Legg Mason Global Asset Management Trust NCSRS Certified semi-annual shareholder report (management investment company)

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 - Flexible Bond Fund
Class A [LFLAX]
Semi-Annual Shareholder Report \| June 30, 2024

This semi-annual shareholder report contains important information about BrandywineGLOBAL - Flexible Bond Fund 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	$46	0.93%

*	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	$499,876,184
Total Number of Portfolio Holdings*	187
Portfolio Turnover Rate	44%

*	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 - Flexible Bond Fund

PAGE 1

7207-STSR-0824

51.919.513.32.51.70.810.3


BrandywineGLOBAL - Flexible Bond Fund
Class C [LFLCX]
Semi-Annual Shareholder Report \| June 30, 2024

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	$83	1.67%

*	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	$499,876,184
Total Number of Portfolio Holdings*	187
Portfolio Turnover Rate	44%

*	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 - Flexible Bond Fund

PAGE 1

7996-STSR-0824

51.919.513.32.51.70.810.3


BrandywineGLOBAL - Flexible Bond Fund
Class I [LFLIX]
Semi-Annual Shareholder Report \| June 30, 2024

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	$37	0.75%

*	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	$499,876,184
Total Number of Portfolio Holdings*	187
Portfolio Turnover Rate	44%

*	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 - Flexible Bond Fund

PAGE 1

7208-STSR-0824

51.919.513.32.51.70.810.3


BrandywineGLOBAL - Flexible Bond Fund
Class IS [LFLSX]
Semi-Annual Shareholder Report \| June 30, 2024

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	0.64%

*	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	$499,876,184
Total Number of Portfolio Holdings*	187
Portfolio Turnover Rate	44%

*	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 - Flexible Bond Fund

PAGE 1

7209-STSR-0824

51.919.513.32.51.70.810.3

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 —
Flexible Bond Fund

Financial Statements and Other Important Information

Semi-Annual | June 30, 2024

Table of Contents

Schedule of Investments	1
Statement of Assets and Liabilities	18
Statement of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	26
Changes in and Disagreements with Accountants	45
Results of Meeting(s) of Shareholders	45
Remuneration Paid to Directors, Officers and Others	45
Board Approval of Management and Subadvisory Agreements	46

franklintempleton.com

Financial Statements and Other Important Information — Semi-Annual

Schedule of Investments (unaudited)

June 30, 2024

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value
Corporate Bonds & Notes — 51.8%
Communication Services — 1.6%
Diversified Telecommunication Services — 0.4%
Cogent Communications Group Inc./Cogent Communications Finance Inc., Senior Notes	7.000%	6/15/27	1,260,000	$1,248,098 (a)
Consolidated Communications Inc., Senior Secured Notes	5.000%	10/1/28	1,065,000	882,016 (a)
Total Diversified Telecommunication Services				2,130,114
Interactive Media & Services — 0.7%
TripAdvisor Inc., Senior Notes	7.000%	7/15/25	3,310,000	3,321,989 (a)
Media — 0.3%
Liberty Interactive LLC, Senior Notes	8.250%	2/1/30	250,000	117,441
Nexstar Media Inc., Senior Notes	4.750%	11/1/28	710,000	631,898 (a)
Univision Communications Inc., Senior Secured Notes	6.625%	6/1/27	600,000	574,990 (a)
Total Media				1,324,329
Wireless Telecommunication Services — 0.2%
Vmed O2 UK Financing I PLC, Senior Secured Notes	4.750%	7/15/31	1,495,000	1,262,887 (a)

Total Communication Services				8,039,319
Consumer Discretionary — 2.8%
Hotels, Restaurants & Leisure — 2.8%
Affinity Interactive, Senior Secured Notes	6.875%	12/15/27	2,670,000	2,358,759 (a)
Allwyn Entertainment Financing UK PLC, Senior Secured Notes	7.875%	4/30/29	1,650,000	1,705,877 (a)
Grupo Posadas SAB de CV, Senior Secured Notes, Step bond (7.000% to 12/30/25 then 8.000%)	7.000%	12/30/27	3,780,000	3,411,450 (b)
IRB Holding Corp., Senior Secured Notes	7.000%	6/15/25	2,080,000	2,082,242 (a)
Mohegan Tribal Gaming Authority, Secured Notes	8.000%	2/1/26	3,380,000	3,207,705 (a)
Viking Cruises Ltd., Senior Notes	6.250%	5/15/25	1,250,000	1,249,874 (a)

Total Consumer Discretionary				14,015,907
Consumer Staples — 1.5%
Food Products — 0.8%
Minerva Luxembourg SA, Senior Notes	4.375%	3/18/31	355,000	293,088 (a)
Minerva Luxembourg SA, Senior Notes	8.875%	9/13/33	1,180,000	1,219,426 (a)
Pilgrim’s Pride Corp., Senior Notes	4.250%	4/15/31	2,400,000	2,185,822
Total Food Products				3,698,336

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Tobacco — 0.7%
Turning Point Brands Inc., Senior Secured Notes	5.625%	2/15/26	1,570,000	$1,561,542 (a)
Vector Group Ltd., Senior Secured Notes	5.750%	2/1/29	2,100,000	1,969,853 (a)
Total Tobacco				3,531,395

Total Consumer Staples				7,229,731
Energy — 15.3%
Energy Equipment & Services — 0.5%
Transocean Titan Financing Ltd., Senior Secured Notes	8.375%	2/1/28	1,500,000	1,549,631 (a)
Yinson Boronia Production BV, Senior Secured Notes	8.947%	7/31/42	980,000	990,290 (a)
Total Energy Equipment & Services				2,539,921
Oil, Gas & Consumable Fuels — 14.8%
Aethon United BR LP/Aethon United Finance Corp., Senior Notes	8.250%	2/15/26	960,000	971,268 (a)
Baytex Energy Corp., Senior Notes	8.500%	4/30/30	3,210,000	3,359,730 (a)
California Resources Corp., Senior Notes	8.250%	6/15/29	2,245,000	2,293,202 (a)
CITGO Petroleum Corp., Senior Secured Notes	7.000%	6/15/25	5,740,000	5,743,807 (a)
Civitas Resources Inc., Senior Notes	8.375%	7/1/28	1,740,000	1,825,397 (a)
Devon Energy Corp., Senior Notes	5.600%	7/15/41	2,480,000	2,308,833
Ecopetrol SA, Senior Notes	8.875%	1/13/33	590,000	609,697
Energean Israel Finance Ltd., Senior Secured Notes	4.875%	3/30/26	2,765,000	2,612,649 (b)
Energean Israel Finance Ltd., Senior Secured Notes	5.375%	3/30/28	4,620,000	4,107,180 (b)
Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year Treasury Constant Maturity Rate + 5.694%)	6.500%	11/15/26	2,160,000	2,135,917 (c)(d)
Energy Transfer LP, Senior Notes	5.600%	9/1/34	3,270,000	3,250,371
Geopark Ltd., Senior Notes	5.500%	1/17/27	650,000	591,467 (a)
Leviathan Bond Ltd., Senior Secured Notes	6.125%	6/30/25	2,380,000	2,310,480 (b)
Leviathan Bond Ltd., Senior Secured Notes	6.500%	6/30/27	3,470,000	3,257,773 (b)
Leviathan Bond Ltd., Senior Secured Notes	6.750%	6/30/30	1,075,000	962,091 (b)
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp., Senior Notes	6.000%	8/1/26	2,310,000	2,289,431 (a)
New Fortress Energy Inc., Senior Secured Notes	6.500%	9/30/26	3,230,000	2,974,176 (a)

