Legg Mason Global Asset Management Trust

08/27/2024 | Press release | Distributed by Public on 08/27/2024 04:14

Semi Annual Report by Investment Company Form N CSRS

2024-07-04LMF8000_BrandywineGLOBAL-GlobalOpportunitiesBondFund-USDHedged-_ClassA_TSRSemiAnnual

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

811-22338

Legg Mason Global Asset Management Trust

(Exact name of registrant as specified in charter)

100 International Drive, Baltimore, MD, 21202

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant's telephone number, including area code:

877-6LM-FUND/656-3863

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

ITEM 1. REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
Class A[GLOAX]
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder reportcontains important information about BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A
$48
0.99%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets
$3,723,990
Total Number of Portfolio Holdings*
1
Portfolio Turnover Rate
49%
* Does not include derivatives, except purchased options, if any.
WHAT DID THE FUND INVEST IN?  (as of June 30, 2024)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) PAGE 1 7313-STSR-0824
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
Class C[GLOCX]
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder reportcontains important information about BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class C
$85
1.74%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets
$3,723,990
Total Number of Portfolio Holdings*
1
Portfolio Turnover Rate
49%
* Does not include derivatives, except purchased options, if any.
WHAT DID THE FUND INVEST IN?  (as of June 30, 2024)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) PAGE 1 7314-STSR-0824
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
Class I[GBUSX]
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder reportcontains important information about BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class I
$36
0.74%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets
$3,723,990
Total Number of Portfolio Holdings*
1
Portfolio Turnover Rate
49%
* Does not include derivatives, except purchased options, if any.
WHAT DID THE FUND INVEST IN?  (as of June 30, 2024)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) PAGE 1 7288-STSR-0824
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
Class IS[GLOBX]
Semi-Annual Shareholder Report | June 30, 2024
This semi-annual shareholder reportcontains important information about BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class IS
$32
0.65%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets
$3,723,990
Total Number of Portfolio Holdings*
1
Portfolio Turnover Rate
49%
* Does not include derivatives, except purchased options, if any.
WHAT DID THE FUND INVEST IN?  (as of June 30, 2024)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) PAGE 1 7287-STSR-0824
ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
BrandywineGLOBAL- 
Global Opportunities Bond Fund (USD Hedged)
Financial Statements and Other Important Information
Semi-Annual | June 30, 2024
Table of Contents
Schedule of Investments
1
Statement of Assets and Liabilities
2
Statement of Operations
4
Statements of Changes in Net Assets
5
Financial Highlights
6
Notes to Financial Statements
10
Changes in and Disagreements with Accountants
24
Results of Meeting(s) of Shareholders
24
Remuneration Paid to Directors, Officers and Others
24
Board Approval of Management and Subadvisory Agreements
25
franklintempleton.com
Financial Statements and Other Important Information - Semi-Annual
Schedule of Investments(unaudited)June 30, 2024
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
(Percentages shown based on Fund net assets)
Security
Rate
Shares
Value
Short-Term Investments - 126.6%
Western Asset Premier Institutional U.S. Treasury Reserves,
Premium Shares (Cost - $4,715,919)
5.235%
4,715,919
$4,715,919
(a)(b)
Total Investments - 126.6% (Cost - $4,715,919)
4,715,919
Liabilities in Excess of Other Assets - (26.6)%
(991,929
)
Total Net Assets - 100.0%
$3,723,990
(a)
Rate shown is one-day yield as of the end of the reporting period.
(b)
In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company"represents Fund
ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common
ownership or control with the Fund. At June 30, 2024, the total market value of investments in Affiliated
Companies was $4,715,919 and the cost was $4,715,919 (Note 8).
See Notes to Financial Statements.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
1
Statement of Assets and Liabilities(unaudited) June 30, 2024
Assets:
Investments in affiliated securities, at value (Cost - $4,715,919)
$4,715,919
Foreign currency, at value (Cost - $230)
229
Receivable from investment manager
35,035
Interest receivable
31,515
Dividends receivable from affiliated investments
29,631
Receivable for Fund shares sold
3,678
Prepaid expenses
2
Total Assets
4,816,009
Liabilities:
Payable for Fund shares repurchased
1,027,593
Service and/or distribution fees payable
125
Trustees' fees payable
6
Accrued expenses
64,295
Total Liabilities
1,092,019
Total Net Assets
$3,723,990
Net Assets:
Par value (Note 7)
$4
Paid-in capital in excess of par value
28,369,035
Total distributable earnings (loss)
(24,645,049
)
Total Net Assets
$3,723,990
See Notes to Financial Statements.
2
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
Net Assets:
Class A
$352,665
Class C
$33,431
Class I
$956,030
Class IS
$2,381,864
Shares Outstanding:
Class A
41,777
