(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2018-DNA3 B2 (1 mo. USD LIBOR + 7.750%)		7.856	%		9/25/48		3,765,000			3,936,754	^(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2018-HQA2 M2 (1 mo. USD LIBOR + 2.300%)		2.406	%		10/25/48		2,150,000			2,184,602	^(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2018-HRP2 M3 (1 mo. USD LIBOR + 2.400%)		2.506	%		2/25/47		2,210,000			2,251,198	^(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2019-DNA2 M2 (1 mo. USD LIBOR + 2.450%)		2.556	%		3/25/49		1,546,664			1,574,472	^(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2019-DNA4 B2 (1 mo. USD LIBOR + 6.250%)		6.356	%		10/25/49		860,000			872,141	^(a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2018-C06 2B1 (1 mo. USD LIBOR + 4.100%)		4.206	%		3/25/31		2,000,000			2,045,589	^(d)
Federal National Mortgage Association (FNMA) — CAS, 2019-R02 1B1 (1 mo. USD LIBOR + 4.150%)		4.256	%		8/25/31		3,000,000			3,102,870	^(a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1 (1 mo. USD LIBOR + 4.100%)		4.206	%		7/25/39		230,000			234,574	^(a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1 (1 mo. USD LIBOR + 3.250%)		3.356	%		1/25/40		1,025,000			1,027,189	^(a)(d)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

April 30, 2021

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Security	Rate			Maturity Date		Face Amount†			Value
Collateralized Mortgage Obligations ^(e)— continued
FREMF Mortgage Trust, 2019-K102 C		3.651	%		12/25/51		2,580,000		$	2,661,891	^(a)(d)
GS Mortgage Securities Trust, 2020-GC47 D		3.570	%		5/12/53		1,300,000			1,278,773	^(a)(d)
IM Pastor FTA, 4 B (3 mo. EURIBOR + 0.190%, 0.000% floor)		0.000	%		3/22/44		1,200,000	^EUR		855,172	^(c)(d)
IM Pastor FTH, 3 B (3 mo. EURIBOR + 0.290%, 0.000% floor)		0.000	%		3/22/43		7,400,000	^EUR		5,308,774	^(c)(d)
Rural Hipotecario IX FTA, 9 B (3 mo. EURIBOR + 0.320%, 0.000% floor)		0.000	%		2/17/50		1,889,002	^EUR		2,164,908	^(c)(d)
WF-RBS Commercial Mortgage Trust, 2012-C6 XA, IO		2.238	%		4/15/45		24,516,325			106,045	^(a)(d)
WF-RBS Commercial Mortgage Trust, 2013-C15 XA, IO		0.537	%		8/15/46		58,440,325			435,462	^(d)
Total Collateralized Mortgage Obligations (Cost — $44,826,115)										46,148,757
Convertible Bonds & Notes — 2.1%
Communication Services — 1.4%
Media — 1.4%
DISH Network Corp., Senior Notes		3.375	%		8/15/26		3,070,000			3,238,850	^(b)
Information Technology — 0.7%
Electronic Equipment, Instruments & Components — 0.7%
Vishay Intertechnology Inc., Senior Notes		2.250	%		6/15/25		1,475,000			1,604,062	^(b)
Total Convertible Bonds & Notes (Cost — $4,274,055)										4,842,912
Asset-Backed Securities — 0.2%
Park Place Securities Inc. Pass-Through Certificates, 2005-WHQ2 M2 (1 mo. USD LIBOR + 0.690%) (Cost — $461,371)		0.796	%		5/25/35		460,634			461,471	^(d)
Total Investments before Short-Term Investments (Cost — $309,321,802)										315,289,670
Short-Term Investments — 13.8%
Sovereign Bonds — 1.3%
Egypt Treasury Bills (Cost — $2,953,438)		10.398	%		6/15/21		47,100,000	^EGP		2,970,400	^(f)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

Security

Rate

Value

Money Market Funds — 12.5%

JPMorgan U.S. Government Money Market Fund, Institutional Class (Cost — $28,936,120)

0.006

28,936,120

28,936,120

Total Short-Term Investments (Cost — $31,889,558)

31,906,520

Total Investments — 150.1% (Cost — $341,211,360)

347,196,190

Mandatory Redeemable Preferred Stock, at Liquidation Value — (25.9)%

(60,000,000

)

Other Liabilities in Excess of Other Assets — (24.2)%

(55,928,997

)

Total Net Assets Applicable to Common Shareholders — 100.0%

231,267,193

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

^(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 6).

^(c)

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

^(d)

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.

^(e)

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.

^(f)	Rate shown represents yield-to-maturity.


Abbreviation(s) used in this schedule:

BRL		— Brazilian Real

CAS		— Connecticut Avenue Securities

CNH		— Chinese Offshore Yuan

EGP		— Egyptian Pound

EUR		— Euro

EURIBOR		— Euro Interbank Offered Rate

FHLMC		— Federal Home Loan Mortgage Corporation

FNMA		— Federal National Mortgage Association

IDR		— Indonesian Rupiah

INR		— Indian Rupee

IO		— Interest Only

LIBOR		— London Interbank Offered Rate

MXN		— Mexican Peso

USD		— Unified School District

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

April 30, 2020

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

At April 30, 2021, the Fund had the following open forward foreign currency contracts:


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	10,529,873	INR	779,000,000	Barclays Bank PLC		5/10/21	$	31,663
USD	14,079,206	ZAR	202,400,000	UBS Securities LLC		5/12/21		146,509
MXN	59,100,000	USD	2,878,153	Citibank N.A.		5/13/21		35,175
USD	23,341,775	MXN	479,300,000	Citibank N.A.		5/13/21		(285,270)
MXN	16,700,000	USD	778,991	JPMorgan Chase & Co.		5/13/21		44,234
USD	2,756,787	MXN	59,100,000	JPMorgan Chase & Co.		5/13/21		(156,541)
CAD	13,800,000	USD	10,743,480	Goldman Sachs Group Inc.		5/14/21		483,951
CAD	22,200,000	USD	17,813,726	Goldman Sachs Group Inc.		5/14/21		247,793
USD	7,917,556	CAD	9,980,000	Goldman Sachs Group Inc.		5/14/21		(201,992)
USD	10,343,173	CAD	13,040,000	Goldman Sachs Group Inc.		5/14/21		(265,936)
USD	10,374,704	CAD	12,980,000	JPMorgan Chase & Co.		5/14/21		(185,589)
GBP	1,920,000	USD	2,650,887	HSBC Securities Inc.		5/19/21		835
GBP	11,010,000	USD	15,201,177	HSBC Securities Inc.		5/19/21		4,789
RUB	217,000,000	USD	2,902,622	Citibank N.A.		5/21/21		(25,110)
RUB	1,922,000,000	USD	25,708,935	Citibank N.A.		5/21/21		(222,402)
USD	2,912,947	RUB	217,000,000	Citibank N.A.		5/21/21		35,435
USD	14,488,901	RUB	1,090,000,000	Citibank N.A.		5/21/21		35,040
USD	17,709,444	AUD	22,800,000	Goldman Sachs Group Inc.		5/25/21		143,469
AUD	37,150,000	USD	28,704,876	HSBC Securities Inc.		5/25/21		(83,123)
USD	11,026,058	AUD	14,350,000	National Australia Bank Ltd.		5/25/21		(29,720)
TRY	44,800,000	USD	5,213,006	Goldman Sachs Group Inc.		5/28/21		123,865
TRY	15,200,000	USD	1,796,221	JPMorgan Chase & Co.		5/28/21		14,503
TRY	86,000,000	USD	10,390,489	JPMorgan Chase & Co.		5/28/21		(145,604)
USD	18,899,063	TRY	146,000,000	JPMorgan Chase & Co.		5/28/21		1,506,583
TRY	119,600,000	USD	14,308,824	JPMorgan Chase & Co.		6/7/21		(138,139)
CLP	3,620,000,000	USD	4,959,787	HSBC Securities Inc.		6/11/21		132,275
EUR	7,530,000	USD	8,958,554	Citibank N.A.		7/12/21		108,233
USD	9,910,326	EUR	8,330,000	Citibank N.A.		7/12/21		(119,732)
USD	10,195,857	EUR	8,570,000	Citibank N.A.		7/12/21		(123,182)
BRL	24,210,000	USD	4,311,972	HSBC Securities Inc.		7/14/21		115,094
NZD	24,920,000	USD	17,830,136	HSBC Securities Inc.		7/19/21		(2,898)
THB	542,000,000	USD	17,350,663	JPMorgan Chase & Co.		7/21/21		48,530
USD	15,014,607	IDR	221,000,000,000	JPMorgan Chase & Co.		7/28/21		(158,670)
Total							$	1,114,068

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Abbreviation(s) used in this table:

AUD		— Australian Dollar

BRL		— Brazilian Real

CAD		— Canadian Dollar

CLP		— Chilean Peso

EUR		— Euro

GBP		— British Pound

IDR		— Indonesian Rupiah

INR		— Indian Rupee

MXN		—Mexican Peso

NZD		— New Zealand Dollar

RUB		— Russian Ruble

THB		— Thai Baht

TRY		— Turkish Lira

USD		— United States Dollar

ZAR		— South African Rand

At April 30, 2021, the Fund had the following open swap contracts:


OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION¹
Swap Counterparty (Reference Entity)	Notional Amount²		Termination Date		Implied Credit Spread at April 30, 2021³	Periodic Payments Received by the Fund^†	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation
Barclays Bank PLC (CCO Holdings LLC/ CCO Holdings Capital Corp., 5.750%, due 1/15/24)	$	1,250,000		6/20/21	0.311%	5.000% quarterly	$	8,297	$	7,945	$	352
Barclays Bank PLC (T-Mobile USA Inc., 4.000%, due 4/15/22)		2,550,000		6/20/21	0.394%	5.000% quarterly		16,628		12,626		4,002
Barclays Bank PLC (T-Mobile USA Inc., 4.000%, due 4/15/22)		2,390,000		6/20/22	0.519%	5.000% quarterly		122,969		114,405		8,564

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

April 30, 2020

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION¹(cont’d)
Swap Counterparty (Reference Entity)	Notional Amount²		Termination Date		Implied Credit Spread at April 30, 2021³	Periodic Payments Received by the Fund^†	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation
Goldman Sachs Group Inc. (Goodyear Tire & Rubber Co., 5.000%, due 5/31/26)	$	2,390,000		6/20/22	0.549%	5.000% quarterly	$	122,140	$	107,480	$	14,660
JPMorgan Chase & Co. (Cleveland- Cliffs Inc., 1.500%, due 1/15/25)		1,360,000		6/20/21	0.518%	5.000% quarterly		8,628		(4,820)		13,448
JPMorgan Chase & Co. (Occidental Petroleum Corp., 5.550%, due 3/15/26)		1,485,000		6/20/21	1.410%	1.000% quarterly		(861)		(6,103)		5,242
JPMorgan Chase &Co. (United States Steel Corp., 6.650%, due 6/1/37)		1,245,000		6/20/21	0.555%	5.000% quarterly		7,833		6,782		1,051
Morgan Stanley & Co. Inc. (CenturyLink Inc., 7.500%, due 4/1/24)		1,485,000		6/20/23	1.288%	1.000% quarterly		(9,062)		(42,221)		33,159
Morgan Stanley & Co. Inc. (CenturyLink Inc., 7.500%, due 4/1/24)		1,625,000		6/20/25	2.203%	1.000% quarterly		(76,857)		(141,137)		64,280
Morgan Stanley & Co. Inc. (Dell Inc., 7.100%, due 4/15/28)		815,000		6/20/22	0.233%	1.000% quarterly		7,200		(14,447)		21,647

