Legg Mason Global Asset Management Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-22338

Legg Mason Global Asset Management Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code:1-877-721-1926

Date of fiscal year end: December 31

Date of reporting period: December 31, 2019


ITEM 1.		REPORT TO STOCKHOLDERS

TheAnnual Report to Stockholders is filed herewith.

LOGO


Annual Report		December 31, 2019

BrandywineGLOBAL —

GLOBAL OPPORTUNITIES BOND FUND

Beginning in January 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the Fund intends to no longer mail paper copies of the Fund’s shareholder reports like this one, unless you specifically request paper copies of the reports from the Fund or from your Service Agent or financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically(“e-delivery”), you will not be affected by this change and you need not take any action. If you have not already electede-delivery, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting your Service Agent or, if you are a direct shareholder with the Fund, by calling1-877-721-1926.

You may elect to receive all future reports in paper free of charge. If you invest through a Service Agent, you can contact your Service Agent to request that you continue to receive paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account at that Service Agent. If you are a direct shareholder with the Fund, you can call the Fund at1-877-721-1926, or write to the Fund by regular mail at Legg Mason Funds, P.O. Box 9699, Providence, RI 02940-9699 or by express, certified or registered mail to Legg Mason Funds, 4400 Computer Drive, Westborough, MA 01581 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account held directly with the fund complex.

LOGO

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


What’s inside
Letter from the president			II
Fund overview			1
Fund at a glance			8
Fund expenses			9
Fund performance			11
Schedule of investments			13
Statement of assets and liabilities			19
Statement of operations			21
Statements of changes in net assets			22
Financial highlights			23
Notes to financial statements			31
Report of independent registered public accounting firm			47
Board approval of management and subadvisory agreements			48
Additional information			52
Important tax information			58

Fund objective

The Fund’s investment objective is to maximize total return consisting of income and capital appreciation.

Letter from the president

LOGO

Dear Shareholder,

We are pleased to provide the annual report of BrandywineGLOBAL — Global Opportunities Bond Fund for the twelve-month reporting period ended December 31, 2019. Please read on for a detailed look at prevailing economic and market conditions during the Fund’s reporting period and to learn how those conditions have affected Fund performance.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.leggmason.com. Here you can gain immediate access to market and investment information, including:

•

Fund prices and performance,

•

Market insights and commentaries from our portfolio managers, and

•

A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

LOGO

Jane Trust, CFA

President and Chief Executive Officer

January 31, 2020

BrandywineGLOBAL — Global Opportunities Bond Fund

Fund overview

Q. What is the Fund’s investment strategy?

A.The Fund seeks to maximize total return consisting of income and capital appreciation. Under normal market conditions, the Fund will invest at least 80% of its net assets in fixed-income securities of issuers located in developed market countries. Any country that, at the time of purchase, has a sovereign debt rating ofA- or better from at least one nationally recognized statistical ratings organization (“NRSRO”) or is included in the FTSE World Government Bond Indexⁱ is considered a developed country. The Fund will invest in both investment grade and below investment grade fixed income securities, and intends to invest less than 35% of its net assets in below investment grade fixed income securities (commonly known as “high yield debt” or “junk bonds”). We intend to maintain an average weighted portfolio quality ofA- or better, whether composed of rated securities or unrated securities that we deemed to be of comparable quality. The Fund’s investments may include securities of sovereign governments and supranational organizations. The Fund may invest up to 25% of its net assets in convertible debt securities.

The Fund may invest in currency forwards in order to hedge its currency exposure in bond positions or to gain currency exposure. In addition, the Fund may engage in a variety of transactions using derivatives such as bond futures, interest rate futures, swaps, credit default swaps and options. The Fund may use derivatives to enhance total return, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective durationⁱⁱ of its portfolio, to manage certain investment risks and/or as a substitute for the purchase or sale of securities or currencies. These investments may be significant at times. Although we have the flexibility to use these instruments for hedging purposes, we may choose not to for a variety of reasons, even under very volatile market conditions. Derivative instruments are taken into account when determining compliance with the Fund’s 80% investment policy. The Fund will normally hold a portfolio of fixed income securities of issuers located in a minimum of six countries.

Although the Fund invests primarily in issuers in developed market countries as defined above, the Fund may also invest in issuers in emerging market countries, and some of the countries that the Fund considers to be developed may still have certain economic or other characteristics that are considered developing and are similar to emerging market countries.

The Fund may invest in securities of any maturity. The weighted average effective duration of the Fund’s portfolio, including derivatives, is expected to range from one to ten years, but for individual markets may be greater or lesser depending on our view of the prospects for lower interest rates and potential capital gains.

We follow a value approach to investing and, therefore, seek to identify relative value in the global bond markets. We define as undervalued, those markets where we believe real interest rates are high and the currency is undervalued with the potential to appreciate. We will focus investments in those undervalued markets where we believe cyclical business conditions as well as secular economic and political trends provide the best opportunity for

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Fund overview (cont’d)

declining interest rates and a return to lower real rates over time. We believe that such economic conditions provide the best potential to achieve capital appreciation. The Fund employs atop-down, value-oriented, and macro driven investment approach and incorporates analysis of material environmental, social and governance (ESG) issues that may impact an investments risk profile and performance.

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

A.The global fixed income market experienced periods of volatility but generated strong results during the twelve-month reporting period ended December 31, 2019. Global yields generally declined over the period, which was supportive for fixed income assets.

Looking back, the U.S. Federal Reserve Board (“Fed”)ⁱⁱⁱ raised interest rates four times in 2018, with its December 2018 increase bringing the federal funds target rate to a range between 2.00% and 2.25%. In early, 2019, the Fed had a “dovish pivot” and reassessed the need for additional increases in 2019 given moderating global growth and the ongoing trade dispute between the U.S. and China. Then, as expected, the Fed lowered rates at its meetings in July, September and October 2019. The last rate cut pushed the federal funds target rate to a range between 1.50% and 1.75%. Elsewhere, central banks outside the U.S. generally pursued accommodative monetary policies. In September 2019, the European Central Bank (“ECB”)^iv cut its key interest rate and launched a new package of bond purchases that laid the groundwork for continued ultra-loose monetary policy. While the Bank of England^v kept rates on hold, it remained flexible given the uncertainties surrounding Brexit. Elsewhere, both the Bank of Japan^vi and the People’s Bank of China^vii kept rates steady during the reporting period.

All told, the Bloomberg Barclays Global Aggregate Bond Index^viii returned 6.84% during the twelve months ended December 31, 2019. Investors who took on additional risk also experienced positive results over the reporting period. Global high-yield corporate bonds, as measured by the Bloomberg Barclays Global High Yield Index (USD Hedged)^ix returned 13.34%. Meanwhile, the JPMorgan Emerging Markets Bond Index Global (“EMBI Global”)^x gained 14.42%. Within the currency markets, the U.S. dollar generally appreciated against most other currencies.

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

A.In light of signs of stabilization in the global macro backdrop, we made several adjustments to the Fund’s portfolio. We were very tactical with the Fund’s U.S. Treasury exposure in 2019. The Fund began the reporting period modestly overweight Treasuries. As concerns about global growth and trade increased, we materially increased the Fund’s Treasuries exposure in the spring and summer of 2019. By year end, given the price movement of securities and signs of stabilization in growth, we reduced the Fund’s exposure and ended the reporting period with a modest underweight. The Fund continues to have no exposure to negative yielding assets, or negative real-yielding government bond markets, such as Germany, France and Japan. From a currency perspective, the Fund initiated exposures to the Chilean peso, Czech koruna, New Zealand dollar, Russian ruble and South Korean won.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Meanwhile, we increased the Fund’s exposures to the Australian dollar, British pound sterling and U.S. dollar. Finally, we decreased the Fund’s exposures to the Canadian dollar, Japanese yen, Malaysian ringgit, Mexican peso, South African rand and Swedish krona.

During the reporting period, we used currency forwards to manage the Fund’s currency exposures. These instruments detracted from results.

Performance review

For the twelve months ended December 31, 2019, Class IS shares of BrandywineGLOBAL — Global Opportunities Bond Fund returned 9.21%. The Fund’s unmanaged benchmark, the FTSE World Government Bond Index (USD) (Unhedged), returned 5.90% for the same period. The Lipper Global Income Funds Category Average^xi returned 8.18% over the same time frame.


Performance Snapshotas of December 31, 2019 (unaudited)
(excluding sales charges)	6 months			12 months
BrandywineGLOBAL — Global Opportunities Bond Fund:
Class A		2.15	%		8.82	%
Class A2		2.04	%		8.67	%
Class C		1.79	%		7.94	%
Class C1¹		1.95	%		8.35	%
Class FI		2.18	%		8.74	%
Class R		2.00	%		8.47	%
Class I		2.35	%		9.14	%
Class IS		2.37	%		9.21	%
FTSE World Government Bond Index (USD) (Unhedged)		0.50	%		5.90	%
Lipper Global Income Funds Category Average		1.71	%		8.18	%

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value, investment returns and yields will fluctuate and investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recentmonth-end, please visit our website at www.leggmason.com/mutualfunds.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Returns have not been adjusted to include sales charges that may apply or the deduction of taxes that a shareholder would pay on Fund distributions. If sales charges were reflected, the performance quoted would be lower. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

¹	Class C1 shares are not available for purchase by new or existing investors (except for certain retirement plan programs authorized by the Fund’s distributor). Class C1 shares continue to be available for dividend reinvestment and incoming exchanges.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Fund overview(cont’d)

The30-Day SEC Yields for the period ended December 31, 2019 for Class A, Class A2, Class C, Class C1, Class FI, Class R, Class I and Class IS shares were 2.52%, 2.42%, 1.93%, 2.23%, 2.64%, 2.38%, 2.94% and 3.01% respectively. Absent fee waivers and/or expense reimbursements, the30-Day SEC Yield for Class A shares would have been 2.49%. The30-Day SEC Yield, calculated pursuant to the standard SEC formula, is based on a Fund’s investments over an annualized trailing30-day period, and not on the distributions paid by the Fund, which may differ.

Total Annual Operating Expenses(unaudited)

As of the Fund’s current prospectus dated April 29, 2019, the gross total annual fund operating expense ratios for Class A, Class A2, Class C, Class C1, Class FI, Class R, Class I and Class IS shares were 0.98%, 1.11%, 1.72%, 1.39%, 1.00%, 1.31%, 0.68% and 0.59%, respectively.

Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.

As a result of expense limitation arrangements, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets will not exceed 1.00% for Class A shares, 1.20% for Class A2 shares, 1.75% for Class C shares, 1.45% for Class C1 shares, 1.00% for Class FI shares, 1.25% for Class R shares, 0.75% for Class I shares and 0.65% for Class IS shares. In addition, the ratio of total annual fund operating expenses for Class IS shares will not exceed the ratio of total annual fund operating expenses for Class I shares. Total annual fund operating expenses after waiving fees and/or reimbursing expenses exceed the expense cap for Class R shares as a result of acquired fund fees and expenses. These expense limitation arrangements cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

The manager is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which the manager earned the fee or incurred the expense if the class’ total annual 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 the manager recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual operating expenses exceeding the expense cap or any other lower limit then in effect.

Q. What were the leading contributors to performance?

A.The largest contributor to the Fund’s relative performance during the reporting period was its exposure to local currency emerging market debt. In particular, allocations to markets such as Mexico, Brazil and Indonesia were the most additive for results. Each of these markets have high nominal and inflation-adjusted yields which attracted capital. Also, all three countries’ central banks are lowering interest rates.

Another positive for the Fund’s performance was its underweight to the euro. Slow European growth and a renewed dovish stance from the ECB negatively impacted the euro.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Elsewhere, the Fund’s exposure to longer term U.S. Treasuries was beneficial. Their yields declined—and their prices moved higher — as economic growth moderated, trade concerns continued, and the Fed lowered interest rates and expanded its balance sheet.

Q. What were the leading detractors from performance?

A.The largest detractor from the Fund’s relative performance during the reporting period was its significant underweight to Continental European sovereign duration. In particular, having no exposure to Italian, French, Spanish and German government bonds were headwinds for results. Slow European growth and a renewed dovish stance from ECB supported bonds in Europe.

An overweight to the Swedish krona detracted from results. The currency was negatively impacted by modest growth in Europe and a central bank that chose to keep short-term interest rates in negative territory for much of the reporting period. Finally, an overweight to the Chilean peso was not rewarded. The currency weakened due to ongoing civil protests and the expected pressure government concessions could have on the country’s fiscal position.