Class C
4,022
Class I
112,853
Class IS
280,934
Net Asset Value:
Class A (and redemption price)
$8.44
Class C*
$8.31
Class I (and redemption price)
$8.47
Class IS (and redemption price)
$8.48
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 3.75%)
$8.77
*
Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within
one year from purchase payment (Note 2).
See Notes to Financial Statements.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
3
Statement of Operations (unaudited)For the Six Months Ended June 30, 2024
Investment Income:
Interest
$707,642
Dividends from affiliated investments
42,843
Less: Foreign taxes withheld
(7,874
)
Total Investment Income
742,611
Expenses:
Registration fees
66,680
Investment management fee (Note 2)
58,187
Fund accounting fees
45,589
Legal fees
20,248
Audit and tax fees
6,039
Shareholder reports
3,240
Transfer agent fees (Notes 2 and 5)
2,022
Service and/or distribution fees (Notes 2 and 5)
1,719
Custody fees
938
Trustees' fees
237
Commitment fees (Note 9)
130
Insurance
(61
)
Miscellaneous expenses
3,321
Total Expenses
208,289
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)
(130,054
)
Net Expenses
78,235
Net Investment Income
664,376
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency
Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Loss From:
Investment transactions in unaffiliated securities
(421,426
)
Futures contracts
(16,055
)
Forward foreign currency contracts
(261,449
)
Foreign currency transactions
(85,419
)
Net Realized Loss
(784,349
)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities
(1,001,098
)
Futures contracts
(206,665
)
Forward foreign currency contracts
430,952
Foreign currencies
(8,811
)
Change in Net Unrealized Appreciation (Depreciation)
(785,622
)
Net Loss on Investments, Futures Contracts, Forward Foreign Currency Contracts and
Foreign Currency Transactions
(1,569,971
)
Decrease in Net Assets From Operations
$(905,595
)
See Notes to Financial Statements.
4
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
Statements of Changes in Net Assets
For the Six Months Ended June 30, 2024 (unaudited)
and the Year Ended December 31, 2023
2024
2023
Operations:
Net investment income
$664,376
$2,204,300
Net realized loss
(784,349
)
(5,982,839
)
Change in net unrealized appreciation (depreciation)
(785,622
)
6,142,980
Increase (Decrease) in Net Assets From Operations
(905,595
)
2,364,441
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings
(500,002
)
(1,900,004
)
Decrease in Net Assets From Distributions to Shareholders
(500,002
)
(1,900,004
)
Fund Share Transactions (Note 7):
Net proceeds from sale of shares
5,152,260
20,904,208
Reinvestment of distributions
461,771
1,889,714
Cost of shares repurchased
(27,095,312
)
(44,765,106
)
Decrease in Net Assets From Fund Share Transactions
(21,481,281
)
(21,971,184
)
Decrease in Net Assets
(22,886,878
)
(21,506,747
)
Net Assets:
Beginning of period
26,610,868
48,117,615
End of period
$3,723,990
$26,610,868
See Notes to Financial Statements.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
5
Financial Highlights
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
Class A Shares1
20242
2023
2022
20213
Net asset value, beginning of period
$8.91
$8.81
$9.82
$10.65
Income (loss) from operations:
Net investment income
0.23
0.46
0.29
0.15
Net realized and unrealized gain (loss)
(0.56
)
0.06
(1.30
)
(0.36
)
Total income (loss) from operations
(0.33)
0.52
(1.01)
(0.21)
Less distributions from:
Net investment income
(0.14
)
(0.42
)
-
(0.09
)
Net realized gains
-
-
-
(0.53
)
Total distributions
(0.14
)
(0.42
)
-
(0.62
)
Net asset value, end of period
$8.44
$8.91
$8.81
$9.82
Total return4
(3.75
)%
6.26
%
(10.39
)%
(1.95
)%
Net assets, end of period (000s)
$353
$1,378
$267
$60
Ratios to average net assets:
Gross expenses
2.12
%5
1.52
%
1.26
%
1.09
%5
Net expenses6,7
0.99
5
1.00
1.00
1.00
5
Net investment income
5.38
5
5.30
3.28
1.52
5
Portfolio turnover rate
49
%
184
%
118
%
68
%8
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended June 30, 2024 (unaudited).
3
For the period January 19, 2021 (inception date) to December 31, 2021.
4
Performance figures, exclusive of sales charges, 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.
5
Annualized.
6
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class A shares did not exceed 1.00%. This expense limitation
arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees' consent. In addition,
the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
7
Reflects fee waivers and/or expense reimbursements.
8
Excludes securities delivered as a result of a redemption in-kind.
See Notes to Financial Statements.
6
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
Class C Shares1
20242
2023
2022
20213
Net asset value, beginning of period
$8.78
$8.69
$9.77
$10.65
Income (loss) from operations:
Net investment income
0.20
0.39
0.21
0.08
Net realized and unrealized gain (loss)
(0.56
)
0.08
(1.29
)
(0.36
)
Total income (loss) from operations
(0.36)
0.47
(1.08)
(0.28)
Less distributions from:
Net investment income
(0.11
)
(0.38
)
-
(0.07
)
Net realized gains
-
-
-
(0.53
)
Total distributions
(0.11
)
(0.38
)
-
(0.60
)
Net asset value, end of period
$8.31
$8.78
$8.69
$9.77
Total return4
(4.15
)%
5.57
%
(11.05
)%
(2.66
)%
Net assets, end of period (000s)
$33
$82
$33
$10
Ratios to average net assets:
Gross expenses
3.07
%5
2.40
%
2.12
%
2.24
%5
Net expenses6,7
1.74
5
1.75
1.75
1.75
5
Net investment income
4.63
5
4.54
2.36
0.82
5
Portfolio turnover rate
49
%
184
%
118
%
68
%8
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended June 30, 2024 (unaudited).