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Oil, Gas & Consumable Fuels — continued
New Fortress Energy Inc., Senior Secured Notes	8.750%	3/15/29	1,070,000	$977,662 (a)
Permian Resources Operating LLC, Senior Notes	8.000%	4/15/27	1,500,000	1,535,093 (a)
Petroleos Mexicanos, Senior Notes	5.350%	2/12/28	12,500,000	11,241,705
Plains All American Pipeline LP/PAA Finance Corp., Senior Notes	5.700%	9/15/34	2,510,000	2,487,896
SM Energy Co., Senior Notes	6.625%	1/15/27	1,690,000	1,684,544
Teine Energy Ltd., Senior Notes	6.875%	4/15/29	3,100,000	3,046,532 (a)
Venture Global LNG Inc., Senior Secured Notes	8.125%	6/1/28	4,760,000	4,907,593 (a)
YPF SA, Senior Notes	8.500%	7/28/25	2,665,000	2,629,390 (b)
YPF SA, Senior Secured Notes	9.000%	2/12/26	1,744,615	1,754,469 (b)
YPF SA, Senior Secured Notes	9.500%	1/17/31	1,970,000	2,003,277 (a)
Total Oil, Gas & Consumable Fuels				73,871,630

Total Energy				76,411,551
Financials — 15.2%
Banks — 0.9%
Banco Mercantil del Norte SA, Junior Subordinated Notes (5.875% to 1/24/27 then 5 year Treasury Constant Maturity Rate + 4.643%)	5.875%	1/24/27	260,000	244,201 (a)(c)(d)
NatWest Group PLC, Junior Subordinated Notes (4.600% to 12/28/31 then 5 year Treasury Constant Maturity Rate + 3.100%)	4.600%	6/28/31	340,000	268,761 (c)(d)
Societe Generale SA, Subordinated Notes (7.132% to 1/19/54 then 1 year Treasury Constant Maturity Rate + 2.950%)	7.132%	1/19/55	3,225,000	3,089,274 (a)(d)
Texas Capital Bancshares Inc., Subordinated Notes (4.000% to 5/6/26 then 5 year Treasury Constant Maturity Rate + 3.150%)	4.000%	5/6/31	1,080,000	979,205 (d)
Total Banks				4,581,441
Capital Markets — 7.1%
Antares Holdings LP, Senior Notes	2.750%	1/15/27	645,000	586,174 (a)
Antares Holdings LP, Senior Notes	7.950%	8/11/28	2,640,000	2,736,779 (a)
Ares Capital Corp., Senior Notes	7.000%	1/15/27	2,930,000	2,980,173
Ares Capital Corp., Senior Notes	2.875%	6/15/28	300,000	265,854
Bain Capital Specialty Finance Inc., Senior Notes	2.950%	3/10/26	1,105,000	1,038,904

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Capital Markets — continued
Blackstone Secured Lending Fund, Senior Notes	3.625%	1/15/26	3,480,000	$3,341,025
Blackstone Secured Lending Fund, Senior Notes	2.850%	9/30/28	250,000	219,302
Blue Owl Capital Corp., Senior Notes	2.625%	1/15/27	365,000	333,630
Blue Owl Credit Income Corp., Senior Notes	3.125%	9/23/26	1,300,000	1,205,485
Blue Owl Credit Income Corp., Senior Notes	7.750%	9/16/27	510,000	524,256
Blue Owl Finance LLC, Senior Notes	3.125%	6/10/31	1,035,000	863,063 (a)
Blue Owl Technology Finance Corp., Senior Notes	3.750%	6/17/26	835,000	778,747 (a)
Charles Schwab Corp., Junior Subordinated Notes, Non Voting Shares (4.000% to 6/1/26 then 5 year Treasury Constant Maturity Rate + 3.168%)	4.000%	6/1/26	5,150,000	4,838,456 (c)(d)
FS KKR Capital Corp., Senior Notes	3.125%	10/12/28	725,000	629,751
Golub Capital BDC Inc., Senior Notes	2.500%	8/24/26	1,080,000	993,723
Golub Capital BDC Inc., Senior Notes	2.050%	2/15/27	65,000	58,463
Golub Capital BDC Inc., Senior Notes	7.050%	12/5/28	2,200,000	2,247,429
Golub Capital BDC Inc., Senior Notes	6.000%	7/15/29	1,320,000	1,295,333
Hercules Capital Inc., Senior Notes	2.625%	9/16/26	1,868,000	1,712,860
Main Street Capital Corp., Senior Notes	3.000%	7/14/26	1,215,000	1,137,770
Main Street Capital Corp., Senior Notes	6.950%	3/1/29	940,000	950,885
UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%)	6.537%	8/12/33	4,140,000	4,346,736 (a)(d)
XP Inc., Senior Notes	6.750%	7/2/29	2,600,000	2,580,500 (a)(e)
Total Capital Markets				35,665,298
Consumer Finance — 4.0%
Ally Financial Inc., Junior Subordinated Notes (4.700% to 5/15/26 then 5 year Treasury Constant Maturity Rate + 3.868%)	4.700%	5/15/26	2,530,000	2,234,282 (c)(d)
Ally Financial Inc., Junior Subordinated Notes (4.700% to 5/15/28 then 7 year Treasury Constant Maturity Rate + 3.481%)	4.700%	5/15/28	3,165,000	2,542,290 (c)(d)
Capital One Financial Corp., Senior Notes (7.624% to 10/30/30 then SOFR + 3.070%)	7.624%	10/30/31	1,060,000	1,167,295 (d)
Credit Acceptance Corp., Senior Notes	9.250%	12/15/28	2,700,000	2,857,032 (a)
goeasy Ltd., Senior Notes	9.250%	12/1/28	4,000,000	4,249,512 (a)
PRA Group Inc., Senior Notes	5.000%	10/1/29	3,040,000	2,606,353 (a)

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Consumer Finance — continued
Synchrony Financial, Subordinated Notes	7.250%	2/2/33	2,460,000	$2,447,597
World Acceptance Corp., Senior Notes	7.000%	11/1/26	2,000,000	1,908,330 (a)
Total Consumer Finance				20,012,691
Financial Services — 2.8%
Burford Capital Global Finance LLC, Senior Notes	6.250%	4/15/28	1,798,000	1,739,976 (a)
Freedom Mortgage Corp., Senior Notes	7.625%	5/1/26	2,115,000	2,101,930 (a)
Freedom Mortgage Holdings LLC, Senior Notes	9.250%	2/1/29	860,000	860,189 (a)
GGAM Finance Ltd., Senior Notes	7.750%	5/15/26	3,300,000	3,369,537 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes	7.125%	4/30/31	3,240,000	3,325,145 (a)
United Wholesale Mortgage LLC, Senior Notes	5.750%	6/15/27	2,420,000	2,364,678 (a)
Total Financial Services				13,761,455
Insurance — 0.2%
RenaissanceRe Holdings Ltd., Senior Notes	5.750%	6/5/33	860,000	861,499
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Starwood Property Trust Inc., Senior Notes	7.250%	4/1/29	1,180,000	1,194,126 (a)

