BWG BrandywineGlobal Global Income Opportunities Fund Inc

Letter from the chairman

Dear Shareholder,

We are pleased to provide the annual report of BrandywineGLOBAL — Global Income Opportunities Fund Inc. for the twelve-month reporting period ended October 31, 2020. Please read on for a detailed look at prevailing economic and market conditions during the Fund’s reporting period and to learn how those conditions have affected Fund performance.

Special shareholder notice

On July 31, 2020, Franklin Resources, Inc. (“Franklin Resources”) acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and the subadviser became indirect, wholly-owned subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, as amended, consummation of the transaction automatically terminated the management and subadvisory agreements that were in place for the Fund prior to the transaction. The Fund’s manager and subadviser continue to provide uninterrupted services with respect to the Fund pursuant to new management and subadvisory agreements that were approved by Fund shareholders.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of October 31, 2020, after giving effect to the transaction described above, Franklin Templeton’s asset management operations had aggregate assets under management of approximately $1.4 trillion.

Subsequent event notice

Effective December 31, 2020, the investment professionals at Brandywine Global Investment Management, LLC who are primarily responsible for development of investment strategy, day-to-day portfolio management and oversight and coordination of the Fund are David F. Hoffman, CFA, Jack P. McIntyre, CFA, Anujeet Sareen, CFA, Brian L. Kloss, JD, CPA and Tracy Chen, CFA, CAIA. It is anticipated that Stephen S. Smith will step down as a member of the Fund’s portfolio management team effective December 31, 2020, and transition to an advisory role at Brandywine Global.

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:

Letter from the chairman

We look forward to helping you meet your financial goals.

Sincerely,

Jane Trust, CFA

Chairman, President and Chief Executive Officer

November 30, 2020

Fund overview

What is the Fund’s investment strategy?

A. The Fund seeks to provide current income as a primary objective. Capital appreciation is a secondary objective. 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. These may include, but are not limited to, sovereign debt of developed and emerging market countries, U.S. and non-U.S. corporate debt, mortgage-backed securities (“MBS”) and currency exposure. The Fund may manage its currency exposure through the use of futures, forwards and other derivative instruments, for hedging and investment purposes. The Fund’s specific investments will shift as the Fund rotates among countries, credits and currencies to find the most attractive values over time. Under normal market conditions, no more than 55% of the Fund’s managed assets may be rated below investment grade (commonly known as “high yield” or “junk” bonds) by a nationally recognized statistical rating organization or, if unrated, that we determined to be of comparable quality; provided however, that the quality of a security will be based on the highest rating it receives. In addition, under normal market conditions, at least 40% of the Fund’s managed assets will be invested in non-U.S. countries or currencies. The Fund may use leverage to enhance current income.

In making investment decisions on behalf of the Fund, we apply a top-down, macro driven investment process and invest where we believe opportunities exist with respect to interest rate levels and currency valuations. We consider secular trends, political and monetary conditions and business cycle risks when making investment decisions. We also take into account the relative risk and return characteristics of prospective investments when determining how to achieve desired exposures.

Brandywine Global Investment Management, LLC (“Brandywine Global”), the Fund’s subadviser, is responsible for the day-to-day portfolio management of the Fund. Brandywine Global uses an active, team-based approach to manage its fixed income portfolios. The investment professionals at Brandywine Global who are primarily responsible for development of investment strategy, day-to-day portfolio management and oversight and coordination of the Fund are David F. Hoffman, CFA, Jack P. McIntyre, CFA, Anujeet Sareen, CFA, Brian L. Kloss, JD, CFA and Tracy Chen, CFA, CAIA.

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

A. The economy and financial markets were impacted by the COVID-19 pandemic for much of the reporting period. Looking at the U.S. economy, fourth quarter 2019 annualized gross domestic product (“GDP”)ⁱ growth was 2.4%. Lockdowns and social distancing then started to take its toll on the economy, as the Commerce Department reported that first quarter 2020 annualized GDP growth was -5.0%. Second quarter 2020 annualized GDP growth then contracted 31.4%, marking the steepest quarterly decline on record. The economy then rebounded, as the initial estimate for third quarter GDP growth was 33.1%.