3
For the period January 19, 2021 (inception date) to December 31, 2021.
4
Performance figures, exclusive of CDSC, 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.
5
Annualized.
6
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class C shares did not exceed 1.75%. This expense limitation
arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees' consent. In addition,
the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
7
Reflects fee waivers and/or expense reimbursements.
8
Excludes securities delivered as a result of a redemption in-kind.
See Notes to Financial Statements.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
7
Financial Highlights (cont'd)
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
Class I Shares1
20242
2023
2022
2021
2020
20193
Net asset value, beginning of period
$8.96
$8.84
$9.84
$10.68
$10.21
$10.00
Income (loss) from operations:
Net investment income
0.24
0.48
0.32
0.18
0.26
0.26
Net realized and unrealized gain (loss)
(0.56
)
0.07
(1.32
)
(0.39
)
0.91
0.34
Total income (loss) from operations
(0.32)
0.55
(1.00)
(0.21)
1.17
0.60
Less distributions from:
Net investment income
(0.17
)
(0.43
)
-
(0.10
)
(0.62
)
(0.23
)
Net realized gains
-
-
-
(0.53
)
(0.08
)
(0.16
)
Total distributions
(0.17
)
(0.43
)
-
(0.63
)
(0.70
)
(0.39
)
Net asset value, end of period
$8.47
$8.96
$8.84
$9.84
$10.68
$10.21
Total return4
(3.67
)%
6.51
%
(10.16
)%
(1.95
)%
11.74
%
6.02
%
Net assets, end of period (000s)
$956
$1,580
$1,211
$470
$128
$81
Ratios to average net assets:
Gross expenses
1.89
%5
1.39
%
1.00
%
0.80
%
0.75
%6
0.80
%5
Net expenses7,8
0.74
5
0.75
0.75
0.75
0.75
6
0.73
5
Net investment income
5.64
5
5.49
3.53
1.77
2.41
3.32
5
Portfolio turnover rate
49
%
184
%
118
%
68
%9
111
%
86
%10
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended June 30, 2024 (unaudited).
3
For the period March 29, 2019 (inception date) to December 31, 2019.
4
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.
5
Annualized.
6
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
7
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class I shares did not exceed 0.75%. This expense limitation
arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees' consent. In addition,
the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
8
Reflects fee waivers and/or expense reimbursements.
9
Excludes securities delivered as a result of a redemption in-kind.
10
Excludes securities received as a result of a contribution in-kind.
See Notes to Financial Statements.
8
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
Class IS Shares1
20242
2023
2022
2021
2020
20193
Net asset value, beginning of
period
$8.98
$8.85
$9.84
$10.69
$10.21
$10.00
Income (loss) from operations:
Net investment income
0.25
0.49
0.25
0.21
0.27
0.26
Net realized and unrealized gain
(loss)
(0.57
)
0.08
(1.24
)
(0.42
)
0.92
0.34
Total income (loss) from
operations
(0.32)
0.57
(0.99)
(0.21)
1.19
0.60
Less distributions from:
Net investment income
(0.18
)
(0.44
)
-
(0.11
)
(0.63
)
(0.23
)
Net realized gains
-
-
-
(0.53
)
(0.08
)
(0.16
)
Total distributions
(0.18
)
(0.44
)
-
(0.64
)
(0.71
)
(0.39
)
Net asset value, end of period
$8.48
$8.98
$8.85
$9.84
$10.69
$10.21
Total return4
(3.61
)%
6.59
%
(9.96
)%
(1.96
)%
11.94
%
6.06
%
Net assets, end of period (000s)
$2,382
$23,571
$46,607
$236,638
$431,213
$193,353
Ratios to average net assets:
Gross expenses
1.76
%5
1.10
%
0.75
%
0.63
%
0.63
%6
0.73
%5
Net expenses7,8
0.65
5
0.63
0.64
0.62
0.63
6
0.65
5
Net investment income
5.74
5
5.48
2.62
2.03
2.54
3.40
5
Portfolio turnover rate
49
%
184
%
118
%
68
%9
111
%
86
%10
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended June 30, 2024 (unaudited).
3
For the period March 29, 2019 (inception date) to December 31, 2019.
4
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.
5
Annualized.
6
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
7
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class IS shares did not exceed 0.65%. In addition, the ratio of
total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating
expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31,
2025 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management
fee to an extent sufficient to offset the net management fee payable in connection with any investment in an
affiliated money market fund.
8
Reflects fee waivers and/or expense reimbursements.
9
Excludes securities delivered as a result of a redemption in-kind.
10
Excludes securities received as a result of a contribution in-kind.
See Notes to Financial Statements.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
9
Notes to Financial Statements(unaudited)
1. Organization and significant accounting policies
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) (the "Fund") is a separate non-diversified investment series of Legg Mason Global Asset Management Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-endfunds 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 Trustees.
10
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
Pursuant to policies adopted by the Board of Trustees, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board of Trustees. 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 Trustees, 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 Trustees 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 Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
11
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 - unadjusted quoted prices in active markets for identical investments