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION¹(cont’d)
Swap Counterparty (Reference Entity)	Notional Amount²		Termination Date		Implied Credit Spread at April 30, 2021³	Periodic Payments Received by the Fund^†	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation
Morgan Stanley & Co. Inc. (Dell Inc., 7.100%, due 4/15/28)	$	1,210,000		6/20/22	0.233%	1.000% quarterly	$	10,690	$	(21,463)	$	32,153
Morgan Stanley & Co. Inc. (Dell Inc., 7.100%, due 4/15/28)		950,000		12/20/22	0.340%	1.000% quarterly		10,366		(13,426)		23,792
Total	$	18,755,000					$	227,971	$	5,621	$	222,350

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

²	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

†	Percentage shown is an annual percentage rate.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

April 30, 2020

BrandywineGLOBAL — Global Income Opportunities Fund Inc.


Summary of Investments by Country*
United States	51.1	%
Indonesia	7.6
Mexico	7.5
India	5.9
Brazil	4.9
Spain	3.0
Japan	2.6
Israel	1.4
Canada	1.4
China	1.1
Zambia	1.1
Colombia	0.7
United Kingdom	0.7
Luxembourg	0.4
France	0.4
Uruguay	0.4
Panama	0.4
Ukraine	0.1
Chile	0.1
Short-Term Investments	9.2
	100.0	%

*	As a percentage of total investments. Please note that the Fund holdings are as of April 30, 2021 and are subject to change.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Statement of assets and liabilities (unaudited)

April 30, 2021



Assets:
Investments, at value (Cost — $341,211,360)	$	347,196,190
Interest receivable		4,309,806
Unrealized appreciation on forward foreign currency contracts		3,257,976
Deposits with brokers for OTC derivatives		440,000
OTC swaps, at value (net premiums paid — $195,082)		314,751
Foreign currency collateral for futures contracts, at value (Cost — $284,817)		284,317
Deposits with brokers for futures contracts		233,667
Receivable for open OTC swap contracts		70,571
Deposits with brokers for centrally cleared swap contracts		71
Prepaid expenses		25,192
*Total Assets*		*356,132,541*

Liabilities:
Loan payable (Note 6)		60,000,000
Mandatory Redeemable Preferred Stock ($100,000 and $10 liquidation value per share; 100 and 5,000,000 shares issued and outstanding, respectively) (net of deferred offering costs of
$640,546) (Note 7)		59,359,454
Unrealized depreciation on forward foreign currency contracts		2,143,908
Distributions payable to Common Shareholders		1,343,347
Deposits from brokers for OTC derivatives		590,000
Distributions payable to Mandatory Redeemable Preferred Stockholders		441,998
Payable for securities purchased		250,059
Accrued foreign capital gains tax		245,978
Investment management fee payable		216,308
OTC swaps, at value (premiums received — $189,461)		86,780
Interest expense payable		14,192
Payable to broker — net variation margin on futures contracts		10,786
Directors’ fees payable		6,844
Accrued expenses		155,694
*Total Liabilities*		*124,865,348*
Total Net Assets Applicable to Common Shareholders	$	231,267,193

Net Assets Applicable to Common Shareholders:
Common stock par value ($0.001 par value; 16,791,836 shares issued and outstanding; 100,000,000 common shares authorized)	$	16,792
Paid-in capital in excess of par value		268,169,120
Total distributable earnings (loss)		(36,918,719)
Total Net Assets Applicable to Common Shareholders	$	231,267,193

Common Shares Outstanding		16,791,836

Net Asset Value Per Common Share	$	13.77

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Statement of operations (unaudited)

For the Six Months Ended April 30, 2021



Investment Income:
Interest	$	9,509,836
Less: Foreign taxes withheld		(254,411)
*Total Investment Income*		*9,255,425*

Expenses:
Investment management fee (Note 2)		1,506,196
Distributions to Mandatory Redeemable Preferred Stockholders (Notes 1 and 7)		1,077,570
Excise tax (Note 1)		287,543
Interest expense (Note 6)		234,142
Amortization of preferred stock offering costs (Note 7)		80,795
Directors’ fees		45,338
Legal fees		40,068
Transfer agent fees		37,964
Fund accounting fees		34,497
Audit and tax fees		31,036
Custody fees		31,022
Shareholder reports		14,814
Rating agency fees		11,669
Stock exchange listing fees		6,193
Insurance		2,555
Miscellaneous expenses		12,262
*Total Expenses*		*3,453,664*
Less: Fee waivers and/or expense reimbursements (Note 2)		(177,200)
*Net Expenses*		*3,276,464*
Net Investment Income		5,978,961

Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Loss From:
Investment transactions		(14,992,384)
Futures contracts		(341,392)
Swap contracts		(109,224)
Forward foreign currency contracts		(3,040,809)
Foreign currency transactions		(134,607)
*Net Realized Loss*		*(18,618,416)*
Change in Net Unrealized Appreciation (Depreciation) From:
Investments		20,537,163	‡
Futures contracts		1,747,775
Swap contracts		135,636
Forward foreign currency contracts		5,015,844
Foreign currencies		22,570
*Change in Net Unrealized Appreciation (Depreciation)*		*27,458,988*
Net Gain on Investments, Futures Contracts, Swap Contracts, Forward Foreign
Currency Contracts and Foreign Currency Transactions		8,840,572
Increase in Net Assets Applicable to Common Shareholders From Operations	$	14,819,533