Thank you for your investment in BrandywineGLOBAL — Global Opportunities Bond Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.

Sincerely,

LOGO

David F. Hoffman, CFA

Portfolio Manager

Brandywine Global Investment

Management, LLC

LOGO

Stephen S. Smith

Portfolio Manager

Brandywine Global Investment

Management, LLC

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Fund overview(cont’d)

LOGO

John (“Jack”) P. McIntyre, CFA

Portfolio Manager

Brandywine Global Investment

Management, LLC

LOGO

Anujeet Sareen, CFA

Portfolio Manager

Brandywine Global Investment

Management, LLC

January 21, 2020

RISKS: Foreign securities involve special risks such as currency fluctuations and social, political and economic uncertainties, which could increase volatility. These risks are magnified in emerging markets. Sovereign government and supranational debt involve many of the risks of foreign and emerging markets investments as well as the risk of debt moratorium, repudiation or renegotiation and the Fund may be unable to enforce its rights against the issuers. Fixed income securities involve interest rate, credit, inflation, and reinvestment risks. The Fund’s share price may decline as interest rates rise. Below investment grade debt securities (commonly known as “high yield debt” or “junk bonds”) involve greater volatility than higher-rated securities. To the extent that the Fund invests in asset- and mortgage-backed securities, its exposure to prepayment and extension risks may be greater than an investment in other fixed-income securities. The Fund may engage in derivative transactions, which involve special risks and costs, may increase losses and have a potentially large impact on Fund performance. As anon-diversified fund, the Fund is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the Fund’s losses from events affecting a particular issuer. Please see the Fund’s prospectus for a more complete discussion of these and other risks and the Fund’s investment strategies.

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

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

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

ⁱ

The FTSE World Government Bond Index (“WGBI”) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI currently comprises sovereign debt from multiple countries, denominated in a variety of currencies. The WGBI provides a broad benchmark for the global sovereign fixed income market.

ⁱⁱ

Effective duration is a duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Please note, duration measures the sensitivity of price (the value of principal) of a fixed-income investment to a change in interest rates.

ⁱⁱⁱ	The Federal Reserve Board (the “Fed”) is responsible for the formulation of U.S. policies designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.

^iv	The European Central Bank (“ECB”) is responsible for the monetary system of the European Union and the euro currency.

^v	The Bank of England (“BoE”), formally the Governor and Company of the BoE, is the central bank of the United Kingdom. The BoE’s purpose is to maintain monetary and financial stability.

^vi	The Bank of Japan is the central bank of Japan. The bank is responsible for issuing and handling currency and treasury securities, implementing monetary policy, maintaining the stability of the Japanese financial system and the yen currency.

^vii	The People’s Bank of China is the central bank of the People’s Republic of China with the power to carry out monetary policy and regulate financial institutions in mainland China.

^viii

The Bloomberg Barclays Global Aggregate Index is an index comprised of several other Bloomberg Barclays indices that measure fixed-income performance of regions around the world.

^ix

The Bloomberg Barclays Global High Yield Index (USD)(Hedged) provides a broad-based measure of the global high-yield fixed-income markets, representing the union of the U.S. High-Yield,Pan-European High-Yield, U.S. Emerging Markets High-Yield, CMBS High-Yield and Pan European Emerging Markets High-Yield Indices.

^x	The JPMorgan Emerging Markets Bond Index Global (“EMBI Global”) tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds and local market instruments.

^xi

Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the period ended December 31, 2019, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 215 funds for thesix-month period and among the 210 funds for the twelve-month period in the Fund’s Lipper category, and excluding sales charges, if any.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Fund at a glance^†(unaudited)

Investment breakdown(%) as a percent of total investments

LOGO

†

The bar graph above represents the composition of the Fund’s investments as of December 31, 2019 and December 31, 2018 and does not include derivatives, such as forward foreign currency contracts. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Fund expenses(unaudited)

Example

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, includingfront-end andback-end sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; service and/or distribution(12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on July 1, 2019 and held for the six months ended December 31, 2019.

Actual expenses

The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.

Hypothetical example for comparison purposes

The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such asfront-end orback-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



Based on actual total return¹													Based on hypothetical total return¹
	Actual Total Return Without Sales Charge²			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³			Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		2.15	%	$	1,000.00	$	1,021.50		1.00	%	$	5.10	Class A		5.00	%	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Class A2		2.04			1,000.00		1,020.40		1.10			5.60	Class A2		5.00			1,000.00		1,019.66		1.10			5.60
Class C		1.79			1,000.00		1,017.90		1.72			8.75	Class C		5.00			1,000.00		1,016.53		1.72			8.74
Class C1		1.95			1,000.00		1,019.50		1.38			7.02	Class C1		5.00			1,000.00		1,018.25		1.38			7.02
Class FI		2.18			1,000.00		1,021.80		0.96			4.89	Class FI		5.00			1,000.00		1,020.37		0.96			4.89
Class R		2.00			1,000.00		1,020.00		1.25			6.36	Class R		5.00			1,000.00		1,018.90		1.25			6.36
Class I		2.35			1,000.00		1,023.50		0.67			3.42	Class I		5.00			1,000.00		1,021.83		0.67			3.41
Class IS		2.37			1,000.00		1,023.70		0.59			3.01	Class IS		5.00			1,000.00		1,022.23		0.59			3.01

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Fund expenses(unaudited) (cont’d)

¹	For the six months ended December 31, 2019.

Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A and Class A2 shares or the applicable contingent deferred sales charge (“CDSC”) with respect to Class C shares and Class C1 shares. Total return is not annualized, as it may not be representative of the total return for the year. 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.

Expenses (net of compensating balance arrangements, fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Fund performance(unaudited)


Average annual total returns
Without sales charges¹	Class A			Class A2			Class C			Class C1²			Class FI			Class R			Class I			Class IS
Twelve Months Ended 12/31/19		8.82	%		8.67	%		7.94	%		8.35	%		8.74	%		8.47	%		9.14	%		9.21	%
Five Years Ended 12/31/19		2.01			1.84			1.23			1.58			1.97			1.71			2.30			2.40
Ten Years Ended 12/31/19		N/A			N/A			N/A			N/A			4.26			N/A			4.64			4.72
Inception* through 12/31/19		4.34			1.75			1.51			3.82			—			2.65			—			—

With sales charges³	Class A			Class A2			Class C			Class C1²			Class FI			Class R			Class I			Class IS
Twelve Months Ended 12/31/19		4.21	%		4.05	%		6.94	%		7.35	%		8.74	%		8.47	%		9.14	%		9.21	%
Five Years Ended 12/31/19		1.12			0.96			1.23			1.58			1.97			1.71			2.30			2.40
Ten Years Ended 12/31/19		N/A			N/A			N/A			N/A			4.26			N/A			4.64			4.72
Inception* through 12/31/19		3.89			1.14			1.51			3.82			—			2.65			—			—


Cumulative total returns
Without sales charges¹
Class A (Inception date of 3/10/10 through 12/31/19)	51.78	%
Class A2 (Inception date of 10/31/12 through 12/31/19)	13.25
Class C (Inception date of 8/1/12 through 12/31/19)	11.76
Class C1²(Inception date of 3/11/10 through 12/31/19)	44.42
Class FI (12/31/09 through 12/31/19)	51.79
Class R (Inception date of 9/30/11 through 12/31/19)	24.09
Class I (12/31/09 through 12/31/19)	57.32
Class IS (12/31/09 through 12/31/19)	58.62

All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

²	On August 1, 2012, Class C shares were reclassified as Class C1 shares.

Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value. In addition, Class A shares and Class A2 shares reflect the deduction of the maximum initial sales charge of 4.25%. Class C shares and Class C1 shares reflect the deduction of a 1.00% CDSC, which applies if shares are redeemed within one year from purchase payment.

*	Inception dates for Class A, A2, C, C1, FI, R, I and IS shares are March 10, 2010, October 31, 2012, August 1, 2012, March 11, 2010, February 26, 2009, September 30, 2011, March 19, 2009 and November 1, 2006, respectively.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Fund performance (unaudited) (cont’d)

Historical performance

Value of $1,000,000 invested in

Class IS Shares of BrandywineGLOBAL— Global Opportunities Bond Fund vs. FTSE World Government Bond Index (USD) (Unhedged)†—December 2009 - December 2019

LOGO

†

Hypothetical illustration of $1,000,000 invested in Class IS shares of BrandywineGLOBAL—Global Opportunities Bond Fund on December 31, 2009 assuming the reinvestment of all distributions, including returns of capital, if any, at net asset value through December 31, 2019. The hypothetical illustration also assumes a $1,000,000 investment in the FTSE World Government Bond Index (USD) (Unhedged). The FTSE World Government Bond Index measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The index is unmanaged and is not subject to the same management and trading expenses as a mutual fund. Please note that an investor cannot invest directly in an index. The performance of the Fund’s other classes may be greater or less than Class IS shares’ performance indicated on this chart, depending on whether greater or lesser charges and fees were incurred by shareholders investing in the other classes.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Schedule of investments

December 31, 2019

BrandywineGLOBAL — Global Opportunities Bond Fund


Security	Rate			Maturity Date		Face Amount†			Value
Sovereign Bonds — 44.2%
Australia — 5.1%
Australia Government Bond, Senior Notes		5.750	%		7/15/22		91,315,000	^AUD	$	71,830,809	^(a)
New South Wales Treasury Corp.		4.000	%		4/8/21		20,956,800	^AUD		15,256,677	^(a)
Queensland Treasury Corp.		5.500	%		6/21/21		43,535,000	^AUD		32,534,309	^(a)
Western Australian Treasury Corp., Senior Notes		7.000	%		7/15/21		41,800,000	^AUD		31,976,025
Total Australia										151,597,820
Brazil — 4.8%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/21		272,475,000	^BRL		71,199,051
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		257,075,000	^BRL		71,056,940
Total Brazil										142,255,991
Colombia — 4.8%
Colombian TES, Bonds		6.250	%		11/26/25		168,170,000,000	^COP		52,680,457
Colombian TES, Bonds		6.000	%		4/28/28		287,700,000,000	^COP		87,216,046
Total Colombia										139,896,503
Indonesia — 4.0%
Indonesia Treasury Bond, Senior Notes		9.000	%		3/15/29		722,700,000,000	^IDR		58,188,782
Indonesia Treasury Bond, Senior Notes		6.625	%		5/15/33		153,500,000,000	^IDR		10,235,795
Indonesia Treasury Bond, Senior Notes		8.750	%		2/15/44		609,200,000,000	^IDR		48,506,139
Total Indonesia										116,930,716
Malaysia — 4.9%
Malaysia Government Bond, Senior Notes		3.659	%		10/15/20		68,230,000	^MYR		16,779,689
Malaysia Government Bond, Senior Notes		4.048	%		9/30/21		101,200,000	^MYR		25,172,759
Malaysia Government Bond, Senior Notes		3.882	%		3/10/22		95,170,000	^MYR		23,701,470
Malaysia Government Bond, Senior Notes		3.480	%		3/15/23		136,550,000	^MYR		33,766,669
Malaysia Government Bond, Senior Notes		3.955	%		9/15/25		59,305,000	^MYR		15,021,591
Malaysia Government Bond, Senior Notes		3.899	%		11/16/27		119,110,000	^MYR		30,199,421
Total Malaysia										144,641,599
Mexico — 12.1%
Mexican Bonos, Bonds		8.000	%		11/7/47		646,700,000	^MXN		37,499,964
Mexican Bonos, Senior Notes		8.500	%		5/31/29		1,531,300,000	^MXN		90,207,196
Mexican Bonos, Senior Notes		7.750	%		11/23/34		508,700,000	^MXN		28,834,001
Mexican Bonos, Senior Notes		8.500	%		11/18/38		1,509,200,000	^MXN		91,076,419
Mexican Bonos, Senior Notes		7.750	%		11/13/42		1,956,400,000	^MXN		109,834,671
Total Mexico										357,452,251
Poland — 4.2%
Republic of Poland Government Bond		1.500	%		4/25/20		238,600,000	^PLN		63,008,286

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Schedule of investments (cont’d)