•
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Short-Term Investments†
$4,715,919
-
-
$4,715,919
†
See Schedule of Investments for additional detailed categorizations.
(b) Futures contracts. The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.
Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(c) Forward foreign currency contracts. The Fund enters into a forward foreign currency contract to hedge exposure of bond positions or in an attempt to increase the Fund's return. A forward foreign currency contract is an agreement between two parties to buy and sell a
12
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
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.
(d) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
13
Notes to Financial Statements(unaudited) (cont'd)
(e) 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.
(f) 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 may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
(g) 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.
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BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.
The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.
Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.
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 June 30, 2024, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.
(h) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
15
Notes to Financial Statements(unaudited) (cont'd)
the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
(i) Distributions to shareholders. Distributions from net investment income of the Fund, if any, are declared and paid on a quarterly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to 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.
(j) Share class accounting. Investment income, common expenses and realized/unrealizedgains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.
(k) 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.
(l) 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.
Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2023, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for 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.
16
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
(m) 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 agreementand other transactions with affiliates
Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's investment manager and Brandywine Global Investment Management, LLC ("Brandywine Global") is the Fund's subadviser. FTFA and Brandywine Global are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").
FTFA provides administrative and certain oversight services to the Fund. The Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.50% of the Fund's average daily net assets. FTFA delegates to the subadviser the day-to-dayportfolio management of the Fund. For its services, FTFA pays Brandywine Global a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund.
As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class I and Class IS shares did not exceed 1.00%, 1.75%, 0.75% and 0.65%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver"). The affiliated money market fund waiver is not subject to the recapture provision discussed below. 
During the six months ended June 30, 2024, fees waived and/or expenses reimbursed amounted to $130,054, which included an affiliated money market fund waiver of $672.
FTFA is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which FTFA earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
17
Notes to Financial Statements(unaudited) (cont'd)
Pursuant to these arrangements, at June 30, 2024, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:
Class A
Class C
Class I
Class IS
Expires December 31, 2024
$39
$50
$58
-
Expires December 31, 2025
468
102
1,767
$125,727
Expires December 31, 2026
5,175
386
16,350
170,215
Expires December 31, 2027
6,346
395
10,865
111,776
Total fee waivers/expense reimbursements subject to
recapture
$12,028
$933
$29,040
$407,718
For the six months ended June 30, 2024, FTFA did not recapture any fees.
Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Fund's shareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-basedfees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended June 30, 2024, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $345 was earned by Investor Services.
There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $500,000 in the aggregate. These purchases do not incur an initial sales charge.
For the six months ended June 30, 2024, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:
Class A
Sales charges
$2
CDSCs
-
All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.
18
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
3. Investments
During the six months ended June 30, 2024, 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
$1,666,892
$8,255,245
Sales
10,634,414
23,812,617
At June 30, 2024, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
Securities
$4,715,919
-
-
-
4. Derivative instruments and hedging activities
At June 30, 2024, the Fund did not have any derivative instruments outstanding.
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 June 30, 2024. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.
AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
Interest
Rate Risk
Foreign
Exchange Risk
Total
Futures contracts
$(16,055
)
-
$(16,055
)
Forward foreign currency contracts
-
$(261,449
)
(261,449
)
Total
$(16,055
)
$(261,449
)
$(277,504
)