‡	Net of change in accrued foreign capital gains tax of $4,825.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Statements of changes in net assets


For the Six Months Ended April 30, 2021 (unaudited) and the Year Ended October 31, 2020	2021		2020

Operations:
Net investment income	$	5,978,961	$	13,437,425
Net realized gain (loss)		(18,618,416)		6,703,647
Change in net unrealized appreciation (depreciation)		27,458,988		(25,637,652)
*Increase (Decrease) in Net Assets Applicable to Common Shareholders From Operations*		*14,819,533*		*(5,496,580)*

Distributions to Common Shareholders From (Note 1):
Total distributable earnings		(7,640,285)		(17,232,621)
*Decrease in Net Assets From Distributions to Common Shareholders*		*(7,640,285)*		*(17,232,621)*

Fund Share Transactions:
Cost of shares repurchased through tender offer (0 and 4,197,959 shares repurchased, respectively) (Note 5)		—		(56,798,385)
*Decrease in Net Assets From Fund Share Transactions*		—		*(56,798,385)*
*Increase (Decrease) in Net Assets Applicable to Common Shareholders*		*7,179,248*		*(79,527,586)*

Net Assets Applicable to Common Shareholders:
Beginning of period		224,087,945		303,615,531
End of period	$	231,267,193	$	224,087,945

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Statement of cash flows (unaudited)

For the Six Months Ended April 30, 2021



Increase (Decrease) in Cash:
Cash Flows from Operating Activities:
Net increase in net assets applicable to common shareholders resulting from operations	$	14,819,533
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided (used) by operating activities:
Purchases of portfolio securities		(100,631,401)
Sales of portfolio securities		110,076,092
Net purchases, sales and maturities of short-term investments		(11,368,297)
Net amortization of premium (accretion of discount)		915,465
Decrease in receivable for premiums on centrally cleared swap contracts		577,672
Decrease in interest receivable		638,265
Increase in prepaid expenses		(2,284)
Decrease in receivable for open OTC swap contracts		1,764
Decrease in premiums paid for OTC swap contracts		109,825
Decrease in payable to broker — net variation margin on centrally cleared swap contracts		(603,424)
Increase in deposits from brokers for OTC derivatives		540,000
Increase in payable for securities purchased		250,059
Amortization of preferred stock offering costs		80,795
Decrease in investment management fee payable		(4,339)
Increase in Directors’ fees payable		1,958
Decrease in interest expense payable		(1,876)
Increase in accrued expenses		15,769
Decrease in distributions payable to Mandatory Redeemable Preferred Stockholders		(8,930)
Decrease in payable to broker — net variation margin on futures contracts		(111,402)
Net realized loss on investments		14,992,384
Change in net unrealized appreciation (depreciation) of investments, OTC swap contracts and forward foreign currency contracts		(25,664,683)
Net Cash Provided in Operating Activities*		*4,622,945*

Cash Flows from Financing Activities:
Distributions paid on common stock (net of distributions payable)		(7,472,367)
*Net Cash Used by Financing Activities*		*(7,472,367)*
Net Decrease in Cash and Restricted Cash		(2,849,422)
Cash and restricted cash at beginning of period		3,807,477
Cash and restricted cash at end of period	$	958,055

*	Included in operating expenses is cash of $236,018 paid for interest on borrowings.

The following table provides a reconciliation of cash 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, 2021
Cash		—
Restricted cash		958,055
Total cash and restricted cash shown in the Statement of Cash Flows	$	958,055

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.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Financial highlights


For a common share of capital stock outstanding throughout each year ended October 31, unless otherwise noted:
	2021^1,2			2020¹			2019¹			2018¹			2017¹			2016¹

Net asset value, beginning of period		$13.35			$14.46			$12.34			$14.87			$15.04			$15.08

Income (loss) from operations:
Net investment income		0.36			0.65			0.82			0.85			1.04			0.92
Net realized and unrealized gain (loss)		0.52			(0.93)			2.06			(2.45)			(0.13)			0.33
*Total income (loss) from operations*		*0.88*			*(0.28)*			*2.88*			*(1.60)*			*0.91*			*1.25*

Less distributions to common shareholders from:
Net investment income		(0.46)	³		(0.84)			(0.76)			(0.33)			(0.09)			(0.77)
Return of capital		—			—			—			(0.60)			(0.99)			(0.53)
*Total distributions to common shareholders*		*(0.46)*			*(0.84)*			*(0.76)*			*(0.93)*			*(1.08)*			*(1.30)*
Anti-dilutive impact of repurchase plan		—			—			—			—			—			0.01	⁴
Anti-dilutive impact of tender offer		—			0.01	⁵		—			—			—			—

Net asset value, end of period		$13.77			$13.35			$14.46			$12.34			$14.87			$15.04

Market price, end of period		$12.23			$11.01			$12.35			$10.29			$13.00			$12.94
*Total return, based on NAV^6,7*		*6.51*	%		*(1.83)*	%		*24.04*	%		*(11.30)*	%		*6.36*	%		*9.18*	%
*Total return, based on Market Price⁸*		*15.25*	%		*(4.41)*	%		*28.29*	%		*(14.46)*	%		*9.24*	%		*14.53*	%

Net assets applicable to common shareholders, end of period (millions)		$231			$224			$304			$259			$312			$316