Total Financials				76,076,510
Health Care — 1.2%
Health Care Equipment & Supplies — 0.2%
Embecta Corp., Senior Secured Notes	5.000%	2/15/30	1,440,000	1,187,280 (a)
Health Care Providers & Services — 0.2%
Star Parent Inc., Senior Secured Notes	9.000%	10/1/30	1,120,000	1,177,284 (a)
Pharmaceuticals — 0.8%
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes	7.125%	1/31/25	3,810,000	3,822,935

Total Health Care				6,187,499
Industrials — 7.6%
Air Freight & Logistics — 0.3%
Cargo Aircraft Management Inc., Senior Notes	4.750%	2/1/28	1,310,000	1,216,631 (a)
Building Products — 0.9%
AmeriTex HoldCo Intermediate LLC, Senior Secured Notes	10.250%	10/15/28	930,000	980,530 (a)
Masterbrand Inc., Senior Notes	7.000%	7/15/32	3,580,000	3,622,873 (a)
Total Building Products				4,603,403

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Commercial Services & Supplies — 0.1%
Enviri Corp., Senior Notes	5.750%	7/31/27	395,000	$375,844 (a)
Construction & Engineering — 0.6%
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par, Senior Secured Notes	4.050%	4/27/26	1,390,000	1,317,596 (a)
MasTec Inc., Senior Notes	4.500%	8/15/28	1,763,000	1,682,691 (a)
Total Construction & Engineering				3,000,287
Electrical Equipment — 0.1%
Regal Rexnord Corp., Senior Notes	6.300%	2/15/30	310,000	317,065
Regal Rexnord Corp., Senior Notes	6.400%	4/15/33	310,000	317,374
Total Electrical Equipment				634,439
Ground Transportation — 0.8%
Uber Technologies Inc., Senior Notes	8.000%	11/1/26	1,760,000	1,777,209 (a)
Uber Technologies Inc., Senior Notes	7.500%	9/15/27	1,960,000	2,000,100 (a)
Total Ground Transportation				3,777,309
Passenger Airlines — 2.8%
Air Canada, Senior Secured Notes	3.875%	8/15/26	2,030,000	1,933,193 (a)
Air Canada Pass-Through Trust	3.600%	3/15/27	2,812,367	2,672,415 (a)
Air Canada Pass-Through Trust	5.250%	4/1/29	876,085	865,606 (a)
Air Canada Pass-Through Trust	3.300%	1/15/30	287,360	263,096 (a)
Allegiant Travel Co., Senior Secured Notes	7.250%	8/15/27	2,260,000	2,153,241 (a)
Continental Airlines Pass-Through Trust	4.000%	10/29/24	1,610,395	1,610,270
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd., Senior Secured Notes	5.750%	1/20/26	1,250,000	1,190,620 (a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes	6.500%	6/20/27	921,000	923,571 (a)
United Airlines Pass-Through Trust	4.875%	1/15/26	2,520,000	2,484,267
Total Passenger Airlines				14,096,279
Trading Companies & Distributors — 1.8%
AerCap Holdings NV, Senior Notes (5.875% to 10/10/24 then 5 year Treasury Constant Maturity Rate + 4.535%)	5.875%	10/10/79	2,385,000	2,375,487 (d)

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Trading Companies & Distributors — continued
Air Lease Corp., Junior Subordinated Notes, Non Voting Shares (4.125% to 12/15/26 then 5 year Treasury Constant Maturity Rate + 3.149%)	4.125%	12/15/26	2,057,000	$1,864,595 (c)(d)
Aircastle Ltd., Junior Subordinated Notes (5.250% to 9/15/26 then 5 year Treasury Constant Maturity Rate + 4.410%)	5.250%	6/15/26	5,000,000	4,845,705 (a)(c)(d)
Total Trading Companies & Distributors				9,085,787
Transportation Infrastructure — 0.2%
Aeropuertos Dominicanos Siglo XXI SA, Senior Secured Notes	7.000%	6/30/34	990,000	1,003,564 (a)(e)

Total Industrials				37,793,543
Information Technology — 1.0%
Communications Equipment — 0.8%
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes	6.750%	10/1/26	2,100,000	2,028,623 (a)
Viasat Inc., Senior Secured Notes	5.625%	4/15/27	2,430,000	2,176,970 (a)
Total Communications Equipment				4,205,593
Technology Hardware, Storage & Peripherals — 0.2%
Seagate HDD Cayman, Senior Notes	4.125%	1/15/31	1,000,000	894,093

Total Information Technology				5,099,686
Materials — 4.7%
Chemicals — 1.3%
Braskem Idesa SAPI, Senior Secured Notes	7.450%	11/15/29	1,080,000	880,150 (a)
Braskem Idesa SAPI, Senior Secured Notes	6.990%	2/20/32	1,095,000	831,449 (b)
Braskem Netherlands Finance BV, Senior Notes	8.500%	1/12/31	2,310,000	2,361,271 (a)
Mativ Holdings Inc., Senior Notes	6.875%	10/1/26	2,445,000	2,432,011 (a)
Total Chemicals				6,504,881
Containers & Packaging — 0.2%
Graham Packaging Co. Inc., Senior Notes	7.125%	8/15/28	1,030,000	974,094 (a)
Metals & Mining — 3.2%
Corp. Nacional del Cobre de Chile, Senior Notes	6.440%	1/26/36	820,000	848,714 (a)
CSN Resources SA, Senior Notes	8.875%	12/5/30	2,045,000	2,033,109 (a)
ERO Copper Corp., Senior Notes	6.500%	2/15/30	2,095,000	2,037,094 (a)
First Quantum Minerals Ltd., Senior Notes	6.875%	10/15/27	2,705,000	2,645,642 (a)
Mineral Resources Ltd., Senior Notes	8.125%	5/1/27	690,000	696,018 (a)
Mineral Resources Ltd., Senior Notes	9.250%	10/1/28	3,450,000	3,625,198 (a)

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Metals & Mining — continued
Taseko Mines Ltd., Senior Secured Notes	8.250%	5/1/30	2,550,000	$2,611,886 (a)
Vale Overseas Ltd., Senior Notes	6.400%	6/28/54	1,680,000	1,662,696
Total Metals & Mining				16,160,357

Total Materials				23,639,332
Real Estate — 0.3%
Diversified REITs — 0.3%
Trust Fibra Uno, Senior Notes	4.869%	1/15/30	1,030,000	904,745 (b)
VICI Properties LP/VICI Note Co. Inc., Senior Notes	4.625%	6/15/25	460,000	454,370 (a)

Total Real Estate				1,359,115
Utilities — 0.6%
Electric Utilities — 0.1%
AES Panama Generation Holdings SRL, Senior Secured Notes	4.375%	5/31/30	825,187	718,152 (a)
Independent Power and Renewable Electricity Producers — 0.5%
Vistra Corp., Junior Subordinated Notes (7.000% to 12/15/26 then 5 year Treasury Constant Maturity Rate + 5.740%)	7.000%	12/15/26	1,310,000	1,299,868 (a)(c)(d)
Vistra Corp., Junior Subordinated Notes (8.000% to 10/15/26 then 5 year Treasury Constant Maturity Rate + 6.930%)	8.000%	10/15/26	1,095,000	1,105,256 (a)(c)(d)
Total Independent Power and Renewable Electricity Producers				2,405,124