Against this backdrop, the U.S. Federal Reserve Board (the “Fed”)ⁱⁱ took a number of unprecedented actions to support the economy and the proper functioning of the financial

Fund overview (cont’d)

markets. With the acceleration of the pandemic, the Fed took a number of aggressive actions in March 2020. First, on March 3, the Fed lowered the federal funds rate from a range between 1.50% and 1.75% to a range between 1.00% and 1.25%. Then, on March 15, the Fed lowered the federal funds rateⁱⁱⁱ to a range between 0.00% and 0.25%. In addition, the Fed announced that, “over coming months the Committee will increase its holdings of Treasury securities by at least $500 billion and its holdings of agency mortgage-backed securities by at least $200 billion.” Finally, on March 23, the Fed announced that it would make unlimited purchases of Treasury and mortgage securities and introduced a new credit facility to buy investment-grade credit rated down to BBB- in the primary and secondary markets. During the second quarter of 2020, the Fed expanded its credit facilities to include the purchase of individual corporate bonds, which supported spread tightening. In August 2020, Fed Chair Jerome Powell said the central bank had changed how it viewed the tradeoff between lower unemployment and higher inflation. Its new approach to setting U.S. monetary policy will entail letting inflation and employment run higher, which could mean interest rates remain “low for longer.” Finally, at its meeting in September, projections from individual members of the Federal Open Market Committee^iv indicated that rates could stay anchored near zero through 2023.

Turning to the fixed income markets, they generated mixed results over the twelve-months ended October 31, 2020. Most spread sectors (non-Treasuries) underperformed equal duration Treasuries given periods of heightened risk aversion. This was driven by the ongoing pandemic, sharply falling global growth, aggressive monetary policy accommodation, ongoing trade conflicts and a number of geopolitical issues.

Both short- and long-term U.S. Treasury yields moved sharply lower during the reporting period. The yield for the two-year Treasury note began the reporting period at 1.52% and rose as high as 1.68% on November 7 and 8, 2019. The low for the period of 0.11% occurred several times toward the end of July 2020, the beginning of August 2020, and the end of September 2020, and ended the period at 0.14%. The yield for the ten-year Treasury began the reporting period at 1.69% and moved as high as 1.94% on November 8, 2019. The low of 0.52% occurred on August 4, 2020 and ended the period at 0.88%.

All told, the Bloomberg Barclays U.S. Aggregate Index^v returned 6.19% for the twelve months ended October 31, 2020. For comparison purposes, riskier fixed income securities, including high-yield bond and emerging market debt, produced weaker results. Over the fiscal year, the Barclays U.S. Corporate High Yield — 2% Issuer Cap Index^vi and the JPMorgan Emerging Markets Bond Index Global (“EMBI Global”)^vii returned 3.42% and 1.97%, respectively.

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

A. Far and away the most significant event to occur during the reporting period was the outbreak of COVID-19. During the market selloff in the spring of 2020 we rotated into U.S. investment-grade corporate bonds, as we saw opportunity in the sector. In contrast, we

decreased our sovereign allocation, a majority from our selling out of U.S. Treasurys. As a result of the shift, we increased the overall duration of the portfolio by over two and a half years.

Going forward, our base case is for global growth to continue improving, possibly faster than expected, especially if a credible and widely available vaccine is launched. Bond yields in the developed sovereign bond markets are very low. Meanwhile, corporate bond spreads have retreated to more normal levels from the anomalous state of the market earlier this year. In our view, these yields could narrow another 25 basis points^viii, or to historically normal spreads, as the recovery progresses and corporate profitability improves.

Despite the decline in the U.S. dollar since March 2020, the currency remains overvalued on almost any basis of comparison. Balance-of-payment flows have become harder to read during the pandemic, but the outlook for the U.S. budget and current account deficit argue for the currency to be weaker the further out the time horizon. Sterling is by far the most undervalued of the major currencies given the byproduct of the arduous Brexit process.

As an asset class, emerging market currencies display one of the largest price anomalies relative to traditional metrics. This is an asset class that has not gained much traction, which in some ways speaks to the broader macro outlook. Global growth is picking up, but a sense of strength to the expansion is not there yet. We find the degree to which various emerging countries have tried to follow the path of modern monetary theory (“MMT”) quite incredible, which means that any currency or duration inclusion in the portfolio requires more than the usual attention.