December 31, 2019

BrandywineGLOBAL — Global Opportunities Bond Fund


Security	Rate			Maturity Date		Face Amount†			Value
Poland — continued
Republic of Poland Government Bond		5.250	%		10/25/20		102,456,000	^PLN	$	27,932,202
Republic of Poland Government Bond		2.000	%		4/25/21		120,257,000	^PLN		31,955,479
Total Poland										122,895,967
South Africa — 4.3%
Republic of South Africa Government Bond, Senior Notes		6.500	%		2/28/41		1,132,102,684	^ZAR		56,336,585
Republic of South Africa Government Bond, Senior Notes		8.750	%		2/28/48		1,113,000,000	^ZAR		70,192,406
Total South Africa										126,528,991
Total Sovereign Bonds (Cost — $1,459,526,165)										1,302,199,838
U.S. Government & Agency Obligations — 35.0%
U.S. Government Obligations — 35.0%
U.S. Treasury Bonds		3.000	%		2/15/49		89,149,000			100,865,477
U.S. Treasury Bonds		2.875	%		5/15/49		63,710,200			70,432,123
U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.139%)		1.665	%		4/30/21		301,000,000			300,874,769	^(b)
U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.220%)		1.746	%		7/31/21		393,643,200			393,873,686	^(b)
U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.300%)		1.826	%		10/31/21		164,300,000			164,606,009	^(b)
Total U.S. Government & Agency Obligations (Cost — $1,020,834,029)										1,030,652,064
Corporate Bonds & Notes — 16.2%
Consumer Discretionary — 4.3%
Automobiles — 4.3%
Ford Motor Credit Co. LLC, Senior Notes (3 mo. USD LIBOR + 0.810%)		2.853	%		4/5/21		52,251,000			52,020,159	^(b)
Ford Motor Credit Co. LLC, Senior Notes (3 mo. USD LIBOR + 1.000%)		3.012	%		1/9/20		17,269,000			17,271,461	^(b)
General Motors Financial Co. Inc., Senior Notes (3 mo. USD LIBOR + 0.930%)		2.916	%		4/13/20		57,683,000			57,776,307	^(b)
Total Consumer Discretionary										127,067,927
Energy — 2.1%
Oil, Gas & Consumable Fuels — 2.1%
Petroleos Mexicanos, Senior Notes		6.750	%		9/21/47		8,720,000			8,766,347
Petroleos Mexicanos, Senior Notes		7.690	%		1/23/50		48,420,000			53,009,005	^(c)
Total Energy										61,775,352

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

BrandywineGLOBAL — Global Opportunities Bond Fund


Security	Rate			Maturity Date		Face Amount†			Value
Financials — 8.6%
Banks — 3.0%
Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.800%)		2.341	%		3/17/23		45,665,000		$	45,835,284	^(b)
Wells Fargo & Co., Senior Notes (3 mo. USD LIBOR + 1.025%)		2.961	%		7/26/21		42,642,000			43,149,234	^(b)
Total Banks										88,984,518
Capital Markets — 4.6%
Daimler Finance North America LLC, Senior Notes (3 mo. USD LIBOR + 0.450%)		2.349	%		2/22/21		54,842,000			54,876,228	^(b)(c)
Goldman Sachs Group Inc., Senior Notes (3 mo. USD LIBOR + 0.750%)		2.660	%		2/23/23		81,697,000			82,205,383	^(b)
Total Capital Markets										137,081,611
Consumer Finance — 1.0%
American Express Co., Senior Notes (3 mo. USD LIBOR + 0.600%)		2.491	%		11/5/21		29,178,000			29,312,020	^(b)
Total Financials										255,378,149
Information Technology — 1.2%
Technology Hardware, Storage & Peripherals — 1.2%
Hewlett Packard Enterprise Co., Senior Notes		6.350	%		10/15/45		29,040,000			35,020,565
Total Corporate Bonds & Notes (Cost — $468,877,720)										479,241,993
Collateralized Mortgage Obligations^(d)— 1.1%
Federal National Mortgage Association (FNMA) — CAS,2014-C04 1M2 (1 mo. USD LIBOR + 4.900%)		6.692	%		11/25/24		2,434,364			2,675,622	^(b)(c)
Federal National Mortgage Association (FNMA) — CAS,2017-C05 1M2 (1 mo. USD LIBOR + 2.200%)		3.992	%		1/25/30		6,217,442			6,329,424	^(b)
Fondo de Titulizacion de Activos UCI, 2017 A2 (3 mo. EURIBOR + 0.160%, 0.000% Floor)		0.000	%		12/17/49		4,540,746	^EUR		4,812,324	^(a)(b)
IM Pastor Fondo de Titulizacion de Activos, 2004 A (3 mo. EURIBOR + 0.140%, 0.000% Floor)		0.000	%		3/22/44		6,873,635	^EUR		7,123,275	^(a)(b)
Pastor GC Hipotecario, 2005 A2 (3 mo. EURIBOR + 0.170%, 0.000% Floor)		0.000	%		6/21/46		10,616,931	^EUR		10,762,579	^(a)(b)
Total Collateralized Mortgage Obligations (Cost — $35,555,756)										31,703,224
Total Investments before Short-Term Investments (Cost — $2,984,793,670)										2,843,797,119

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Schedule of investments (cont’d)

December 31, 2019

BrandywineGLOBAL — Global Opportunities Bond Fund

Security

Rate

Value

Short-Term Investments — 1.5%

JPMorgan U.S. Government Money Market Fund, Institutional Class (Cost — $44,824,717)

1.469

44,824,717

44,824,717

Total Investments — 98.0% (Cost — $3,029,618,387)

2,888,621,836

Other Assets in Excess of Liabilities — 2.0%

57,928,699

Total Net Assets — 100.0%

2,946,550,535

†	Face amount denominated in U.S. dollars, unless otherwise noted.

^(a)

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.

^(b)

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.

^(c)

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.

^(d)

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.


Abbreviations used in this schedule:

AUD		— Australian Dollar

BRL		— Brazilian Real

CAS		— Connecticut Avenue Securities

COP		— Colombian Peso

EUR		— Euro

EURIBOR		— Euro Interbank Offered Rate

IDR		— Indonesian Rupiah

LIBOR		— London Interbank Offered Rate

MXN		— Mexican Peso

MYR		— Malaysian Ringgit

PLN		— Polish Zloty

SOFR		— Secured Overnight Financing Rate

USD		— United States Dollar

ZAR		— South African Rand

At December 31, 2019, the Fund had the following open forward foreign currency contracts:

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD

3,468,765

CZK

80,000,000

Citibank N.A.

1/10/20

(60,185)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

BrandywineGLOBAL — Global Opportunities Bond Fund


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CZK	1,374,000,000	USD	58,488,743	JPMorgan Chase & Co.		1/10/20	$	2,120,987
KRW	135,877,000,000	USD	113,814,131	Citibank N.A.		1/13/20		3,717,122
CLP	38,520,000,000	USD	53,124,440	HSBC Securities Inc.		1/14/20		(1,886,500)
PLN	135,050,000	USD	35,035,697	Citibank N.A.		1/16/20		562,478
USD	5,631,098	SEK	54,500,000	Barclays Bank PLC		1/17/20		(192,509)
NOK	526,400,000	USD	58,809,072	HSBC Securities Inc.		1/17/20		1,155,006
NZD	88,760,000	USD	55,818,057	HSBC Securities Inc.		1/17/20		3,949,744
SEK	1,523,300,000	USD	158,965,208	HSBC Securities Inc.		1/17/20		3,807,300
GBP	148,440,000	USD	186,483,688	Citibank N.A.		1/24/20		10,275,678
USD	27,831,260	GBP	21,610,000	HSBC Securities Inc.		1/24/20		(813,108)
USD	63,699,722	GBP	49,190,000	HSBC Securities Inc.		1/24/20		(1,502,334)
IDR	428,900,000,000	USD	30,024,501	JPMorgan Chase & Co.		1/29/20		789,586
USD	4,354,249	IDR	61,900,000,000	JPMorgan Chase & Co.		1/29/20		(92,923)
CLP	24,130,000,000	USD	33,336,557	HSBC Securities Inc.		1/31/20		(1,233,636)
AUD	88,310,000	USD	60,782,890	Morgan Stanley & Co. Inc.		1/31/20		1,237,223
RUB	2,673,000,000	USD	41,573,995	Citibank N.A.		2/6/20		1,295,840
USD	90,986,545	ZAR	1,375,480,000	HSBC Securities Inc.		2/13/20		(6,650,484)
CLP	28,780,000,000	USD	38,913,978	HSBC Securities Inc.		2/14/20		(619,953)
MXN	111,400,000	USD	5,636,511	Citibank N.A.		2/18/20		212,189
MXN	149,200,000	USD	7,657,683	Citibank N.A.		2/18/20		175,584
USD	45,759,498	MXN	897,600,000	Citibank N.A.		2/18/20		(1,366,111)
GBP	151,300,000	USD	197,227,115	HSBC Securities Inc.		2/24/20		3,491,100
AUD	134,700,000	USD	92,206,191	Morgan Stanley & Co. Inc.		2/28/20		2,457,345
NZD	83,530,000	USD	54,449,031	HSBC Securities Inc.		3/5/20		1,836,554
NOK	1,076,900,000	USD	117,239,829	Goldman Sachs Group Inc.		3/6/20		5,449,815
USD	26,661,807	ZAR	395,000,000	Barclays Bank PLC		3/10/20		(1,281,854)
USD	15,691,822	EUR	14,090,000	JPMorgan Chase & Co.		3/11/20		(183,145)
GBP	57,320,000	USD	75,622,276	Barclays Bank PLC		3/12/20		454,295
GBP	82,210,000	USD	108,812,334	Barclays Bank PLC		3/12/20		298,882
CLP	36,400,000,000	USD	46,858,908	HSBC Securities Inc.		3/13/20		1,588,834
KRW	64,625,000,000	USD	55,594,745	Citibank N.A.		3/19/20		397,043
CLP	5,590,000,000	USD	7,355,166	HSBC Securities Inc.		4/3/20		87,147
CLP	15,605,000,000	USD	20,400,826	HSBC Securities Inc.		4/3/20		375,077
Total							$	29,852,087

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Schedule of investments (cont’d)

December 31, 2019

BrandywineGLOBAL — Global Opportunities Bond Fund


Abbreviations used in this table:

AUD		— Australian Dollar

CLP		— Chilean Peso

CZK		— Czech Koruna

EUR		— Euro

GBP		— British Pound

IDR		— Indonesian Rupiah

KRW		— South Korean Won

MXN		— Mexican Peso

NOK		— Norwegian Krone

NZD		— New Zealand Dollar

PLN		— Polish Zloty

RUB		— Russian Ruble

SEK		— Swedish Krona

USD		— United States Dollar

ZAR		— South African Rand


Summary of Investments by Country*(unaudited)
United States	47.0	%
Mexico	14.5
Australia	5.2
Malaysia	5.0
Brazil	4.9
Colombia	4.8
South Africa	4.4
Poland	4.3
Indonesia	4.0
Germany	1.9
Canada	1.6
Spain	0.8
Short-Term Investments	1.6
	100.0	%

*	As a percentage of total investments. Please note that the Fund holdings are as of December 31, 2019 and are subject to change.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Statement of assets and liabilities

December 31, 2019



Assets:
Investments, at value (Cost — $3,029,618,387)	$	2,888,621,836
Foreign currency, at value (Cost — $762,991)		768,783
Cash		780,000
Unrealized appreciation on forward foreign currency contracts		45,734,829
Interest receivable		32,211,558
Receivable for Fund shares sold		6,811,094
Deposits with brokers for OTC derivatives		1,550,000
Deposits with brokers for centrally cleared swap contracts		1,010
Prepaid expenses		125,206
*Total Assets*		*2,976,604,316*

Liabilities:
Unrealized depreciation on forward foreign currency contracts		15,882,742
Payable for Fund shares repurchased		10,732,819
Investment management fee payable		1,232,624
Deposits from brokers for OTC derivatives		1,190,000
Trustees’ fees payable		64,500
Service and/or distribution fees payable		54,504
Accrued expenses		896,592
*Total Liabilities*		*30,053,781*
Total Net Assets	$	2,946,550,535

Net Assets:
Par value (Note 7)	$	2,770
Paid-in capital in excess of par value		3,189,416,562
Total distributable earnings (loss)		(242,868,797)
Total Net Assets	$	2,946,550,535

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Statement of assets and liabilities (cont’d)

December 31, 2019



Net Assets:
Class A	$	160,398,724
Class A2	$	12,934,054
Class C	$	10,446,679
Class C1	$	2,561,916
Class FI	$	18,227,164
Class R	$	9,658,457
Class I	$	851,039,454
Class IS	$	1,881,284,087

Shares Outstanding:
Class A		15,017,937
Class A2		1,215,069
Class C		997,482
Class C1		242,632
Class FI		1,728,749
Class R		910,906
Class I		80,092,254
Class IS		176,780,494

Net Asset Value:
Class A (and redemption price)		$10.68
Class A2 (and redemption price)		$10.64
Class C*		$10.47
Class C1*		$10.56
Class FI (and redemption price)		$10.54
Class R (and redemption price)		$10.60
Class I (and redemption price)		$10.63
Class IS (and redemption price)		$10.64
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 4.25%)		$11.15
Class A2 (based on maximum initial sales charge of 4.25%)		$11.11

*	Redemption price per share is NAV of Class C and Class C1 shares reduced by a 1.00% CDSC if shares are redeemed within one year from purchase payment (Note 2).

