Legg Mason BW Global Income Opportunities Fund : BrandywineGLOBAL - Global Income Opportunities Fund Inc. Annual Report

Annual Report October 31, 2021

BrandywineGLOBAL -

GLOBAL INCOME OPPORTUNITIES FUND INC. (BWG)

The Fund intends to no longer mail paper copies of the Fund's s hareholder 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. I f 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.

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

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.

What's inside

Letter from the chairman	III
Fund overview	1
Fund at a glance	9
Fund performance	10
Schedule of investments	12
Statement of assets and liabilities	26
Statement of operations	27
Statements of changes in net assets	28
Statement of cash flows	29
Financial highlights	30
Notes to financial statements	32
Report of independent registered public accounting firm	53
Additional information	54
Annual chief executive officer and principal financial officer certifications	60
Other shareholder communications regarding accounting matters	61
Summary of information regarding the Fund	62
Dividend reinvestment plan	79
Important tax information	81

II BrandywineGLOBAL - Global Income Opportunities Fund Inc.

Letter from the chairman

Dear Shareholder,

We are pleased to provide the annual report of BrandywineGLOBAL - G lobal Income Opportun ities Fund Inc. for the twelve-month reporting period ended October 31, 2021. Please read on for a detailed look at prevailing econom ic and market conditions during the Fund's reporting period and to learn how those conditions have affected Fund performa nce.

As always, we remain committed to providing you with excellent service and a full

spectrum of investment choices. We also remain committed to suppleme nting the support you receive from your financial advisor. O ne way we accomplish this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

• Fund prices and performance,

• Market insights and commentaries from our portfolio manage rs, and

• A host of educational resources.

We look forward to helping you meet your financ ial goals.

Sincerely

Jane Trust, CFA

Chairman, President and Chief Executive Officer

November 30, 2021

BrandywineGLOBAL - G lobal Income Opportunities Fund Inc.

III

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Fund overview

Q. What is the Fund's investment strategy?

A. The Fund seeks to provide current income as a p rimary 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 p urposes. 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 (common ly known as "high yield" or "junk" bonds) by a nationally recognized statistical rating organization or, if unrated, that we determined to be of compa rable quality; provided however, t hat 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 currencie s. 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 a nd 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. Brandywin e Global uses an active, team-based approach to manage i ts 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, CPA a nd 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 twelve-month reporting period ended October 31, 2021. Looking at the U.S. economy fourth quarter 2020 annualized gross domestic product ("GDP") growth was 4.3%. The Commerce Department then reported that first and second quarter 2021 annualized GDP growth was 6.3% and 6.7%, respectively. Finally, t he initial estimate for third quarter GDP growth was 2.0%.

The Federal Reserve Board (the "Fed") maintained its accommodative monetary policy stance during the reporting period, keeping the federal funds rate in a range between 0.00% and 0.25% and maintaining its monthly bond purchases. However, t he central bank

BrandywineGLOBAL - G lobal Income Opportunities Fund Inc. 2021 Annual Report

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