Total Utilities				3,123,276
Total Corporate Bonds & Notes (Cost — $257,902,203)				258,975,469
Sovereign Bonds — 19.4%
Colombia — 3.6%
Colombian TES, Bonds	7.000%	3/26/31	87,810,000,000 COP	17,820,481
Mexico — 6.4%
Mexican Bonos, Bonds	7.500%	5/26/33	313,500,000 MXN	14,759,604
Mexican Bonos, Bonds	8.000%	7/31/53	290,400,000 MXN	12,825,219
Mexican Bonos, Senior Notes	7.750%	11/23/34	90,500,000 MXN	4,260,648
Total Mexico				31,845,471
Panama — 1.9%
Panama Government International Bond, Senior Notes	3.870%	7/23/60	8,280,000	4,741,398
Panama Government International Bond, Senior Notes	4.500%	1/19/63	7,815,000	5,014,394
Total Panama				9,755,792

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Spain — 2.7%
Spain Government Bond, Senior Notes	1.900%	10/31/52	19,330,000 EUR	$13,592,581 (b)
United Kingdom — 4.8%
United Kingdom Gilt, Senior Notes	3.750%	10/22/53	22,250,000 GBP	24,067,611 (b)

Total Sovereign Bonds (Cost — $98,045,281)				97,081,936
Collateralized Mortgage Obligations(f) — 13.3%
Bellemeade Re Ltd., 2023-1 M1B (30 Day Average SOFR + 4.250%)	9.585%	10/25/33	1,680,000	1,758,844 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-HQA4 B1 (30 Day Average SOFR + 5.364%)	10.700%	9/25/50	552,136	619,220 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-HQA5 B1 (30 Day Average SOFR + 4.000%)	9.335%	11/25/50	4,630,000	5,217,312 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA5 B1 (30 Day Average SOFR + 3.050%)	8.385%	1/25/34	1,935,000	2,070,376 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA3 M1B (30 Day Average SOFR + 2.900%)	8.235%	4/25/42	1,800,000	1,872,930 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA3 M2 (30 Day Average SOFR + 4.350%)	9.685%	4/25/42	1,950,000	2,085,249 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA4 M1B (30 Day Average SOFR + 3.350%)	8.685%	5/25/42	1,500,000	1,576,746 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA4 M2 (30 Day Average SOFR + 5.250%)	10.585%	5/25/42	4,750,000	5,197,275 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA5 M1B (30 Day Average SOFR + 4.500%)	9.835%	6/25/42	2,740,000	2,975,696 (a)(d)

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value
Collateralized Mortgage Obligations(f) — continued
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA5 M2 (30 Day Average SOFR + 6.750%)	12.085%	6/25/42	5,230,000	$5,938,819 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA6 M2 (30 Day Average SOFR + 5.750%)	11.085%	9/25/42	1,860,000	2,081,870 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA7 M1B (30 Day Average SOFR + 5.000%)	10.335%	3/25/52	1,890,000	2,085,592 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-HQA2 M2 (30 Day Average SOFR + 6.000%)	11.335%	7/25/42	990,000	1,100,938 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2023-DNA1 B1 (30 Day Average SOFR + 8.150%)	13.485%	3/25/43	2,940,000	3,396,147 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2023-HQA3 M2 (30 Day Average SOFR + 3.350%)	8.685%	11/25/43	2,560,000	2,716,749 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2018-HQA2 M2B (30 Day Average SOFR + 2.414%)	7.750%	10/25/48	4,700,000	4,860,062 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2023-R07 2M2 (30 Day Average SOFR + 3.250%)	8.585%	9/25/43	2,680,000	2,821,009 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2017-C02 2M2C (30 Day Average SOFR + 3.764%)	9.100%	9/25/29	845,000	891,348 (d)
Federal National Mortgage Association (FNMA) — CAS, 2017-C06 2M2 (30 Day Average SOFR + 2.914%)	8.250%	2/25/30	520,368	538,813 (d)
Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1 (30 Day Average SOFR + 3.364%)	8.700%	1/25/40	1,450,000	1,512,603 (a)(d)

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value
Collateralized Mortgage Obligations(f) — continued
Federal National Mortgage Association (FNMA) — CAS, 2020-SBT1 1M2 (30 Day Average SOFR + 3.764%)	9.100%	2/25/40	2,920,000	$3,105,708 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2021-R02 2B1 (30 Day Average SOFR + 3.300%)	8.635%	11/25/41	2,260,000	2,342,761 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2022-R02 2B1 (30 Day Average SOFR + 4.500%)	9.835%	1/25/42	870,000	917,035 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2023-R02 1B1 (30 Day Average SOFR + 5.550%)	10.885%	1/25/43	1,640,000	1,818,031 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2023-R04 1B1 (30 Day Average SOFR + 5.350%)	10.685%	5/25/43	2,200,000	2,429,702 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2023-R07 2B1 (30 Day Average SOFR + 4.500%)	9.835%	9/25/43	4,340,000	4,629,954 (a)(d)

Total Collateralized Mortgage Obligations (Cost — $65,666,991)				66,560,789
Asset-Backed Securities — 2.5%
Allegro CLO Ltd., 2022-1A D (3 mo. Term SOFR + 3.650%)	8.975%	7/20/35	2,550,000	2,554,610 (a)(d)
Bain Capital Credit CLO Ltd., 2023-3A D (3 mo. Term SOFR + 5.250%)	10.573%	7/24/36	2,880,000	2,986,417 (a)(d)
BlueMountain CLO Ltd., 2021-28A D (3 mo. Term SOFR + 3.162%)	8.490%	4/15/34	1,160,000	1,145,598 (a)(d)
Frontier Issuer LLC, 2024-1 A2	6.190%	6/20/54	1,080,000	1,083,195 (a)(e)
OHA Credit Funding Ltd., 2018-1A D1R (3 mo. Term SOFR + 3.600%)	8.913%	4/20/37	2,560,000	2,596,865 (a)(d)
TCW CLO Ltd., 2021-1A D1 (3 mo. Term SOFR + 3.262%)	8.586%	3/18/34	2,130,000	2,141,231 (a)(d)

Total Asset-Backed Securities (Cost — $12,496,320)				12,507,916
Senior Loans — 1.7%
Energy — 0.8%
Oil, Gas & Consumable Fuels — 0.8%
New Fortress Energy Inc., Initial Term Loan (3 mo. Term SOFR + 5.000%)	10.330%	10/30/28	3,980,000	3,882,988 (d)(g)(h)

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Flexible Bond Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Health Care — 0.2%
Health Care Providers & Services — 0.2%
Star Parent Inc., Term Loan B (3 mo. Term SOFR + 3.750%)	9.085%	9/27/30	1,147,125	$1,147,578 (d)(g)(h)

Industrials — 0.5%
Passenger Airlines — 0.5%
WestJet Loyalty LP, Initial Term Loan (3 mo. Term SOFR + 3.750%)	9.048%	2/14/31	2,300,000	2,313,225 (d)(g)(h)

Information Technology — 0.2%
IT Services — 0.2%
Sabre GLBL Inc., 2022 Term Loan B2 (1 mo. Term SOFR + 5.100%)	10.444%	6/30/28	1,426,476	1,312,586 (d)(g)(h)

Total Senior Loans (Cost — $8,449,997)				8,656,377
Convertible Bonds & Notes — 0.9%
Communication Services — 0.5%
Media — 0.5%
DISH Network Corp., Senior Notes	3.375%	8/15/26	3,949,000	2,468,757