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Statement of operations

For the Year Ended December 31, 2019



Investment Income:
Interest	$	131,604,141
Less: Foreign taxes withheld		(2,595,037)
*Total Investment Income*		*129,009,104*

Expenses:
Investment management fee (Note 2)		15,494,862
Transfer agent fees (Note 5)		1,547,542
Custody fees		875,825
Service and/or distribution fees (Notes 2 and 5)		705,744
Trustees’ fees		498,049
Registration fees		210,763
Legal fees		206,108
Commitment fees (Note 8)		120,057
Fund accounting fees		99,655
Audit and tax fees		64,430
Shareholder reports		49,381
Insurance		41,649
Fees recaptured by investment manager (Note 2)		19,757
Interest expense		2,374
Miscellaneous expenses		144,092
*Total Expenses*		*20,080,288*
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(33,533)
*Net Expenses*		*20,046,755*
Net Investment Income		108,962,349

Realized and Unrealized Gain (Loss) on Investments, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Loss From:
Investment transactions		(11,218,348)	†
Forward foreign currency contracts		(94,914,374)
Foreign currency transactions		(857,624)
*Net Realized Loss*		*(106,990,346)*
Change in Net Unrealized Appreciation (Depreciation) From:
Investments		232,981,956	‡
Forward foreign currency contracts		36,207,027
Foreign currencies		787,039
*Change in Net Unrealized Appreciation (Depreciation)*		*269,976,022*
Net Gain on Investments, Forward Foreign Currency Contracts and Foreign Currency Transactions		162,985,676
Increase in Net Assets From Operations	$	271,948,025

†	Net of foreign capital gains tax of $245,232.

‡	Net of change in accrued foreign capital gains tax of $(155,228).

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Statements of changes in net assets


For the Years Ended December 31,	2019		2018

Operations:
Net investment income	$	108,962,349	$	118,921,592
Net realized loss		(106,990,346)		(100,057,632)
Change in net unrealized appreciation (depreciation)		269,976,022		(204,642,009)
*Increase (Decrease) in Net Assets From Operations*		*271,948,025*		*(185,778,049)*

Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(39,571,252)		(125,755,755)
Return of capital		(8,929,178)		—
*Decrease in Net Assets From Distributions to Shareholders*		*(48,500,430)*		*(125,755,755)*

Fund Share Transactions (Note 7):
Net proceeds from sale of shares		743,544,788		1,230,842,211
Reinvestment of distributions		46,433,410		120,307,076
Cost of shares repurchased		(1,090,377,257)		(1,336,039,479)
Shares redeemedin-kind (Note 9)		(154,369,993)		—
*Increase (Decrease) in Net Assets From Fund Share Transactions*		*(454,769,052)*		*15,109,808*
*Decrease in Net Assets*		*(231,321,457)*		*(296,423,996)*

Net Assets:
Beginning of year		3,177,871,992		3,474,295,988
End of year	$	2,946,550,535	$	3,177,871,992

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Financial highlights


For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class A Shares¹	2019			2018			2017			2016			2015

Net asset value, beginning of year		$9.94			$10.85			$10.09			$9.83			$11.00

Income (loss) from operations:
Net investment income		0.32			0.32			0.33			0.32			0.30
Net realized and unrealized gain (loss)		0.55			(0.88)			0.91			0.13			(1.26)
*Total income (loss) from operations*		*0.87*			*(0.56)*			*1.24*			*0.45*			*(0.96)*

Less distributions from:
Net investment income		(0.11)			(0.34)			(0.22)			—			(0.18)
Net realized gains		—			(0.01)			(0.26)			(0.19)			(0.03)
Return of capital		(0.02)			—			—			—			—
*Total distributions*		*(0.13)*			*(0.35)*			*(0.48)*			*(0.19)*			*(0.21)*

Net asset value, end of year		$10.68			$9.94			$10.85			$10.09			$9.83
*Total return²*		*8.82*	%		*(5.28)*	%		*12.34*	%		*4.57*	%		*(8.78)*	%

Net assets, end of year (millions)		$160			$157			$212			$256			$290

Ratios to average net assets:
Gross expenses		1.01	%³		0.97	%		0.95	%		0.95	%		0.92	%
Net expenses⁴		1.00	^3,5		0.97			0.95			0.95			0.92
Net investment income		3.16			3.06			3.00			3.07			2.82

Portfolio turnover rate		103	%⁶		58	%		57	%		53	%⁶		59	%

¹	Per share amounts have been calculated using the average shares method.

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.

³	Reflects recapture of expenses waived/reimbursed from prior fiscal years.

⁴

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.00%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁵	Reflects fee waivers and/or expense reimbursements.

⁶	Excludes securities delivered as a result of a redemptionin-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class A2 Shares¹	2019			2018			2017			2016			2015

Net asset value, beginning of year		$9.91			$10.83			$10.07			$9.82			$11.00

Income (loss) from operations:
Net investment income		0.31			0.31			0.31			0.31			0.28
Net realized and unrealized gain (loss)		0.54			(0.90)			0.92			0.13			(1.27)
*Total income (loss) from operations*		*0.85*			*(0.59)*			*1.23*			*0.44*			*(0.99)*

Less distributions from:
Net investment income		(0.10)			(0.32)			(0.21)			—			(0.16)
Net realized gains		—			(0.01)			(0.26)			(0.19)			(0.03)
Return of capital		(0.02)			—			—			—			—
*Total distributions*		*(0.12)*			*(0.33)*			*(0.47)*			*(0.19)*			*(0.19)*

Net asset value, end of year		$10.64			$9.91			$10.83			$10.07			$9.82
*Total return²*		*8.67*	%		*(5.48)*	%		*12.23*	%		*4.47*	%		*(9.03)*	%

Net assets, end of year (000s)		$12,934			$13,233			$13,891			$12,666			$12,846

Ratios to average net assets:
Gross expenses		1.11	%		1.10	%		1.10	%		1.10	%		1.11	%³
Net expenses⁴		1.11			1.10			1.10			1.10			1.11	³
Net investment income		3.05			2.97			2.84			2.93			2.64

Portfolio turnover rate		103	%⁵		58	%		57	%		53	%⁵		59	%

¹	Per share amounts have been calculated using the average shares method.

³	Reflects recapture of expenses waived/reimbursed from prior fiscal years.

⁴

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A2 shares did not exceed 1.20%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁵	Excludes securities delivered as a result of a redemptionin-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report


For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class C Shares¹	2019			2018			2017			2016			2015

Net asset value, beginning of year		$9.77			$10.67			$9.94			$9.75			$10.92

Income (loss) from operations:
Net investment income		0.25			0.24			0.24			0.24			0.21
Net realized and unrealized gain (loss)		0.52			(0.87)			0.90			0.14			(1.25)
*Total income (loss) from operations*		*0.77*			*(0.63)*			*1.14*			*0.38*			*(1.04)*

Less distributions from:
Net investment income		(0.06)			(0.26)			(0.15)			—			(0.10)
Net realized gains		—			(0.01)			(0.26)			(0.19)			(0.03)
Return of capital		(0.01)			—			—			—			—
*Total distributions*		*(0.07)*			*(0.27)*			*(0.41)*			*(0.19)*			*(0.13)*

Net asset value, end of year		$10.47			$9.77			$10.67			$9.94			$9.75
*Total return²*		*7.94*	%		*(5.98)*	%		*11.52*	%		*3.89*	%		*(9.58)*	%

Net assets, end of year (000s)		$10,447			$14,972			$19,542			$22,874			$31,634

Ratios to average net assets:
Gross expenses		1.73	%		1.71	%		1.71	%		1.71	%		1.68	%
Net expenses³		1.73			1.71	⁴		1.71	⁴		1.71			1.68
Net investment income		2.45			2.33			2.24			2.30			2.06

Portfolio turnover rate		103	%⁵		58	%		57	%		53	%⁵		59	%

¹	Per share amounts have been calculated using the average shares method.

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.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.75%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁴	Reflects fee waivers and/or expense reimbursements.

⁵	Excludes securities delivered as a result of a redemptionin-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class C1 Shares¹	2019			2018			2017			2016			2015

Net asset value, beginning of year		$9.84			$10.74			$10.00			$9.78			$10.94

Income (loss) from operations:
Net investment income		0.29			0.27			0.28			0.28			0.25
Net realized and unrealized gain (loss)		0.53			(0.87)			0.90			0.13			(1.25)
*Total income (loss) from operations*		*0.82*			*(0.60)*			*1.18*			*0.41*			*(1.00)*

Less distributions from:
Net investment income		(0.08)			(0.29)			(0.18)			—			(0.13)
Net realized gains		—			(0.01)			(0.26)			(0.19)			(0.03)
Return of capital		(0.02)			—			—			—			—
*Total distributions*		*(0.10)*			*(0.30)*			*(0.44)*			*(0.19)*			*(0.16)*

Net asset value, end of year		$10.56			$9.84			$10.74			$10.00			$9.78
*Total return²*		*8.35*	%		*(5.64)*	%		*11.94*	%		*4.08*	%		*(9.19)*	%

Net assets, end of year (000s)		$2,562			$5,746			$9,537			$11,595			$15,697

Ratios to average net assets:
Gross expenses		1.39	%		1.38	%		1.38	%		1.38	%		1.35	%
Net expenses³		1.39			1.38			1.37	⁴		1.38			1.35
Net investment income		2.82			2.64			2.58			2.64			2.38

Portfolio turnover rate		103	%⁵		58	%		57	%		53	%⁵		59	%

¹	Per share amounts have been calculated using the average shares method.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C1 shares did not exceed 1.45%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁴	Reflects fee waivers and/or expense reimbursements.

⁵	Excludes securities delivered as a result of a redemptionin-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report


For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class FI Shares¹	2019			2018			2017			2016			2015

Net asset value, beginning of year		$9.82			$10.71			$9.96			$9.71			$10.88

Income (loss) from operations:
Net investment income		0.32			0.31			0.32			0.32			0.29
Net realized and unrealized gain (loss)		0.53			(0.86)			0.91			0.12			(1.25)
*Total income (loss) from operations*		*0.85*			*(0.55)*			*1.23*			*0.44*			*(0.96)*

Less distributions from:
Net investment income		(0.11)			(0.33)			(0.22)			—			(0.18)
Net realized gains		—			(0.01)			(0.26)			(0.19)			(0.03)
Return of capital		(0.02)			—			—			—			—
*Total distributions*		*(0.13)*			*(0.34)*			*(0.48)*			*(0.19)*			*(0.21)*

Net asset value, end of year		$10.54			$9.82			$10.71			$9.96			$9.71
*Total return²*		*8.74*	%		*(5.22)*	%		*12.28*	%		*4.62*	%		*(8.94)*	%

Net assets, end of year (000s)		$18,227			$27,623			$74,844			$69,455			$66,227

Ratios to average net assets:
Gross expenses		0.98	%		0.99	%		0.98	%		0.97	%		0.98	%³
Net expenses⁴		0.98			0.99	⁵		0.98	⁵		0.97			0.98	³
Net investment income		3.20			2.99			2.97			3.06			2.77

Portfolio turnover rate		103	%⁶		58	%		57	%		53	%⁶		59	%

¹	Per share amounts have been calculated using the average shares method.

²	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.

³	Reflects recapture of expenses waived/reimbursed from prior fiscal years.

⁴

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class FI shares did not exceed 1.00%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁵	Reflects fee waivers and/or expense reimbursements.