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
Interest
Rate Risk
Foreign
Exchange Risk
Total
Futures contracts
$(206,665
)
-
$(206,665
)
Forward foreign currency contracts
-
$430,952
430,952
Total
$(206,665
)
$430,952
$224,287
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
19
Notes to Financial Statements(unaudited) (cont'd)
During the six months ended June 30, 2024, the volume of derivative activity for the Fund was as follows:
Average Market
Value
Futures contracts (to buy)†
$3,446,678
Forward foreign currency contracts (to buy)†
2,036,136
Forward foreign currency contracts (to sell)†
8,134,833
†
At June 30, 2024, there were no open positions held in this derivative.
5. Class specific expenses, waivers and/or expense reimbursements
The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A and Class C shares calculated at the annual rate of 0.25% and 1.00% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.
For the six months ended June 30, 2024, class specific expenses were as follows:
Service and/or
Distribution Fees
Transfer Agent
Fees
Class A
$1,420
$616
Class C
299
93
Class I
-
1,217
Class IS
-
96
Total
$1,719
$2,022
For the six months ended June 30, 2024, waivers and/or expense reimbursements by class were as follows:
Waivers/Expense
Reimbursements
Class A
$6,382
Class C
398
Class I
11,005
Class IS
112,269
Total
$130,054
20
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
6. Distributions to shareholders by class
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Net Investment Income:
Class A
$7,022
$54,228
Class C
527
3,101
Class I
43,202
163,782
Class IS
449,251
1,678,893
Total
$500,002
$1,900,004
7. Shares of beneficial interest
At June 30, 2024, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.
Transactions in shares of each class were as follows:
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Shares
Amount
Shares
Amount
Class A
Shares sold
9,780
$84,666
161,359
$1,432,886
Shares issued on reinvestment
825
6,958
6,292
54,028
Shares repurchased
(123,430
)
(1,062,318
)
(43,330
)
(382,476
)
Net increase (decrease)
(112,825
)
$(970,694
)
124,321
$1,104,438
Class C
Shares sold
273
$2,335
5,996
$52,166
Shares issued on reinvestment
64
527
366
3,101
Shares repurchased
(5,685
)
(48,293
)
(743
)
(6,352
)
Net increase (decrease)
(5,348
)
$(45,431
)
5,619
$48,915
Class I
Shares sold
178,804
$1,534,732
573,532
$5,112,628
Shares issued on reinvestment
5,024
42,450
19,157
161,880
Shares repurchased
(247,235
)
(2,116,743
)
(553,429
)
(4,525,323
)
Net increase (decrease)
(63,407
)
$(539,561
)
39,260
$749,185
Class IS
Shares sold
407,112
$3,530,527
1,603,062
$14,306,528
Shares issued on reinvestment
48,680
411,836
190,162
1,670,705
Shares repurchased
(2,800,386
)
(23,867,958
)
(4,431,717
)
(39,850,955
)
Net decrease
(2,344,594
)
$(19,925,595
)
(2,638,493
)
$(23,873,722
)
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
21
Notes to Financial Statements(unaudited) (cont'd)
8. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended June 30, 2024. The following transactions were effected in such company for the six months ended June 30, 2024.
Affiliate
Value at