Industrials — 0.4%
Air Freight & Logistics — 0.4%
Air Transport Services Group Inc., Senior Notes	3.875%	8/15/29	2,000,000	1,701,930 (a)

Total Convertible Bonds & Notes (Cost — $5,386,178)				4,170,687
Total Investments before Short-Term Investments (Cost — $447,946,970)				447,953,174

Short-Term Investments — 10.3%
Sovereign Bonds — 4.0%
Egypt Treasury Bills	26.407%	10/22/24	230,500,000 EGP	4,461,273 (i)
Egypt Treasury Bills	26.590%	12/17/24	412,800,000 EGP	7,703,074 (i)
Egypt Treasury Bills	26.210%	3/11/25	450,000,000 EGP	7,971,523 (i)

Total Sovereign Bonds (Cost — $19,812,248)				20,135,870
			Shares
Money Market Funds — 6.3%
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares (Cost — $31,169,100)	5.235%		31,169,100	31,169,100 (j)(k)

Total Short-Term Investments (Cost — $50,981,348)				51,304,970
Total Investments — 99.9% (Cost — $498,928,318)				499,258,144
Other Assets in Excess of Liabilities — 0.1%				618,040
Total Net Assets — 100.0%				$499,876,184

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

BrandywineGLOBAL — Flexible Bond Fund

†	Face amount denominated in U.S. dollars, unless otherwise noted.
(a)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(b)	Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(c)	Security has no maturity date. The date shown represents the next call date.
(d)	Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(e)	Securities traded on a when-issued or delayed delivery basis.
(f)	Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.
(g)	Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(h)	Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(i)	Rate shown represents yield-to-maturity.
(j)	Rate shown is one-day yield as of the end of the reporting period.
(k)	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 $31,169,100 and the cost was $31,169,100 (Note 8).

Abbreviation(s) used in this schedule:
CAS	—	Connecticut Avenue Securities
CLO	—	Collateralized Loan Obligation
COP	—	Colombian Peso
EGP	—	Egyptian Pound
EUR	—	Euro
GBP	—	British Pound
MXN	—	Mexican Peso
REMIC	—	Real Estate Mortgage Investment Conduit
SOFR	—	Secured Overnight Financing Rate

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Flexible Bond Fund

At June 30, 2024, the Fund had the following open futures contracts:

	Number of Contracts	Expiration Date	Notional Amount	Market Value	Unrealized Appreciation
Contracts to Buy:
U.S. Treasury Ultra 10-Year Notes	277	9/24	$30,971,807	$31,448,156	$476,349

At June 30, 2024, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CLP	6,580,000,000	USD	7,341,128	HSBC Securities Inc.	7/17/24	$(350,033 )
USD	7,105,064	CLP	6,580,000,000	HSBC Securities Inc.	7/17/24	113,970
BRL	49,020,000	USD	9,519,186	HSBC Securities Inc.	7/19/24	(772,148 )
USD	4,549,457	BRL	23,770,000	HSBC Securities Inc.	7/19/24	307,981
USD	4,748,026	BRL	25,250,000	HSBC Securities Inc.	7/19/24	242,462
MXN	18,900,000	USD	1,013,985	Citibank N.A.	7/29/24	14,036
MXN	155,600,000	USD	8,614,724	Citibank N.A.	7/29/24	(151,226 )
MXN	251,500,000	USD	14,571,854	Citibank N.A.	7/29/24	(892,100 )
USD	4,916,551	MXN	87,000,000	Citibank N.A.	7/29/24	184,390
USD	8,893,324	MXN	164,000,000	Citibank N.A.	7/29/24	(27,073 )
USD	15,917,592	MXN	276,600,000	Citibank N.A.	7/29/24	872,583
USD	18,173,423	MXN	307,000,000	Citibank N.A.	7/29/24	1,474,877
COP	35,620,000,000	USD	8,656,031	JPMorgan Chase & Co.	7/30/24	(124,606 )
USD	17,170,971	COP	68,580,000,000	JPMorgan Chase & Co.	7/30/24	745,223
USD	13,420,565	EUR	12,510,000	JPMorgan Chase & Co.	8/7/24	(3,216 )
USD	23,215,393	GBP	18,150,000	Citibank N.A.	9/10/24	259,381
USD	576,043	GBP	450,000	HSBC Securities Inc.	9/10/24	6,886
Net unrealized appreciation on open forward foreign currency contracts						$1,901,387

Abbreviation(s) used in this table:
BRL	—	Brazilian Real
CLP	—	Chilean Peso
COP	—	Colombian Peso
EUR	—	Euro
GBP	—	British Pound
MXN	—	Mexican Peso
USD	—	United States Dollar

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

BrandywineGLOBAL — Flexible Bond Fund

At June 30, 2024, the Fund had the following open swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION1
Reference Entity	Notional Amount2*	Termination Date	Periodic Payments Received by the Fund†	Market Value3	Upfront Premiums Paid (Received)	Unrealized Appreciation
Markit CDX.NA.IG.34 Index	14,685,000	6/20/25	1.000% quarterly	$122,191	$30,422	$91,769
Markit iTraxx Europe Index	295,000EUR	12/20/24	1.000% quarterly	1,411	10	1,401
Markit iTraxx Europe Index	5,150,000EUR	6/20/25	1.000% quarterly	46,555	31,771	14,784
Total				$170,157	$62,203	$107,954

OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION1
Swap Counterparty (Reference Entity)	Notional Amount2	Termination Date	Implied Credit Spread at June 30, 20244	Periodic Payments Received by the Fund†	Market Value	Upfront Premiums Paid (Received)	Unrealized Depreciation
Barclays Bank PLC (Panama Government International Bond, 8.875%, due 9/30/ 27)	$2,940,000	12/20/28	1.622%	1.000% quarterly	$(72,684)	$(70,970)	$(1,714)
JPMorgan Chase & Co. (Panama Government International Bond, 8.875%, due 9/30/ 27)	2,880,000	12/20/28	1.622%	1.000% quarterly	(71,201)	(70,899)	(302)
Total	$5,820,000				$(143,885)	$(141,869)	$(2,016)

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Flexible Bond Fund

1	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
2	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
3	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
4	Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
†	Percentage shown is an annual percentage rate.
*	Notional amount denominated in U.S. dollars, unless otherwise noted.

Abbreviation(s) used in this table:
EUR	—	Euro

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

BrandywineGLOBAL — Flexible Bond Fund

Summary of Investments by Country#
United States	45.6 %
Mexico	9.9
United Kingdom	5.5
Canada	4.9
Colombia	3.8
Israel	3.4
Spain	2.7
Brazil	2.6
Panama	2.1
Cayman Islands	1.7
Argentina	1.3
Ireland	1.2
Switzerland	0.9
Australia	0.9
France	0.6
Jersey	0.6
Zambia	0.5
Bermuda	0.5
Chile	0.4
Czech Republic	0.4
Dominican Republic	0.2
Short-Term Investments	10.3
	100.0 %

#	As a percentage of total investments. Please note that the Fund holdings are as of June 30, 2024 and are subject to change.