⁶	Excludes securities delivered as a result of a redemptionin-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class R Shares¹	2019			2018			2017			2016			2015

Net asset value, beginning of year		$9.88			$10.79			$10.04			$9.80			$10.98

Income (loss) from operations:
Net investment income		0.30			0.29			0.29			0.29			0.26
Net realized and unrealized gain (loss)		0.53			(0.88)			0.91			0.14			(1.26)
*Total income (loss) from operations*		*0.83*			*(0.59)*			*1.20*			*0.43*			*(1.00)*

Less distributions from:
Net investment income		(0.09)			(0.31)			(0.19)			—			(0.15)
Net realized gains		—			(0.01)			(0.26)			(0.19)			(0.03)
Return of capital		(0.02)			—			—			—			—
*Total distributions*		*(0.11)*			*(0.32)*			*(0.45)*			*(0.19)*			*(0.18)*

Net asset value, end of year		$10.60			$9.88			$10.79			$10.04			$9.80
*Total return²*		*8.47*	%		*(5.55)*	%		*12.02*	%		*4.38*	%		*(9.14)*	%

Net assets, end of year (000s)		$9,658			$11,832			$18,609			$15,776			$14,739

Ratios to average net assets:
Gross expenses³		1.30	%		1.30	%		1.29	%		1.29	%		1.27	%
Net expenses^3,4,5		1.25			1.25			1.25			1.25			1.25
Net investment income		2.91			2.78			2.69			2.77			2.53

Portfolio turnover rate		103	%⁶		58	%		57	%		53	%⁶		59	%

¹	Per share amounts have been calculated using the average shares method.

²	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.

³	Reflects recapture of expenses waived/reimbursed from prior fiscal years.

⁴	Reflects fee waivers and/or expense reimbursements.

⁵

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.25%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁶	Excludes securities delivered as a result of a redemptionin-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report


For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class I Shares¹	2019			2018			2017			2016			2015

Net asset value, beginning of year		$9.89			$10.80			$10.04			$9.75			$10.92

Income (loss) from operations:
Net investment income		0.36			0.35			0.35			0.35			0.32
Net realized and unrealized gain (loss)		0.54			(0.88)			0.92			0.13			(1.25)
*Total income (loss) from operations*		*0.90*			*(0.53)*			*1.27*			*0.48*			*(0.93)*

Less distributions from:
Net investment income		(0.13)			(0.37)			(0.25)			—			(0.21)
Net realized gains		—			(0.01)			(0.26)			(0.19)			(0.03)
Return of capital		(0.03)			—			—			—			—
*Total distributions*		*(0.16)*			*(0.38)*			*(0.51)*			*(0.19)*			*(0.24)*

Net asset value, end of year		$10.63			$9.89			$10.80			$10.04			$9.75
*Total return²*		*9.14*	%		*(4.99)*	%		*12.72*	%		*4.91*	%		*(8.63)*	%

Net assets, end of year (millions)		$851			$908			$1,155			$1,357			$1,522

Ratios to average net assets:
Gross expenses		0.68	%		0.67	%		0.69	%		0.71	%		0.69	%
Net expenses³		0.68			0.67			0.69			0.71			0.69
Net investment income		3.48			3.38			3.26			3.31			3.06

Portfolio turnover rate		103	%⁴		58	%		57	%		53	%⁴		59	%

¹	Per share amounts have been calculated using the average shares method.

²	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.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.75%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁴	Excludes securities delivered as a result of a redemptionin-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class IS Shares¹		2019			2018			2017			2016			2015

Net asset value, beginning of year			$9.90			$10.81			$10.05			$9.75			$10.92

Income (loss) from operations:
Net investment income			0.37			0.37			0.36			0.36			0.33
Net realized and unrealized gain (loss)			0.54			(0.89)			0.92			0.13			(1.25)
*Total income (loss) from operations*			*0.91*			*(0.52)*			*1.28*			*0.49*			*(0.92)*

Less distributions from:
Net investment income			(0.14)			(0.38)			(0.26)			—			(0.22)
Net realized gains			—			(0.01)			(0.26)			(0.19)			(0.03)
Return of capital	��		(0.03)			—			—			—			—
*Total distributions*			*(0.17)*			*(0.39)*			*(0.52)*			*(0.19)*			*(0.25)*

Net asset value, end of year			$10.64			$9.90			$10.81			$10.05			$9.75
*Total return²*			*9.21*	%		*(4.90)*	%		*12.83*	%		*5.02*	%		*(8.50)*	%

Net assets, end of year (millions)			$1,881			$2,039			$1,970			$1,164			$1,213

Ratios to average net assets:
Gross expenses			0.58	%		0.58	%		0.58	%		0.58	%		0.56	%
Net expenses³			0.58			0.58			0.58			0.58			0.56
Net investment income			3.58			3.50			3.35			3.45			3.20

Portfolio turnover rate			103	%⁴		58	%		57	%		53	%⁴		59	%

¹	Per share amounts have been calculated using the average shares method.

²	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.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.65%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁴	Excludes securities delivered as a result of a redemptionin-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Notes to financial statements

1. Organization and significant accounting policies

BrandywineGLOBAL — Global Opportunities Bond Fund (the “Fund”) is a separatenon-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 anopen-end management investment company.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”). 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 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 inopen-end funds are valued at the closing net asset value per share of each fund on the day of valuation. 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.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Notes to financial statements (cont’d)

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.

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 — 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.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

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†:
Sovereign Bonds		—	$	1,302,199,838		—	$	1,302,199,838
U.S. Government & Agency Obligations		—		1,030,652,064		—		1,030,652,064
Corporate Bonds & Notes		—		479,241,993		—		479,241,993
Collateralized Mortgage Obligations		—		31,703,224		—		31,703,224
Total Long-Term Investments		—		2,843,797,119		—		2,843,797,119
Short-Term Investments†	$	44,824,717		—		—		44,824,717
Total Investments	$	44,824,717	$	2,843,797,119		—	$	2,888,621,836
Other Financial Instruments:
Forward Foreign Currency Contracts		—	$	45,734,829		—	$	45,734,829
Total	$	44,824,717	$	2,889,531,948		—	$	2,934,356,665

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		—	$	15,882,742		—	$	15,882,742

†	See Schedule of Investments for additional detailed categorizations.

(b) 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 ismarked-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 — Global Opportunities Bond Fund 2019 Annual Report

Notes to financial statements (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.

(c) Foreign currency translation.Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(d) 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 innon-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

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.

(e) 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 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.

(f) 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 governover-the-counter 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.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Notes to financial statements (cont’d)

The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or NAV over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific forover-the-counter 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 December 31, 2019, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $15,882,742. 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 December 31, 2019, the Fund had posted with its counterparties cash and/or securities as collateral to cover the net liability of these derivatives amounting to $1,550,000, which could be used to reduce the required payment.

At December 31, 2019, the Fund held collateral from Citibank N.A. and JPMorgan Chase & Co. in the amount of $5,390,000 and $610,000, respectively. These amounts can be used to reduce the Fund’s exposure to the counterparty in the event of default.

(g) Security transactions and investment income.Security transactions are accounted for on a trade date basis. Interest income (including interest income frompayment-in-kind securities), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on theex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on theex-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

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(h) 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 theex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(i) 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.

(j) 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.

(k) 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, 2019, 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.

(l) 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. During the current year, the following reclassifications have been made:


	Total Distributable Earnings (Loss)		Paid-in Capital
(a)	$	4,476,939	$	(4,476,939)

^(a)	Reclassifications are due to book/tax differences in the treatment of anin-kind distribution of securities.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Notes to financial statements (cont’d)

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager and Brandywine Global Investment Management, LLC (“Brandywine Global”) is the Fund’s sub-adviser. LMPFA and Brandywine Global are wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).

LMPFA provides administrative and certain oversight services to the Fund. The Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.50% of the Fund’s average daily net assets. LMPFA delegates to the subadviser theday-to-day portfolio management of the Fund. For its services, LMPFA pays Brandywine Global monthly 90% of the net management fee.

As a result of expense limitation arrangements between the Fund and LMPFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class A2, Class C, Class C1, Class FI, Class R, Class I and Class IS shares did not exceed 1.00%, 1.20%, 1.75%, 1.45%, 1.00%, 1.25%, 0.75% and 0.65%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares of the Fund 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, 2021 without the Board of Trustees’ consent.

During the year ended December 31, 2019, fees waived and/or expenses reimbursed amounted to $33,533.

LMPFA is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which LMPFA earned the fee or incurred the expense if the class’ total annual 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 LMPFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at December 31, 2019, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by LMPFA and respective dates of expiration as follows:


	Class A		Class R
Expires December 31, 2020		—	$	7,630
Expires December 31, 2021		—		6,728
Expires December 31, 2022	$	9,601		5,523
Total fee waivers/expense reimbursements subject to recapture	$	9,601	$	19,881

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

For the year ended December 31, 2019, fee waivers and/or expense reimbursements recaptured by LMPFA, if any, were as follows:


	Class A		Class R
LMPFA recaptured	$	18,408	$	1,349

Legg Mason Investor Services, LLC (“LMIS”), a wholly-owned broker-dealer subsidiary of Legg Mason, serves as the Fund’s sole and exclusive distributor.

There is a maximum initial sales charge of 4.25% for Class A and Class A2 shares. There is a contingent deferred sales charge (“CDSC”) of 1.00% on Class C and Class C1 shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A and Class A2 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 and Class A2 shares, which, when combined with current holdings of other shares of funds sold by LMIS, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

For the year ended December 31, 2019, sales charges retained by and CDSCs paid to LMIS and its affiliates, if any, were as follows:


	Class A		Class A2		Class C
Sales charges	$	6,527	$	3,646		—
CDSCs		278		50	$	1,017

Under a Deferred Compensation Plan (the “Plan”), Trustees may have elected to defer receipt of all or a specified portion of their compensation. A participating Trustee selected one or more funds managed by affiliates of Legg Mason in which his or her deferred trustee’s fees were deemed to be invested. Deferred amounts remain in the Fund until distributed in accordance with the Plan. In May 2015, the Board of Trustees approved an amendment to the Plan so that effective January 1, 2016, no compensation earned after that date may be deferred under the Plan.

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

3. Investments

During the year ended December 31, 2019, 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	$	544,476,876		$	2,508,187,372
Sales		967,265,964	*		2,225,180,878	*

*	Excludes value of securities (minus accrued interest) delivered as a result of a redemptionin-kind totaling $82,317,225 and $70,405,569 for Investments and U.S. Government & Agency Obligations, respectively (Note 9).

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Notes to financial statements (cont’d)

At December 31, 2019, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Securities	$	3,029,867,030	$	37,251,397	$	(178,496,591)	$	(141,245,194)
Forward foreign currency contracts		—		45,734,829		(15,882,742)		29,852,087

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 December 31, 2019.


ASSET DERIVATIVES¹
	Foreign Exchange Risk
Forward foreign currency contracts	$	45,734,829


LIABILITY DERIVATIVES¹
	Foreign Exchange Risk
Forward foreign currency contracts	$	15,882,742

¹	Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation (depreciation) and for liability derivatives is payables/net unrealized appreciation (depreciation).

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended December 31, 2019. 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 unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.


AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk
Forward foreign currency contracts	$	(94,914,374)


CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk
Forward foreign currency contracts	$	36,207,027

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

During the year ended December 31, 2019, the volume of derivative activity for the Fund was as follows:


	Average Market Value
Forward foreign currency contracts (to buy)	$	1,593,923,656
Forward foreign currency contracts (to sell)		275,821,092

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 December 31, 2019.


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 Amount^4,5
Barclays Bank PLC	$	753,177	$	(1,474,363)	$(721,186)		—	$	(721,186)
Citibank N.A.		16,635,934		(1,426,296)	15,209,638	$	(5,390,000)		9,819,638
Goldman Sachs Group Inc.		5,449,815		—	5,449,815		—		5,449,815
HSBC Securities Inc.		16,290,762		(12,706,015)	3,584,747		1,550,000		5,134,747
JPMorgan Chase & Co.		2,910,573		(276,068)	2,634,505		(610,000)		2,024,505
Morgan Stanley & Co. Inc.		3,694,568		—	3,694,568		—		3,694,568
Total	$	45,734,829	$	(15,882,742)	$29,852,087	$	(4,450,000)	$	25,402,087

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 Rule12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class A2, Class C, Class C1, Class FI and Class R shares calculated at the annual rate of 0.25%, 0.25%, 1.00%, 0.70%, 0.25% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Notes to financial statements (cont’d)

For the year ended December 31, 2019, class specific expenses were as follows:


	Service and/or Distribution Fees			Transfer Agent Fees
Class A	$	398,482	^†	$	289,067
Class A2		32,816			37,177
Class C		127,350			20,348
Class C1		28,492			4,936
Class FI		63,572			39,934
Class R		55,032			23,543
Class I		—			936,861
Class IS		—			195,676
Total	$	705,744		$	1,547,542

†	Amount shown is exclusive of expense reimbursements. For the year ended December 31, 2019, the service and/or distribution fees reimbursed amounted to $1 for Class A shares.