December 31,
2023
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset
Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
-
$33,437,425
33,437,425
$28,721,506
28,721,506

(cont'd)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
June 30,
2024
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
-
$42,843
-
$4,715,919
9. Redemption facility
The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.675 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 31, 2025.
Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended June 30, 2024.
10. Deferred capital losses
As of December 31, 2023, the Fund had deferred capital losses of $22,848,863, which have no expiration date, that will be available to offset future taxable capital gains.
22
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
11. Subsequent event
The Fund's Board of Trustees determined that it is in the best interest of the Fund and its shareholders to terminate the Fund. The Fund ceased operations on July 12, 2024. Before that date, the assets of the Fund were liquidated at the discretion of Fund management and the Fund ceased to pursue its investment objective.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged) 2024 Semi-Annual Report
23
Changes in and Disagreements with AccountantsFor the period covered by this report
Not applicable.
Results of Meeting(s) of ShareholdersFor the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and OthersFor the period covered by this report
Refer to the financial statements included herein.
24
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
Board Approval of Management and Subadvisory Agreements (unaudited)
At an in-person meeting of the Board of Trustees of Legg Mason Global Asset Management Trust (the "Trust") held on May 2-3, 2024, the Board, including the Trustees who are not considered to be "interested persons" of the Trust (the "Independent Trustees") under the Investment Company Act of 1940, as amended (the "1940 Act"), approved for an annual period the continuation of the management agreement (the "Management Agreement") between the Trust and Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) (the "Manager") with respect to BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), a series of the Trust (the "Fund"), and the sub-advisoryagreement pursuant to which Brandywine Global Investment Management, LLC (the "Sub-Adviser") provides day-to-day management of the Fund's portfolio. The management agreement and sub-advisory agreement are collectively referred to as the "Agreements."
Background
The Board received extensive information in advance of the meeting to assist it in its consideration of the Agreements and asked questions and requested additional information from management. Throughout the year the Board (including its various committees) had met with representatives of the Manager and the Sub-Adviser, and had received information relevant to the renewal of the Agreements. Prior to the meeting the Independent Trustees met with their independent legal counsel to discuss and consider the information provided and submitted questions to management, and they considered the responses provided. The Board received and considered a variety of information about the Manager and the Sub-Adviser, as well as the management, advisory and sub-advisory arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The information received and considered by the Board both in conjunction with the May 2024 meeting and throughout the year was both written and oral. The contractual arrangements discussed below are the product of multiple years of review and negotiation and information received and considered by the Board during those years. The Board considered the plans to liquidate the Fund, noting that the Manager and the Sub-Adviserwould continue to provide advisory services to the Fund during the liquidation process.
The information provided and presentations made to the Board encompassed the Fund and all funds for which the Board has responsibility. The discussion below covers both the advisory and the administrative functions being rendered by the Manager, both of which functions are encompassed by the Management Agreement, as well as the advisory functions rendered by the Sub-Adviser pursuant to the Sub-Advisory Agreement.
Board approval of management agreement and sub-advisory agreement
The Independent Trustees were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent Trustees received a memorandum from their
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
25
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements. The Independent Trustees also reviewed the proposed continuation of the Management Agreement and the Sub-Advisory Agreement in private sessions with their independent legal counsel at which no representatives of the Manager and Sub-Adviser were present. The Independent Trustees considered the Management Agreement and the Sub-Advisory Agreement separately in the course of their review. In doing so, they noted the respective roles of the Manager and the Sub-Adviser in providing services to the Fund.
In approving the Agreements, the Board, including the Independent Trustees, considered a variety of factors, including those factors discussed below. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Management Agreement and the Sub-Advisory Agreement. Each Trustee may have attributed different weight to the various factors in evaluating the Management Agreement and the Sub-Advisory Agreement.
After considering all relevant factors and information, the Board, exercising its business judgment, determined that the continuation of the Agreements was in the best interests of the Fund and its shareholders and approved the continuation of each such agreement for another year.
Nature, extent and quality of the services under the management agreement and sub-advisory agreement
The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Sub-Adviser under the Management Agreement and the Sub-Advisory Agreement, respectively, during the past year. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager in its management of the Fund's affairs and the Manager's role in coordinating the activities of the Fund's other service providers. The Board's evaluation of the services provided by the Manager and the Sub-Adviser took into account the Board's knowledge gained as Trustees of funds in the fund complex overseen by the Trustees, including knowledge gained regarding the scope and quality of the investment management and other capabilities of the Manager and the Sub-Adviser, and the quality of the Manager's administrative and other services. The Board observed that the scope of services provided by the Manager and the Sub-Adviser, and of the undertakings required of the Manager and Sub-Adviser in connection with those services, including maintaining and monitoring their own and the Fund's compliance programs, liquidity risk management programs, derivatives risk management programs, cybersecurity programs and valuation-relatedpolicies, had expanded over time as a result of regulatory, market and other developments. The Board also noted that on a regular basis it received and reviewed information from the Manager regarding the Fund's compliance policies and procedures
26
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the risks associated with the Fund borne by the Manager and its affiliates (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the Manager's and the Sub-Adviser's risk management processes.
The Board reviewed the qualifications, backgrounds and responsibilities of the Manager's and the Sub-Adviser's senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of the Manager and the Manager's affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Manager and the Sub-Adviser. The Board recognized the importance of having a fund manager with significant resources.
The Board considered the division of responsibilities between the Manager and the Sub-Adviserand the oversight provided by the Manager. The Board also considered the policies and practices of the Manager and the Sub-Adviser regarding the selection of brokers and dealers and the execution of portfolio transactions. The Board considered management's periodic reports to the Board on, among other things, its business plans, any organizational changes and portfolio manager compensation.