Performance review

For the twelve months ended October 31, 2020, BrandywineGLOBAL — Global Income Opportunities Fund Inc. returned -1.83% based on its net asset value (“NAV”)^ix and -4.41% based on its New York Stock Exchange (“NYSE”) market price per share. The Fund’s unmanaged benchmark, the Bloomberg Barclays Global Aggregate Index^x, returned 5.63% for the same period. The Lipper Global Income Closed-End Funds Category Average^xi returned -1.38% over the same time frame. Please note that Lipper performance returns are based on each fund’s NAV.

During the twelve-month period, the Fund made distributions to shareholders totaling $0.84 per share.* The performance table shows the Fund’s twelve-month total return based on its NAV and market price as of October 31, 2020. Past performance is no guarantee of future results.

All figures represent past performance and are not a guarantee of future results.

** Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

† Total return assumes the reinvestment of all distributions at NAV.

‡ Total return assumes the reinvestment of all distributions in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

What were the leading contributors to performance?

A. The Fund’s investment-grade and high-yield corporate holdings were one of the larger contributors to performance during the reporting period as a whole. Both sectors were initially hit hard, with credit spreads significantly widening during the COVID-19 selloff in March 2020. However, they rebounded strongly afterwards as spreads quickly tightened during the subsequent months.

Some select developed market currencies, specifically the euro and British pound sterling, were additive as well. The former rose to its highest level in two years versus the U.S. dollar as European leaders agreed in July 2020 to a recovery fund, with grants for the countries hardest hit by the pandemic. The latter currency reached a five-month high during the summer as well.

Lastly, some emerging market bond holdings contributed to the Fund’s performance, with the Fund’s Mexican government bond exposure adding the most value. Mexico’s central bank continued its interest rate cutting program during the period, bringing borrowing costs to its lowest since 2016. As a result, economic activity began to recover in Mexico during the summer, although uncertainty and downside risks are still present due to the lingering pandemic.

Q. What were the leading detractors from performance?

A. A number of trade-related currencies, including the Australian and New Zealand dollars, were drags on performance during the twelve-month period. The Fund shorted these currencies due to high valuations. However, they strengthened off China’s economic recovery, as the nation is a significant trading partner with both countries.

Among our emerging market exposures, the Russian ruble allocation posted negative returns. The currency position was adversely impacted by rising COVID-19 cases, inflation, and geopolitical risks within the country. Local currency Brazilian bonds were notable

detractors as well. The country’s government bonds and currency declined as economic headwinds remained and the pandemic pushed Brazil’s public sector debt to a record 86% of gross domestic product in July 2020. During the reporting period the Fund used futures contracts to manage currency exposures. The use of these instruments detracted from performance.

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).

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,

David F. Hoffman, CFA

Portfolio Manager

Brandywine Global Investment

Management, LLC

Stephen S. Smith

Portfolio Manager

Brandywine Global Investment

Management, LLC

November 30, 2020

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

Fund overview (cont’d)

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 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). For more information on Fund risks, see Summary of information regarding the Fund - Principal Risk Factors in this report.

Portfolio holdings and breakdowns are as of October 31, 2020 and are subject to change and may not be representative of the portfolio managers’ current or future investments. Please refer to pages 10 through 24 for a list and percentage breakdown of the Fund’s holdings.

The mention of sector breakdowns is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. The information provided regarding such sectors is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional. The Fund’s top five sector holdings (as a percentage of total net assets) as of October 31, 2020 were: Sovereign Bonds (45.5%), Collateralized Mortgage Obligations (17.3%), Financials (17.0%), Communication Services (12.2%), Materials (12.0%). The Fund’s portfolio composition is subject to change at any time.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole.

Fund overview (cont’d)

Fund at a glance^† (unaudited)

Investment breakdown (%) as a percent of total investments

Schedule of investments

October 31, 2020

See Notes to Financial Statements.

See Notes to Financial Statements.

Schedule of investments (cont’d)

October 31, 2020

See Notes to Financial Statements.

See Notes to Financial Statements.

Schedule of investments (cont’d)

October 31, 2020