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

June 30, 2024

Assets:
Investments in unaffiliated securities, at value (Cost — $467,759,218)	$468,089,044
Investments in affiliated securities, at value (Cost — $31,169,100)	31,169,100
Foreign currency, at value (Cost — $1,003)	999
Cash	1,037,957
Interest receivable	6,526,941
Unrealized appreciation on forward foreign currency contracts	4,221,789
Receivable for securities sold	2,791,364
Deposits with brokers for open futures contracts	857,496
Receivable for Fund shares sold	854,508
Deposits with brokers for OTC derivatives	270,000
Deposits with brokers for centrally cleared swap contracts	163,366
Dividends receivable from affiliated investments	150,254
Receivable from brokers — net variation margin on centrally cleared swap contracts	50,494
Receivable for open OTC swap contracts	1,779
Prepaid expenses	15,565
Total Assets	516,200,656
Liabilities:
Payable for securities purchased	10,289,876
Unrealized depreciation on forward foreign currency contracts	2,320,402
Payable for Fund shares repurchased	2,254,171
Deposits from brokers for OTC derivatives	560,000
Investment management fee payable	227,249
Distributions payable	211,540
OTC swaps, at value (premiums received — $141,869)	143,885
Payable to brokers — net variation margin on open futures contracts	134,173
Accrued foreign capital gains tax	52,034
Service and/or distribution fees payable	15,612
Trustees’ fees payable	5,316
Accrued expenses	110,214
Total Liabilities	16,324,472
Total Net Assets	$499,876,184
Net Assets:
Par value (Note 7)	$525
Paid-in capital in excess of par value	540,390,268
Total distributable earnings (loss)	(40,514,609 )
Total Net Assets	$499,876,184

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Net Assets:
Class A	$56,054,847
Class C	$5,216,545
Class I	$325,403,106
Class IS	$113,201,686
Shares Outstanding:
Class A	5,895,535
Class C	552,868
Class I	34,182,841
Class IS	11,874,668
Net Asset Value:
Class A (and redemption price)	$9.51
Class C*	$9.44
Class I (and redemption price)	$9.52
Class IS (and redemption price)	$9.53
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 3.75%)	$9.88

*	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 — Flexible Bond Fund 2024 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2024

Investment Income:
Interest	$18,131,748
Dividends from affiliated investments	538,988
Less: Foreign taxes withheld	(39,764 )
Total Investment Income	18,630,972
Expenses:
Investment management fee (Note 2)	1,275,170
Transfer agent fees (Notes 2 and 5)	164,127
Service and/or distribution fees (Notes 2 and 5)	87,302
Registration fees	48,161
Fees recaptured by investment manager (Note 2)	44,074
Fund accounting fees	39,103
Audit and tax fees	23,036
Custody fees	20,125
Legal fees	17,599
Shareholder reports	15,802
Trustees’ fees	14,125
Commitment fees (Note 9)	1,907
Insurance	1,632
Miscellaneous expenses	6,951
Total Expenses	1,759,114
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(8,913 )
Net Expenses	1,750,201
Net Investment Income	16,880,771
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities	(2,720,697 )†
Futures contracts	194,512
Swap contracts	103,401
Forward foreign currency contracts	1,630,213
Foreign currency transactions	3,665
Net Realized Loss	(788,906 )
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities	(8,369,953 )‡
Futures contracts	(4,008,441 )
Swap contracts	(42,452 )
Forward foreign currency contracts	725,423
Foreign currencies	(168,075 )
Change in Net Unrealized Appreciation (Depreciation)	(11,863,498 )
Net Loss on Investments, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions	(12,652,404 )
Increase in Net Assets From Operations	$4,228,367

†	Net of foreign capital gains tax of $29,097.
‡	Net of change in accrued foreign capital gains tax of $52,034.

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 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	$16,880,771	$21,985,915
Net realized loss	(788,906 )	(23,312,741 )
Change in net unrealized appreciation (depreciation)	(11,863,498 )	31,663,700
Increase in Net Assets From Operations	4,228,367	30,336,874
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(16,200,035 )	(21,900,060 )
Decrease in Net Assets From Distributions to Shareholders	(16,200,035 )	(21,900,060 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	148,152,688	394,294,251
Reinvestment of distributions	15,871,043	21,617,765
Cost of shares repurchased	(75,951,771 )	(224,373,612 )
Increase in Net Assets From Fund Share Transactions	88,071,960	191,538,404
Increase in Net Assets	76,100,292	199,975,218
Net Assets:
Beginning of period	423,775,892	223,800,674
End of period	$499,876,184	$423,775,892

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

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	2021	2020	2019
Net asset value, beginning of period	$9.75	$9.41	$10.89	$11.09	$10.01	$9.59
Income (loss) from operations:
Net investment income	0.34	0.53	0.28	0.27	0.29	0.25
Net realized and unrealized gain (loss)	(0.27 )	0.31	(1.48 )	(0.18 )	1.18	0.75
Total income (loss) from operations	0.07	0.84	(1.20)	0.09	1.47	1.00
Less distributions from:
Net investment income	(0.31 )	(0.50 )	(0.24 )	(0.27 )	(0.30 )	(0.46 )
Net realized gains	—	—	—	(0.02 )	(0.09 )	(0.12 )
Return of capital	—	—	(0.04 )	—	—	—
Total distributions	(0.31 )	(0.50 )	(0.28 )	(0.29 )	(0.39 )	(0.58 )
Net asset value, end of period	$9.51	$9.75	$9.41	$10.89	$11.09	$10.01
Total return3	0.76 %	9.33 %	(11.15 )%	0.79 %	14.84 %	10.41 %
Net assets, end of period (000s)	$56,055	$45,310	$23,467	$20,721	$18,028	$165
Ratios to average net assets:
Gross expenses	0.94 %4	0.98 %	1.10 %	1.07 %	1.97 %	4.05 %
Net expenses5,6	0.93 4	0.97	1.04	0.95	0.96	0.98
Net investment income	7.11 4	5.55	2.81	2.41	2.73	2.45
Portfolio turnover rate	44 %	138 %	122 %	55 %	104 %	356 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	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.
4	Annualized.
5	Reflects fee waivers and/or expense reimbursements.
6	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend and interest expense on securities sold short, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.10%. 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.

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 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	$9.68	$9.35	$10.88	$11.03
Income (loss) from operations:
Net investment income	0.30	0.46	0.28	0.03
Net realized and unrealized gain (loss)	(0.26 )	0.32	(1.56 )	(0.10 )
Total income (loss) from operations	0.04	0.78	(1.28)	(0.07)
Less distributions from:
Net investment income	(0.28 )	(0.45 )	(0.18 )	(0.06 )
Net realized gains	—	—	—	(0.02 )
Return of capital	—	—	(0.07 )	—
Total distributions	(0.28 )	(0.45 )	(0.25 )	(0.08 )
Net asset value, end of period	$9.44	$9.68	$9.35	$10.88
Total return4	0.41 %	8.54 %	(11.79 )%	(0.68 )%
Net assets, end of period (000s)	$5,217	$4,483	$1,280	$43
Ratios to average net assets:
Gross expenses	1.68 %5	1.70 %	1.86 %6	2.05 %5
Net expenses7,8	1.67 5	1.70	1.80 6	1.85 5
Net investment income	6.36 5	4.92	2.91	1.07 5
Portfolio turnover rate	44 %	138 %	122 %	55 %9

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 September 30, 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	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
7	Reflects fee waivers and/or expense reimbursements.
8	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend and interest expense on securities sold short, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.85%. 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.
9	For the year ended December 31, 2021.