The Board received and considered performance information for the Fund as well as for a group of funds (the "Performance Universe") selected by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, based on classifications provided by Thomson Reuters Lipper ("Lipper"). The Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund's performance against its benchmark and against the Fund's peers. The Board also considered the Fund's performance in light of overall financial market conditions.
The information comparing the Fund's performance to that of its Performance Universe, consisting of funds (including the Fund) classified as global income funds by Lipper, showed, among other data, that the performance of the Fund's Class I shares for the 1- and 3-year periods ended December 31, 2023 and the period since the Fund's inception (March 28, 2019) through December 31, 2023 was below the median performance of the funds in the Performance Universe for the 1-year period and was above the median performance of the funds in the Performance Universe for the 3-year and since inception periods and ranked in the first quintile of the funds in the Performance Universe for the since inception period.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
27
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
The Board noted the explanations from the Manager and the Sub-Adviser concerning the reasons for the Fund's relative performance versus the peer group for the various periods.
The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided), including performance, under the Management Agreement and the Sub-Advisory Agreement were sufficient for renewal.
Management fees and expense ratios
The Board reviewed and considered the contractual management fee payable by the Fund to the Manager (the "Contractual Management Fee") and the actual management fees paid by the Fund to the Manager after giving effect to breakpoints and waivers, if any (the "Actual Management Fee"), in light of the nature, extent and quality of the management and sub-advisory services provided by the Manager and the Sub-Adviser, respectively. The Board also considered that fee waiver and/or expense reimbursement arrangements are currently in place for the Fund. The Board also noted that the compensation paid to the Sub-Adviser is the responsibility and expense of the Manager, not the Fund.
The Board received and considered information provided by Broadridge comparing the Contractual Management Fee and the Actual Management Fee and the Fund's total actual expenses with those of funds in both the relevant expense group and a broader group of funds, each selected by Broadridge based on classifications provided by Lipper. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the selection of the peer group. The Board also reviewed information regarding fees charged by the Manager and/or the Sub-Adviser to other U.S. clients investing primarily in an asset class similar to that of the Fund, including, where applicable, institutional separate and commingled accounts and third-party sub-advised funds.
The Manager reviewed with the Board the differences in services provided to these different types of accounts, noting that the Fund is provided with certain administrative services, office facilities, and Fund officers (including the Fund's chief executive, chief financial and chief compliance officers), and that the Manager coordinates and oversees the provision of services to the Fund by other Fund service providers. The Board considered the fee comparisons in light of the differences in management of these different types of accounts, and the differences in the degree of entrepreneurial and other risks borne by the Manager in managing the Fund and in managing other types of accounts.
The Board considered the overall management fee, the fees of the Sub-Adviser and the amount of the management fee retained by the Manager after payment of the sub-advisory fees, in each case in light of the services rendered for those amounts. The Board also received an analysis of complex-wide management fees provided by the Manager, which, among other things, set out a framework of fees based on asset classes.
28
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
The Board also received and considered information comparing the Fund's Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with those of a group of funds consisting of 13 global income funds (including the Fund) selected by Broadridge to be comparable to the Fund (the "Expense Group"), and a broader group of funds selected by Broadridge consisting of global income funds (including the Fund) (the "Expense Universe"). This information showed that the Fund's Contractual Management Fee was below the median of management fees payable by the funds in the Expense Group and that the Fund's Actual Management Fee was below the median of management fees paid by the funds in the Expense Group and below the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund's actual total expense ratio was above the median of the total expense ratios of the funds in the Expense Group and above the median of the actual total expense ratios of the funds in the Expense Universe. The Board took into account management's discussion of the Fund's expenses. The Board also considered that the current limitation on the Fund's expenses is expected to continue until and expire on December 31, 2025.
Taking all of the above into consideration, as well as the factors identified below, the Board determined that the management fee and the sub-advisory fees for the Fund were reasonable in light of the nature, extent and quality of the services provided to the Fund under the Management Agreement and the Sub-Advisory Agreement.
Manager profitability
The Board received and considered an analysis of the profitability of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to the Legg Mason Funds complex as a whole. The Board received information with respect to the Manager's allocation methodologies used in preparing this profitability data. It was noted that the allocation methodologies had been reviewed by an outside consultant. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund.
Economies of scale
The Board received and discussed information concerning whether the Manager realizes economies of scale with respect to the management of the Fund as the Fund's assets grow. The Board also noted the size of the Fund.
The Board determined that the management fee structure for the Fund was reasonable.
Other benefits to the manager and the sub-adviser
The Board considered other benefits received by the Manager, the Sub-Adviser and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders, including the appointment of an affiliate of the Manager as the transfer agent of the Fund.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
29
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Sub-Adviser to the Fund, the Board considered that the ancillary benefits that the Manager, the Sub-Adviser and their affiliates received were reasonable.
30
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
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BrandywineGLOBAL- 
Global Opportunities Bond Fund (USD Hedged)
Trustees
Andrew L. Breech
Stephen R. Gross
Susan M. Heilbron
Arnold L. Lehman
Robin J. W. Masters
Ken Miller
G. Peter O'Brien
Chair
Thomas F. Schlafly
Jane Trust
Investment manager
Franklin Templeton Fund Adviser, LLC
Subadviser
Brandywine Global Investment Management, LLC
Distributor
Franklin Distributors, LLC
Custodian
The Bank of New York Mellon
Transfer agent
Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313
Independent registered public accounting firm
PricewaterhouseCoopers LLP
Baltimore, MD
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
The Fund is a separate investment series of Legg Mason Global Asset Management Trust, a Maryland statutory trust.
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged)
Legg Mason Funds
100 International Drive
Baltimore, MD 21202
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 877-6LM-FUND/656-3863.
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 the Fund at 877-6LM-FUND/656-3863,(2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.
This report is submitted for the general information of the shareholders of BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.
www.franklintempleton.com
© 2024 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.
Franklin Templeton Funds Privacy and Security Notice