Ratios to average net assets:
Gross expenses		2.93	%⁹		3.05	%¹⁰		3.26	%		3.06	%		2.76	%		2.83	%
Net expenses		2.78	^9,11		2.89	^10,11		3.11	¹¹		2.92	¹¹		2.76			2.83
Net investment income		5.08	⁹		4.75	¹⁰		6.13			6.06			7.03			6.30

*Portfolio turnover rate*		30	%		61	%		55	%		52	%		78	%		67	%

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Financial highlights (cont’d)


For a common share of capital stock outstanding throughout each year ended October 31, unless otherwise noted:
	2021^1,2			2020¹			2019¹			2018¹			2017¹			2016¹

Supplemental data:
Loan Outstanding, End of Period (000s)		$60,000			$60,000			$100,000			$100,000			$131,500			$132,300
Asset Coverage Ratio for Loan Outstanding¹²		585	%		573	%		454	%		409	%		375	%		376	%
Asset Coverage, per $1,000 Principal Amount of Loan Outstanding¹²		$5,854			$5,735			$4,536			$4,090			$3,753			$3,765
Weighted Average Loan (000s)		$60,000			$88,962			$101,781			$104,914			$121,606			$132,300
Weighted Average Interest Rate on Loan		0.79	%		1.50	%		3.03	%		2.53	%		1.67	%		1.10	%
Mandatory Redeemable Preferred Stock at Liquidation Value, End of Period (000s)		$60,000			$60,000			$50,000			$50,000			$50,000			$50,000
Asset Coverage Ratio for Mandatory Redeemable Preferred Stock¹³		293	%		287	%		302	%		273	%		272	%		273	%
Asset Coverage, per $100,000 and $10 Liquidation Value per Share of Mandatory Redeemable Preferred Stock¹³		$292,723			$286,740			$302,410			$272,636			$271,914			$273,221

See Notes to Financial Statements.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

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

²	For the six months ended April 30, 2021 (unaudited).

³	The actual source of the Fund’s current fiscal year distributions may be from net investment income, 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.

⁴	The repurchase plan was completed at an average repurchase price of $13.41 for 86,958 shares and $1,165,853 for the year ended October 31, 2016.

⁵	The tender offer was completed at a price of $13.53 for 4,197,959 shares and $56,798,385 for the year ended October 31, 2020.

⁶	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.

⁷

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.

⁸	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.

⁹	Annualized.

¹⁰	Included in the expense ratios are certain non-recurring legal and transfer agent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 2.85% and 2.69%, respectively.

¹¹	Reflects fee waivers and/or expense reimbursements.

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.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 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 following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services 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.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

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

•

Level 1 — quoted prices in active markets for identical investments

•

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

•

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

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

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		—	$	182,508,614		—	$	182,508,614
Sovereign Bonds		—		81,327,916		—		81,327,916
Collateralized Mortgage
Obligations		—		46,148,757		—		46,148,757
Convertible Bonds & Notes		—		4,842,912		—		4,842,912
Asset-Backed Securities		—		461,471		—		461,471
Total Long-Term Investments		—		315,289,670		—		315,289,670
Short-Term Investments†:
Sovereign Bonds		—		2,970,400		—		2,970,400
Money Market Funds	$	28,936,120		—		—		28,936,120
Total Short-Term Investments		28,936,120		2,970,400		—		31,906,520
Total Investments	$	28,936,120	$	318,260,070		—	$	347,196,190
Other Financial Instruments:
Forward Foreign Currency Contracts		—	$	3,257,976		—	$	3,257,976
OTC Credit Default Swaps on Corporate Issues — Sell Protection‡		—		314,751		—		314,751
Total Other Financial Instruments		—	$	3,572,727		—	$	3,572,727
Total	$	28,936,120	$	321,832,797		—	$	350,768,917

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report



	LIABILITIES
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Other Financial Instruments:
Forward Foreign Currency Contracts		—	$	2,143,908		—	$	2,143,908
OTC Credit Default Swaps on Corporate Issues — Sell Protection‡		—		86,780		—		86,780
Total		—	$	2,230,688		—	$	2,230,688

†	See Schedule of Investments for additional detailed categorizations.

‡	Value includes any premium paid or received with respect to swap contracts.

(b) Written options. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Fund’s basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund’s basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.

The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. 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) 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.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

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 gains or losses in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(d) 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 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.

(e) Swap agreements. The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract (“OTC Swaps”) or centrally cleared (“Centrally Cleared Swaps”). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the “CCP”) and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund’s custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms, and the possible lack of liquidity with respect to the swap agreements.

OTC swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.

The Fund’s maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of April 30, 2021, the total notional value of all credit default swaps to sell protection was $18,755,000. These amounts would be offset by the value of the swap’s reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.

For average notional amounts of swaps held during the six months ended April 30, 2021, see Note 4.

Credit default swaps

The Fund enters into credit default swap (“CDS”) contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, the Fund generally

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

receives an upfront payment or a stream of payments throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of credit default swap agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

The Fund’s maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty). As the protection seller, the Fund’s maximum risk is the notional amount of the contract. Credit default swaps are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

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

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

(g) 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 prepayment, 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.

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

(i) 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.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

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.

(j) 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.

(k) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

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.

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

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’s 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

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

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.

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, 2021, the Fund held forward foreign currency contracts and OTC Credit Default Swaps with credit related contingent features which had a liability position of $2,230,688. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivative counterparties. As of April 30, 2021, the Fund had posted with its counterparties cash and/or securities as collateral to cover the net liability of these derivatives amounting to $440,000 which could be used to reduce the required payment.