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

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	2019
Net asset value, beginning of period	$9.76	$9.41	$10.90	$11.10	$10.01	$9.59
Income (loss) from operations:
Net investment income	0.35	0.55	0.31	0.28	0.36	0.28
Net realized and unrealized gain (loss)	(0.27 )	0.32	(1.49 )	(0.16 )	1.13	0.75
Total income (loss) from operations	0.08	0.87	(1.18)	0.12	1.49	1.03
Less distributions from:
Net investment income	(0.32 )	(0.52 )	(0.26 )	(0.30 )	(0.31 )	(0.49 )
Net realized gains	—	—	—	(0.02 )	(0.09 )	(0.12 )
Return of capital	—	—	(0.05 )	—	—	—
Total distributions	(0.32 )	(0.52 )	(0.31 )	(0.32 )	(0.40 )	(0.61 )
Net asset value, end of period	$9.52	$9.76	$9.41	$10.90	$11.10	$10.01
Total return3	0.84 %	9.54 %	(10.86 )%	1.05 %	15.00 %	10.84 %
Net assets, end of period (000s)	$325,403	$282,910	$150,839	$115,293	$22,371	$126
Ratios to average net assets:
Gross expenses	0.75 %4,5	0.75 %	0.85 %	0.82 %	1.69 %	3.75 %
Net expenses6,7	0.75 4,5	0.75	0.75	0.70	0.68	0.68
Net investment income	7.29 4	5.76	3.16	2.55	3.30	2.75
Portfolio turnover rate	44 %	138 %	122 %	55 %	104 %	356 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	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.
4	Annualized.
5	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
6	Reflects fee waivers and/or expense reimbursements.
7	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend and interest expense on securities sold short, 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.

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 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	2019
Net asset value, beginning of period	$9.78	$9.42	$10.91	$11.11	$10.02	$9.59
Income (loss) from operations:
Net investment income	0.36	0.56	0.30	0.29	0.32	0.28
Net realized and unrealized gain (loss)	(0.28 )	0.33	(1.47 )	(0.17 )	1.18	0.76
Total income (loss) from operations	0.08	0.89	(1.17)	0.12	1.50	1.04
Less distributions from:
Net investment income	(0.33 )	(0.53 )	(0.28 )	(0.30 )	(0.32 )	(0.49 )
Net realized gains	—	—	—	(0.02 )	(0.09 )	(0.12 )
Return of capital	—	—	(0.04 )	—	—	—
Total distributions	(0.33 )	(0.53 )	(0.32 )	(0.32 )	(0.41 )	(0.61 )
Net asset value, end of period	$9.53	$9.78	$9.42	$10.91	$11.11	$10.02
Total return3	0.79 %	9.74 %	(10.77 )%	1.09 %	15.12 %	10.87 %
Net assets, end of period (000s)	$113,202	$91,073	$48,214	$106,752	$27,676	$6,140
Ratios to average net assets:
Gross expenses	0.64 %4,5	0.65 %	0.71 %	0.77 %	1.66 %	3.73 %5
Net expenses6,7	0.64 4,5	0.65	0.65	0.65	0.65	0.65 5
Net investment income	7.40 4	5.80	2.96	2.65	2.99	2.78
Portfolio turnover rate	44 %	138 %	122 %	55 %	104 %	356 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	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.
4	Annualized.
5	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
6	Reflects fee waivers and/or expense reimbursements.
7	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend and interest expense on securities sold short, 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.

See Notes to Financial Statements.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

BrandywineGLOBAL — Flexible Bond Fund (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-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

BrandywineGLOBAL — Flexible Bond Fund 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 — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

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

•

Level 1 — 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 and liabilities carried at fair value:

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments†:
Corporate Bonds & Notes	—	$258,975,469	—	$258,975,469
Sovereign Bonds	—	97,081,936	—	97,081,936
Collateralized Mortgage Obligations	—	66,560,789	—	66,560,789
Asset-Backed Securities	—	12,507,916	—	12,507,916
Senior Loans	—	8,656,377	—	8,656,377
Convertible Bonds & Notes	—	4,170,687	—	4,170,687
Total Long-Term Investments	—	447,953,174	—	447,953,174
Short-Term Investments†:
Sovereign Bonds	—	20,135,870	—	20,135,870
Money Market Funds	$31,169,100	—	—	31,169,100
Total Short-Term Investments	31,169,100	20,135,870	—	51,304,970
Total Investments	$31,169,100	$468,089,044	—	$499,258,144
Other Financial Instruments:
Futures Contracts††	$476,349	—	—	$476,349
Forward Foreign Currency Contracts††	—	$4,221,789	—	4,221,789
Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection††	—	107,954	—	107,954
Total Other Financial Instruments	$476,349	$4,329,743	—	$4,806,092
Total	$31,645,449	$472,418,787	—	$504,064,236

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

LIABILITIES
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Other Financial Instruments:
Forward Foreign Currency Contracts††	—	$2,320,402	—	$2,320,402
OTC Credit Default Swaps on Sovereign Issues — Sell Protection	—	143,885	—	143,885
Total	—	$2,464,287	—	$2,464,287

†	See Schedule of Investments for additional detailed categorizations.
††	Reflects the unrealized appreciation (depreciation) of the instruments.

(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 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.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

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

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the “CCP”) and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.

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

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

The Fund’s maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of June 30, 2024, the total notional value of all credit default swaps to sell protection was EUR 5,445,000 and $20,505,000. These

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

amounts would be offset by the value of the swap’s reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.

For average notional amounts of swaps held during the six months ended June 30, 2024, see Note 4.

Credit default swaps

The Fund enters into credit default swap (“CDS”) contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

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

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

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

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

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

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

(f) Securities traded on a when-issued and delayed delivery basis. The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

(g) 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

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

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.

(h) 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.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

(i) 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.

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

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter (“OTC”) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

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 held forward foreign currency contracts and OTC credit default swaps with credit related contingent features which had a liability position of $2,464,287. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties. As of June 30, 2024, the Fund had posted with its counterparties cash and/or securities as collateral to cover the net liability of these derivatives amounting to $270,000 which could be used to reduce the required payment.

At June 30, 2024, the fund held cash collateral from JPMorgan Chase & Co. in the amount of $560,000. This amount could be used to reduce the Fund’s exposure to the counterparty in the event of default.

(k) 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 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.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

(l) 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.

(m) Share class accounting. Investment income, common expenses and realized/unrealized gains (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.

(n) 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.

(o) 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. As of June 30, 2024, there were $52,034 of capital gains tax liabilities accrued on unrealized gains.

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

2. Investment management agreement and other transactions with affiliates

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”).

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

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 0.55% of the Fund’s average daily net assets. FTFA has delegated to Brandywine Global the day-to-day portfolio management of the Fund. For its services, FTFA pays Brandywine Global a fee monthly, at an annual rate equal to 90% 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 and interest expense on securities sold short, 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 1.10%, 1.85%, 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 $8,913, all of which was an affiliated money market fund waiver.

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.