Your Privacy Is Our Priority
Franklin Templeton* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors' non-public personal information to anyone and only share it as described in this notice.
Information We Collect
When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:
•
Information we receive from you or your financial intermediary on applications or other forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, tax identification number, birth date, investment selection, beneficiary information, and your personal bank account information and/or email address if you have provided that information.
•
Information about your transactions and account history with us, or with other companies that are part of Franklin Templeton, including transactions you request on our website or in our app. This category also includes your communications to us concerning your investments.
•
Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).
•
Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.
•
Other general information that we may obtain about you such as demographic information.
Disclosure Policy
To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.
We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are
NOT PART OF THE SEMI-ANNUAL REPORT
Franklin Templeton Funds Privacy and Security Notice (cont'd)
under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.
Confidentiality and Security
Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors' non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.
At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.
*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:
Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans
Franklin Advisers, Inc.
Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan
Franklin Mutual Advisers, LLC
Franklin, Templeton and Mutual Series Funds
Franklin Templeton Institutional, LLC
Franklin Templeton Investments Corp., Canada
Franklin Templeton Investments Management, Limited UK
Legg Mason Funds
Templeton Asset Management, Limited
Templeton Global Advisors, Limited
Templeton Investment Counsel, LLC
If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.
NOT PART OF THE SEMI-ANNUAL REPORT

91996-SFSOI 8/24
© 2024 Franklin Templeton. All rights reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 16. 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 period covered by this report that have materially affected, or are likely to materially affect the registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.
(a) (1) Not applicable.
Exhibit 99.CODE ETH
(a) (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.

Legg Mason Global Asset Management Trust

By: /s/ Jane Trust
Jane Trust
Chief Executive Officer
Date: August 20, 2024

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: August 20, 2024
By: /s/ Christopher Berarducci
Christopher Berarducci
Principal Financial Officer
Date: August 20, 2024