As of April 30, 2021, the Fund held cash collateral from Barclays Bank PLC, HSBC Securities Inc., and Goldman Sachs Group Inc. in the amounts of $270,000, $270,000, and $50,000, respectively. These amounts can be used to reduce the Fund’s exposure to the counterparty in the event of default.

(m) 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), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date 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.

(n) 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, return of capital or a combination of both. Common shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year. Distributions to common

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

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 of Directors. 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 of Directors 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 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 7 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.

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

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

However, due to the timing of when distributions are made by the Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year. The Fund paid $287,543 of federal excise taxes attributable to calendar year 2020 in March 2021.

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, 2020, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries.

(q) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager and Brandywine Global Investment Management, LLC (“Brandywine Global”) is the Fund’s subadviser. LMPFA and Brandywine Global are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

LMPFA provides administrative and certain oversight services to the Fund. The Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.85% of the Fund’s average daily net assets. “Managed assets” means net assets plus the amount of any borrowing and assets attributable to any preferred stock that may be outstanding. LMPFA delegates to Brandywine Global the day-to-day portfolio management of the Fund. For its services, LMPFA 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 LMPFA will be higher than if the Fund did not utilize leverage because the fees are calculated as a percentage of the Fund’s assets, including those investments purchased with leverage.

LMPFA implemented a voluntary investment management fee waiver of 0.10% that will continue through May 31, 2022.

During the six months ended April 30, 2021, fees waived and/or expenses reimbursed amounted to $177,200.

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

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

3. Investments

During the six months ended April 30, 2021, 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	$	95,759,267	$	4,872,134
Sales		104,055,386		6,020,706

At April 30, 2021, 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/Premiums Paid (Received)		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Securities	$	341,211,360	$	18,515,664	$	(12,530,834)	$	5,984,830
Forward foreign currency contracts		—		3,257,976		(2,143,908)		1,114,068
Swap contracts		5,621		222,350		—		222,350

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, 2021.


ASSET DERIVATIVES¹
	Foreign Exchange Risk		Credit Risk		Total
Forward foreign currency contracts	$	3,257,976		—	$	3,257,976
OTC swap contracts²		—	$	314,751		314,751
Total	$	3,257,976	$	314,751	$	3,572,727


LIABILITY DERIVATIVES¹
	Foreign Exchange Risk		Credit Risk		Total
Forward foreign currency contracts	$	2,143,908		—	$	2,143,908
OTC swap contracts²		—	$	86,780		86,780
Total	$	2,143,908	$	86,780	$	2,230,688

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

²	Values include premiums paid (received) on swap contracts which are shown separately in the Statement of Assets and Liabilities.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

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, 2021. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.


AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk		Foreign Exchange Risk		Credit Risk		Equity Risk		Total
Futures contracts	$	(88,941)		—		—	$	(252,451)	$	(341,392)
Swap contracts		—		—	$	(109,224)		—		(109,224)
Forward foreign currency contracts		—	$	(3,040,809)		—		—		(3,040,809)
Total	$	(88,941)	$	(3,040,809)	$	(109,224)	$	(252,451)	$	(3,491,425)


CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk		Foreign Exchange Risk		Credit Risk		Total
Futures contracts	$	1,747,775		—		—	$	1,747,775
Swap contracts		—		—	$	135,636		135,636
Forward foreign currency contracts		—	$	5,015,844		—		5,015,844
Total	$	1,747,775	$	5,015,844	$	135,636	$	6,899,255

During the six months ended April 30, 2021, the volume of derivative activity for the Fund was as follows:


	Average Market Value
Written options†	$	5,965
Futures contracts (to buy)†		7,064,286
Futures contracts (to sell)†		6,659,782
Forward foreign currency contracts (to buy)		158,753,082
Forward foreign currency contracts (to sell)		158,973,633


	Average Notional Balance
Credit default swap contracts (to buy protection)†	$	2,115,714
Credit default swap contracts (to sell protection)		18,755,000

†	At April 30, 2021, there were no open positions held in this derivative.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

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, 2021.


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 Amount^4,5
Barclays Bank PLC	$	179,557		—	$	179,557	$	(179,557)		—
Citibank N.A.		213,883	$	(775,696)		(561,813)		80,000	$	(481,813)
Goldman Sachs Group Inc.		1,121,218		(467,928)		653,290		(50,000)		603,290
HSBC Securities Inc.		252,993		(86,021)		166,972		(252,993)		(86,021)
JPMorgan Chase & Co.		1,630,311		(785,404)		844,907		100,000		944,907
Morgan Stanley & Co. Inc.		28,256		(85,919)		(57,663)		85,919		28,256
National Australia Bank Ltd.		—		(29,720)		(29,720)		—		(29,720)
UBS Securities LLC		146,509		—		146,509		—		146,509
Total	$	3,572,727	$	(2,230,688)	$	1,342,039	$	(216,631)	$	1,125,408

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. Tender offers

On July 7, 2020, the Fund announced that the Fund’s Board of Directors had approved a cash tender offer for up to 20% of the outstanding common stock (“Shares”) of the Fund at a price per Share equal to 99.5% of the Fund’s net asset value per Share as of the business day immediately following the expiration date of the tender offer. On August 25, 2020, the Fund commenced its tender offer, which expired on September 22, 2020. Pursuant to the terms of the tender offer, the Fund repurchased Shares tendered and accepted in the tender offer in exchange for cash. On September 25, 2020, the Fund announced the final results for the tender offer.