For the year ended December 31, 2019, waivers and/or expense reimbursements by class were as follows:


	Waivers/Expense Reimbursements
Class A	$	28,010
Class A2		—
Class C		—
Class C1		—
Class FI		—
Class R		5,523
Class I		—
Class IS		—
Total	$	33,533

6. Distributions to shareholders by class


	Year Ended December 31, 2019		Year Ended December 31, 2018
Net Investment Income:
Class A	$	1,658,249	$	5,617,010
Class A2		130,307		430,242
Class C		79,888		432,375
Class C1		37,063		203,845
Class FI		291,420		1,184,331
Class R		98,747		423,930
Class I		10,938,827		37,013,580
Class IS		26,336,751		77,195,393
Total	$	39,571,252	$	122,500,706

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report


	Year Ended December 31, 2019		Year Ended December 31, 2018
Net Realized Gains:
Class A		—	$	160,017
Class A2		—		12,865
Class C		—		17,451
Class C1		—		7,396
Class FI		—		46,490
Class R		—		14,301
Class I		—		1,003,311
Class IS		—		1,993,218
Total		—	$	3,255,049

Return of Capital:
Class A	$	374,181		—
Class A2		29,404		—
Class C		18,027		—
Class C1		8,363		—
Class FI		65,758		—
Class R		22,282		—
Class I		2,468,326		—
Class IS		5,942,837		—
Total	$	8,929,178		—

7. Shares of beneficial interest

At December 31, 2019, 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:


	Year Ended December 31, 2019				Year Ended December 31, 2018
	Shares		Amount		Shares		Amount
Class A
Shares sold		5,474,752	$	56,464,854		6,779,958	$	71,324,250
Shares issued on reinvestment		171,274		1,775,643		459,192		4,723,200
Shares repurchased		(6,432,619)		(66,152,492)		(10,989,801)		(114,851,681)
Net decrease		(786,593)	$	(7,911,995)		(3,750,651)	$	(38,804,231)

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Notes to financial statements (cont’d)


	Year Ended December 31, 2019				Year Ended December 31, 2018
	Shares		Amount		Shares		Amount
Class A2
Shares sold		104,858	$	1,071,297		228,556	$	2,444,755
Shares issued on reinvestment		15,445		159,711		43,269		443,107
Shares repurchased		(240,049)		(2,459,083)		(220,187)		(2,307,339)
Net increase (decrease)		(119,746)	$	(1,228,075)		51,638	$	580,523

Class C
Shares sold		134,715	$	1,354,050		269,680	$	2,822,081
Shares issued on reinvestment		8,434		86,264		38,981		393,450
Shares repurchased		(678,548)		(6,873,472)		(607,607)		(6,173,413)
Net decrease		(535,399)	$	(5,433,158)		(298,946)	$	(2,957,882)

Class C1
Shares sold		4,493	$	45,666		12,783	$	132,679
Shares issued on reinvestment		3,989		41,014		19,007		194,094
Shares repurchased		(349,943)		(3,581,458)		(335,601)		(3,464,704)
Net decrease		(341,461)	$	(3,494,778)		(303,811)	$	(3,137,931)

Class FI
Shares sold		447,424	$	4,524,799		2,802,632	$	29,930,435
Shares issued on reinvestment		34,513		353,213		120,771		1,225,504
Shares repurchased		(1,567,056)		(16,028,836)		(7,094,873)		(75,677,523)
Net decrease		(1,085,119)	$	(11,150,824)		(4,171,470)	$	(44,521,584)

Class R
Shares sold		235,561	$	2,407,422		562,701	$	5,907,064
Shares issued on reinvestment		10,995		113,336		39,950		408,863
Shares repurchased		(533,450)		(5,471,573)		(1,129,674)		(11,861,187)
Net decrease		(286,894)	$	(2,950,815)		(527,023)	$	(5,545,260)

Class I
Shares sold		21,329,841	$	217,963,712		42,034,449	$	447,436,614
Shares issued on reinvestment		1,201,910		12,377,272		3,458,529		35,424,241
Shares repurchased		(34,276,636)		(349,664,251)		(60,686,723)		(636,034,828)
Net decrease		(11,744,885)	$	(119,323,267)		(15,193,745)	$	(153,173,973)

Class IS
Shares sold		44,960,908	$	459,712,988		62,968,255	$	670,844,333
Shares issued on reinvestment		3,059,604		31,526,957		7,571,069		77,494,617
Shares repurchased		(62,082,532)		(640,146,092)		(46,758,395)		(485,668,804)
Shares redeemedin-kind		(15,188,440)		(154,369,993)		—		—
Net increase (decrease)		(29,250,460)	$	(303,276,140)		23,780,929	$	262,670,146

8. Redemption facility

The Fund and certain other participating funds within the Trust (the “Participating Funds”) have available an unsecured revolving credit facility (the “Redemption Facility”) from the lenders and The Bank of New York Mellon (“BNY Mellon”), as administrative agent for the

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

lenders. The Redemption Facility is to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of shares. Under the agreement, BNY Mellon provides a364-day revolving credit facility, in the aggregate amount of $190 million. Unless renewed, the agreement will terminate on November 16, 2020. Any borrowings under the Redemption Facility will bear interest at current market rates as set forth in the credit agreement. The annual commitment fee to maintain the Redemption Facility is 0.15% and is incurred on the unused portion of the facility and is allocated to all Participating Funds pro rata based on net assets; there is no upfront fee. Prior to November 18, 2019, the Fund paid a commitment fee of 0.10% and an upfront fee of 0.05%. For the year ended December 31, 2019, the Fund incurred a commitment fee in the amount of $120,057. The Fund did not utilize the Redemption Facility during the year ended December 31, 2019.

9. Redemptionsin-kind

The Fund may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. For the year ended December 31, 2019, the Fund had redemptionsin-kind with total proceeds in the amount of $154,369,993. The net realized loss on these redemptionsin-kind amounted to $4,473,089, which was not realized for tax purposes.

10. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended December 31, was as follows:


	2019		2018
Distributions paid from:
Ordinary income	$	39,571,252	$	124,428,942
Net long-term capital gains		—		1,326,813
Total taxable distributions	$	39,571,252	$	125,755,755
Tax return of capital		8,929,178		—
Total distributions paid	$	48,500,430	$	125,755,755

As of December 31, 2019, the components of distributable earnings (loss) on a tax basis were as follows:


Deferred capital losses*	$	(89,933,165)
Other book/tax temporary differences^(a)		(42,073,102)
Unrealized appreciation (depreciation)^(b)		(110,862,530)
Total distributable earnings (loss) — net	$	(242,868,797)

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Notes to financial statements (cont’d)

*	These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains.

^(a)	Other book/tax temporary differences are attributable to the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts, the deferral of certain late year losses for tax purposes and book/ tax differences in the timing of the deductibility of various expenses.

^(b)	The difference between book-basis andtax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales.

11. Recent accounting pronouncement

The Fund has adopted the disclosure provisions of the Financial Accounting Standards Board Accounting Standards UpdateNo. 2018-13,Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement(“ASU2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU2018-13 would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years; however, management has elected to early adopt ASU2018-13. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

12. Subsequent event

On February 18, 2020, Franklin Resources, Inc. (“Franklin Resources”) and Legg Mason, Inc. (“Legg Mason”) announced that they have entered into a definitive agreement for Franklin Resources to acquire Legg Mason in anall-cash transaction. As part of this transaction, the Fund’s investment adviser (the “Manager”), currently an indirect wholly owned subsidiary of Legg Mason, would become an indirect wholly owned subsidiary of Franklin Resources. The transaction is subject to approval by Legg Mason’s shareholders and customary closing conditions, including receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of the other conditions, the transaction is expected to be consummated later this year.

Under the Investment Company Act of 1940, consummation of the transaction will result in the automatic termination of the Fund’s investment management contract with the Manager, and any relatedsub-advisory contract(s), where applicable. Therefore, the Fund’s Board is expected to be asked to approve a new investment management contract between the Fund and the Manager (and a newsub-advisory contract(s), if applicable). If approved by the Board, the new investment management contract (and the newsub-advisory contract(s), if applicable) is expected to be presented to the shareholders of the Fund for their approval.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Report of independent registered public accounting firm

To the Board of Trustees of Legg Mason Global Asset Management Trust and Shareholders of BrandywineGLOBAL — Global Opportunities Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of BrandywineGLOBAL — Global Opportunities Bond Fund (one of the funds constituting Legg Mason Global Asset Management Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

February 21, 2020

We have served as the auditor of one or more investment companies in Legg Mason investment company group since at least 1973. We have not been able to determine the specific year we began serving as auditor.

BrandywineGLOBAL — Global Opportunities Bond Fund 2019 Annual Report

Board approval of management and subadvisory agreements(unaudited)

At its November 2019 meeting, the Fund’s Board of Trustees (the “Board”) approved the continuation of the management agreement (the “Management Agreement”) with Legg Mason Partners Fund Advisor, LLC (the “Manager”) and the investment advisory agreement (the “Advisory Agreement”) between the Manager and Brandywine Global Investment Management, LLC (the “Subadviser”). (The Management Agreement and Advisory Agreement are jointly referred to as the “Agreements.”) The Board met on October 11, 2019 and received a presentation from senior Fund management that reviewed the information provided by the Manager and the Subadviser. At such October meeting the trustees who are not “interested persons” of the Fund (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) (the “Independent Trustees”), separately met, with the assistance of their independent legal counsel, to review and evaluate the materials provided by the Manager and the Subadviser to assist the Board, and in particular the Independent Trustees, in considering continuation of the Agreements. The Independent Trustees further discussed continuation of the Agreements in an executive session with independent legal counsel on November 7, 2019. The Board, including the Independent Trustees, at its November 2019 meeting, reviewed and evaluated the materials, including supplemental materials, provided to assist the Board in considering continuation of the Agreements.

In voting to approve continuation of the Agreements, the Board, including the Independent Trustees, considered whether continuation of the Agreements would be in the best interests of the Fund. No single factor or item of information reviewed by the Board was identified as the principal factor in determining whether to approve the Agreements. Based upon its evaluation of all material factors, including those described below, the Board concluded that the terms of each of the Agreements are reasonable and fair and that it was in the best interests of the Fund to approve continuation of the Agreements.

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Subadviser, under the Management Agreement and Advisory Agreement, respectively. The Board also considered the Manager’s supervisory activities over the Subadviser. In addition, the Board received and considered other information regarding the administrative and other services rendered to the Fund and its shareholders by the Manager and its affiliates. 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 Subadviser and the Fund’s other service providers and the services rendered by theSub-adviser. The Board’s evaluation of the services provided by the Manager and the Subadviser took into account the Board’s knowledge and familiarity gained as Trustees of funds in the Legg Mason fund complex, including the scope and quality of the investment management and other capabilities of the Manager and the Subadviser, and the quality of the Manager’s administrative and other services. The Board considered that on a regular basis it received and reviewed information from the Manager and the Fund’s Chief Compliance Officer

BrandywineGLOBAL — Global Opportunities Bond Fund

regarding the compliance policies and procedures established pursuant to Rule38a-1 under the 1940 Act for the funds in the Legg Mason fund complex, including cybersecurity programs.

The Board reviewed the qualifications, backgrounds and responsibilities of the senior personnel serving the Fund and the portfolio management team primarily responsible for theday-to-day portfolio management of the Fund. The Board also considered the financial strength of the Manager’s parent organization, Legg Mason, Inc.

The Board considered the division of responsibilities between the Manager and the Subad-viser and the oversight provided by the Manager. The Board considered the Manager’s commitment to providing effective and efficient investment management and shareholder services. The Board also considered the Subadviser’s brokerage policies and practices, the standards applied in seeking best execution, the policies and practices regarding soft dollar usage and the existence of quality controls applicable to brokerage allocation procedures.

The Board received and reviewed performance information for the Fund and for a group of funds (the “Performance Universe”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The Board was provided a description of the methodology Broadridge used to determine the similarity of the Fund with the funds included in the Performance Universe. The Broadridge data also included a comparison of the Fund’s performance to the Fund’s designated benchmark index. The Board noted that although useful, the data provided by Broadridge may vary depending on the fiscalyear-end dates selected and the selection of a peer group. In addition, the Board noted that it had received and discussed at periodic intervals information comparing the Fund’s performance to that of its Performance Universe and benchmark index, as well as other performance measures, such as Morningstar rankings, and had met with the Fund’s portfolio managers atin-person meetings during the year.