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	$24,266	$7	$65,710	$50,591
Expires December 31, 2025	15,712	315	103,473	40,156
Expires December 31, 2026	—	—	6,545	—
Expires December 31, 2027	—	—	—	—
Total fee waivers/expense reimbursements subject to recapture	$39,978	$322	$175,728	$90,747

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

For the six months ended June 30, 2024, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:

	Class I	Class IS
FTFA recaptured	$39,734	$4,340

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-based fees 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 $5,335 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	Class C
Sales charges	$1,964	—
CDSCs	98	$200

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

BrandywineGLOBAL — Flexible Bond Fund 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	$214,757,780	$42,118,991
Sales	161,582,885	26,699,722

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/Premiums Paid (Received)	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$498,928,318	$9,479,739	$(9,149,913)	$329,826
Futures contracts	—	476,349	—	476,349
Forward foreign currency contracts	—	4,221,789	(2,320,402)	1,901,387
Swap contracts	(79,666)	107,954	(2,016)	105,938

4. Derivative instruments and hedging activities

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at June 30, 2024.

ASSET DERIVATIVES1
	Interest Rate Risk	Foreign Exchange Risk	Credit Risk	Total
Futures contracts2	$476,349	—	—	$476,349
Forward foreign currency contracts	—	$4,221,789	—	4,221,789
Centrally cleared swap contracts3	—	—	$107,954	107,954
Total	$476,349	$4,221,789	$107,954	$4,806,092

LIABILITY DERIVATIVES1
	Foreign Exchange Risk	Credit Risk	Total
Forward foreign currency contracts	$2,320,402	—	$2,320,402
OTC swap contracts4	—	$143,885	143,885
Total	$2,320,402	$143,885	$2,464,287

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

1	Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.
2	Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities.
3	Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities.
4	Values include premiums paid (received) on swap contracts which are shown separately in the Statement of Assets and Liabilities.

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	Credit Risk	Total
Futures contracts	$194,512	—	—	$194,512
Swap contracts	—	—	$103,401	103,401
Forward foreign currency contracts	—	$1,630,213	—	1,630,213
Total	$194,512	$1,630,213	$103,401	$1,928,126

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk	Foreign Exchange Risk	Credit Risk	Total
Futures contracts	$(4,008,441 )	—	—	$(4,008,441 )
Swap contracts	—	—	$(42,452 )	(42,452 )
Forward foreign currency contracts	—	$725,423	—	725,423
Total	$(4,008,441 )	$725,423	$(42,452 )	$(3,325,470 )

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)	$43,277,201
Forward foreign currency contracts (to buy)	25,675,225
Forward foreign currency contracts (to sell)	68,654,023
	Average Notional Balance
Credit default swap contracts (sell protection)	$23,897,148

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

The following table presents the Fund’s OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of June 30, 2024.

Counterparty	Gross Assets Subject to Master Agreements1	Gross Liabilities Subject to Master Agreements1	Net Assets (Liabilities) Subject to Master Agreements	Collateral Pledged (Received)2,3	Net Amount4,5
Barclays Bank PLC	—	$(72,684)	$(72,684)	—	$(72,684)
Citibank N.A.	$2,805,267	(1,070,399)	1,734,868	—	1,734,868
HSBC Securities Inc.	671,299	(1,122,181)	(450,882)	$270,000	(180,882)
JPMorgan Chase & Co.	745,223	(199,023)	546,200	(560,000)	(13,800)
Total	$4,221,789	$(2,464,287)	$1,757,502	$(290,000)	$1,467,502

1	Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.
2	Gross amounts are not offset in the Statement of Assets and Liabilities.
3	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
4	Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
5	Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

5. 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	$62,974	$14,087
Class C	24,328	1,126
Class I	—	147,587
Class IS	—	1,327
Total	$87,302	$164,127

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

For the six months ended June 30, 2024, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$968
Class C	93
Class I	6,042
Class IS	1,810
Total	$8,913

6. Distributions to shareholders by class

	Six Months Ended June 30, 2024	Year Ended December 31, 2023
Net Investment Income:
Class A	$1,725,019	$2,074,445
Class C	147,669	158,486
Class I	10,787,507	13,464,813
Class IS	3,539,840	6,202,316
Total	$16,200,035	$21,900,060

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	1,614,700	$15,590,046	3,196,857	$30,553,833
Shares issued on reinvestment	176,899	1,697,295	214,484	2,035,729
Shares repurchased	(542,513 )	(5,243,585 )	(1,260,070 )	(11,831,520 )
Net increase	1,249,086	$12,043,756	2,151,271	$20,758,042
Class C
Shares sold	144,311	$1,383,011	524,871	$4,972,114
Shares issued on reinvestment	15,453	147,200	16,767	157,845
Shares repurchased	(70,036 )	(672,234 )	(215,370 )	(2,007,349 )
Net increase	89,728	$857,977	326,268	$3,122,610

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

	Six Months Ended June 30, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Class I
Shares sold	10,192,981	$98,663,524	22,612,011	$216,101,285
Shares issued on reinvestment	1,091,811	10,493,379	1,391,828	13,226,587
Shares repurchased	(6,080,647 )	(58,864,204 )	(11,050,871 )	(104,782,191 )
Net increase	5,204,145	$50,292,699	12,952,968	$124,545,681
Class IS
Shares sold	3,346,067	$32,516,107	14,719,978	$142,667,019
Shares issued on reinvestment	367,432	3,533,169	648,772	6,197,604
Shares repurchased	(1,155,598 )	(11,171,748 )	(11,169,464 )	(105,752,552 )
Net increase	2,557,901	$24,877,528	4,199,286	$43,112,071

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
	Affiliate Value at December 31, 2023	Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$12,658,328	$193,922,788	193,922,788	$175,412,016	175,412,016

(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	—	$538,988	—	$31,169,100

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

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

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 $36,218,291, which have no expiration date, that will be available to offset future taxable capital gains.

BrandywineGLOBAL — Flexible Bond Fund 2024 Semi-Annual Report

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.

BrandywineGLOBAL — Flexible Bond Fund

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 – Flexible Bond Fund, a series of the Trust (the “Fund”), and the sub-advisory agreement 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 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 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

BrandywineGLOBAL — Flexible Bond Fund

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-related policies, 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 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.

BrandywineGLOBAL — Flexible Bond Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

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-Adviser and 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 multi-sector income funds by Lipper, showed, among other data, that the performance of the Fund’s Class I shares for the 1-, 3- and 5-year periods ended December 31, 2023 and the period since the Fund’s inception (May 31, 2016) through December 31, 2023 was above the median performance of the funds in the Performance Universe for the 1- and 5-year and since inception periods and was approximately equivalent to the performance of the funds in the Performance Universe for the 3-year period and ranked in the first quintile of the funds in the Performance Universe for the 5-year and since inception 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.

BrandywineGLOBAL — Flexible Bond Fund

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.

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 14 multi-sector 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 multi-sector income funds (including the Fund) (the “Expense Universe”). This information showed that the Fund’s Contractual

BrandywineGLOBAL — Flexible Bond Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

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 above the median of management fees paid by the funds in the Expense Group and above 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 approximately equivalent to 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.

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.

BrandywineGLOBAL — Flexible Bond Fund

BrandywineGLOBAL —

Flexible Bond Fund

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 — Flexible Bond Fund

The Fund is a separate investment series of Legg Mason Global Asset Management Trust, a Maryland statutory trust.

BrandywineGLOBAL — Flexible Bond Fund
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 — Flexible Bond Fund. 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

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

NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

companies working on our behalf, or with whom we have joint marketing agreements, are 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

91462-SFSOI 8/24

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

Legg Mason Global Asset Management Trust N-CSRSCertified semi-annual shareholder report (management investment company)