Approximately 14,111,137 Shares were duly tendered and not withdrawn. Because the number of Shares tendered exceeds 4,197,959 Shares, the tender offer was oversubscribed. Therefore, in accordance with the terms and conditions specified in the tender offer, the Fund purchased Shares from all tendering stockholders on a pro rata basis, disregarding fractions. Payment for such Shares was made on September 28, 2020. The purchase price of properly tendered Shares was $13.53 per Share, equal to 99.5% of the per Share net asset value of $13.60 as of the close of the regular trading session of the New York Stock Exchange on September 23, 2020. Shares that were not tendered remain outstanding.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

6. Loan

The Fund has a revolving credit agreement with Pershing LLC (“Credit Agreement”), which allows the Fund to borrow up to an aggregate amount of $200,000,000, subject to approval by Pershing LLC, and renews daily for a 180-day term unless notice to the contrary is given to the Fund. The interest on the loan is calculated at a variable rate based on the one-month LIBOR plus any applicable margin. On May 27, 2021, the Fund amended its credit agreement with Pershing LLC. Under the amendment, effective June 20, 2021, the Fund pays interest on borrowings calculated based on the Overnight Bank Funding Rate plus applicable margin. The Overnight Bank Funding Rate means the Overnight Bank Funding Rate as reported by the New York Federal Reserve in the FR2420 Report of Selected Money Market Rates or any successor report or website. 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 the lender. The Fund’s Credit Agreement contains customary covenants that, among other things, may limit the Fund’s ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and require asset coverage ratios in addition to those required by the 1940 Act. In addition, the Credit Agreement may be subject to early termination under certain conditions and may contain other provisions that could limit the Fund’s ability to utilize borrowing under the agreement. Interest expense related to this loan for the six months ended April 30, 2021 was $234,142. For the six months ended April 30, 2021, the average daily loan balance was $60,000,000 and the weighted average interest rate was 0.79%. At April 30, 2021, the Fund had $60,000,000 of borrowings outstanding subject to the terms of this Credit Agreement.

7. Mandatory redeemable preferred stock

On February 18, 2015, the Fund completed a private placement of $50,000,000 fixed rate Mandatory Redeemable Preferred Stock (”MRPS”). Net proceeds from the offering were used to make new portfolio investments and for general corporate purposes. 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. Series C MRPS were issued with a Term Redemption date of February 18, 2022.

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. Series D MRPS were issued with a Term Redemption date of December 30, 2024 and Series E MRPS were issued with a Term Redemption date of December 30, 2026.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

The table below summarizes the key terms of each series of the MRPS at April 30, 2021.


Series	Term Redemption Date		Rate			Shares		Liquidation Preference Per Share		Aggregate Liquidation Value		Estimated Fair Value
Series C		2/18/2022		3.58	%		100	$	100,000	$	10,000,000	$	10,185,038
Series D		12/30/2024		3.55	%		2,500,000		10		25,000,000		26,193,087
Series E		12/30/2026		3.71	%		2,500,000		10		25,000,000		26,202,242
										$	60,000,000	$	62,580,367

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.

8. Distributions to common shareholders subsequent to April 30, 2021

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


Record Date	Payable Date		Amount
4/23/2021		5/3/2021	$	0.0800
5/21/2021		6/1/2021	$	0.0800
6/23/2021		7/1/2021	$	0.0800
7/23/2021		8/2/2021	$	0.0800
8/24/2021		9/1/2021	$	0.0800

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

9. Stock repurchase program

On November 16, 2015, the Fund announced that the Fund’s Board of Directors (the “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, 2021, the Fund did not repurchase any shares.

Since the commencement of the stock repurchase program through October 31, 2020, the Fund repurchased 86,958 shares or 0.41% of its common shares outstanding for a total amount of $1,165,853.

10. Deferred capital losses

As of October 31, 2020, the Fund had deferred capital losses of $37,428,470, which have no expiration date, that will be available to offset future taxable capital gains.

11. Recent accounting pronouncement

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (the “ASU”). The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

12. Other matters

The outbreak of the respiratory illness COVID-19 (commonly referred to as “coronavirus”) has continued to rapidly spread around the world, causing considerable uncertainty for the global economy and financial markets. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of the Fund’s investments and negatively impact the Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers.

* * *

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

The Fund’s investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On March 5, 2021, the ICE Benchmark Administration, the administrator of LIBOR, stated that it will cease the publication of (i) the overnight and one-, three-, six- and twelve-month USD LIBOR settings immediately following the LIBOR publication on Friday, June 30, 2023 and (ii) all other LIBOR settings, including the one-week and two-month USD LIBOR settings, immediately following the LIBOR publication on Friday, December 31, 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund’s transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Fund or the Fund’s investments cannot yet be determined.

BrandywineGLOBAL — Global Income Opportunities Fund Inc. 2021 Semi-Annual Report

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 9, 2021 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	Votes For		Votes Withheld		Abstain
Robert D. Agdern		13,403,257		6,242,101		71,777
Eileen A. Kamerick		13,397,364		6,249,639		70,132

At April 30, 2021, in addition to Robert D. Agdern and Eileen A. Kamerick, the other Directors of the Fund were as follows:

Carol L.Colman

Daniel P. Cronin

Paolo M. Cucchi

William R. Hutchinson

Nisha Kumar

Jane Trust

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, 2021.


For	Against	Abstain
19,637,678	11,590	67,867

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 stockholders (the “Plan Agent”), in additional shares of Common Stock under the Fund’s Dividend Reinvestment Plan (the “Plan”). You may elect not to participate in the Plan by contacting the Plan Agent. If you do not participate, you will receive all cash distributions paid by check mailed directly to you by Computershare Trust Company, N.A., as dividend paying agent.