The Board noted that the Fund’s performance for the three-year period ended June 30, 2019 placed the Class I Shares in the third quintile (the first quintile being the best performers and the fifth quintile being the worst performers) and was higher than the median of the funds included in the Performance Universe, the Fund’s performance for the five-year period ended June 30, 2019 placed the Class I Shares in the third quintile and the Fund’s performance for theone-year period ended June 30, 2019 placed the Class I Shares in the fifth quintile. The Board noted that its evaluation of the factors of the nature, extent and quality of services and investment performance led it to conclude that, with respect to these factors, it was in the best interests of the Fund to approve continuation of the Agreements.

The Board reviewed and considered the contractual management fee (the “Contractual Management Fee”) payable by the Fund to the Manager in light of the nature, extent and

BrandywineGLOBAL — Global Opportunities Bond Fund

Board approval of management and

subadvisory agreements(unaudited) (cont’d)

quality of the management and advisory services provided by the Manager and the Subad-viser, respectively. The Board reviewed the subadvisory fee, noting that the Manager, and not the Fund, pays the fee to the Subadviser. In addition, the Board reviewed and considered the actual management fee rate (the “Actual Management Fee”). The Board also considered that the contractual expense waiver had been extended to December 31, 2021.

The Board also reviewed information regarding the fees the Manager and the Subadviser charged any of their U.S. clients that were included in the same performance composite as the Fund including, where applicable, separate accounts. The Manager reviewed with the Board the significant differences in the scope of services provided to the Fund and to such other clients, and that the Manager coordinates and oversees the provision of services to the Fund by other fund service providers, including the Subadviser. The Board considered the fee comparisons in light of the scope of services required to manage these different types of accounts.

Additionally, the Board received and considered information comparing the Fund’s Contractual Management Fee, Actual Management Fee and the Fund’s overall expense ratio with those of a group of funds selected by Broadridge as comparable to the Fund and with a broader universe of funds also selected by Broadridge. With respect to the Fund, the Board noted that for the Class I Shares the Contractual Management Fee was equal to the median of the Broadridge Expense Group (third quintile), the Actual Management Fee was higher than the median of the Broadridge expense group (fourth quintile) and the actual total expense ratio was higher than the Broadridge expense group median (fourth quintile) and lower than the expense universe median (third quintile) (the first quintile being the lowest fees and the fifth quintile being the highest fees). The Board also reviewed the expense ratio for Class IS Shares of the Fund.

The Board was provided an overview of the process followed in conducting the profitability study and received a report on the profitability of Legg Mason in providing services to the Fund, based on financial information and business data for the 12 months ended March 31, 2019 and 2018 (which corresponds to Legg Mason’s fiscal year end). The Board also received certain information showing historical profitability for fiscal years 2015 through 2019. The Board received a report from the independent consultant engaged by Legg Mason in February 2019 to assess the methodologies used by Legg Mason for its profitability study. The Board considered the profitability study along with the other materials previously provided to the Board and concluded that the profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

The Board received and considered information regarding whether there have been economies of scale with respect to the management of the Fund as the Fund’s assets have grown and whether the Fund has appropriately benefited from any economies of scale. Among other information, the Board reviewed management fee reductions due to waivers during

BrandywineGLOBAL — Global Opportunities Bond Fund

the Manager’s 2017 through 2019 fiscal years. Given the asset size of the Fund and the complex, as well as the fee waivers, the Board concluded that although there were no current breakpoints, any economies of scale currently being realized were appropriately being reflected in the Actual Management Fee paid by the Fund.

The Board considered other benefits received by the Manager and its affiliates as a result of the Manager’s relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders, enhanced industry recognition and the potential for reduced vendor pricing. The Board also considered the information provided by the Manager regarding amounts received by the Fund’s distributor and intermediary arrangements.

In light of the structure of the fees, the costs of providing investment management and other services to the Fund, the Manager’s ongoing commitment to the Fund and the ancillary benefits received, the Board concluded that the Contractual and Actual Management Fees were reasonable.

After evaluation of all material factors, the Board concluded that the continuation of each Agreement is in the best interests of the Fund.

BrandywineGLOBAL — Global Opportunities Bond Fund

Additional information(unaudited)

Information about Trustees and Officers

The business and affairs of BrandywineGLOBAL — Global Opportunities Bond Fund (the “Fund”) are conducted by management under the supervision and subject to the direction of its Board of Trustees. The business address of each Trustee is c/o Jane Trust, Legg Mason, 100 International Drive, 11th Floor, Baltimore, Maryland 21202. Information pertaining to the Trustees and officers of the Fund is set forth below.

The Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling the Fund at1-877-721-1926.


Independent Trustees^†

Ruby P. Hearn

Year of birth		1940
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 2004
Principal occupation(s) during the past five years		Senior Vice President Emerita of The Robert Wood Johnson Foundation(non-profit) (since 2001); Member of the Institute of Medicine (since 1982); formerly, Trustee of the New York Academy of Medicine (2004 to 2012); Director of the Institute for Healthcare Improvement (2002 to 2012); Senior Vice President of The Robert Wood Johnson Foundation (1996 to 2001); Fellow of The Yale Corporation (1992 to 1998)
Number of funds in fund complex overseen by Trustee		20
Other board memberships held by Trustee during the past five years		None

Arnold L. Lehman

Year of birth		1944
Position(s) with Trust		Trustee and Chairman
Term of office¹and length of time served²		Since 1982 and since 2015
Principal occupation(s) during the past five years		Senior Advisor, Phillips (auction house) (since 2015); formerly, Fellow, Ford Foundation (2015 to 2016); Director of the Brooklyn Museum (1997 to 2015)
Number of funds in fund complex overseen by Trustee		20
Other board memberships held by Trustee during the past five years		Trustee of American Federation of Arts (since 2002)

Robin J.W. Masters

Year of birth		1955
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 2002
Principal occupation(s) during the past five years		Retired; formerly, Chief Investment Officer of ACE Limited (insurance) (1986 to 2000)
Number of funds in fund complex overseen by Trustee		20
Other board memberships held by Trustee during the past five years		Director of Cheyne Capital International Limited (investment advisory firm) (since 2005); formerly, Director/Trustee of Legg Mason Institutional Funds plc, Western Asset Fixed Income Funds plc and Western Asset Debt Securities Fund plc. (2007 to 2011)

BrandywineGLOBAL — Global Opportunities Bond Fund


Independent Trustees^†(cont’d)

Jill E. McGovern

Year of birth		1944
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 1989
Principal occupation(s) during the past five years		Senior Consultant, American Institute for Contemporary German Studies (AICGS) (since 2007); formerly, Chief Executive Officer of The Marrow Foundation(non-profit) (1993 to 2007); Executive Director of the Baltimore International Festival (1991 to 1993); Senior Assistant to the President of The Johns Hopkins University (1986 to 1990)
Number of funds in fund complex overseen by Trustee		20
Other board memberships held by Trustee during the past five years		Director of International Biomedical Research Alliance (2002 to 2010); Director of Lois Roth Endowment (2005 to 2012)

Arthur S. Mehlman

Year of birth		1942
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 2002
Principal occupation(s) during the past five years		Retired. Director, The University of Maryland Foundation (since 1992); formerly, Director, The League for People with Disabilities (2003 to 2017); Director, Municipal Mortgage & Equity LLC (2004 to 2011); Partner, KPMG LLP (international accounting firm) (1972 to 2002)
Number of funds in fund complex overseen by Trustee		Trustee of all Legg Mason Funds consisting of 20 portfolios; Director/Trustee of the Royce Family of Funds consisting of 22 portfolios
Other board memberships held by Trustee during the past five years		Director of Municipal Mortgage & Equity, LLC. (2004 to 2011)

G. Peter O’Brien

Year of birth		1945
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 1999
Principal occupation(s) during the past five years		Retired. Trustee Emeritus of Colgate University (since 2005); Board Member, Hill House, Inc. (residential home care) (since 1999); formerly, Board Member, Bridges School(pre-school) (2006 to 2017); Managing Director, Equity Capital Markets Group of Merrill Lynch & Co. (1971 to 1999)
Number of funds in fund complex overseen by Trustee		Trustee of all Legg Mason funds consisting of 20 portfolios; Director/Trustee of the Royce Family of Funds consisting of 22 portfolios
Other board memberships held by Trustee during the past five years		Director of TICC Capital Corp. (2003 to 2017)

BrandywineGLOBAL — Global Opportunities Bond Fund

Additional information(unaudited) (cont’d)

Information about Trustees and Officers


Independent Trustees^†(cont’d)

S. Ford Rowan

Year of birth		1943
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 2002
Principal occupation(s) during the past five years		Consultant to University of Maryland University College (since 2013); formerly, Chairman, National Center for Critical Incident Analysis (2004 to 2018); Lecturer in Organizational Sciences, George Washington University (2000 to 2014); Trustee, St. John’s College (2006 to 2012); Consultant, Rowan & Blewitt Inc. (management consulting) (1984 to 2007); Lecturer in Journalism, Northwestern University (1980 to 1993); Director, Santa Fe Institute (1999 to 2008)
Number of funds in fund complex overseen by Trustee		20
Other board memberships held by Trustee during the past five years		None

Robert M. Tarola

Year of birth		1950
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 2004
Principal occupation(s) during the past five years		President of Rights Advisory LLC (corporate finance and governance consulting) (since 2008); Member, Investor Advisory Group of the Public Company Accounting Oversight Board (since 2009); formerly, Chief Financial Officer, Little Company of Mary Hospital and Health Care Centers (healthcare provider network) (2018); Executive Vice President and Chief Financial Officer, Southcoast Health System, Inc. (healthcare provider network) (2015 to 2017); Senior Vice President and Chief Financial Officer of The Howard University (higher education and health care) (2009 to 2013); Senior Vice President and Chief Financial Officer of W.R. Grace & Co. (specialty chemicals) (1999 to 2008) and MedStar Health, Inc. (healthcare) (1996 to 1999); Partner, PriceWaterhouse, LLP (accounting and auditing) (1984 to 1996)
Number of funds in fund complex overseen by Trustee		20
Other board memberships held by Trustee during the past five years		Director of American Kidney Fund (renal disease assistance) (since 2008); Director and Board Chair of XBRL International, Inc. (global data standard setting) (since 2015); Director of Vista Outdoor, Inc. (consumer recreation products) (since 2015); formerly, Director of TeleTech Holdings, Inc. (business processing outsourcing) (since 2008)

BrandywineGLOBAL — Global Opportunities Bond Fund


Interested Trustee and Officer

Jane Trust, CFA³

Year of birth		1962
Position(s) with Trust		Trustee, President and Chief Executive Officer
Term of office¹and length of time served²		Since 2015
Principal occupation(s) during the past five years		Senior Managing Director of Legg Mason & Co., LLC (“Legg Mason & Co.”) (since 2018); Managing Director of Legg Mason & Co. (2016 to 2018); Officer and/or Trustee/Director of 145 funds associated with Legg Mason Partners Fund Advisor, LLC (“LMPFA”) or its affiliates (since 2015); President and Chief Executive Officer of LMPFA (since 2015); formerly, Senior Vice President of LMPFA (2015); Director of ClearBridge, LLC (formerly, Legg Mason Capital Management, LLC) (2007 to 2014); Managing Director of Legg Mason Investment Counsel & Trust Co. (2000 to 2007)
Number of funds in fund complex overseen by Trustee		142
Other board memberships held by Trustee during the past five years		None

Additional Officers

Christopher Berarducci* Legg Mason 620 Eighth Avenue, 49th Floor, New York, NY 10018

Year of birth		1974
Position(s) with Trust		Treasurer and Principal Financial Officer
Term of office¹and length of time served²		Since 2010 and 2019
Principal occupation(s) during the past five years		Treasurer (since 2010) and Principal Financial Officer (since 2019) of certain mutual funds associated with Legg Mason & Co. or its affiliates; Director of Legg Mason & Co. (since 2015); formerly, Vice President of Legg Mason & Co. (2011 to 2015); Assistant Controller of certain mutual funds associated with Legg Mason & Co. or its affiliates (prior to 2010)

Robert I. Frenkel Legg Mason 100 First Stamford Place, 6th Floor, Stamford, CT 06902

