Tender Offers for WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.

Form Type: N-CSR

Filing Date: 2024-12-31

Corporate Action: Tender-offer

Type: Update

Accession Number: 000113322824011763

Comments: The document presents the Annual Report for Western Asset Global Corporate Opportunity Fund Inc. for the reporting period ending October 31, 2024. The Fund’s primary investment objective is to provide current income, with a secondary objective of capital appreciation. Notably, effective March 1, 2024, Chia-Liang (CL) Lian ceased serving as a member of the portfolio management team. The document highlights a completed tender offer for up to 100% of the Fund's outstanding shares, which expired on October 1, 2024. Following the success of this tender offer, the Fund's conversion to a perpetual fund has been approved, ending the previously scheduled term at the close of business on December 2, 2024, and eliminating its fundamental liquidation policy. The Fund has changed its name accordingly on November 1, 2024, without altering its ticker symbol 'GDO.' Furthermore, the Fund's investment manager agreed to waive 10 basis points of its management fee for two years post-approval of the tender offer, an action aimed at enhancing service and performance amidst changing market conditions. The document provides insights into various financial performance metrics, portfolio adjustments in response to market volatility, and gives a comprehensive overview of sector allocations and composed strategies, emphasizing a focus on income generation from diversified fixed-income securities.

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