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

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

(2) If the net asset value per share of the Common Stock exceeds the market price of the Common Stock (plus $0.03 per share commission) at the close of trading on the NYSE on the payment date, the Plan Agent will receive the dividend or distribution in cash and will buy Common Stock in the open market, on the NYSE or elsewhere, for your account as soon as practicable commencing on the trading day following the payment date and terminating no later than the earlier of (a) 30 days after the dividend or distribution payment date, or (b) the payment date for the next succeeding dividend or distribution to be made to the stockholders; except when necessary to comply with applicable provisions of the federal securities laws. If during this period: (i) the market price (plus $0.03 per share commission) rises so that it equals or exceeds the net asset value per share of the Common Stock at the close of trading on the NYSE on the payment date before the Plan Agent has completed the open market 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 462 South 4th Street, Suite 1600, Louisville, KY 40202 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;

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

Dividend reinvestment plan (unaudited) (cont’d)

otherwise such withdrawal will be effective as soon as practicable after the Plan Agent’s investment of the most recently declared dividend or distribution on the Common Stock.

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

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 462 South 4th Street, Suite 1600, Louisville, KY 40202 or by calling the Plan Agent at 1-888-888-0151.

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

BrandywineGLOBAL —

Global Income Opportunities Fund Inc.

Directors

Robert D. Agdern

Carol L. Colman

Daniel P. Cronin

Paolo M. Cucchi

William R. Hutchinson

Eileen A. Kamerick

Nisha Kumar

Jane Trust

Chairman

Officers

Jane Trust

President and Chief Executive Officer

Christopher Berarducci

Treasurer and Principal Financial Officer

Fred Jensen

Chief Compliance Officer

Jenna Bailey

Identity Theft Prevention Officer

George P. Hoyt

Secretary and Chief Legal Officer

Thomas C. Mandia

Assistant Secretary

Jeanne M. Kelly

Senior Vice President

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

620 Eighth Avenue

47th Floor

New York, NY 10018

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadviser

Brandywine Global Investment

Management, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Computershare Inc.

462 South 4th Street, Suite 1600

Louisville, KY 40202

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Baltimore, MD

Legal counsel

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

New York Stock Exchange Symbol

BWG

Legg Mason Funds Privacy and Security Notice

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

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

The Type of Nonpublic Personal Information the Funds Collect About You

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

•

Personal information included on applications or other forms;

•

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

•

Bank account information, legal documents, and identity verification documentation;

•

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

•

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

How the Funds Use Nonpublic Personal Information About You

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

The Funds may disclose information about you to:

•

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

•

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

•

Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

The Funds’ representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

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

NOT PART OF THE SEMI-ANNUAL REPORT

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

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform. The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

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

The Funds’ Security Practices

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

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

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

Revised April 2018

Legg Mason California Consumer Privacy Act Policy

Although much of the personal information we collect is “nonpublic personal information” subject to federal law, residents of California may, in certain circumstances, have additional rights under the California Consumer Privacy Act (“CCPA”). For example, if you are a broker,

NOT PART OF THE SEMI-ANNUAL REPORT

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

dealer, agent, fiduciary, or representative acting by or on behalf of, or for, the account of any other person(s) or household, or a financial advisor, or if you have otherwise provided personal information to us separate from the relationship we have with personal investors, the provisions of this Privacy Policy apply to your personal information (as defined by the CCPA).

•

In addition to the provisions of the Legg Mason Funds Security and Privacy Notice, you may have the right to know the categories and specific pieces of personal information we have collected about you.

•

You also have the right to request the deletion of the personal information collected or maintained by the Funds.

If you wish to exercise any of the rights you have in respect of your personal information, you should advise the Funds by contacting them as set forth below. The rights noted above are subject to our other legal and regulatory obligations and any exemptions under the CCPA. You may designate an authorized agent to make a rights request on your behalf, subject to the identification process described below. We do not discriminate based on requests for information related to our use of your personal information, and you have the right not to receive discriminatory treatment related to the exercise of your privacy rights.

We may request information from you in order to verify your identity or authority in making such a request. If you have appointed an authorized agent to make a request on your behalf, or you are an authorized agent making such a request (such as a power of attorney or other written permission), this process may include providing a password/passcode, a copy of government issued identification, affidavit or other applicable documentation, i.e. written permission. We may require you to verify your identity directly even when using an authorized agent, unless a power of attorney has been provided. We reserve the right to deny a request submitted by an agent if suitable and appropriate proof is not provided.

For the 12-month period prior to the date of this Privacy Policy, the Legg Mason Funds have not sold any of your personal information; nor do we have any plans to do so in the future.

Contact Information

Address: Data Privacy Officer, 100 International Dr., Baltimore, MD 21202

Email: DataProtectionOfficer@franklintempleton.com

Phone: 1-800-396-4748

Revised October 2020

NOT PART OF THE SEMI-ANNUAL REPORT

BrandywineGLOBAL — Global Income Opportunities Fund Inc.

620 Eighth Avenue

47th Floor

New York, NY 10018

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

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year 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.lmcef.com and (3) on the SEC’s website at www.sec.gov.

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.

462 South 4th Street, Suite 1600

Louisville, KY 40202

LMFX014702 6/21 SR21-4172

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.

Included herein under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

b) Effective March 7, 2020, the individuals responsible for day-to-day portfolio management, development of investment strategy, oversight and coordination of the Fund are Tracy Chen, David F. Hoffman, Brian L. Kloss, Jack P. McIntyre, Anujeet Sareen and Stephen S. Smith. These investment professionals, all of whom are employed by Brandywine Global Investment Management, LLC work together with a broader investment management team.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

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

Exhibit 99.CERT

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

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.


BrandywineGLOBAL - Global Income Opportunities Fund Inc.



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

Date:		June 25, 2021

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 25, 2021

By:		/s/ Christopher Berarducci
		Christopher Berarducci
		Principal Financial Officer

Date:		June 25, 2021