Year of birth		1954
Position(s) with Trust		Secretary and Chief Legal Officer
Term of office¹and length of time served²		Since 2007
Principal occupation(s) during the past five years		Vice President and Deputy General Counsel of Legg Mason, Inc. (since 2006); Managing Director and General Counsel — U.S. Mutual Funds for Legg Mason & Co. (since 2006) and Legg Mason & Co. predecessors (since 1994); Secretary and Chief Legal Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2006) and Legg Mason & Co. predecessors (prior to 2006)

BrandywineGLOBAL — Global Opportunities Bond Fund

Additional information(unaudited) (cont’d)

Information about Trustees and Officers


Additional Officers (cont’d)

Thomas C. Mandia Legg Mason 100 First Stamford Place, 6th Floor, Stamford, CT 06902

Year of birth		1962
Position(s) with Trust		Assistant Secretary
Term of office¹and length of time served²		Since 2007
Principal occupation(s) during the past five years		Managing Director and Deputy General Counsel of Legg Mason & Co. (since 2005) and Legg Mason & Co. predecessors (prior to 2005); Secretary of LMPFA (since 2006); Assistant Secretary of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2006) and Legg Mason & Co. predecessors (prior to 2006); Secretary of LM Asset Services, LLC (“LMAS”) (since 2002) and Legg Mason Fund Asset Management, Inc. (“LMFAM”) (since 2013) (formerly registered investment advisers)

Ted P. Becker Legg Mason 620 Eighth Avenue, 49th Floor, New York, NY 10018

Year of birth		1951
Position(s) with Trust		Chief Compliance Officer
Term of office¹and length of time served²		Since 2007
Principal occupation(s) during the past five years		Director of Global Compliance at Legg Mason, Inc. (since 2006); Chief Compliance Officer of LMPFA (since 2006); Managing Director of Compliance of Legg Mason & Co. (since 2005); Chief Compliance Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2006)

Susan Kerr Legg Mason 620 Eighth Avenue, 49th Floor, New York, NY 10018

Year of birth		1949
Position(s) with Trust		Chief Anti-Money Laundering Compliance Officer
Term of office¹and length of time served²		Since 2013
Principal occupation(s) during the past five years		Assistant Vice President of Legg Mason & Co. and Legg Mason Investor Services, LLC (“LMIS”) (since 2010); Chief Anti-Money Laundering Compliance Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2013) and Anti-Money Laundering Compliance Officer of LMIS (since 2012); Senior Compliance Officer of LMIS (since 2011); formerly, AML Consultant, DTCC (2010); AML Consultant, Rabobank Netherlands, (2009); First Vice President, Director of Marketing & Advertising Compliance and Manager of Communications Review Group at Citigroup Inc. (1996 to 2008)

BrandywineGLOBAL — Global Opportunities Bond Fund


Additional Officers (cont’d)

Jenna Bailey Legg Mason 100 First Stamford Place, 5th Floor, Stamford, CT 06902

Year of birth		1978
Position(s) with Trust		Identity Theft Prevention Officer
Term of office¹and length of time served²		Since 2015
Principal occupation(s) during the past five years		Identity Theft Prevention Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2015); Compliance Officer of Legg Mason & Co. (since 2013); Assistant Vice President of Legg Mason & Co. (since 2011); formerly, Associate Compliance Officer of Legg Mason & Co. (2011 to 2013)

Jeanne M. Kelly Legg Mason 620 Eighth Avenue, 49th Floor, New York, NY 10018

Year of birth		1951
Position(s) with Trust		Senior Vice President
Term of office¹and length of time served²		Since 2007
Principal occupation(s) during the past five years		Senior Vice President of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2007); Senior Vice President of LMPFA (since 2006); President and Chief Executive Officer of LMAS and LMFAM (since 2015); Managing Director of Legg Mason & Co. (since 2005) and Legg Mason & Co. predecessors (prior to 2005); formerly, Senior Vice President of LMFAM (2013 to 2015)

†

Trustees who are not “interested persons” of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”). Each of the Independent Trustees serves on the standing committees of the Board of Trustees, which include the Audit Committee (chair: Arthur S. Mehlman), the Nominating Committee(co-chairs: G. Peter O’Brien and Jill E. McGovern), and the Independent Trustees Committee (chair: Arnold L. Lehman).

*	Effective September 27, 2019, Mr. Berarducci became Treasurer and Principal Financial Officer.

¹	Each Trustee and officer serves until his or her respective successor has been duly elected and qualified or until his or her earlier death, resignation, retirement or removal.

²	Indicates the earliest year in which the Trustee became a board member for a fund in the Legg Mason fund complex or the officer took such office.

³	Ms. Trust is an “interested person” of the Fund, as defined in the 1940 Act, because of her position with LMPFA and/or certain of its affiliates.

BrandywineGLOBAL — Global Opportunities Bond Fund

Important tax information(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2019:


Record date:	3/28/2019		6/27/2019		9/27/2019
Payable date:	3/29/2019		6/28/2019		9/30/2019
Interest from Federal Obligations	38.60	%	38.60	%	38.60	%
Foreign Source Income *	100.00	%	—		—
Foreign Taxes Paid Per Share	$0.006432		—		—
Tax Return of Capital	14.46	%	19.94	%	19.94	%

*	Expressed as a percentage of the cash distributiongrossed-up for foreign taxes.

The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. We recommend that you consult with your tax adviser to determine if any portion of the dividends you received is exempt from state income taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

BrandywineGLOBAL — Global Opportunities Bond Fund

BrandywineGLOBAL —

Global Opportunities Bond Fund

Trustees

Ruby P. Hearn

Arnold L. Lehman

Chairman

Robin J.W. Masters

Jill E. McGovern

Arthur S. Mehlman

G. Peter O’Brien

S. Ford Rowan

Robert M. Tarola

Jane Trust

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadviser

Brandywine Global Investment

Management, LLC

Distributor

Legg Mason Investor Services, LLC

Custodian

The Bank of New York Mellon

Transfer agent

BNY Mellon Investment

Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Baltimore, MD

BrandywineGLOBAL — Global Opportunities Bond Fund

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

BrandywineGLOBAL — Global Opportunities Bond Fund

Legg Mason Funds

620 Eighth Avenue, 49th Floor

New York, NY 10018

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 1-877-721-1926.

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 1-877-721-1926, (2) at www.leggmason.com/mutualfunds and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of BrandywineGLOBAL — Global Opportunities Bond Fund. 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.leggmason.com

Member FINRA, SIPC

Legg Mason Funds Privacy and Security Notice

Your Privacy and the Security of Your Personal Information is Very Important to the Legg Mason Funds

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include any funds sold by the Funds’ distributor, Legg Mason Investor Services, LLC, as well as Legg Mason-sponsoredclosed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Type of Nonpublic Personal Information the Funds Collect About You

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

•

Personal information included on applications or other forms;

•

Account balances, transactions, and mutual fund holdings and positions;

•

Bank account information, legal documents, and identity verification documentation;

•

Online account access user IDs, passwords, security challenge question responses; and

•

Information received from consumer reporting agencies regarding credit history and creditworthiness (such as the amount of an individual’s total debt, payment history, etc.).

How the Funds Use Nonpublic Personal Information About You

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, or with other financial institutions or affiliates for joint marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law. The Funds may disclose information about you to:

•

Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct ordinary business or to comply with obligations to government regulators;

•

Service providers, including the Funds’ affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds’ behalf, including companies that may perform statistical analysis, market research and marketing services solely for the Funds;

•

Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

The Funds’ representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

NOT PART OF THE ANNUAL REPORT

Legg Mason Funds Privacy and Security Notice (cont’d)

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform.

The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time they will notify you promptly if this privacy policy changes.

The Funds’ Security Practices

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds’ privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.leggmason.com, or contact the Funds at1-877-721-1926.

Revised April 2018

NOT PART OF THE ANNUAL REPORT

www.leggmason.com

LMFX013158 2/20 SR20-3817


ITEM 2.		CODE OF ETHICS.

		The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller.

ITEM 3.		AUDIT COMMITTEE FINANCIAL EXPERT.

		The Board of Trustees of the registrant has determined that Arthur S. Mehlman the Chairman of the Board’s Audit Committee and Robert M. Tarola, possess the technical attributes identified in Instruction 2(b) of Item 3 to FormN-CSR to qualify as “audit committee financial experts,” and have designated Mr. Mehlman and Mr. Tarola as the Audit Committee’s financial experts. Mr. Mehlman and Mr. Tarola are “independent” Trustees pursuant to paragraph (a) (2) of Item 3 to FormN-CSR.

ITEM 4.		PRINCIPAL ACCOUNTANT FEES AND SERVICES.

		a)Audit Fees. The aggregate fees billed in the last two fiscal years ending December 31, 2018 and December 31, 2019 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $335,324 in December 31, 2018 and $211,015 in December 31, 2019.

		b)Audit-Related Fees. The aggregate fees billed in the Reporting Period for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in December 31, 2018 and $0 in December 31, 2019.

		(c)Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $0 in December 31, 2018 and $0 in December 31, 2019. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

		There were no fees billed for tax services by to the service affiliates during the Reporting Periods that requiredpre-approval by the Audit Auditors Committee.

		d)All Other Fees. The aggregate fees for other fees billed in the Reporting Periods for products and services provided by the Auditor were $12,000 in December 31, 2018 and $0 in December 31, 2019, other than the services reported in paragraphs (a) through (c) of this item for the Legg Mason Global Asset Management Trust.


		All Other Fees. There were no othernon-audit services rendered by the Auditor to Legg Mason Partners Fund Advisors, LLC (“LMPFA”), and any entity controlling, controlled by or under common control with LMPFA that provided ongoing services to Legg Mason Global Asset Management Trust requiringpre-approval by the Audit Committee in the Reporting Period.

		(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule2-01 of RegulationS-X.

		(1) The Charter for the Audit Committee (the “Committee”) of the Board of each registered investment company (the “Fund”) advised by LMPFA or one of their affiliates (each, an “Adviser”) requires that the Committee shall approve (a) all audit and permissiblenon-audit services to be provided to the Fund and (b) all permissiblenon-audit services to be provided by the Fund’s independent auditors to the Adviser and any Covered Service Providers if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

		The Committee shall not approvenon-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissiblenon-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissiblenon-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions orcontribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

		Pre-approval by the Committee of any permissiblenon-audit services is not required so long as: (i) the aggregate amount of all such permissiblenon-audit services provided to the Fund, the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund (“Covered Service Providers”) constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissiblenon-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissiblenon-audit services were not recognized by the Fund at the time of the engagement to benon-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

		(2) For the Legg Mason Global Asset Management Trust, the percentage of fees that were approved by the audit committee, with respect to: Audit-Related Fees were 100% and 100% for December 31, 2018 and December 31, 2019; Tax Fees were 100% and 100% for December 31, 2018 and December 31, 2019; and Other Fees were 100% and 100% for December 31, 2018 and December 31, 2019.

		(f) N/A

		(g)Non-audit fees billed by the Auditor for services rendered to Legg Mason Global Asset Management Trust, LMPFA and any entity controlling, controlled by, or under common control with LMPFA that provides ongoing services to Legg Mason Global Asset Management Trust during the reporting period were $678,000 in December 31, 2018 and $657,336 in December 31, 2019.


		(h) Yes. Legg Mason Global Asset Management Trust’s Audit Committee has considered whether the provision ofnon-audit services that were rendered to Service Affiliates, which were notpre-approved (not requiringpre-approval), is compatible with maintaining the Accountant’s independence. All services provided by the Auditor to the Legg Mason Global Asset Management Trust or to Service Affiliates, which were required to bepre-approved, werepre-approved as required.

ITEM 5.		AUDIT COMMITTEE OF LISTED REGISTRANTS.

		a) The independent board members are acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

		Ruby P. Hearn
		Arnold L. Lehman
		Robin J.W. Masters
		Jill E. McGovern
		Arthur S. Mehlman
		G. Peter O’Brien
		S. Ford Rowan
		Robert M. Tarola

		b) Not applicable

ITEM 6.		SCHEDULE OF INVESTMENTS.

		Included herein under Item 1.

ITEM 7.		DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

		Not applicable.

ITEM 8.		PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

		Not applicable.

ITEM 9.		PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

		Not applicable.

ITEM 10.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

		Not applicable.

ITEM 11.		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 Rule30a- 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 Rule30a-3(b) under the 1940 Act and15d-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 Rule30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of 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 12.		DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

		Not applicable.

ITEM 13.		EXHIBITS.

		(a) (1) Code of Ethics attached hereto.
		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:		February 28, 2020

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:		February 28, 2020

By:		/s/ Christopher Berarducci
		Christopher Berarducci
		Principal Financial Officer

Date:		February 28, 2020

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